Globalstar Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.47%.
Did GSAT Beat Earnings? Q3 2025 Results
Globalstar delivered a stronger-than-expected third quarter in 2025, posting record revenue of $73.84 million — up 2.1% year-over-year and ahead of the $68.94 million consensus estimate by 7.12% — while a loss per share of $0.01 came in well ahead of the $0.03 loss analysts had anticipated, a 66.67% beat. The headline driver was a surge in wholesale capacity services alongside a 60% year-over-year jump in Commercial IoT equipment revenue, which helped lift subscriber equipment sales to $4.21 million from $3.40 million a year earlier. Net income fell sharply to $1.09 million from $9.93 million in Q3 2024, pressured by non-cash items including higher imputed interest expense tied to the 2024 Prepayment Agreement and foreign currency losses, underscoring the complex financial mechanics behind <a href="https://247wallst.com/investing/2026/01/28/satellite-infrastructure-stocks-surge-as-orbital-economy-expands-beyond-spacexs-shadow/">satellite infrastructure growth</a>. Reports of potential acquisition interest from SpaceX added an additional layer of investor attention to the quarter. Management reiterated full-year 2025 guidance of $260 million to $285 million in revenue with an Adjusted EBITDA margin of approximately 50%, citing minimal tariff exposure and growing momentum in Commercial IoT.
- Higher wholesale capacity services revenue from additional service fees associated with reimbursement of network-related costs
- Commercial IoT equipment revenue increased 60% year-over-year driven by higher device sales volume
- Commercial IoT subscriber growth to 542,715 average subscribers from 512,260 in Q3 2024
- Non-cash items including higher imputed interest expense and foreign currency losses reduced net income despite operational improvement
“Our strong financial results reflect the team's successful execution of our business plan and product roadmap, from expanding our global ground infrastructure and progressing our next-generation C-3 satellite system, to launching our two-way Commercial IoT device on a global basis and advancing XCOM RAN sales through completion of a new supply agreement and receipt of an initial order from a new warehouse automation customer. We believe these milestones reflect the trust of our partners, the strength of our products and technologies, and the growing demand for Globalstar's satellite and terrestrial connectivity solutions. As our pace of focused innovation accelerates on the ground, in the sky and in space, we are attracting new partners and expanding our opportunities with existing ones.”
Globalstar CEO, on the earnings call
Forward Guidance & Outlook
Globalstar reiterated its 2025 financial outlook: total revenue between $260 million and $285 million, and Adjusted EBITDA margin of approximately 50%. The company noted that potential impacts from tariffs are expected to be minimal. The company expects the recently announced commercial availability of the RM200M two-way module to drive additional demand for Commercial IoT equipment.
GSAT YoY Financials
GSAT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.