What are the next key milestones for the C-3 constellation in 2026?

The critical design review for the C-3 constellation has been completed. Ongoing work includes global ground network build-out and regulatory progress. The first launch of replenishment satellites is targeted for Q2 2026, with the second launch planned for H2 2026. “Yes. I mean we just did the critical design review. So that's a very important portion of making sure that the system design and holistically, the entire system is designed well. And we will continue to do a lot of work in terms of network, ground network build-out.”

What specific customer KPIs were validated with Boingo for XCOM RAN, and does this increase confidence in the pipeline?

Validated KPIs for XCOM RAN include high throughput in dense environments and the ability to run over Distributed Antenna Systems (DAS) for increased capacity. Ease of deployment and performance in clustered user scenarios were also proven. This progress increases confidence in the pipeline for use cases like warehouse automation, military applications, airports, stadiums, and convention centers. “So I mean, the kinds of things that people are obviously looking for the ability to get a lot of throughput in a dense environment. So that was the thing that we always touted about the technology in the beginning. But with Boingo, one of the other things that's really cool is that we can run the system over DAS, distributed antenna systems.”

How does Globalstar leverage both MSS and terrestrial 5G flexibility with its S-band spectrum, and what about interference issues?

Globalstar sees synergy in tracking complete supply chains using satellite IoT and leveraging its global harmonized spectrum for terrestrial capabilities. Future two-way modems will feature multimode capability to seamlessly manage both satellite and terrestrial modes, thereby addressing potential interference concerns. “So it is a nice synergy due to the global nature -- global, harmonized nature of it. From an enterprise standpoint, I mean the idea is that if you are in cellular coverage or you're running a terrestrial network on that spectrum, if a device is not immune, [Technical Difficulty] which frequency bands are being used, which time is being used [Technical Difficulty] what system data the end user needs to use at a given time.”

GSAT

Globalstar (GSAT) Q4 FY25 earnings call: guidance and Q&A

Earnings call· Dec 2025 (Q4 FY25)· Communication Services· Feb 27, 2026

Source: earnings call transcript

Executive summary

Globalstar Q4 FY25 — Record Revenue and Adjusted EBITDA

Globalstar closed FY25 with record revenue and adjusted EBITDA, driven by strong execution and strategic advancements in two-way satellite IoT and infrastructure expansion. The company is focused on scaling its next-generation network and commercial opportunities, including government and defense applications, while managing increased operating expenses related to growth investments.

Highlights

Full year 2025 total revenue reached a record $273 million, a 9% increase over 2024.
Adjusted EBITDA reached a record $136.1 million, representing a 50% margin.
Net loss improved significantly to $7.6 million in FY25 from $63.2 million in FY24.
Operating cash flows during 2025 were $621.7 million, including $430.6 million from infrastructure prepayment.
Average commercial IoT subscribers increased 6% year-over-year, and IoT hardware sales revenue grew 50% year-over-year.

Concerns

Q4 loss from operations was $0.4 million, and full year income from operations of $7.4 million was partially offset by increased operating expenses, including personnel costs, XCOM RAN development, and legal/professional fees.
A $1.1 million charge related to tariffs on reexported equipment impacted cost of subscriber equipment sales in Q4.
Q4 revenue was partially offset by Duplex and SPOT subscriber churn and lower XCOM RAN sales.

Guidance & targets

Category	Target	Timeline	Confidence
Total Revenue	$280 million to $305 million high materiality	FY26	High
Adjusted EBITDA Margin	approximately 50% high materiality	FY26	High

Product announcements

Product	Type	Timeline	Details
Two-way satellite IoT capabilities (RM200M module)	launch	2025

Deals & partnerships

Parsons Collaboration for government and defense sector solutions.

Completed a successful proof of concept, began customer trials, and are expanding the relationship to include private 5G solutions for the federal market.

Virewirx (formerly XCOM Labs) Technology partnership for advanced 5G system development for challenging RF environments. $1.9 million

Virewirx was awarded a Phase II Small Business Innovation Research contract from the Office of the Under Secretary of War and selected Globalstar as a technology partner, leveraging its XCOM RAN Private 5G platform.

Boingo Collaboration on XCOM RAN private 5G deployments.

Boingo completed a proof-of-concept trial demonstrating XCOM RAN's ability to support next-generation private 5G deployments, including over Distributed Antenna Systems (DAS).

Risks & headwinds

Increased Operating Expenses FY25

Partially offset higher revenue and improved income from operations.

Mitigation:Management frames these as investments in growth opportunities, including personnel costs for next-gen infrastructure and XCOM RAN development.

Tariff-Related Charge Q4 2025

$1.1 million

Mitigation:Charge related to tariffs on equipment imported and reexported, where previously recorded duty drawbacks are no longer deemed probable of recovery.

Duplex and SPOT Subscriber Churn Q4 2025

Partially offset Q4 revenue growth.

Mitigation:Focus on new IoT and wholesale capacity services to drive growth.

Lower XCOM RAN Sales Q4 2025

Partially offset Q4 revenue growth.

Mitigation:Continued investment in XCOM RAN development and ecosystem building through partnerships (e.g., Boingo, Virewirx).

What to watch in Q1 FY26

First C-3 replenishment satellite launch

Q2 2026

Current Critical design review completed

Target Successful launch

Why it matters

This is a key milestone for the next-generation C-3 constellation, impacting future capacity and service offerings.

We have -- we're not updating. We're saying second quarter this year for the first launch and the second half for the second launch.

Find out whether GSAT delivers this. Inve re-checks your case every morning.

Q&A highlights

What are Globalstar's thoughts on the idea of data centers in space and potential ancillary opportunities?

Paul Jacobs acknowledged the excitement around data centers in space due to demand for compute and AI, but highlighted significant technical challenges such as maintenance, upgrades, and cooling. He clarified that this is not Globalstar's focus, which remains direct-to-cell and IoT, but noted it could create demand for launch capacity.

“I mean I think there's a lot of technical challenges to it. Obviously, maintenance is a lot harder. Upgrades a lot harder. Cooling and so forth are hard in space. So yes, but this is a great technical challenge for people and certainly an interesting thing.”

asked by Xin Yu · answered by Paul Jacobs

2 min read 7 chapters

Detailed narrative

FY25 Financial Performance

Globalstar achieved record full-year revenue of $273 million, a 9% increase over 2024, and record adjusted EBITDA of $136.1 million, representing a 50% margin. Service revenue grew 8% to $257.3 million, primarily from wholesale capacity, while subscriber equipment revenue increased 24% to $15.7 million due to higher commercial IoT device sales.

The company significantly improved its net loss from $63.2 million in 2024 to $7.6 million in 2025, largely due to non-cash items and favorable currency remeasurement.

Strategic Expansion and Product Innovation

The company made significant strides in product innovation with the launch of two-way satellite IoT capabilities and the commercial rollout of its RM200M module, expanding its addressable market beyond one-way monitoring to include command and control for enterprise, government, and industrial customers. This innovation is expected to enable higher-value use cases requiring resilience and reliability.

Government and Defense Sector Growth

Globalstar expanded its footprint in the government and defense sector, securing early wins and expanding relationships, including with Parsons for private 5G solutions. A key validation came from Virewirx (formerly XCOM Labs) selecting Globalstar as a technology partner for a $1.9 million Phase II SBIR contract to develop advanced 5G systems for challenging RF environments, leveraging Globalstar's XCOM RAN Private 5G platform.

Infrastructure and Network Development

Significant progress was made in expanding the global ground station network across multiple continents to strengthen capacity, improve redundancy, and enhance readiness for next-generation services, including the C-3 constellation. The company also advanced its ITU financial commitments, completing 50% of the pledged investment for network extension.

XCOM RAN Ecosystem Development

The XCOM RAN ecosystem continued to advance, with Boingo completing a proof-of-concept trial demonstrating its ability to support next-generation private 5G deployments, particularly over distributed antenna systems (DAS) for increased capacity in dense environments. This integration highlights growing partner engagement and commercial relevance for XCOM RAN in areas like warehouse automation, airports, stadiums, and military bases.

IoT Business Momentum

The IoT business demonstrated sustained demand, with average commercial IoT subscribers increasing 6% year-over-year and IoT hardware sales revenue growing 50% year-over-year. This growth reflects increasing adoption of higher-value solutions enabled by two-way connectivity, particularly in asset tracking, monitoring, and safety applications.

C-3 Constellation Milestones

The company completed the critical design review for the C-3 constellation, a crucial step in ensuring the holistic system design. Ongoing work includes ground network build-out and regulatory advancements, with the first launch of replenishment satellites targeted for Q2 2026 and the second for H2 2026.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.