Globalstar Launches First HIBLEO-4 Replacement Satellites

The Tip Desk · November 5, 2026 · 3 min read

Third-quarter revenue was $70.9 million as Commercial IoT activations hit a record and the FCC cleared Amazon's licensing bid.

Globalstar, Inc. (GSAT), a next-generation telecommunications infrastructure and technology provider, generated $70.9 million of revenue in the third quarter ended September 30, 2026, after launching the first set of HIBLEO-4 replacement satellites and obtaining a U.S. Federal Communications Commission authorization for its C-3 constellation.

The company said the launch was a milestone in keeping its existing mobile satellite services network reliable while it advances next-generation work. In October, the FCC Space Bureau approved Amazon’s application to acquire Globalstar’s FCC licensing, a step toward the previously announced merger that the company said is still expected to close in 2027 and remains subject to remaining regulatory approvals and certain HIBLEO-4 satellite milestones.

Service revenue was $65.4 million, including $44.6 million of wholesale capacity services, $7.7 million of Commercial IoT service revenue, $8.6 million of SPOT service revenue and $3.3 million of Duplex service revenue. Subscriber equipment sales were $5.5 million.

The company said service revenue decreased $4.2 million from the prior year’s third quarter, primarily because wholesale capacity service revenue fell with the timing of incurring network-related costs and receiving associated reimbursement fees. Declines in Duplex and SPOT service revenue, which it attributed primarily to subscriber churn over the last twelve months, also contributed. Commercial IoT service revenue rose as the subscriber base grew; the company said it achieved record Commercial IoT activations on a last-twelve-months basis, a 25% increase in gross activations over that period. Equipment sales rose 31% from a year earlier, which it said was primarily due to a higher volume of Commercial IoT devices.

Average Commercial IoT subscribers were 591,114 in the quarter, with monthly ARPU of $4.34. Average SPOT subscribers were 202,952 and Duplex subscribers 14,673. Total average subscribers were 808,921.

Income from operations was $7.6 million, compared with $10.2 million a year earlier, which the company said primarily reflected the revenue decrease, partially offset by lower operating expenses. Depreciation, amortization and accretion was $16.9 million and stock-based compensation $2.5 million. Marketing, general and administrative expenses were $14.8 million, which the company said was higher than a year earlier primarily because of increased legal and other professional fees related to the pending Amazon transaction. Cost of services was $24.9 million; the company said higher cost of services resulted primarily from network operating costs to support next-generation ground infrastructure, a significant portion of which is reimbursed and recognized as revenue, and that costs to support XCOM technology development also increased.

Net loss was $15.7 million, or $0.14 a share, compared with net income of $1.1 million, or $0.01 a share, a year earlier. The company said the net loss was impacted primarily by higher interest expense from non-cash imputed interest related to the 2024 Prepayment Agreement and by the unfavorable change in income from operations. Adjusted EBITDA was $30.3 million, compared with $37.6 million a year earlier, which the company said was due to higher operating expenses excluding non-cash or non-recurring items and lower revenue.

Globalstar also completed construction of ground-station expansion in the United States, Canada and Greece as part of an initiative that began in late 2025 to update infrastructure across approximately 35 ground stations in 25 countries and territories.

Cash and cash equivalents were $329.9 million as of September 30, 2026, compared with $447.5 million as of December 31, 2025. Principal debt was $414.7 million. In the first nine months of 2026, operating cash flow was approximately $296.9 million, capital expenditures were $414.2 million and adjusted free cash flow was $66.8 million. The company said it does not intend to hold future earnings conference calls or provide updates to forward-looking guidance in connection with the pending Amazon transaction.