Globalstar, Inc.

globalstar.com

What Do They Do?

Provides wholesale satellite network access and related services, along with satellite voice and data communications for retail, business and government customers.

How Do They Make Money?

Wholesale capacity customers pay fixed service fees plus specified network-cost and expanded-service fees as services are performed. Commercial IoT customers buy monthly or annual plans billed over the service term or as service is used; SPOT plans run monthly or annually, Duplex offers monthly access or annual plans, and equipment buyers pay when devices ship.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Wholesale capacity services Recurring	63% FY2022: 24%	Recurring
Commercial IoT	10.0% FY2022: 13%
SPOT Recurring	14% FY2022: 31%	Recurring
Duplex	5.6% FY2022: 20%
Government and other services	1.8% FY2022: 1.9%
Subscriber equipment sales Sold outright	5.7% FY2022: 11%	Sold outright

Who Are Their Customers?

Wholesale capacity customers receive services under agreements. Government, transportation and construction organizations use Commercial IoT services, often through resellers that integrate Globalstar modules; equipment buyers can purchase through partners, Globalstar's sales team and e-commerce, including direct sales to consumers and businesses.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 49% from one customer

Do Revenues Turn Into Profits?

No. It lost $8.7M in FY2025.

Operating income, FY2025

3% of revenue

▲ Now profitable vs FY2024 (−$949K, 0%)

Net income, FY2025

−3% of revenue

▼ −86% (Loss) vs FY2024 (−$63.2M, −25%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −4%; vs $67.1M in Q2 FY2025
Net income: ▼ Now a loss; vs $19.2M in Q2 FY2025

Wholesale capacity services share of revenue vs 63.1% in Q2 FY2025

Apr 14, 2026 Amazon agreed to acquire Globalstar The agreement would let Amazon add direct-to-device services to its satellite network.

Growing. Revenue grew 2.2x in 4 years, from $124.3M in FY2021 to $273M in FY2025, about 22% a year.

Expanded wholesale service arrangement The earlier report described satellite service for a partner and fees tied to network costs; the latest describes amended agreements for expanded services over a new satellite network, with additional service fees.

Commercial IoT adds a two-way module The earlier report described one-way Commercial IoT services and plans for a two-way product; the latest describes a launched two-way satellite IoT module and a two-way finished product under development.

Revenue over time

Wholesale capacity services Commercial IoT SPOT Duplex Government and other services Subscriber equipment sales SPOT Commercial IoT Other

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with SpaceX, Viasat, Iridium, ORBCOMM, Garmin, Honeywell Global Tracking, Somewear, Thuraya, and Anterix

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