gsat-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-33117

GLOBALSTAR, INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware						41-2116508
(State or Other Jurisdiction of						(I.R.S. Employer Identification No.)
Incorporation or Organization)

1351 Holiday Square Blvd.

Covington, Louisiana 70433

(Address of Principal Executive Offices)

Registrant's Telephone Number, Including Area Code: (985) 335-1500

Securities registered pursuant to section 12(b) of the Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common Stock, par value $0.0001 per share

GSAT

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

(Do not check if a smaller reporting company)

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of October 31, 2025, 126,838,414 shares of common stock were outstanding and 149,425 shares of preferred stock were outstanding.

FORM 10-Q

GLOBALSTAR, INC.

TABLE OF CONTENTS


		Page
PART I - FINANCIAL INFORMATION

	Cautionary Statement About Forward-Looking Statements	3

Item 1.	Financial Statements.	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	25

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	34

Item 4.	Controls and Procedures.	34

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings.	35

Item 1A.	Risk Factors.	35

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	35

Item 3.	Defaults Upon Senior Securities.	35

Item 4.	Mine Safety Disclosures.	35

Item 5.	Other Information.	35

Item 6.	Exhibits.	35

Signatures		36

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

Certain statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this "Report"), other than purely historical information, including, but not limited to, estimates, projections, statements relating to our business plans, objectives and expected operating results, our anticipated financial resources, our expectations about the future operational performance of our satellites (including their projected operational lives) and the completion and launch of new satellites, our expectations regarding the outcomes of regulatory and licensing proceedings, the expected growth prospects of our existing customers and the markets that we serve, and the assumptions upon which those statements are based, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "might," "could," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. We caution readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements.

Important factors that may cause our actual results to differ materially from those anticipated in forward-looking statements, include, but are not limited to, our ability to meet our obligations and attain anticipated benefits under the Updated Services Agreements (as defined herein), the operational performance and orbital lives of our satellites, including damage to, failure of, or disruptions or other problems at our satellites or associated ground facilities, change in our operating plans or corporate strategies, commercial acceptance of and demand for our products and services, our ability to adequately anticipate our satellite capacity needs and maintain sufficient satellite capacity to meet current and increased demand (including the impact of delays in the completion or launch of new satellites), our ability to exploit and respond to technological innovation, including integrating licensed technology into our products and services and developing, acquiring, maintaining and protecting information and intellectual property rights, our ability to effectively compete in the markets in which we operate, geopolitical and economic conditions and risks associated with doing business on a global basis, including in developing markets, the availability of equipment, component parts and other materials used in our business operations, the reliance on key suppliers, our ability to raise capital on reasonable terms, our ability to manage costs, our ability to develop and expand our business (including our ability to maintain, expand and monetize our spectrum rights), our compliance with and interpretation of a diverse and fluid array of complex laws and regulations (including tax laws and regulations), including those related to the use of our spectrum, our ability to comply with the restrictive covenants of our financing arrangements and limitations on our ability to incur additional indebtedness, any cyber-related attacks and other security breaches, our ability to obtain and maintain adequate insurance coverages, volatility of spectrum values, changes in tax rates and the results of tax examinations, litigation or investigations, regulatory restrictions, liabilities or penalties, reduction of spectrum authority, additional spectrum sharing agreements, or revocation, modification or non-renewal of necessary licenses, the opportunities for strategic business transactions and the effects of consolidation in our industry on us and our competitors, the effects of our reverse stock split and Nasdaq listing, business interruptions due to natural disasters, unexpected events or public health crises and other factors described in more detail in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission (the "SEC") on February 28, 2025 (the "2024 Annual Report"). Further, new risk factors emerge from time to time, and it is not possible for us to predict all risk factors, nor can we accurately assess the ultimate impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to update any of our forward-looking statements after the date of this Report to reflect actual results, future events or circumstances or changes in our assumptions, business plans or other changes.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

GLOBALSTAR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In thousands, except per share data)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Revenue:
Service revenue	$	69,635	$	68,908	$	189,918	$	180,008
Subscriber equipment sales	4,210		3,399		11,107		9,164
Total revenue	73,845		72,307		201,025		189,172
Operating expenses:
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below)	22,206		19,185		60,310		54,058
Cost of subscriber equipment sales	3,422		2,515		8,350		6,739

Marketing, general and administrative	11,347		10,439		32,619		31,438
Stock-based compensation	4,906		8,254		17,812		26,645
Reduction in the value and disposal of long-lived assets	115		231		7,153		536
Depreciation, amortization and accretion	21,693		22,249		66,980		66,456
Total operating expenses	63,689		62,873		193,224		185,872
Income from operations	10,156		9,434		7,801		3,300
Other income (expense):

Interest income and expense, net of amounts capitalized	(11,029)		(2,872)		(26,402)		(10,301)
Foreign currency (loss) gain	(588)		4,918		15,484		(3,417)
Derivative and other	3,651		186		9,935		(605)
Total other (expense) income	(7,966)		2,232		(983)		(14,323)
Income (loss) before income taxes	2,190		11,666		6,818		(11,023)
Income tax expense	1,100		1,732		3,851		1,922
Net income (loss)	$	1,090	$	9,934	$	2,967	$	(12,945)

Other comprehensive income (loss):
Foreign currency translation adjustments	1,009		(3,775)		(9,413)		482
Comprehensive income (loss)	$	2,099	$	6,159	$	(6,446)	$	(12,463)

Net (loss) income attributable to common shareholders (Note 11)	(1,583)		7,261		(4,965)		(20,906)

Net (loss) income per common share:
Basic (1)	$	(0.01)	$	0.06	$	(0.04)	$	(0.17)
Diluted (1)	(0.01)		0.06		(0.04)		(0.17)
Weighted-average shares outstanding:
Basic (1)	126,688		126,150		126,593		125,758
Diluted (1)	126,688		127,337		126,593		125,758

(1) The number of shares as of September 30, 2024 have been restated to reflect the 1:15 reverse stock split effectuated on February 10, 2025. All historical share and per share amounts for the periods prior to the completion of the reverse stock split reflected in this Report have been adjusted to reflect the reverse stock split. Refer to Note 13: Common Stock.

See accompanying notes to unaudited interim condensed consolidated financial statements.

GLOBALSTAR, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share data)

(Unaudited)


	September 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	346,293	$	391,164
Accounts receivable, net of allowance for credit losses of $1,342 and $1,504, respectively	25,972		26,952
Inventory	11,425		10,741
Prepaid expenses and other current assets	17,298		18,714
Total current assets	400,988		447,571
Property and equipment, net	1,209,282		673,632
Operating lease right of use assets, net	67,416		31,835
Prepaid network costs	220,607		312,342
Derivative asset	120,765		108,799
Intangible and other assets, net of accumulated amortization of $11,353 and $7,625, respectively	143,292		136,058
Total assets	$	2,162,350	$	1,710,237
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	23,503	$	34,600
Accounts payable and accrued expenses	45,202		29,677
Accrued network construction costs	27,931		15,613
Payables to affiliates	175		394
Deferred revenue, net	61,574		61,201
Total current liabilities	158,385		141,485
Long-term debt	485,081		476,822
Operating lease liabilities	56,166		26,256
Deferred revenue, net	672,827		288,171
Other non-current liabilities	425,066		418,620
Total non-current liabilities	1,639,140		1,209,869

Total liabilities	1,797,525		1,351,354

Commitments and contingencies (Note 9)

Stockholders’ equity:

Series A Perpetual Preferred Stock of $0.0001 par value; 300,000 shares authorized and 149,425 issued and outstanding at September 30, 2025 and December 31, 2024, respectively	—		—
Voting Common Stock of $0.0001 par value; 143,333,334 shares authorized; 126,821,483 and 126,424,799 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively (1)	13		13
Additional paid-in capital (1)	2,485,952		2,473,564
Accumulated other comprehensive income	4,039		13,452
Retained deficit	(2,125,179)		(2,128,146)
Total stockholders’ equity	364,825		358,883
Total liabilities and stockholders’ equity	$	2,162,350	$	1,710,237

(1) The number of shares as of December 31, 2024 have been restated to reflect the 1:15 reverse stock split effectuated on February 10, 2025. All historical share and per share amounts for the periods prior to the completion of the reverse stock split reflected in this Report have been adjusted to reflect the reverse stock split. Refer to Note 13: Common Stock.

See accompanying notes to unaudited interim condensed consolidated financial statements.

GLOBALSTAR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In thousands)

(Unaudited)


	Preferred Stock			Common Stock (1)			Additional Paid-In Capital (1)		Accumulated Other Comprehensive Income (Loss)		Retained Deficit		Total
	Shares	Amount		Shares	Amount
Balances – January 1, 2025	149	$	—	126,425	$	13	$	2,473,564	$	13,452	$	(2,128,146)	$	358,883
Net issuance of restricted stock awards and employee stock options and recognition of stock-based compensation	—	—		154	—		8,220		—		—		8,220
Series A Preferred Stock Dividends	—	—		—	—		(2,615)		—		—		(2,615)
Other	—	—		—	—		32		—		—		32
Other comprehensive loss	—	—		—	—		—		(2,845)		—		(2,845)
Net loss	—	—		—	—		—		—		(17,331)		(17,331)
Balances – March 31, 2025	149	$	—	126,579	$	13	$	2,479,201	$	10,607	$	(2,145,477)	$	344,344
Net issuance of restricted stock awards, stock for employee stock options and stock for employee stock purchase plan and recognition of stock-based compensation	—	—		90	—		6,626		—		—		6,626
Series A Preferred Stock Dividends	—	—		—	—		(2,644)		—		—		(2,644)
Other	—	—		—	—		923		—		—		923
Other comprehensive loss	—	—		—	—		—		(7,577)		—		(7,577)
Net income	—	—		—	—		—		—		19,208		19,208
Balances – June 30, 2025	149	$	—	126,669	$	13	$	2,484,106	$	3,030	$	(2,126,269)	$	360,880
Net issuance of restricted stock awards and stock for employee stock options and recognition of stock-based compensation	—	—		152	—		4,538		—		—		4,538
Series A Preferred Stock Dividends	—	—		—	—		(2,673)		—		—		(2,673)
Other	—	—		—	—		(19)		—		—		(19)
Other comprehensive income	—	—		—	—		—		1,009		—		1,009
Net income	—	—		—	—		—		—		1,090		1,090
Balances – September 30, 2025	149	$	—	126,821	$	13	$	2,485,952	$	4,039	$	(2,125,179)	$	364,825


	Preferred Stock			Common Stock (1)			Additional Paid-In Capital (1)		Accumulated Other Comprehensive Income (Loss)		Retained Deficit		Total
	Shares	Amount		Shares	Amount
Balances – January 1, 2024	149	$	—	125,413	$	13	$	2,438,878	$	5,070	$	(2,064,982)	$	378,979
Net issuance of restricted stock awards and stock for employee stock options and recognition of stock-based compensation	—	—		183	—		11,794		—		—		11,794
Series A Preferred Stock Dividends	—	—		—	—		(2,644)		—		—		(2,644)
Other	—	—		—	—		(272)		—		—		(272)
Other comprehensive income	—	—		—	—		—		2,393		—		2,393
Net loss	—	—		—	—		—		—		(13,196)		(13,196)
Balances – March 31, 2024	149	$	—	125,596	$	13	$	2,447,756	$	7,463	$	(2,078,178)	$	377,054
Net issuance of restricted stock awards, stock for employee stock options and stock for employee stock purchase plan and recognition of stock-based compensation	—	—		38	—		8,844		—		—		8,844
Series A Preferred Stock Dividends	—	—		—	—		(2,644)		—		—		(2,644)
Issuance of stock in connection with License Agreement with XCOM	—	—		510	—		7,500		—		—		7,500
Other	—	—		—	—		40		—		—		40
Other comprehensive income	—	—		—	—		—		1,864		—		1,864
Net loss	—	—		—	—		—		—		(9,683)		(9,683)
Balances – June 30, 2024	149	$	—	126,144	$	13	$	2,461,496	$	9,327	$	(2,087,861)	$	382,975
Net issuance of restricted stock awards and stock for employee stock options and recognition of stock-based compensation	—	—		13			7,566		—		—		7,566
Series A Preferred Stock Dividends	—	—		—	—		(2,673)		—		—		(2,673)
Other	—	—		—	—		66		—		—		66
Other comprehensive loss	—	—		—	—		—		(3,775)		—		(3,775)
Net income	—	—		—	—		—		—		9,934		9,934
Balances – September 30, 2024	149	$	—	126,157	$	13	$	2,466,455	$	5,552	$	(2,077,927)	$	394,093

(1) The number of shares have been restated to reflect the 1:15 reverse stock split effectuated on February 10, 2025. All historical share and per share amounts for the periods prior to the completion of the reverse stock split reflected in this Report have been adjusted to reflect the reverse stock split. Refer to Note 13: Common Stock.

See accompanying notes to unaudited interim condensed consolidated financial statements.

GLOBALSTAR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Nine Months Ended
	September 30, 2025		September 30, 2024
Cash flows provided by operating activities:
Net income (loss)	$	2,967	$	(12,945)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and accretion	66,980		66,456
Stock-based compensation expense	17,812		26,645
Noncash interest and accretion expense	30,681		6,422
Unrealized foreign currency (gain) loss	(15,621)		3,441
Reduction in the value and disposal of long-lived assets and inventory	7,153		571

Other, net	(9,227)		3,141<

SEC Form 10-Q filed by Globalstar Inc.