Globalstar's Record Revenue and Expanding IoT Capabilities Signal Stronger Growth Ahead

2025 Financial Results Highlight Operational Leverage and Transformational Execution

Globalstar’s 2025 results are a testament to strategic execution across technology, infrastructure, and partnerships. The company achieved record full-year revenue of $273 million, a 9% rise from 2024, while boosting its adjusted EBITDA margin to 50%. This marks the fourth consecutive annual revenue record and underscores operational momentum as Globalstar advances commercial, industrial, and government market strategies.

CEO Dr. Paul E. Jacobs described 2025 as a “transformational year,” citing product innovation, commercial adoption of two-way satellite IoT, and deployment of next-generation satellite infrastructure. Financials were solid across the board: lower net loss year-over-year ($8.7 million versus $63.2 million in 2024) and a move from operating loss in 2024 to an operating profit of $7.4 million.

Commercial IoT and Defense Markets Drive Expanded Opportunity

Two-way satellite IoT capabilities, rolled out commercially in 2025, contributed to IoT hardware sales rising by 50% and commercial IoT average subscribers growing 6%. These gains not only increase recurring revenue but also expand Globalstar’s addressable market as enterprise and government customers seek resilient asset tracking and control solutions.

On the government and defense front, partnerships with entities like Parsons and Virewirx (XCOM Labs) positioned Globalstar for opportunities in high-capacity private wireless and advanced 5G architectures, further diversifying its revenue streams.

Operational Improvements Fuel Margin and Cash Flow Gains

Globalstar reported operating income for the year ($7.4 million) versus a loss in 2024. The adjusted EBITDA of $136.1 million—despite rising expenses from satellite infrastructure investments—was driven by top-line growth and continued cost discipline.

The company’s balance sheet also improved: cash and equivalents ended the year at $447.5 million, up from $391.2 million a year earlier. Free cash flow after adjusting for reimbursable capital expenditures reached $171.5 million, up from $131.9 million in 2024, reflecting efficient capital deployment and strong collection of prepayments for infrastructure projects.

Expansion Initiatives Set Up Potential for Further Acceleration in 2026

With replacement satellites being completed, continued development of ground infrastructure in Europe, Asia, and North America, as well as the commercial rollout of next-generation IoT modules, Globalstar is positioning for scalable growth. For 2026, management projects revenue in the range of $280–$305 million and expects the 50% adjusted EBITDA margin to be sustained.

Additionally, the company’s advances with XCOM RAN private wireless technology (including trials with Boingo) point to increasing relevance in enterprise 5G and private network deployments—a key avenue for future recurring business.

Key Takeaway: Improved Profitability and Diversification Continue to Build a Strong Foundation

Globalstar’s 2025 report reveals a company on firmer footing: recurring service revenues are growing, commercial IoT is accelerating, government/defense partnerships are maturing, and prudent cash management is evident. As regulatory, infrastructure, and satellite milestones are met, Globalstar could see further traction in both revenue growth and diversified recurring opportunities going into 2026.

For those tracking the satellite communications sector, Globalstar’s operational progress and capital discipline stand out. Stakeholders will want to watch for the continued expansion of the IoT subscriber base, deployment of third-generation satellites, and traction in private 5G as the company transitions from investment to scalable growth over the coming quarters.

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