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Globalstar (GSAT) investor relations material
Globalstar Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record full-year revenue of $273 million in 2025, up 9% year-over-year, driven by strong IoT and wholesale capacity services growth.
Adjusted EBITDA reached a record $136.1 million (50% margin), reflecting higher revenue, disciplined execution, and investment in next-gen infrastructure and XCOM RAN.
Net loss narrowed significantly to $7.6 million or $8.7 million for 2025 from $63.2 million in 2024, due to higher revenue and non-cash gains.
Advanced global ground infrastructure, launched two-way satellite IoT, and completed commercial rollout of the RM200M module, expanding addressable markets.
Completed transition to Nasdaq Global Select Market, enhancing market visibility and investor confidence.
Financial highlights
Q4 2025 revenue was $72 million, with service revenue up 17% and equipment revenue up 31% year-over-year.
Full-year service revenue rose 8% to $257.3 million; equipment sales up 24% to $15.7 million.
Adjusted free cash flow for 2025 was $171.5 million, up from $131.9 million in 2024.
Ended 2025 with $447.5 million in cash and cash equivalents, up from $391.2 million at year-end 2024.
Principal debt balance at year-end was $410 million, down from $417.5 million.
Outlook and guidance
2026 revenue expected between $280 million and $305 million, with an Adjusted EBITDA margin of approximately 50%.
Continued growth anticipated as next-generation infrastructure scales and commercial opportunities expand.
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