GSAT Nasdaq Russell 1000 Earnings call
Globalstar (GSAT) · Q4 2025 results and valuation
Share price: $86.04 · 2026-11-11
Globalstar provides mobile satellite services, including voice, data, and Internet of Things communications, to retail, business, and government customers. The company operates a network of satellites and ground stations to provide connectivity in areas underserved by terrestrial networks or during disasters. It also manages terrestrial spectrum and network solutions across multiple countries. Source: 10-K annual report (2026-02-27)
Results Q4 2025 vs Q3 2025 · previous quarter · published 27 Feb 2026 and 7 Nov 2025
Net income turned to a loss from a profit last quarter. Management sounded upbeat, though noticeably less so answering analysts.
1 · Numbers
Turned loss
Net income vs Q3 2025
Outlook given
Net income -11.6M vs 1.1M
Revenue −2.6%
2 · How management spoke
Upbeat
More upbeat than 75% of company calls
Answers to analysts: restrained, but clearly less so than the script.
Last call it was different: script and answers matched.
3 · What stood out
Globalstar expects total revenue between $280,000,000 and $305,000,000 with an adjusted EBITDA margin of approximately 50% in 2026.
Valuation
Is Globalstar undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $239.90 a share — the stock trades 64% below it. Today's price assumes 6.0% growth a year.
Current price
$86.04
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+6.0% for 10 yrs
Fair value / share
$239.90
Buy below
$179.92
Price vs fair value
Undervalued 64%
Price vs buy-below price
Undervalued 52%
Read between the lines
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Guidance
Full-year total revenue reached a record $273,000,000, a 9% increase over 2024, which was in line with the company's guidance.
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Guidance
GSAT expects total revenue between $280,000,000 and $305,000,000 with an adjusted EBITDA margin of approximately 50% in 2026.
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Figure
Average commercial IoT subscribers increased 6% year over year and IoT hardware sales revenue grew 50% year over year.
Source quote
“Average commercial IoT subscribers increased 6% year over year, while IoT hardware sales revenue grew 50% year over year.”
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Key theme
GSAT will gain multimode capability quickly following certification to manage both modes and support terrestrial modes.
Source quote
“That is going through certification, and they will have multimode capability very quickly and be able to manage both and, of course, support terrestrial modes.”
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Key theme
Revenue from two-way IoT is not currently significant because customers are still in the process of building out their solutions.
Source quote
“What is going on with the two-way system is that our customers are actually building out their solutions right now, so you will not see revenues from two-way IoT in any significant amount right now.”
3 more
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Key theme
Near-term revenue is driven by expansion into other regions and receiving payments as those regions come online.
Source quote
“The near-term revenue comes from the idea that we will expand over other regions, and we get payment as other regions come online.”
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Figure
GSAT completed 50% of its pledged ITU financial commitments during the quarter.
Source quote
“In parallel, we advanced our ITU financial commitments, completing 50% of the investment we pledged.”
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Figure
The company has spent half of the $2,000,000,000 commitment made to the ITU for extending the network.
Source quote
“We committed to the ITU to spend $2,000,000,000 on extending the network, and we are halfway through that.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q4 2025. Ring: Q3 2025.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 90% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“During 2025, we secured early government and defense wins, expanded our presence in agriculture, wildfire response, industrial IoT, and public safety, and built momentum across multiple verticals.”
“This increase over 2024 reflects higher revenue, partially offset by higher operating expenses, primarily due to investment in growth opportunities.”
“This outlook reflects our confidence in the continued growth trajectory of the business as we scale our next-generation infrastructure and expand our commercial opportunities.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2025-12-31)
| Metric | Q4 2025period end 2025-12-31 | Q3 2025period end 2025-09-30 | Change | Q4 2024 | YoY |
|---|---|---|---|---|---|
| Revenue | 72.0M | 73.8M | −2.6% | 61.2M | +17.6% |
| Operating income | -371.0K | 10.2M | Turned loss | -4.2M | Loss narrowed |
| Net income | -11.6M | 1.1M | Turned loss | -50.2M | Loss narrowed |
| EPS | -0.11 | -0.01 | Loss widened | -0.42 | Loss narrowed |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- New This is a great technical challenge for people and certainly an interesting thing.
- Throughout the year, Globalstar focused on scaling the core business while laying the foundation for its next phase of growth,...
- This represents a significant expansion of Globalstar's IoT portfolio, moving beyond one-way monitoring to enable reliable command and…
- Its satellite modem started out—the first version of the two-way modem does not have multimode capability—that is what Globalstar is...
- From an enterprise standpoint, the idea is that if you are in cellular coverage or running a terrestrial network on...
Faded since Q3 2025
- Dropped With that said, even in Wi-Fi bands, the team that came along from XCOM Labs is the same team that...
- Fading Globalstar's wholesale capacity services revenue increased primarily due to the timing of service fees associated with the reimbursement of…
- Fading IoT service revenue increased on the back of subscriber growth with average subscribers reaching 543,000, a 6% increase from the...
- Fading Globalstar also saw particularly strong equipment sales performance.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
Globalstar reported second-quarter 2026 revenue of $64.8 million, with service revenue of $60.0 million decreasing 5% compared to the same period last year.
- Shareholder vote results · SEC 8-K · routine
- Results of operations · SEC 8-K
Globalstar reported first-quarter 2026 revenue of $70.1 million, which represents a 17% increase compared to the first quarter of the previous year.
- Material agreement; New financial obligation; Regulation FD disclosure · SEC 8-K
Globalstar, Inc. entered into a merger agreement on April 13, 2026, to be acquired by Amazon.com, Inc. to integrate Globalstar's satellite operations and spectrum into the Amazon Leo network.
- Results of operations · SEC 8-K
Globalstar reported full-year 2025 revenue of $273.0 million, which represents a 9% increase compared to 2024.
- Results of operations · SEC 8-K
Globalstar reported third-quarter 2025 revenue of $73.8 million, including service revenue of $69.6 million, which increased by $0.7 million compared to the third quarter of the previous year.
- Results of operations · SEC 8-K
Globalstar reported second-quarter 2025 revenue of $67.1 million, an 11% increase over the prior-year period, with Adjusted EBITDA of $35.8 million compared to $32.6 million in the second quarter of 2024.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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over time
government and defense footprint becoming an increasingly important contributor to our business
Source quote
“Taken together, we believe these efforts are a meaningful expansion of our government and defense footprint, and we expect this area to become an increasingly important contributor to our business over time.”
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2026
entering a period with a strong foundation for growth
Source quote
“We are moving decisively from groundwork to growth, and we believe we have a strong foundation in place as we enter 2026.”
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quarters to come
updating on progress
Source quote
“We look forward to updating you on our progress in quarters to come.”
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very quickly
multimode capability for the first version of the two-way modem
Source quote
“That is going through certification, and they will have multimode capability very quickly and be able to manage both and, of course, support terrestrial modes.”
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second quarter this year
first launch of the replenishment satellites
Source quote
“We are not updating beyond saying second quarter this year for the first launch and second half for the second launch.”