10-K · February 27, 2026
Globalstar positions itself as a vertically integrated MSS provider focused on Wholesale Satellite Capacity (notably the Updated Services Agreements with the Customer), Commercial IoT, SPOT retail products and…
Earnings analysis · 10-Q
GSAT earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Globalstar reported a Q1 revenue of $70.1 million, representing a significant 17% increase from $60.0 million in Q1 2025, primarily driven by an increase in wholesale capacity services. The company recorded an EPS of…
Read full summary
Globalstar reported a Q1 revenue of $70.1 million, representing a significant 17% increase from $60.0 million in Q1 2025, primarily driven by an increase in wholesale capacity services. The company recorded an EPS of -$0.16, a slight deterioration compared to -$0.11 in the prior quarter, with both revenue and EPS reflecting upward pressure from improved service contracts despite ongoing regulatory and operational headwinds.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.16
- Segment
- Mobile Satellite Services
- Segment
- Wholesale Satellite Capacity Services
- Segment
- Government and Other Services
What stood out
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Strong Revenue Growth of 17% YoY
Total revenue increased to $70.1 million from $60.0 million in Q1 2025.
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Improved Wholesale Capacity Revenue
Wholesale capacity services revenue jumped 26% to $46.3 million, up from $36.7 million year-over-year.
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Increase in Subscriber Base
Total subscribers rose to approximately 797,000 from 776,299 a year earlier.
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Significant Decrease in Operating Expenses
Operating expenses dropped to $61.9 million from $68.5 million for the same quarter last year.
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Higher Average Revenue Per User (ARPU)
ARPU for Commercial IoT improved to $4.39 from $4.19 year-over-year.
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Government Services Revenue Surge
Government and other services revenue surged by 84%, indicating growth in this segment.
What to watch
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Increased Net Loss
Q1 EPS worsened to -$0.16, compared to -$0.11 in Q4 2025.
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Regulatory Risks from Pending Mergers
Potential adverse impact if mergers with Amazon do not complete, including substantial costs.
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Revenue Dependency on Key Customers
66% of Q1 revenue was from a single customer under updated agreements, raising reliance concerns.
Management's outlook
No numeric guidance provided; future outlook hinges on completion of pending merger with Amazon.
Earlier filings 4
10-Q · August 7, 2025
Globalstar reported Q2 revenue of $67.148M and GAAP diluted EPS of $0.13, beating consensus and improving materially versus the year-ago quarter. Operating income was $6.146M (operating margin ~9.2%), driven by higher…
10-Q · May 8, 2025
Globalstar reported Q1 revenue of $60.03M (up $3.55M or +6.3% YoY) but missed consensus and showed a deeper operating loss and wider EPS loss. Wholesale capacity drove service revenue strength, while operating margin…
10-K · February 28, 2025
Globalstar emphasizes a strategy centered on wholesale satellite capacity (notably an expanded relationship with a major Customer), monetizing terrestrial spectrum and growing Commercial IoT and SPOT product lines. The…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.