Globalstar, Inc. (GSAT) · Nov 5, 2026 · Earnings
In line — Q3 revenue $70.9M; no reliable published consensus surfaced
Globalstar’s third-quarter earnings show HIBLEO-4 and C-3 progress toward the Amazon deal, while revenue, EBITDA and free cash flow weaken.
Globalstar is in a transition from legacy satellite services toward a next-generation C-3 connectivity network, while executing the satellite and regulatory milestones required for its expected 2027 combination with Amazon. The quarter adds real infrastructure progress, but the operating business itself softened.
The strategic milestones are meaningful, but largely execution against the existing plan. Globalstar launched the first set of HIBLEO-4 replacement satellites and advanced C-3 regulatory and ground-station work, directly supporting network continuity and the Amazon transaction’s closing conditions. The FCC approval for Amazon’s licensing acquisition is also a step forward, but the deal still depends on additional approvals and satellite milestones. 〔0〕
Quarterly execution was weaker than the headline milestones suggest. Revenue fell 4.0% year over year to $70.9 million, with wholesale capacity, SPOT, and Duplex declines outweighing Commercial IoT growth. Adjusted EBITDA dropped 19.5% to $30.3 million, reflecting lower revenue, higher operating costs, and spending on XCOM ahead of meaningful revenue. Commercial IoT remains the clearest growth pocket: average subscribers rose 8.9% and the company reported a 25% increase in gross activations, but that growth has not yet offset churn in the older consumer-oriented businesses.
| Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | |
|---|---|---|---|---|
| Total revenue (Financial Statements) | $70.9M (-4.0%) | $73.8M | $205.7M (+2.3%) | $201.0M |
| Adjusted EBITDA (Adjusted EBITDA reconciliation) | $30.3M (-19.5%) | $37.6M | $89.7M (-13.5%) | $103.7M |
| Net income (Financial Statements) | $(15.7)M | $1.1M | $(57.0)M | $3.0M |
| Adjusted free cash flow (Adjusted free cash flow reconciliation) | $66.8M (-49.9%) | $133.3M | ||
| Cash and equivalents (Balance Sheet) | $329.9M | $447.5M |
The financial profile is becoming more dependent on transaction-linked funding and execution. Nine-month operating cash flow included $209.6 million of Infrastructure Prepayment receipts, while cash declined by roughly $117.5 million from year-end and adjusted free cash flow nearly halved. Debt principal was modestly higher at $414.7 million, and interest expense drove much of the quarterly net loss. That does not undermine the Amazon path by itself, but it shows the standalone operating business is not yet producing improving underlying earnings while investment accelerates.
Commercial IoT is improving, but legacy subscriber pressure remains the offset. Commercial IoT revenue increased to $7.7 million and average subscribers reached 591,114, while SPOT and Duplex subscribers declined year over year. 〔1〕 The result is a company making visible progress on its strategic infrastructure while still carrying weaker near-term operating momentum.
Bottom line: This was a mixed earnings update: the satellite and Amazon-related milestones advance the strategic story, but declining EBITDA, cash flow, and legacy subscribers show the business is still absorbing the cost of that transition. The filing matters more for confirming execution toward the transaction than for demonstrating improving standalone financial performance.
Remaining Amazon closing approvals and HIBLEO-4 milestones
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