Globalstar, Inc.

Globalstar reported 2025 total revenue of $273.0 million, up 9% versus 2024, with service revenue of $257.3 million (+8%) and subscriber equipment revenue of $15.7 million (+24%). Full-year income from operations was $7.4 million versus a loss of $0.9 million in 2024, net loss improved to $7.6 million from $63.2 million, and adjusted EBITDA reached a record $136.1 million at a 50% margin. In Q4, total revenue was $72.0 million, including $67.4 million of service revenue and $4.6 million of equipment sales; Q4 loss from operations was $0.4 million versus a $4.2 million loss a year ago, and Q4 adjusted EBITDA was $32.4 million, up 7%. Cash and cash equivalents were $447.5 million at year-end, operating cash flow was $621.7 million, capital expenditures were $550.4 million, adjusted free cash flow was $171.5 million, and principal debt was $410.0 million. For 2026, management guided to revenue of $280 million to $305 million and an adjusted EBITDA margin of approximately 50%.

Paul Jacobs framed 2025 as a “transformational year,” emphasizing record revenue, a 50% adjusted EBITDA margin, and progress across product, infrastructure, regulatory, and market-expansion initiatives. He highlighted the launch of two-way satellite IoT and the commercial rollout of the RM-200MS module, saying it expands the company beyond one-way monitoring into command-and-control use cases. He also stressed diversification into government/defense, agriculture, wildfire response, industrial IoT, and public safety, while pointing to the strategic value of globally harmonized licensed spectrum.

Rebecca Clary emphasized that 2025 revenue reached a record $273.0 million, up 9%, with adjusted EBITDA of $136.1 million at a 50% margin, both in line with guidance. She said Q4 revenue was $72.0 million and noted the quarter benefited from wholesale performance bonuses and network cost reimbursement fees, while also absorbing a $1.1 million tariff charge on imported equipment. On liquidity, she reported $447.5 million in cash and equivalents, $621.7 million of operating cash flow including $430.6 million from the infrastructure prepayment, $550.4 million of capex, and $171.5 million of adjusted free cash flow. She also noted principal debt of $410.0 million, modestly below year-end 2024, and guided 2026 revenue to $280 million-$305 million with roughly 50% adjusted EBITDA margin.

Analysts focused on data centers in space, C3 milestones, XCOM RAN validation, the MSS/terrestrial spectrum model, launch timing, and the company’s government pipeline. Jacobs said space data centers are “not our focus area,” though he acknowledged the technical appeal and the broader need for launch capacity. On C3, he said the critical design review is complete and that work continues on the ground network and regulatory side. For XCOM RAN, he said Boingo validations centered on dense-environment throughput, capacity gains over DAS, and commercial hardening; for replenishment satellites, he only confirmed first launch in the second quarter and the second launch in the second half of 2026. On two-way IoT revenue, he said customers are still building and validating solutions, so meaningful revenue has not yet shown up.