Globalstar, Inc. Comprehensive Company Profile

Quick Facts / Company Snapshot

• Company Name: Globalstar, Inc.
• Stock Symbol: GSAT (Nasdaq Stock Market LLC)
• Headquarters: Covington, Louisiana, United States
• Fiscal Year End: December 31
• Total Revenue (2024): $250.3 million
• Wholesale Capacity Revenue (2024): $145.3 million
• Service Revenue (2024): $237.7 million
• Adjusted EBITDA (2024): $135.3 million
• Adjusted EBITDA Margin (2024): 54%
• Total Subscribers (2024): Approximately 774,000
• Active Commercial IoT Devices: Approximately 481,000
• SPOT Rescue Milestone: 10,000th rescue achieved in 2024
• Total Assets (2024): $1.71 billion
• Cash and Cash Equivalents (2024): $391.2 million
• Satellite Network Type: Low Earth Orbit (LEO) Constellation
• Spectrum Assets: S-Band (2483.5-2500 MHz), L-Band (1610-1618.725 MHz), Band n53
• Primary Shareholder: Thermo Companies (approx. 58% ownership)
• Chief Executive Officer: Dr. Paul E. Jacobs
• Employees: 389 (as of December 31, 2024)
• Key Wholesale Partner: Apple Inc. (referred to as “the Customer”)

Company Overview

Globalstar, Inc. stands as a premier provider of mobile satellite services (MSS) and terrestrial connectivity solutions, operating a robust global network of low earth orbit (LEO) satellites and ground infrastructure. The company’s core mission revolves around delivering reliable connectivity in areas that are underserved or entirely unserved by traditional terrestrial wireless and wireline networks.

By leveraging its globally harmonized spectrum, including the L- and S-band mobile satellite spectrum licensed for over three decades, Globalstar provides a diverse array of communications services. These range from wholesale capacity services for direct-to-device connectivity to direct-to-consumer solutions involving voice and data transmission.

The company distinguishes itself through a “bent pipe” network architecture. This technological design allows for the rapid deployment of new innovations and enables the system to transmit signals from user terminals to gateways with high efficiency.

Globalstar is not merely a satellite operator but a vertically integrated provider. It designs, manufactures (through partners), and distributes varied telecommunications products, including the renowned SPOT family of life-saving devices and Commercial IoT asset tracking solutions.

In recent years, Globalstar has significantly expanded its strategic focus to include terrestrial spectrum and network solutions. This includes the monetization of its Band 53/n53 spectrum assets for private networks and 5G applications, positioning the company at the intersection of satellite and cellular technology.

• Core Competency: providing mission-critical communications in remote regions and RF-congested environments.
• Strategic Shift: Transitioning from purely direct-to-consumer satellite services to a hybrid model heavily supported by wholesale capacity agreements and terrestrial spectrum licensing.
• Network Reach: The satellite network is designed to maximize probability of visibility from any point on Earth between 70° north and 70° south latitude.

Business Segments

Globalstar reports its financial and operational performance primarily through a single reportable segment: Mobile Satellite Services (MSS). However, revenue is disaggregated into distinct service and product lines that reflect the diverse applications of its network.

Wholesale Capacity Services

This is currently the most significant revenue generator for Globalstar. It involves providing satellite network access and related services to a major wholesale partner (identified as Apple Inc. in filings). This segment underpins the company’s financial growth and strategic stability.

• Revenue (2024): $145.3 million
• Percentage of Total Revenue: 58%

Operational Scope: This segment encompasses the allocation of network capacity to support direct-to-device services. Under the “Updated Services Agreements,” Globalstar allocates 85% of its network capacity to this customer. The revenue model includes fixed service fees, reimbursements for service-related operating expenses, and performance bonuses tied to licensing and service criteria. The scope has expanded to include the development of the “Extended MSS Network,” a new constellation and ground infrastructure funded largely by the customer to support future services.

SPOT Consumer Retail

The SPOT segment caters to the outdoor, adventure, and recreation markets, providing devices that offer location-based tracking, messaging, and emergency SOS capabilities independent of cellular networks.

• Revenue (2024): $41.1 million
• Percentage of Total Revenue: 16.4%

Operational Scope: SPOT products, such as the SPOT Gen4 and SPOT X, utilize Globalstar’s satellite network to transmit GPS locations and messages. This segment is critical for providing safety communications for individuals venturing off the grid. The business model is subscriber-based, with users purchasing hardware and paying recurring service fees. The segment achieved a historic milestone in 2024 by recording its 10,000th rescue, underscoring its vital role in public safety.

Commercial IoT

This segment focuses on asset tracking and remote monitoring solutions for industrial, governmental, and commercial clients. It utilizes small, low-power devices to transmit data from assets located in remote environments.

• Revenue (2024): $26.2 million
• Percentage of Total Revenue: 10.5%

Operational Scope: Commercial IoT involves the sale of hardware like the SmartOne Solar and ST100 modules, coupled with subscription services. Applications include tracking shipping containers, monitoring oil and gas infrastructure, and fleet management. In 2024, the company transitioned significantly by delivering a full two-way satellite Commercial IoT solution, moving beyond previous one-way telemetry limitations. This advancement allows for command and control capabilities, expanding the total addressable market.

Duplex Services

Duplex services represent the traditional mobile satellite voice and data communications offered by Globalstar.

• Revenue (2024): $20.2 million
• Percentage of Total Revenue: 8.1%

Operational Scope: This segment provides voice calls and data transmissions via handheld satellite phones and fixed units. It serves customers who require reliable communication in areas with no cellular coverage, such as maritime, forestry, and remote construction sites. While this legacy segment has seen declines due to shifting market dynamics and the rise of consumer satellite solutions, it remains a core offering for specific industrial users requiring voice capabilities.

Subscriber Equipment Sales

This revenue stream is derived from the direct sale of hardware devices associated with the service segments mentioned above.

• Revenue (2024): $12.7 million
• Percentage of Total Revenue: 5.1%

Operational Scope: This includes revenue from selling SPOT devices, Commercial IoT modems, and satellite phones. Revenue in this segment can fluctuate based on product launch cycles, inventory availability, and promotional activities. In 2024, equipment revenue saw a decrease due to the timing of sales and comparisons against a strong backlog fulfillment period in the prior year.

Government and Other Services

This emerging segment includes revenue from terrestrial spectrum solutions, engineering services, and strategic government partnerships.

• Revenue (2024): $4.8 million
• Percentage of Total Revenue: 1.9%

Operational Scope: This segment captures income from the engineering and terrestrial use of Globalstar’s spectrum. A key driver in 2024 was an exclusive partnership with Parsons Corporation for public sector and defense applications, utilizing the network for mission-critical solutions in RF-congested environments. It also includes revenue related to XCOM RAN technology demonstrations and deployments.

History and Evolution

Globalstar has a storied history spanning over three decades, rooted in the authorization to operate a Low Earth Orbit (LEO) satellite system. The company has evolved from a traditional satellite phone provider into a multifaceted connectivity leader.

Foundational Era and Spectrum Authorization: For over 30 years, Globalstar has held licenses for globally harmonized L- and S-band spectrum. This long-standing regulatory foundation has been the bedrock of its operations, allowing it to build and maintain a global network of satellites and gateways.

The Rise of SPOT (2007 – Present): A pivotal moment in the company’s consumer history was the launch of the SPOT product family in 2007. This product line democratized satellite safety, providing affordable emergency connectivity to hikers and outdoor enthusiasts. By 2024, SPOT had facilitated over 10,000 rescues, cementing Globalstar’s reputation in the safety and rescue domain.

Network Modernization and Second-Generation Constellation: To ensure service continuity, Globalstar successfully deployed its second-generation satellite constellation. The company operates these satellites under licenses from France and the United States. In recent years, specifically in 2022, Globalstar entered into a procurement agreement with Macdonald, Dettwiler and Associates Corporation (MDA) to acquire 17 to 26 new satellites to replenish its constellation, ensuring operational viability well into the future.

Strategic Transformation (2022 – 2024): The most transformative period has occurred recently with the establishment of a wholesale capacity relationship with a major technology customer (Apple). This partnership fundamentally altered the company’s financial trajectory.

• November 2022: Launch of services supporting direct-to-device connectivity.
• 2024: Execution of “Updated Services Agreements,” expanding the scope to include a new “Extended MSS Network.”

Corporate Milestones in 2024:

• Uplisting: The company successfully uplisted to the NASDAQ Global Select Market.
• Reverse Stock Split: A 1-for-15 reverse stock split was implemented (effective February 2025) to normalize share count and meet institutional investment requirements.
• Infrastructure: A new satellite operations control center was opened in Covington, Louisiana.
• Spectrum Authorization: Secured a 15-year renewal of HIBLEO-4 authorizations from the FCC.

Products and Services

Globalstar offers a comprehensive suite of hardware and service plans designed to meet the varied connectivity needs of its user base.

Wholesale Satellite Capacity

This service is the company’s primary revenue driver.

• Revenue Contribution: $145.3 million
• Share of Total: 58%

Profile: Globalstar provides the “Customer” with dedicated access to its satellite network capacity. This allows the Customer to offer satellite-enabled features, such as emergency messaging, on their own consumer devices. The service involves complex network management to ensure reliability and coverage. The partnership includes the development of the “Extended MSS Network,” a dedicated set of network assets owned by a special purpose entity but operated by Globalstar.

SPOT Product Family

• Revenue Contribution: $41.1 million
• Share of Total: 16.4%

SPOT Gen4: A ruggedized device allowing users to check in with family, send pre-programmed custom messages, and transmit GPS coordinates. It features a dedicated SOS button that connects directly to emergency response centers.

SPOT X: A two-way satellite messenger featuring a full keyboard (or Bluetooth connectivity to a smartphone app). It allows for exchanging SMS and emails from virtually anywhere, in addition to the standard SOS functionality.

SPOT Trace: An asset tracking device designed to monitor cars, boats, and other valuable equipment. It sends text or email alerts when movement is detected.

Commercial IoT Solutions

• Revenue Contribution: $26.2 million
• Share of Total: 10.5%

SmartOne Solar: A solar-powered, maintenance-free asset tracker with a battery life of up to ten years. It is certified for hazardous environments (ATEX, IECEx) and is used for tracking shipping containers and trailers.

ST100 Satellite Transmitter: An embeddable board that allows third-party developers to integrate Globalstar connectivity into their own products. It is lightweight, low-power, and utilizes Bluetooth for configuration.

Realm Enablement Suite: A portfolio encompassing hardware (Integrity 150) and an edge computing platform. It allows for smart data processing on the device itself, reducing transmission costs and enabling advanced telematics applications.

XCOM RAN and Terrestrial Solutions

• Revenue Contribution: Included in Government/Other ($4.8 million)

XCOM RAN: A high-performance 5G radio access network architecture acquired through a licensing agreement. It delivers substantial capacity gains in dense wireless environments. In 2024, Globalstar successfully completed a 5G data call utilizing this technology over Band n53.

Band n53 Spectrum: A dedicated terrestrial spectrum band (2483.5–2495 MHz) authorized for use in the U.S. and other countries. It offers a “borderless” private network solution for enterprises like ports, warehouses, and logistics hubs.

Brand Portfolio

Globalstar manages distinct brands that target specific market verticals.

Globalstar (Corporate & Commercial)

• Revenue Contribution: Dominant share (Wholesale, Duplex, IoT)
• Profile: The umbrella brand representing the satellite network, wholesale services, and industrial voice/data products. It is synonymous with satellite reliability and engineering expertise.

SPOT

• Revenue Contribution: $41.1 million
• Percentage of Revenue: 16.4%
• Profile: A consumer-facing brand focused on “peace of mind” for outdoor enthusiasts. The brand has built strong equity in the adventure market through retail partnerships with major outlets like REI, Bass Pro Shops, and Cabela’s.

XCOM Labs (Licensed Technology)

• Revenue Contribution: Nascent/Strategic
• Profile: Represents the cutting-edge terrestrial technology arm, focusing on 5G wireless innovations and high-capacity radio access networks.

Geographical Presence

Globalstar operates a truly global network with physical assets and commercial operations spanning multiple continents. The company attributes service revenue based on the location of the contracting entity and equipment revenue based on the shipping destination.

United States

• Service Revenue (2024): $206.4 million
• Equipment Revenue (2024): $6.7 million
• Total Revenue: $213.1 million
• Percentage of Total Revenue: 85.1%

Profile: The U.S. is the operational and financial heart of Globalstar. It houses the corporate headquarters in Covington, Louisiana, and the primary Satellite Operations Control Center. The company holds critical FCC licenses here and generates the vast majority of its wholesale and commercial revenue.

Canada

• Service Revenue (2024): $12.9 million
• Equipment Revenue (2024): $1.1 million
• Total Revenue: $14.0 million
• Percentage of Total Revenue: 5.6%

Profile: Canada represents a key market for outdoor and industrial connectivity due to its vast remote territories. Revenue here is driven by SPOT sales and industrial IoT applications in forestry and energy.

Central and South America

• Service Revenue (2024): $11.3 million
• Equipment Revenue (2024): $1.6 million
• Total Revenue: $12.9 million
• Percentage of Total Revenue: 5.2%

Profile: This region includes operations in countries like Brazil, where Globalstar employs staff subject to collective bargaining agreements. The region utilizes gateways in Brazil, Argentina, and Peru to provide coverage for agriculture, government, and resource extraction sectors.

Europe

• Service Revenue (2024): $6.5 million
• Equipment Revenue (2024): $3.3 million
• Total Revenue: $9.8 million
• Percentage of Total Revenue: 3.9%

Profile: European operations are supported by gateways in France, Spain, and other locations. France is particularly significant as the licensing jurisdiction for the company’s second-generation satellite constellation.

Other Regions

• Revenue (2024): $0.6 million
• Percentage of Total Revenue: 0.2%

Profile: Includes Asia Pacific and Africa, supported by gateways in Botswana, Singapore, South Korea, and Australia. These regions provide critical continuity for global asset tracking and maritime coverage.

Financial Performance Analysis

In 2024, Globalstar achieved record-breaking financial results, driven by the scaling of its wholesale services and disciplined cost management.

Consolidated Performance Trends:

• Total Revenue Growth: Increased by 12% to $250.3 million in 2024, up from $223.8 million in 2023.
• Service Revenue Growth: Rose by 16%, primarily due to higher wholesale capacity fees and performance bonuses.
• Profitability: The company achieved record Adjusted EBITDA, reflecting operational leverage. However, net losses persisted due to significant non-cash charges and debt extinguishment costs.

Operational Efficiency: The company demonstrated improved margins, with Adjusted EBITDA margin expanding by 190 basis points year-over-year. This indicates that incremental revenue from the wholesale partner is flowing efficiently to the bottom line.

Profit and Loss Analysis

Revenue:

• Total Revenue: $250.3 million
• Service Revenue: $237.7 million (95% of total)
• Equipment Revenue: $12.7 million (5% of total)

Operating Expenses:

• Total Operating Expenses: $251.3 million (+12% YoY)
• Cost of Services: $73.2 million (+37% YoY). This increase was driven by network expansion costs supporting the Updated Services Agreements.
• Depreciation & Amortization: $89.0 million. This remains the largest expense line item, reflecting the capital-intensive nature of the satellite network.
• MG&A (Marketing, General, Admin): $43.4 million. Remained flat year-over-year, showcasing cost discipline.
• Stock-Based Compensation: $35.5 million. Increased significantly due to awards granted in connection with the XCOM License Agreement.

Profitability Metrics:

• Loss from Operations: ($0.9 million). A substantial improvement compared to previous years, approaching breakeven on an operating basis.
• Net Loss: ($63.2 million). This figure was heavily impacted by a $27.4 million loss on the extinguishment of debt related to refinancing the 2023 13% Notes.
• Adjusted EBITDA: $135.3 million.

Balance Sheet Analysis

Globalstar’s balance sheet in 2024 reflects significant capital infusions and strategic restructuring of its debt profile.

Assets:

• Total Assets: $1.71 billion, nearly doubling from $924 million in 2023.
• Cash and Cash Equivalents: $391.2 million, providing robust liquidity.
• Property and Equipment (Net): $673.6 million. Includes satellites and ground stations.
• Prepaid Network Costs: $312.3 million. Represents investments in the new Extended MSS Network funded by the Customer.

Liabilities:

• Total Liabilities: $1.35 billion.
• Long-Term Debt: $476.8 million.
• Deferred Revenue (Non-Current): $288.2 million. Reflects prepayments received for future services, particularly the Infrastructure Prepayment.
• Other Non-Current Liabilities: $418.6 million. Includes the liability associated with the “Customer Class B Units” in the Globalstar SPE.

Equity:

• Stockholders’ Equity: $358.9 million.
• Accumulated Deficit: ($2.13 billion), reflecting historical losses from the capital-intensive build-out phases.

Cash Flow Analysis

The company’s cash flow profile has shifted dramatically due to the structure of its new wholesale agreements.

Operating Activities:

• Net Cash Provided: $439.2 million.
• Key Driver: This massive inflow was primarily due to the receipt of $278 million in Infrastructure Prepayments, which are recorded as deferred revenue but provide immediate cash.

Investing Activities:

• Net Cash Used: ($260.6 million).
• Key Spending: Capital expenditures for network upgrades and payments to vendors like SpaceX and MDA for new satellites.

Financing Activities:

• Net Cash Provided: $157.2 million.
• Key Transactions: Includes proceeds from the issuance of Customer Class B Units ($176.2 million) and the refinancing of debt.

Board of Directors and Leadership Team

Globalstar’s leadership team comprises industry veterans with deep expertise in telecommunications, finance, and technology.

Executive Leadership

• Dr. Paul E. Jacobs – Chief Executive Officer: Former CEO of Qualcomm, Dr. Jacobs brings extensive experience in wireless technologies. He is the founder of XCOM Labs and leads Globalstar’s strategic pivot toward terrestrial and hybrid networks.
• James Monroe III – Executive Chairman: The controlling stockholder through Thermo Companies. He has been the primary financial backer and strategic architect of Globalstar for many years.
• Rebecca S. Clary – Chief Financial Officer: Responsible for the company’s financial strategy, reporting, and capital management. She has overseen the complex accounting of the new wholesale agreements.

Board of Directors

• James Monroe III: Executive Chairman.
• Dr. Paul E. Jacobs: Director.
• James F. Lynch: Director. Affiliated with Thermo Companies.
• William A. Hasler: Director. Provides independent oversight.
• Benjamin G. Wolff: Director. Associated with Palladyne AI.
• Keith O. Cowan: Director. Associated with Rivada Networks, Inc.
• Timothy E. Taylor: Director. Also serves as Vice President of Finance, Business Operations, & Strategy.

Subsidiaries, Associates, Joint Ventures

Globalstar operates through a network of subsidiaries that manage regional licenses and the new special purpose entity structure.

Globalstar Licensee LLC (The Globalstar SPE)

• Ownership: 80% Globalstar, Inc. / 20% Customer (Apple)
• Profile: A special purpose entity created to own the assets of the “Extended MSS Network,” including new satellites and licenses. It is consolidated into Globalstar’s financials. The Customer contributed $400 million for a 20% equity interest in this entity.

International Subsidiaries

While revenue breakdown is provided by region, specific subsidiary names mentioned in operations include:

• Globalstar Canada Satellite Co. (Implied via Canadian operations)
• Globalstar Europe Satellite Services Ltd. (Implied via European operations)
• Globalstar do Brasil S.A. (Brazil operations with collective bargaining employees)

Physical Properties

Globalstar maintains a global footprint of offices and critical ground infrastructure essential for controlling its satellite constellation.

Headquarters:

• Location: Covington, Louisiana.
• Facility: Includes the corporate offices and a newly opened Satellite Operations Control Center (SOCC).

Offices:

• United States: Milpitas, California (redundant operations).
• International: Dublin, Ireland (Europe HQ); Rio de Janeiro, Brazil; Africa (Botswana).

Gateways (Ground Stations): Globalstar operates gateways that serve as the bridge between satellites and the terrestrial network. Key locations include:

• North America: Alaska, Florida, Hawaii, Nevada, Puerto Rico, Texas, Alberta, Ontario.
• South America: Brazil (Manaus, Petrolina, Presidente Prudente), Argentina (Bosque Alegre), Mexico (Jocotitlan).
• Europe: France (Aussaguel), Spain, Greece, Estonia.
• Asia/Pacific: Australia (Dubbo, Meekatharra, Mount Isa), New Zealand, South Korea, Singapore, Thailand.
• Africa: Botswana, Gabon, Rwanda.

Segment-Wise Performance

Wholesale Capacity Services:

• Performance: Revenue grew 33% year-over-year.
• Driver: Expansion of services under the Updated Services Agreements and performance bonuses.

Commercial IoT:

• Performance: Revenue grew 15% year-over-year.
• Driver: A 6% increase in average subscribers and higher ARPU due to usage growth. Gross activations were up over 30% consecutively.

Government and Other Services:

• Performance: Revenue jumped 126% year-over-year.
• Driver: New engineering service contracts and the Parsons Corporation partnership.

Consumer (SPOT & Duplex):

• Performance: SPOT revenue declined 7%; Duplex revenue declined 22%.
• Driver: Competitive pressures and a strategic shift away from selling legacy Duplex devices.

Founders

While the original founding of the Globalstar constellation dates back to the 1990s involving a partnership led by Loral Corporation and Qualcomm, the modern iteration of Globalstar, Inc. has been shaped by James Monroe III.

James Monroe III: Serving as the Executive Chairman, James Monroe III is the pivotal figure in Globalstar’s history as a public company. Through his investment vehicle, Thermo Companies, he recapitalized the company and has maintained majority control, guiding it through financial restructuring and its current strategic successes.

Shareholding Pattern

Globalstar is a “controlled company,” meaning a single group holds more than 50% of the voting power.

• Principal Shareholder: Thermo Companies (controlled by James Monroe III).
• Ownership Percentage: Approximately 58% of outstanding common stock (as of December 31, 2024).
• Wholesale Customer Warrants: The “Customer” (Apple) holds warrants to purchase approximately 3.3 million shares (post-reverse split adjustment), representing a potential minority stake if exercised.
• Public/Institutional: The remaining shares are held by public investors and institutions, trading on NASDAQ.

Parent

Globalstar, Inc. does not have a formal corporate parent structure in the traditional sense of being a subsidiary. However, it is majority-owned and controlled by Thermo Companies.

Thermo Companies Profile:

• Control: Thermo is a private holding company led by James Monroe III.
• Role: It has provided significant capital support, including guarantees on debt facilities (2023 Funding Agreement) and strategic direction. Thermo’s interests include diverse businesses in infrastructure, real estate, and telecommunications.

Investments and Capital Expenditure Plans

Globalstar is in the midst of a massive capital expenditure cycle to deploy its next-generation network.

Capex Allocation:

• Satellite Procurement: Agreements with MDA to acquire up to 26 replacement satellites ($329.3 million contract) and over 50 new satellites for the Extended MSS Network ($775.0 million contract).
• Launch Services: Contracts with SpaceX to launch these satellites, with a launch window opening in 2025.
• Ground Infrastructure: Significant investments in upgrading gateways to support the new constellation.

Funding Strategy:

• Customer Prepayments: The majority of the capex for the “Extended MSS Network” is funded through prepayments from the Wholesale Customer (Infrastructure Prepayment of up to $1.1 billion).
• Internal Cash: Globalstar funds 50% of the replacement satellite costs using its own operating cash flow and proceeds from debt facilities.

Future Strategy

Globalstar’s management has articulated a clear, three-pronged strategy for long-term growth.

1. Monetize Wholesale Capacity: The primary focus is executing the “Updated Services Agreements.” This involves deploying the Extended MSS Network to support the Partner’s long-term product roadmap. Management forecasts total revenue to double to $500 million in the first full year of the Extended MSS Network’s operation.

2. Terrestrial Spectrum Commercialization: Leveraging the Band n53 asset is a key priority. The company aims to deploy private networks for industries like logistics and retail using the XCOM RAN technology. This spectrum is already deployed in 12 countries covering 1 billion people.

3. Innovate in IoT and Consumer: Globalstar plans to revitalize its consumer and IoT segments by introducing two-way communication capabilities. New products under development aim to move beyond simple tracking to command-and-control functions, opening new verticals in energy, transportation, and government.

Key Strengths

• Licensed Spectrum Portfolio: Ownership of globally harmonized L- and S-band spectrum, plus the terrestrial Band n53 authority.
• Wholesale Partnership: A deeply integrated, long-term financial relationship with the world’s leading technology company (Apple), providing capital stability.
• Regulatory Moat: Licenses and authorizations in dozens of countries that are difficult and time-consuming for competitors to replicate.
• Vertical Integration: Control over the entire ecosystem, from satellite design (via partners) to ground stations and end-user device distribution.
• Financial Resilience: Record Adjusted EBITDA margins (54%) and a funded path for future capex requirements.

Key Challenges and Risks

Revenue Concentration:

• Risk: The Wholesale Customer accounted for 58% of total revenue in 2024. The loss of this single customer would have a material adverse effect on the business.

Satellite Network Risks:

• Risk: The business depends on the successful launch and operation of new satellites. Launch failures, in-orbit anomalies, or collisions with space debris could severely degrade service capabilities.

Regulatory Uncertainty:

• Risk: Operations depend on maintaining licenses from the FCC, ITU, and other foreign bodies. Spectrum allocation changes or revocation of licenses could halt operations.

Competition:

• Risk: The market is intensifying with new entrants like SpaceX’s Starlink and other direct-to-device satellite initiatives. These competitors have significant financial resources.

Debt Obligations:

• Risk: The company carries substantial debt ($417.5 million) and has strict covenants under its funding agreements. Failure to meet these could trigger defaults.

Conclusion and Strategic Outlook

Globalstar, Inc. has successfully navigated a pivotal year in 2024, transforming from a niche satellite operator into a critical infrastructure partner for the world’s largest technology ecosystem. By securing long-term funding for its next-generation network and expanding its wholesale relationships, the company has de-risked its capital-intensive future while securing a path to substantial revenue growth.

The strategic pivot towards a hybrid model—combining wholesale satellite capacity with terrestrial spectrum innovation—positions Globalstar uniquely in the connectivity market. While reliance on a single major customer presents concentration risk, it simultaneously validates the superior quality and reliability of Globalstar’s network assets.

Looking ahead to 2025 and beyond, Globalstar is poised to double its revenue upon the full deployment of its Extended MSS Network. With a strengthened balance sheet, a modernized satellite fleet on the horizon, and cutting-edge 5G technologies like XCOM RAN entering commercialization, Globalstar is well-positioned to define the future of ubiquitous global connectivity.

Official Site: https://www.globalstar.com

FAQ Section

1. What was Globalstar’s total revenue in 2024? Globalstar reported a total revenue of $250.3 million for the fiscal year ended December 31, 2024, representing a 12% increase year-over-year.
2. Who is Globalstar’s largest customer? Globalstar’s largest customer is Apple Inc., referred to as “the Customer” in filings. This wholesale partnership accounted for 58% of the company’s total revenue in 2024.
3. What is the Globalstar Extended MSS Network? The Extended MSS Network is a new satellite constellation and ground infrastructure currently under development, funded largely by prepayments from the wholesale customer to support future direct-to-device services.
4. How many subscribers does Globalstar have? As of December 31, 2024, Globalstar had approximately 774,000 total subscribers worldwide across its various service lines.
5. What is Globalstar’s primary satellite spectrum? Globalstar holds licenses for globally harmonized S-Band (2483.5-2500 MHz) and L-Band (1610-1618.725 MHz) spectrum, as well as terrestrial authority for Band n53.
6. Does Globalstar offer 5G technology? Yes, through its XCOM RAN technology and Band n53 spectrum, Globalstar offers high-performance 5G radio access network solutions for private enterprise networks.
7. Who owns Globalstar? Globalstar is a “controlled company” with Thermo Companies, led by Executive Chairman James Monroe III, holding approximately 58% of the outstanding common stock.

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.