Globalstar Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −5.20%.
Did GSAT Beat Earnings? Q4 2025 Results
Globalstar delivered a mixed fourth quarter for fiscal 2025, posting revenue that edged past expectations while its bottom line fell well short of what analysts had penciled in. The satellite communications company reported Q4 revenue of $71.96 million, up 17.6% year over year and ahead of the $70.64 million consensus estimate, but an EPS loss of $0.11 per share swung sharply below the $0.01 profit analysts had anticipated, a miss of nearly 886%. The primary engine behind the revenue gain was a 28% surge in wholesale capacity services, which contributed $46.29 million in the quarter alone, reflecting performance bonuses and network-related cost reimbursements tied largely to its Apple partnership. Operating costs weighed on the bottom line, with marketing, general and administrative expenses climbing to $18.81 million from $12.00 million a year earlier. Adjusted EBITDA grew 7% to $32.37 million in Q4, and management guided 2026 full-year revenue of $280 million to $305 million at a roughly 50% Adjusted EBITDA margin, pointing to commercial two-way IoT rollouts and next-generation constellation deployment as the key growth catalysts ahead.
- Performance bonuses earned during Q4 2025 under wholesale capacity services agreement
- Additional service fees from reimbursement of network-related costs
- Commercial IoT average subscribers increased 6% year-over-year
- IoT hardware sales revenue and gross activations each grew 50% year-over-year
- Government and other services revenue growth from Parsons Corporation engagement
“2025 was a transformational year for Globalstar. We advanced our strategy across every dimension of the business: from global infrastructure expansion to product innovation and growing commercial adoption across government, enterprise, and industrial markets. We expanded our addressable markets and validated technologies that position us at the center of next-generation satellite and private wireless connectivity. Throughout the year, we have made significant progress with our satellite and ground station partners and are now poised to deploy not only the satellites to replenish our existing constellation but also extend our reach with our third-generation system.”
Globalstar CEO, on the earnings call
Forward Guidance & Outlook
For 2026, Globalstar guides total revenue between $280 million and $305 million and Adjusted EBITDA margin of approximately 50%. The company expects to deploy replacement 2nd generation satellites and continue progress on next-generation constellation development, commercial rollout of two-way IoT capabilities, and expansion of the XCOM RAN platform.
GSAT YoY Financials
GSAT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.