Globalstar (GSAT) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue increased 11% year-over-year to $67.1 million, driven by wholesale capacity services and Commercial IoT growth, with a single customer responsible for 62% of total revenue for the first half of 2025.

• Net income for Q2 2025 was $19.2 million, reversing a $9.7 million loss in Q2 2024, with Adjusted EBITDA at $35.8 million, up from $32.6 million.

• Major infrastructure expansion included new antennas, ground stations, and a SpaceX launch agreement for satellite replenishment.

• Strategic partnerships advanced, including a commercial agreement with Parsons and a cooperative R&D agreement with the U.S. Army.

• The company completed a 1-for-15 reverse stock split in February 2025 and transitioned its listing to Nasdaq.

Financial highlights

• Q2 2025 service revenue rose to $63.2 million from $57.6 million year-over-year; total revenue reached $67.1 million.

• Net income for Q2 2025 was $19.2 million, with EPS of $0.13, compared to a net loss and EPS of $(0.10) in Q2 2024.

• Adjusted EBITDA reached $35.8 million in Q2 2025, up from $32.6 million, and $66.1 million for the first half of 2025.

• Adjusted free cash flow for the first half of 2025 was $77.9 million, up from $51.9 million in the prior year.

• Cash and cash equivalents stood at $308.2 million as of June 30, 2025, down from $391.2 million at year-end 2024.

Outlook and guidance

• Full-year 2025 revenue expected between $260 million and $285 million, with Adjusted EBITDA margin projected at approximately 50%.

• Guidance assumes minimal impact from tariffs and no material effect from recent U.S. tax law changes.

• Construction and launch of new satellite constellations and ground infrastructure are underway, with significant capital expenditures expected.