Globalstar, Inc.

Listed Company

GSATCIK 0001366868NasdaqLarge AcceleratedCommunications Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$272.99M

Net Income

$-8.65M

Total Assets

$2.33B

Equity

$355.73M

Shares Out

126.44M

Op. Cash Flow

$621.65M

Business

Globalstar, Inc. provides mobile satellite services via a constellation of LEO satellites and ground gateways to deliver voice, data and wholesale satellite capacity. It offers Commercial IoT one-way and developing two-way data services, SPOT consumer tracking and emergency devices, Duplex two-way voice and data services, terrestrial spectrum and network solutions, satellite transmitter modules, chips and related hardware and software. Key business segments include wholesale satellite capacity, terrestrial spectrum/network solutions, communications products and services, and government services. Its services and products are distributed globally through direct sales, reseller channels and major retail and e-commerce partners.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	273	250	224	149	124
Cost of subscriber equipment sales - reduction in the value of inventory	0	300,000	0	9	1
Marketing, general and administrative	51	43	43	33	35
Stock-based compensation	23	36	22	11	7
Reduction in the value and disposal of long-lived assets	7	556,000	363,000	167	242,000
Depreciation, amortization and accretion	87	89	88	94	96
Total operating expenses	266	251	224	370	190
Income (loss) from operations	7	−949,000	−165,000	−221	−66
Loss on extinguishment of debt	0	−27	−10	3	3
Loss on equity issuance	0	0	−5	0	0
Interest income and expense, net of amounts capitalized	−41	−14	−15	−30	−44
Foreign currency gain (loss)	16	−17	5	−7	−6
Derivative gain (loss) and other income (expense)	15	−3	2	−2	−675,000
Total other expense	−10	−60	−23	−36	−47
Loss before income taxes	−3	−61	−24	−257	−113
Income tax expense	6	2	1	73,000	−299,000
Net loss	−9	−63	−25	−257	−113
Net loss attributable to common shareholders (Note 14)	−19	−74	−35	−258	−113
Basic (in dollars per share)	−0.15	−0.59	−0.29	−2.15	−0.06
Diluted (in dollars per share)	−0.15	−0.59	−0.29	−2.15	−0.06
Basic (in shares)	127	126	122	120	1,765
Diluted (in shares)	127	126	122	120	1,765

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	447	391	57	32	14
Accounts receivable, net of allowance for credit losses of $1,468 and $1,504, respectively	20	27	49	26	21
Inventory	10	11	15	9	14
Prepaid expenses and other current assets	20	19	23	14	20
Total current assets	497	448	143	81	69
Property and equipment, net	1,305	674	624	560	672
Operating lease right of use assets, net	67	32	34	31	32
Prepaid network costs	198	312	12	—	—
Derivative asset	114	109	1	—	—
Intangible and other assets, net of accumulated amortization of $12,511 and $7,625, respectively	145	136	110	38	41
Total assets	2,326	1,710	924	738	814
Current portion of long-term debt	32	35	35	0	0
Accounts payable and accrued expenses	56	30	29	—	—
Accrued network construction costs	55	16	58	36	—
Payables to affiliates	391,000	394,000	459,000	326,000	—
Deferred revenue, net	62	61	54	75	26
Total current liabilities	205	141	176	197	62
Long-term debt	452	477	326	132	238
Operating lease liabilities	55	26	29	28	29
Deferred revenue, net	807	288	3	63	112
Other non-current liabilities	452	419	11	4	8
Total non-current liabilities	1,765	1,210	369	227	387
Total liabilities	1,971	1,351	545	—	—
Commitments and contingencies (Note 10)	—	—	—	—	—
Additional paid-in capital (1)	2,489	2,474	2,439	2,346	2,147
Accumulated other comprehensive income	3	13	5	9	2
Retained deficit	−2,137	−2,128	−2,065	−2,040	−1,783
Total stockholders equity	356	359	379	315	365
Total liabilities and stockholders equity	2,326	1,710	924	738	814

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	23	36	22	11	7
Reduction in the value and disposal of long-lived assets and inventory	7	883,000	363,000	—	—
Noncash interest and accretion expense	50	6	15	30	38
Noncash portion of loss on extinguishment of debt	0	14	10	−3	−3
Noncash expenses associated with SSA, net of amortization	4	8	3	0	0
Unrealized foreign currency (gain) loss	−16	17	−5	7	6
Other, net	−17	−657,000	−4	470,000	−464,000
Accounts receivable	7	27	13	−1	1
Inventory	2	3	−4	−2	−80,000
Prepaid expenses and other current assets	−2	−856,000	−3	952,000	−5
Other assets	−1	294,000	610,000	−183,000	82,000
Accounts payable and accrued expenses	1	−1	−3	−11	−4
Payables to affiliates	−3,000	−65,000	133,000	−118,000	−136,000
Other non-current liabilities	2	4	−53,000	−3	−609,000
Deferred revenue	482	302	−39	23	107
Net cash provided by operating activities	622	439	74	64	132
Payments for network upgrades to support the Phase 1 and Phase 2 Service Period	−97	−105	−159	−14	0
Payments for network upgrades to support the Extended MSS Network	−442	−132	0	—	—
Payments of capitalized interest	0	−10	−9	0	−395,000
Payments for network upgrades to support product development	−6	−7	−7	−7	−6
Purchase of intangible assets	−6	−7	−1	−643,000	−2
Net cash used in investing activities	−550	−261	−176	−40	−45
Proceeds from 2023 Funding Agreement	27	38	117	0	—
Principal payments of 2021 Funding Agreement	−35	−35	−13	0	0
Dividends paid on Series A Preferred Stock	−11	−11	−12	0	0
Proceeds from issuance of Customer Class B units	0	176	0	0	44
Proceeds from issuance of 2024 Debt Repayment	0	222	0	0	3
Principal and make-whole payment of 2023 13% Notes	0	−235	0	0	—
Proceeds from 2023 13% Notes	0	0	190	0	0
Payments for debt and equity issuance costs	0	0	−9	−626,000	−286,000
Proceeds from issuance of common stock and exercise of options	2	2	−181,000	—	—
Net cash (used in) provided by financing activities	−16	157	126	−6	−140
Effect of exchange rate changes on cash and cash equivalents	1	−1	140,000	−22,000	−132,000
Net increase in cash and cash equivalents	56	334	25	18	−54
Interest	0	16	14	0	6
Increase in capitalized accrued interest including in accrued expenses and deferred revenue	34	8	6	12	3
Network construction assets included in accrued expenses	55	16	58	36	0
Construction in progress assets acquired through XCOM SSA	2	6	3	0	0
Extended MSS Network assets acquired through Globalstar SPE	0	224	0	0	—
Re-characterization of 2021 Funding Agreement to debt due to 2023 amendment	0	0	88	0	0
Fair value of the warrant issued to Thermo for the guarantee associated with the 2023 Funding Agreement	0	0	5	0	0

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