Revenue growth is volatile, swinging from +16.7% YoY in Q1 2026 to -3.5% in Q2 2026, while operating margins deteriorated to -7.4% and net margin hit -45.1%, indicating the company is not consistently earning its allowed return on spectrum assets.
Globalstar, Inc. (GSAT) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Revenue | 280.64M | 272.99M | 250.35M | 223.81M | 148.5M | 124.3M | 128.49M | 131.72M | 130.11M | 112.66M | 96.86M | 90.49M | 90.06M | 82.71M | 76.32M | 72.83M | 67.94M | 64.28M | 86.06M | 98.4M | 136.67M | 127.15M | 84.37M |
| Revenue Growth % | 7.66% | 9.04% | 11.86% | 50.71% | 19.48% | -3.26% | -2.45% | 1.23% | 15.49% | 16.31% | 7.04% | 0.47% | 8.89% | 8.38% | 4.79% | 7.19% | 5.7% | -25.3% | -12.54% | -28% | 7.49% | 50.71% | - |
| Cost of Revenue | 142.65M | 96.09M | 82.77M | 69.47M | 65.02M | 51.96M | 48.68M | 53.63M | 52.09M | 47.81M | 41.81M | 42.43M | 66.21M | 49.63M | 37.91M | 50M | 55.22M | 47M | 55.46M | 41.64M | 68.49M | 64.17M | 48.61M |
| Gross Profit | 138M | 176.9M | 167.57M | 154.34M | 83.48M | 72.33M | 79.81M | 78.08M | 78.02M | 64.85M | 55.05M | 48.06M | 23.86M | 33.08M | 38.41M | 22.83M | 12.72M | 17.28M | 30.6M | 56.76M | 68.18M | 62.97M | 35.76M |
| Gross Margin % | 49.17% | 64.8% | 66.94% | 68.96% | 56.22% | 58.19% | 62.11% | 59.28% | 59.97% | 57.56% | 56.83% | 53.11% | 26.49% | 40% | 50.33% | 31.35% | 18.73% | 26.88% | 35.56% | 57.68% | 49.89% | 49.53% | 42.39% |
| Gross Profit Growth % | - | 5.56% | 8.58% | 84.87% | 15.41% | -9.36% | 2.21% | 0.08% | 20.31% | 17.81% | 14.53% | 101.47% | -27.9% | -13.87% | 68.27% | 79.39% | -26.36% | -43.52% | -46.09% | -16.75% | 8.28% | 76.09% | - |
| Operating Expenses | 124.56M | 162.24M | 168.52M | 154.5M | 304.51M | 137.84M | 138.97M | 142.13M | 145.88M | 116.6M | 118.37M | 114.67M | 119.67M | 120.48M | 104.14M | 92.48M | 72.49M | 71.07M | 88.31M | 81.39M | 52.52M | 40.99M | 114.98M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 90.75M | 102.06M | 88.04M | 88.03M | -127.14M | 30.73M | 37.65M | 31.73M | 43.06M | 8.71M | 13.71M | 10.64M | -9.75M | 3.2M | -25.19M | -19.51M | -32.35M | -31.93M | -30.75M | -3.39M | 22.64M | 25.03M | -1.58M |
| EBITDA Margin % | 32.34% | 37.39% | 35.17% | 39.33% | -85.62% | 24.73% | 29.3% | 24.09% | 33.09% | 7.73% | 14.16% | 11.76% | -10.82% | 3.86% | -33.01% | -26.79% | -47.62% | -49.67% | -35.74% | -3.44% | 16.56% | 19.68% | -1.88% |
| EBITDA Growth % | -2.31% | 15.93% | 0.01% | 169.23% | -513.69% | -18.37% | 18.68% | -26.32% | 394.25% | -36.47% | 28.85% | 209.17% | -405.04% | 112.69% | -29.1% | 39.68% | -1.32% | -3.82% | -808.27% | -114.96% | -9.56% | 1682.05% | - |
| Depreciation & Amortization | 77.31M | 87.4M | 88.99M | 88.19M | 93.88M | 96.24M | 96.81M | 95.77M | 90.44M | 77.5M | 77.39M | 77.25M | 86.15M | 90.59M | 69.8M | 53.72M | 27.42M | 21.86M | 26.96M | 21.25M | 6.97M | 3.04M | 1.96M |
| D&A / Revenue % | 27.55% | 32.02% | 35.54% | 39.4% | 63.22% | 77.43% | 75.35% | 72.71% | 69.51% | 68.79% | 79.9% | 85.37% | 95.65% | 109.53% | 91.46% | 73.77% | 40.36% | 34.01% | 31.32% | 21.59% | 5.1% | 2.39% | 2.32% |
| Operating Income (EBIT) | 13.43M | 14.66M | -949K | -165K | -221.03M | -65.5M | -59.16M | -64.05M | -47.38M | -68.79M | -63.68M | -66.6M | -95.89M | -87.4M | -94.99M | -73.23M | -59.77M | -53.79M | -57.71M | -24.63M | 15.66M | 21.98M | -3.54M |
| Operating Margin % | 4.79% | 5.37% | -0.38% | -0.07% | -148.84% | -52.7% | -46.05% | -48.62% | -36.41% | -61.06% | -65.74% | -73.6% | -106.47% | -105.66% | -124.47% | -100.56% | -87.97% | -83.68% | -67.06% | -25.03% | 11.46% | 17.29% | -4.2% |
| Operating Income Growth % | - | 1644.57% | -475.15% | 99.93% | -237.43% | -10.72% | 7.62% | -35.18% | 31.12% | -8.03% | 4.4% | 30.54% | -9.72% | 8% | -29.71% | -22.53% | -11.11% | 6.79% | -134.29% | -257.26% | -28.75% | 720.84% | - |
| Interest Expense | 4M | 0 | 13.56M | 14.61M | 30.17M | 43.54M | 48.43M | 62.46M | 43.61M | 34.77M | 35.95M | 35.85M | 43.23M | 67.83M | 21.49M | 4.82M | 5.02M | 6.73M | 6.78M | 9.02M | 587K | 269K | 1.38M |
| Interest Coverage | - | - | -0.03x | 0.01x | -1.87x | -1.50x | -1.21x | -1.01x | -1.56x | -1.48x | -1.75x | -1.86x | -2.22x | -1.29x | -3.06x | -14.44x | -18.33x | -10.14x | -8.96x | -2.73x | 26.68x | 81.72x | -57.32x |
| Interest / Revenue % | 1.43% | 0% | 5.42% | 6.53% | 20.31% | 35.03% | 37.69% | 47.42% | 33.52% | 30.86% | 37.12% | 39.62% | 48% | 82.01% | 28.15% | 6.62% | 7.39% | 10.47% | 7.88% | 9.17% | 0.43% | 0.21% | 1.64% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -429K | -1000K | -763K | -403K |
| Pretax Income | -45.85M | -2.77M | -61.03M | -23.59M | -256.84M | -112.92M | -108.98M | 15.87M | -6.39M | -88.88M | -139.19M | 73.71M | -461.99M | -589.98M | -111.78M | -55.03M | -97.07M | -74.94M | -67.53M | -25.06M | 9.55M | 21.22M | -3.94M |
| Pretax Margin % | -16.34% | -1.02% | -24.38% | -10.54% | -172.95% | -90.85% | -84.82% | 12.05% | -4.91% | -78.9% | -143.7% | 81.46% | -512.95% | -713.3% | -146.47% | -75.57% | -142.88% | -116.58% | -78.48% | -25.47% | 6.99% | 16.69% | -4.67% |
| Income Tax | 8.63M | 5.88M | 2.13M | 1.12M | 73K | -299K | 662K | 545K | 125K | 190K | -6.54M | 1.39M | 881K | 1.14M | 413K | -109K | 396K | -16K | 480K | 2.86M | -14.07M | 2.5M | -4.31M |
| Effective Tax Rate % | -18.83% | -211.97% | -3.5% | -4.76% | -0.03% | 0.26% | -0.61% | 3.43% | -1.96% | -0.21% | 4.7% | 1.89% | -0.19% | -0.19% | -0.37% | 0.2% | -0.41% | 0.02% | -0.71% | -11.43% | -147.31% | 11.79% | 109.38% |
| Net Income | -59.8M | -8.65M | -63.16M | -24.72M | -256.92M | -112.63M | -109.64M | 15.32M | -6.52M | -89.07M | -132.65M | 72.32M | -462.87M | -591.12M | -112.2M | -54.92M | -97.47M | -74.92M | -68.01M | -27.93M | 23.62M | 18.72M | 370K |
| Net Margin % | -21.31% | -3.17% | -25.23% | -11.04% | -173% | -90.61% | -85.33% | 11.63% | -5.01% | -79.06% | -136.94% | 79.92% | -513.93% | -714.68% | -147.01% | -75.42% | -143.46% | -116.56% | -79.03% | -28.38% | 17.28% | 14.72% | 0.44% |
| Net Income Growth % | -55.71% | 86.3% | -155.54% | 90.38% | -128.12% | -2.72% | -815.47% | 335.18% | 92.68% | 32.85% | -283.41% | 115.62% | 21.7% | -426.85% | -104.28% | 43.65% | -30.09% | -10.16% | -143.55% | -218.21% | 26.2% | 4959.19% | - |
| EPS (Diluted) | -0.46 | -0.15 | -0.59 | -0.20 | -2.10 | -0.90 | -1.00 | 0.01 | -0.01 | -0.08 | -0.12 | 0.07 | -0.50 | -0.96 | -0.29 | -0.18 | -0.34 | -0.52 | -0.79 | -0.36 | 0.37 | 0.30 | 0.01 |
| EPS Growth % | -30.41% | 74.58% | -195% | 90.48% | -133.33% | 10% | - | - | 93.32% | 36.33% | -271.43% | 114% | 47.92% | -231.03% | -61.11% | 47.06% | 34.62% | 34.18% | -119.44% | -197.3% | 23.33% | - | - |
| EPS (Basic) | - | -0.15 | -0.59 | -0.20 | -2.10 | -0.90 | -1.00 | 0.01 | -0.01 | -0.08 | -0.12 | 0.07 | -0.50 | -0.96 | -0.29 | -0.18 | -0.34 | -0.52 | -0.79 | -0.36 | 0.37 | 0.30 | 0.01 |
| Diluted Shares Outstanding | 129.12M | 126.76M | 125.88M | 183.5M | 180.08M | 176.51M | 164.24M | 165.52M | 126.95M | 116.66M | 106.44M | 123.04M | 93.44M | 61.5M | 38.85M | 29.91M | 28.53M | 14.54M | 8.64M | 7.72M | 6.41M | 6.14M | 6.05M |
Quick answers to the most common questions about buying GSAT stock.
For fiscal year 2025, Globalstar, Inc. (GSAT) reported total revenue of $273.0M. This represents a 223.6% increase compared to $84.4M in 2004.
Globalstar, Inc. (GSAT) reported a net loss of $8.7M for the fiscal year ending 2025.
Globalstar, Inc. (GSAT) reported an operating income of $14.7M, resulting in an operating profit margin of 5.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Globalstar, Inc. (GSAT) generated $176.9M in gross profit for the year, representing a gross profit margin of 64.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dependence on wholesale partner
Metrics are mathematically derived from official filings.
Revenue Growth Driven by Wholesale
According to recent SEC filings, GSAT's revenue grew 16.7% year-over-year in Q1 2026, but Q2 2026 saw a 3.5% decline, suggesting volatility tied to wholesale contract timing.
The revenue trajectory appears increasingly dependent on a single wholesale partner, with service revenue likely providing a stable floor while equipment sales fluctuate. The Q2 2026 dip may indicate lumpy milestone payments rather than a structural decline, but the lack of guidance obscures the durability of this growth. Investors should monitor whether the wholesale expansion can offset retail subscriber attrition.
Earned Returns Below Authorized
Based on reported figures, GSAT's operating margin swung from 13.9% in Q3 2025 to -7.4% in Q2 2026, indicating that the company is not consistently earning its allowed return on spectrum assets.
The negative operating margins in several quarters suggest that regulatory lag and fixed costs are compressing returns below what the spectrum assets could generate. The company's reliance on future terrestrial licensing may improve margins, but current performance indicates that the regulatory compact is not yet yielding stable earnings. This warrants close monitoring of rate case outcomes and spectrum monetization progress.
High Fixed Costs Pressure Margins
As reported in financial statements, D&A averaged $21.8M per quarter over the last five quarters, representing a significant fixed cost that limits operating leverage despite high gross margins.
The satellite constellation's depreciation is a non-cash charge that inflates costs without immediate cash outflow, but it still pressures reported operating income. The company's ability to recover these costs through service revenue is limited by the scale of its subscriber base and wholesale agreements. If the next-generation constellation requires higher D&A, margins may remain strained unless terrestrial licensing revenue scales.
Non-Cash Charges Obscure Earnings
Based on reported figures, GSAT's net losses in Q2 2026 include $16.8M in D&A, suggesting that cash earnings may be less negative than GAAP results, but the persistent negative net margin indicates underlying profitability issues.
The heavy D&A and potential impairments related to the aging satellite fleet likely distort reported net income, making adjusted EBITDA a more reliable measure of operational performance. However, the negative net margins in most quarters suggest that even cash earnings may be insufficient to cover interest and capital expenditures. Investors should focus on free cash flow to assess the sustainability of the business model.
Capex Cycle Not Yet Translating
According to recent SEC filings, GSAT's revenue growth has not consistently translated to EPS growth, with EPS declining in Q2 2026 despite a 16.7% revenue increase in Q1 2026, indicating that capital expenditures are not yet yielding returns.
The company's investment in the next-generation constellation and terrestrial spectrum has not yet produced the expected earnings uplift, as evidenced by the negative EPS in most quarters. The timing of CWIP in rate base may delay earnings recognition, but the lack of a clear path to profitability suggests that the capex cycle is still in its early stages. Investors should monitor whether the wholesale partnership can accelerate the return on these investments.
What Could Invalidate the Base Case
The most significant challenge to GSAT's narrative is the rapid advancement of direct-to-cell technology by competitors like SpaceX and T-Mobile, which could render its legacy hardware-based messaging products obsolete.
If standard smartphones can connect to satellites without specialized chips, GSAT's retail subscriber base and even its wholesale partnership may face competitive pressure. The company's reliance on a single wholesale partner for a significant portion of revenue creates concentration risk, and any renegotiation or termination could severely impact revenue. Additionally, the persistent negative net margin and reliance on partner funding suggest that the business model is not yet self-sustaining, and the $447M cash cushion may be insufficient to cover future capex without additional dilution or debt.