Friday 6 November 2026 Export GSAT’s income statement to Excel — free account

Globalstar, Inc.

GSAT Communication Services Telecom Services

Globalstar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $273.0 million, up 9.04% from fiscal 2024.

Revenue: −3.98%
EPS: −1,300.0%
Free cash flow: −42.8%
Total debt: −30.6%

Quarter to September 2026, against a year earlier

83.70 0.88 −1.04%

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Market cap: $10.8B
P/E: 0.0×
Fwd P/E: −133×
Dividend yield: —
F-score: 4/9
Altman Z: 1.35
Beneish M: −3.89
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Globalstar, Inc. (GSAT) revenue by segment, product and region

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Wholesale capacity services	173 63.27%	145 58.04%	109 48.73%	35 23.51%	9 7.20%	10 7.94%	—	—	—	—
SPOT	37 13.67%	41 16.43%	44 19.74%	46 30.75%	46 37.04%	46 36.13%	50 38.31%	52 40.24%	45 40.32%	38 39.39%
Commercial IoT	27 9.99%	26 10.48%	23 10.22%	20 13.14%	18 14.44%	17 13.37%	17 12.89%	13 10.34%	11 9.72%	10 10.33%
Duplex	15 5.58%	20 8.05%	26 11.59%	29 19.68%	31 25.10%	34 26.37%	44 33.16%	41 31.68%	38 33.41%	32 32.88%
Government and other services	5 1.75%	5 1.94%	2 0.96%	3 1.85%	2 1.88%	—	—	—	3 3.02%	2 2.22%
Product, SPOT	—	—	—	—	9 7.58%	8 6.36%	8 5.78%	8 6.48%	6 5.38%	5 5.49%
Product, Commercial loT	—	—	—	—	7 5.77%	5 4.00%	9 7.06%	8 6.49%	—	—
Product, Other	—	—	—	—	1 1.00%	0 0.08%	0 0.07%	0 0.10%	0 0.02%	0 (0.01%)
Services, Engineering And Other	—	—	—	—	—	6 4.30%	2 1.73%	4 3.11%	—	—
Product, Duplex	—	—	—	—	—	2 1.47%	1 1.01%	2 1.55%	3 2.46%	4 4.00%
Product, Simplex	—	—	—	—	—	—	—	—	5 4.74%	4 3.89%
Services, IGO	—	—	—	—	—	—	—	—	1 0.95%	1 0.94%
Product, IGO	—	—	—	—	—	—	—	—	—	1 0.87%
Subscriber equipment sales	—	—	—	—	18	15	18	19	14	14
Total service revenue	257	238	204	132	106	113	113	111	98	83
Revenue	273	250	224	149	124	128	132	130	113	97

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Total service revenue	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Subscriber equipment sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Commercial IoT ARPU	Q3 FY2026	$4.34	$4.22	+2.84%
Commercial IoT average subscribers	Q3 FY2026	591.1K	542.7K	+8.92%
Duplex ARPU	Q3 FY2026	$74.58	$77.91	−4.27%
Duplex average subscribers	Q3 FY2026	14.7K	20.2K	−27.43%
Other average subscribers	Q3 FY2026	182.00	229.00	−20.52%
SPOT ARPU	Q3 FY2026	$14.12	$14.28	−1.12%
SPOT average subscribers	Q3 FY2026	203.0K	220.6K	−8.00%
Total average subscribers	Q3 FY2026	808.9K	783.8K	+3.21%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Commercial IoT ARPU	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Commercial IoT average subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Duplex ARPU	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Duplex average subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other average subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
SPOT ARPU	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
SPOT average subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total average subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.