Revenue growth remains highly volatile, fluctuating between a 3.7% contraction in 2024Q1 and a 26.9% expansion in 2023Q4, while gross margins have experienced erratic swings, dropping from 70.0% in 2024Q3 to 35.9% by 2025Q3.
| 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 |
|---|
| Sales/Revenue | 283.02M | 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 % | 11.47% | 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 Goods Sold | 141.4M | 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 |
| COGS % of Revenue | - | 35.2% | 33.06% | 31.04% | 43.78% | 41.81% | 37.89% | 40.72% | 40.03% | 42.44% | 43.17% | 46.89% | 73.51% | 60% | 49.67% | 68.65% | 81.27% | 73.12% | 64.44% | 42.32% | 50.11% | 50.47% | 57.61% |
| Gross Profit | 141.61M | 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 % | 50.04% | 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 | 117.26M | 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 |
| OpEx % of Revenue | - | 59.43% | 67.32% | 69.03% | 205.05% | 110.89% | 108.16% | 107.9% | 112.12% | 103.49% | 122.21% | 126.72% | 132.87% | 145.66% | 136.46% | 126.99% | 106.7% | 110.57% | 102.62% | 82.72% | 38.43% | 32.24% | 136.29% |
| Selling, General & Admin | 71.12M | 74.84M | 78.98M | 63.05M | 44.1M | 41.36M | 41.74M | 45.23M | 55.58M | 39.1M | 40.98M | 37.42M | 33.52M | 29.89M | 34.34M | 42.44M | 41.83M | 49.21M | 61.35M | 49.15M | 43.9M | 37.95M | 0 |
| SG&A % of Revenue | - | 27.42% | 31.55% | 28.17% | 29.7% | 33.27% | 32.48% | 34.34% | 42.72% | 34.71% | 42.31% | 41.35% | 37.22% | 36.14% | 44.99% | 58.27% | 61.56% | 76.56% | 71.29% | 49.95% | 32.12% | 29.84% | - |
| Research & Development | 0 | 0 | 0 | 0 | 500K | 1M | 0 | 0 | 1.5M | 3.8M | 2.1M | 1.9M | 500K | 600K | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | 0.34% | 0.8% | - | - | 1.15% | 3.37% | 2.17% | 2.1% | 0.56% | 0.73% | 0.39% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 24.36M | 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 % | 8.61% | 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% | - |
| EBITDA | 107.88M | 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 % | 38.12% | 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 % | 27.77% | 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% | - |
| D&A (Non-Cash Add-back) | 83.52M | 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 |
| EBIT | 27.3M | 14.66M | -393K | 198K | -56.3M | -65.26M | -58.75M | -62.92M | -67.86M | -51.41M | -62.9M | -66.6M | -95.81M | -87.4M | -65.73M | -69.66M | -92.05M | -68.21M | -60.75M | -24.63M | 15.66M | 21.98M | -79.22M |
| Net Interest Income | -38.27M | 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 | -4.81M | -4.6M | -6.23M | -1.02M | -5.85M | 585K | -27K | -1.32M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 424K | 502K | 4.71M | 3.17M | 1.17M | 242K | 58K |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -5.84M | -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 % | -2.06% | -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 | 2.9M | 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 % | -49.58% | -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 | -11.41M | -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 % | -4.03% | -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 % | 83.04% | 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% | - |
| Net Income (Continuing) | -8.74M | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.09 | -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 % | 75.52% | 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 | 128.42M | 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 |
| Basic Shares Outstanding | 128.42M | 126.76M | 125.88M | 183.5M | 180.08M | 176.51M | 164.24M | 145.08M | 126.95M | 111.34M | 106.44M | 102.01M | 92.57M | 61.5M | 38.69M | 29.91M | 28.53M | 14.54M | 8.64M | 7.72M | 6.37M | 6.12M | 6.05M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and Spectrum Monetization
According to the provided quarterly data, Globalstar's revenue growth has exhibited significant volatility, fluctuating between a 3.7% contraction in 2024Q1 and a 26.9% expansion in 2023Q4, suggesting that top-line performance remains highly sensitive to the timing of wholesale contract milestones rather than steady organic subscriber growth.
The inconsistent revenue trajectory implies that the company's business model is currently reliant on lumpy, project-based revenue streams. Investors should monitor whether the recent shift toward wholesale partnerships can provide a more predictable revenue floor or if the top line will continue to oscillate based on irregular contract recognition.
As reported in financial statements, Globalstar's gross margin has experienced erratic swings, dropping from a peak of 70.0% in 2024Q3 to 35.9% by 2025Q3, which indicates that the cost of service delivery is not yet optimized for the company's evolving mix of wholesale and retail revenue.
The sharp compression in gross margins suggests that the company may be incurring higher-than-anticipated costs to support its satellite infrastructure or wholesale service obligations. This lack of structural margin stability warrants further investigation into whether these fluctuations are temporary accounting anomalies or a sign of rising operational costs.
Based on Globalstar's reported figures, operating income has failed to scale consistently with revenue, frequently dipping into negative territory, such as the -$8.5 million operating loss in 2025Q1, which highlights a persistent inability to achieve meaningful operating leverage despite the company's long-term infrastructure investments.
The inability to maintain positive operating margins suggests that fixed costs, likely related to satellite constellation maintenance and depreciation, continue to overwhelm the company's gross profit generation. This pattern implies that the business remains in a high-burn phase where revenue growth is insufficient to cover the underlying cost structure.
Analysis of the income statement reveals that net income is highly inconsistent, ranging from a $19.2 million profit in 2025Q2 to a $50.2 million loss in 2024Q4, suggesting that reported earnings are heavily influenced by non-operating items and potentially complex accounting treatments of wholesale contract assets.
The wide variance in net income suggests that investors should prioritize Adjusted EBITDA over GAAP net income to better understand the company's core performance. The frequent reliance on non-operating adjustments appears to mask the underlying cash-generative capacity of the business, making it difficult to assess true profitability.
While management emphasizes the value of Band n53 spectrum, the income statement data suggests that the company has yet to prove a sustainable path to profitability, with net margins remaining negative in most periods, which may validate concerns regarding the long-term viability of the current model.
Short-sellers may focus on the company's inability to generate consistent net income despite its unique regulatory footprint. The reliance on a single major technology partner for wholesale revenue creates a concentration risk that could lead to significant margin compression if contract terms are renegotiated or if the partnership fails to scale.
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.