Globalstar, Inc. (GSAT) Business Profile

What it does

Globalstar provides satellite communications services to businesses, governments and individuals, as well as wholesale satellite capacity to Apple. Its network connects devices in places where cellular or wireline networks are unavailable, unreliable or disrupted. Dr. Paul E. Jacobs is chief executive officer.

The Globalstar System combines low-Earth-orbit satellites, ground stations called gateways, and licensed radio spectrum. A satellite relays a device’s signal to a gateway, which connects the communication to a telephone network, another wireless network or the internet. A gateway and the subscriber must both have a line of sight to the satellite for service.

Globalstar’s Commercial IoT services transmit data from devices used to track and monitor assets, such as cargo containers, rail cars and utility equipment. Its SPOT devices provide location tracking, messaging and emergency notification for recreational and commercial users. Duplex provides voice and data communications, although Globalstar no longer manufactures or sells Duplex devices.

The company also provides Apple with network access for direct-to-cellular connectivity. Beyond satellite services, Globalstar offers terrestrial spectrum and network solutions, including technology for private wireless networks. Government and engineering services include developing applications for the satellite network and installing gateways and antennas.

How it makes money

Total revenue was $273.0 million in 2025, compared with $250.3 million in 2024.

Globalstar earns service revenue from access to its satellite network and also sells equipment that works on it. Services accounted for approximately 94% of total revenue in 2025. Wholesale capacity services generated $172.7 million in FY2025, or 63.3% of revenue.

Under its agreements with Apple, Globalstar receives a fixed service fee, fees related to certain operating expenses and capital expenditures, and additional fees for expanded services. It may also receive bonuses if licensing, service and related criteria are met. Globalstar reserves 15% of its current and future network capacity for other customers, including its Commercial IoT, SPOT and Duplex subscribers and potential wholesale customers.

Commercial IoT and SPOT customers use devices with satellite service contracts. Commercial IoT resellers can integrate Globalstar modules into their own products and may retain and bill their customers directly. SPOT devices are also sold through retailers and Globalstar’s website. Duplex subscribers typically pay an activation fee and a usage fee for a fixed or unlimited number of minutes, plus fees for additional services.

Government and other services include engineering contracts and terrestrial spectrum and network solutions. Globalstar also sells subscriber equipment, including Commercial IoT and SPOT devices, and XCOM RAN systems and associated services. Subscriber-driven services differ from wholesale capacity and government services, for which the company does not present average revenue per user.

Customers and how it sells

Apple accounted for 63.0% of Globalstar’s revenue in FY2025 through its wholesale capacity arrangement. Globalstar provides Apple direct-to-cellular connectivity under the agreements. No other customer accounted for more than 10% of revenue during 2025.

Globalstar had approximately 791,000 MSS subscribers worldwide as of December 31, 2025. Its subscriber count covers devices with active service contracts, rather than the number of people or organizations that own or lease them. Customers include people who travel or live in remote areas, businesses tracking assets, and government and emergency-response organizations. Commercial IoT customers include government, transportation, construction, agriculture and forestry users.

Commercial IoT equipment and services reach customers through value-added resellers and commercial communications equipment companies, many of which bill clients themselves. SPOT products are sold through retailers, the company’s sales force and its direct e-commerce website.

Globalstar’s satellite constellation is designed for visibility between 70° north and 70° south, and its gateways are located to cover much of the world’s land and population. Approximately 13% of sales were generated in foreign countries in 2025. The company had terrestrial licenses in 12 countries as of December 31, 2025.

Suppliers and costs

Globalstar has agreements with MDA Space to supply replacement satellites and satellites for the Extended MSS Network. SpaceX is contracted to launch the replacement satellites and the new satellites for the extended network. The company also relies on equipment, component parts and other materials and identifies reliance on key suppliers as a risk.

Operating expenses include the cost of running and maintaining the satellite and ground network, personnel, equipment, product development, marketing and administration. Cost of services was $83.2 million in 2025, up from $73.2 million in 2024. Higher ground-network and personnel costs contributed to the increase as infrastructure was upgraded and expanded. A substantial portion of the network costs connected with Apple’s services is reimbursed under the agreements and recognized as revenue.

The company also incurred costs to develop XCOM technology and new mobile satellite products. Its 2025 equipment costs included expense associated with tariffs on equipment imported by its U.S. entity and re-exported to foreign subsidiaries. In the first quarter of 2025, Globalstar recorded a $7.0 million loss on disposal after a satellite power-control anomaly rendered it inoperable.

Competitive position

Globalstar competes with mobile satellite providers on coverage, quality, portability and pricing. Its largest global competitors in mobile satellite services are Viasat, Iridium and ORBCOMM. Viasat, through Inmarsat, serves the maritime market; Iridium offers satellite voice and data products; and ORBCOMM competes in commercial IoT asset tracking and monitoring.

Direct-to-cellular services face competition from SpaceX’s Starlink and other new entrants. Thuraya competes in regional mobile satellite services in the Middle East and Africa. In terrestrial spectrum, Globalstar competes with licensed and unlicensed alternatives, including Anterix for certain utility use cases. SPOT products also compete indirectly with personal locator beacons.

Globalstar’s spectrum licenses, satellites, gateways and proprietary technology support its services. The industry requires licenses and entails substantial cost and lead time to build and launch a satellite and ground network. Our reading: those requirements create a meaningful barrier to entry, although established operators and new satellite systems still compete with Globalstar.

Globalstar’s network architecture allows it to reuse its assigned spectrum across satellite beams, and it holds patents covering its satellite system, network, terminals and XCOM technologies. Our reading: the network and intellectual property provide differentiated capabilities, but the presence of competitors offering similar services limits what can be concluded about their competitive advantage.

Growth opportunities

Globalstar is expanding its satellite and ground network to support additional services for Apple. The Extended MSS Network includes a new constellation, expanded ground infrastructure and increased global licensing. Globalstar expects to acquire more than 50 third-generation C-3 System satellites from MDA Space and has contracted with SpaceX to launch them.

Separately, Globalstar expects delivery of 17 replacement satellites during 2026 and expects both replacement-satellite launches to take place during that year. Its ground expansion is expected to include approximately 90 new antennas across 35 ground stations in 25 countries. The company has applied for French authorization and is pursuing market access in multiple countries for the C-3 System.

Commercial IoT is another area of development. Globalstar launched the RM200M two-way satellite module in October 2025 and is developing a finished two-way IoT product. It expects Commercial IoT activations to increase in 2026 as a result of commercial sales of the module. The company is also developing a new two-way SPOT product, which it expects to launch in late 2026.

For terrestrial networks, Globalstar owns XCOM wireless technology and is working to commercialize it alongside its spectrum. The company believes the combination creates an opportunity to provide private networks for customers with mission-critical needs.

Structural risks

• Customer concentration: Apple accounted for 63.0% of revenue in FY2025. Globalstar may not receive the revenue it expects under the agreements, and losing the customer could adversely affect its financial condition, operations and cash flows.
• Network and launches: Satellites can fail, suffer damage or have shorter orbital lives than expected. Ground-facility disruptions, inadequate capacity and failure to launch new satellites successfully or on time can affect the network.
• Licenses and regulation: Globalstar must comply with regulations across jurisdictions and maintain and expand spectrum rights. Licenses may be revoked, modified or not renewed, and spectrum allocations could be reduced or subject to additional sharing requirements.
• Competition and demand: Other satellite and terrestrial providers offer alternatives, while Globalstar faces risks from insufficient demand for satellite communications and terrestrial broadband services. SPOT service revenue declined in 2025 as subscriber numbers fell amid competitive pressure.
• Funding and suppliers: Globalstar faces risks in obtaining adequate capital on reasonable terms, complying with financing covenants and sourcing equipment and components. It also relies on key suppliers for its operations and network development.

Bottom line

Our reading

Globalstar combines a satellite network and licensed spectrum with wholesale capacity, subscriber services and equipment sales. Our reading: its business rests heavily on the Apple relationship, while its satellite and ground infrastructure also supports smaller IoT, SPOT and government offerings (item1; item7).

Our reading: network expansion and new products offer ways to extend the business, but execution depends on launches, licensing, suppliers and funding (item1; item1a).