Globalstar (GSAT) Q4 2025 earnings summary

Executive summary

• Achieved record full-year revenue of $273 million in 2025, up 9% year-over-year, driven by strong IoT and wholesale capacity services growth.

• Adjusted EBITDA reached a record $136.1 million (50% margin), reflecting higher revenue, disciplined execution, and investment in next-gen infrastructure and XCOM RAN.

• Net loss narrowed significantly to $7.6 million or $8.7 million for 2025 from $63.2 million in 2024, due to higher revenue and non-cash gains.

• Advanced global ground infrastructure, launched two-way satellite IoT, and completed commercial rollout of the RM200M module, expanding addressable markets.

• Completed transition to Nasdaq Global Select Market, enhancing market visibility and investor confidence.

Financial highlights

• Q4 2025 revenue was $72 million, with service revenue up 17% and equipment revenue up 31% year-over-year.

• Full-year service revenue rose 8% to $257.3 million; equipment sales up 24% to $15.7 million.

• Adjusted free cash flow for 2025 was $171.5 million, up from $131.9 million in 2024.

• Ended 2025 with $447.5 million in cash and cash equivalents, up from $391.2 million at year-end 2024.

• Principal debt balance at year-end was $410 million, down from $417.5 million.

Outlook and guidance

• 2026 revenue expected between $280 million and $305 million, with an Adjusted EBITDA margin of approximately 50%.

• Continued growth anticipated as next-generation infrastructure scales and commercial opportunities expand.