Globalstar (GSAT) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $70.9M, down 4% YoY; operating income was $7.6M, net loss was $15.7M and Adjusted EBITDA was $30.3M, amid lower wholesale capacity revenue and higher interest expense.

• 9M revenue rose 2% to $205.7M, while net loss was $57.0M; the pending Amazon merger is expected to close in 2027, subject to conditions.

Financial highlights

• Q3 service revenue was $65.4M vs. $69.6M; equipment sales were $5.5M vs. $4.2M.

• Q3 net loss attributable to common shareholders was $18.4M vs. $1.6M; basic and diluted loss per share was $0.14 vs. $0.01.

• 9M operating income was $11.0M vs. $7.8M; net loss was $57.0M vs. net income of $3.0M, and loss per share was $0.50 vs. $0.04.

• Adjusted EBITDA was $30.3M in Q3 vs. $37.6M and $89.7M in 9M vs. $103.7M; 2025 9M included $6.6M of out-of-period service revenue.

• Q3 operating expenses were $63.3M vs. $63.7M; 9M expenses rose to $194.7M from $193.2M, including higher service and MG&A costs.

Outlook and guidance

• Amazon merger is expected to close in 2027, subject to regulatory approvals, HIBLEO-4 satellite milestones and other conditions; no assurance of timing or completion.

• No future earnings calls or forward-looking guidance updates are planned in connection with the pending transaction.

• Second set of HIBLEO-4 replacement satellites is scheduled for delivery and launch in December 2026; more than 50 third-generation satellites are planned for the Extended MSS Network.

• Extended MSS Network projected spend is $2.0B; $0.9B had been incurred by September 30, 2026.