Globalstar
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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.
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Q4 2025 earnings summary27 Feb, 2026

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.

XCOM RAN path to significant revenue
Next-gen network deployment schedule
Address SPOT/Duplex revenue decline
XCOM RAN: Boingo trial's key validated KPIs
Timeline for significant 2-way IoT revenue
Government/defense sector revenue outlook
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Frequently asked questions

Globalstar Inc. is a provider of satellite and terrestrial connectivity services, catering to both commercial and recreational users across more than 120 countries. The company's offerings include satellite voice and data service to remote locations beyond the reach of traditional cellular and landline networks. Globalstar's product line encompasses a range of satellite communication solutions, including simplex and duplex satellite devices, data modems, and satellite airtime packages. Notable products include the SPOT GPS satellite devices, which are designed for personal safety and tracking, offering features such as real-time alerts, reliable connectivity, and one-touch SOS capabilities. The company is headquartered in Covington, Louisiana, and its shares are listed on the NYSE.

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