Globalstar, Inc. (GSAT): Business Model Canvas

In der riesigen und komplizierten Welt der Satellitenkommunikation erweist sich Globalstar, Inc. (GSAT) als Pionierkraft und webt ein komplexes Netzwerk aus technologischer Innovation und strategischer Konnektivität. Durch die sorgfältige Ausarbeitung eines Geschäftsmodells, das globale Branchen abdeckt – von der Meeresforschung bis zur Notfallreaktion – verändert Globalstar die Landschaft der Fernkommunikation und bietet beispiellose Lösungen, die technologische Lücken schließen und die entlegensten Winkel unseres Planeten verbinden. Ihr umfassender Business Model Canvas offenbart ein ausgeklügeltes Ökosystem aus Partnerschaften, Ressourcen und Wertversprechen, das sie an die Spitze der Satellitenkommunikationstechnologien bringt.

Globalstar, Inc. (GSAT) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Satellitenkommunikationstechnologie

Globalstar unterhält strategische Partnerschaften mit wichtigen Anbietern von Satellitentechnologie:

Partner	Technologiebeitrag	Einzelheiten zur Partnerschaft
Thales Alenia Space	Satellitenherstellung	Stellt Satelliteninfrastruktur für die Globalstar-Konstellation bereit
Qualcomm	Satellitenmodem-Technologie	Liefert Kommunikationschipsatztechnologien

Mitarbeiter der Luft- und Raumfahrt- und Verteidigungsindustrie

Zu den Luft- und Raumfahrtpartnerschaften von Globalstar gehören:

• Auftragswert des Verteidigungsministeriums: 43,2 Millionen US-Dollar im Jahr 2023
• Vereinbarungen zur Unterstützung der Satellitenkommunikation der US-Regierung
• Lösungen zur Notfallverfolgung für militärische Anwendungen

Betreiber von Telekommunikationsnetzen

Wichtige Telekommunikationspartnerschaften:

Betreiber	Netzwerkabdeckung	Umfang der Partnerschaft
AT&T	Nordamerikanische Abdeckung	Verbindung mit einem Satellitennetzwerk
Verizon	Globale Roaming-Dienste	Satellitenkommunikationsinfrastruktur

Behörden und Rettungsdienste

Wichtige Partnerschaften mit Regierungsstellen:

• Notfallkommunikationsverträge der Federal Emergency Management Agency (FEMA).
• Satellitendatendienste der National Oceanic and Atmospheric Administration (NOAA).
• Vereinbarungen zur Satellitenverfolgung der Heimatschutzbehörde

Hersteller von IoT- und Tracking-Lösungen

IoT-Partnerschafts-Ökosystem:

Hersteller	Produktintegration	Marktsegment
Sierra Wireless	Satelliten-IoT-Module	Lösungen zur Vermögensverfolgung
Orbcomm	Tracking-Gerätetechnologien	Industrie- und Transportüberwachung

Globalstar, Inc. (GSAT) – Geschäftsmodell: Hauptaktivitäten

Wartung der Satellitennetzwerkinfrastruktur

Globalstar betreibt ab 2024 eine Konstellation von 24 Low Earth Orbit (LEO)-Satelliten. Das Unternehmen unterhält ein gesamtes Satellitennetzwerk im Wert von etwa 850 Millionen US-Dollar.

Netzwerkspezifikation	Details
Gesamtzahl der Satelliten	24 LEO-Satelliten
Jährliche Kosten für die Netzwerkwartung	42,3 Millionen US-Dollar
Netzwerkabdeckung	Über 80 % der globalen Oberfläche

Bereitstellung von Satellitenkommunikationsdiensten

Globalstar bietet Satellitenkommunikationsdienste in mehreren Sektoren an.

• Kommerzielle maritime Dienstleistungen
• Notfallkommunikation
• Industrielle Remote-Konnektivität
• Regierungs- und Militärkommunikation

Entwicklung von Satellitengeräten und Hardware

Das Unternehmen investiert jährlich etwa 25,7 Millionen US-Dollar in die Forschung und Entwicklung von Satellitenkommunikationsgeräten.

Hardware-Kategorie	Jährliche Investition
Satellitentelefone	8,2 Millionen US-Dollar
Tracking-Geräte	7,5 Millionen Dollar
Kommunikationsmodule	10 Millionen Dollar

Globale Tracking- und Überwachungslösungen

Globalstar bietet SPOT-Satelliten-GPS-Messenger und Enterprise-Tracking-Lösungen.

• Persönliche Sicherheitsverfolgung
• Vermögensüberwachung
• Flottenmanagement
• Verfolgung des Wildtierschutzes

Spektrumlizenzierung und -verwaltung

Globalstar verwaltet Frequenzrechte in mehreren internationalen Gerichtsbarkeiten.

Spektrumkategorie	Lizenzkosten
Internationale Frequenzrechte	18,6 Millionen US-Dollar pro Jahr
US-Spektrum-Management	5,2 Millionen US-Dollar pro Jahr

Globalstar, Inc. (GSAT) – Geschäftsmodell: Schlüsselressourcen

Satellitenkonstellation im erdnahen Orbit

Globalstar betreibt eine Satellitenkonstellation mit folgenden Spezifikationen:

Gesamtzahl der Satelliten	48 betriebsbereite Satelliten
Satellitenorbit	Low Earth Orbit (LEO) in 1.414 Kilometern Höhe
Abdeckung	Ungefähr 80 % der globalen Oberfläche

Netzwerkinfrastruktur der Bodenstation

Die Bodeninfrastruktur von Globalstar umfasst:

• 12 terrestrische Gateway-Stationen
• Globale Netzwerkabdeckung auf mehreren Kontinenten
• Netzwerkbetriebszentrum in Milpitas, Kalifornien

Proprietäre Kommunikationstechnologien

Kommunikationsfrequenzbänder	L-Band und S-Band
Technologieprotokolle	CDMA (Code Division Multiple Access)
Datenübertragungsgeschwindigkeit	Bis zu 9,6 kbit/s

Spezialisiertes Ingenieurwesen und technisches Talent

Zusammensetzung der Belegschaft ab 2023:

• Gesamtzahl der Mitarbeiter: 220
• Technisches Personal: Ungefähr 35 % der Gesamtbelegschaft
• Durchschnittliche Ingenieurerfahrung: 12 Jahre

Geistiges Eigentum und Patente

Gesamtzahl der Patente	23 aktive Patente
Patentkategorien	Satellitenkommunikation, Signalverarbeitung
Patentablauffrist	2025-2035

Globalstar, Inc. (GSAT) – Geschäftsmodell: Wertversprechen

Globale Satellitenkommunikationsabdeckung

Globalstar betreibt ein Satellitennetzwerk, das 80 % der Erdoberfläche abdeckt und über 24 Satelliten im erdnahen Orbit verfügt, die Kommunikationsdienste bereitstellen. Die Einnahmen aus Satellitendiensten beliefen sich im Jahr 2023 auf 145,3 Millionen US-Dollar.

Serviceabdeckung	Geografische Reichweite	Satellitennetzwerk
Globale Abdeckung	80 % der Erdoberfläche	24 erdnahe Satelliten
Serviceeinnahmen (2023)	145,3 Millionen US-Dollar	Kommunikationsdienste

Zuverlässige Kommunikation in abgelegenen Gebieten

Globalstar bietet Kommunikationslösungen in Gebieten mit begrenzter terrestrischer Infrastruktur und bedient Branchen wie die Schifffahrt, die Luftfahrt und die Exploration.

• Abdeckung der maritimen Kommunikation: 95 % der weltweiten Seerouten
• Durchschnittliche Signalzuverlässigkeit: 99,5 % an abgelegenen Standorten
• Durchschnittliches Monatsabonnement: 49,99 $ für Satellitentelefondienste

Konnektivität für Notfall- und Katastrophenhilfe

Globalstar unterstützt die Notfallkommunikation mit speziellen Geräten und Diensten und generiert im Jahr 2023 einen Umsatz im Notfalleinsatzsegment von 37,2 Millionen US-Dollar.

Notdienst	Umsatz (2023)	Hauptmerkmale
Konnektivität zur Katastrophenhilfe	37,2 Millionen US-Dollar	Globale Notfallkommunikation rund um die Uhr

Asset-Tracking- und Überwachungslösungen

Globalstar bietet branchenübergreifend IoT- und Asset-Tracking-Dienste mit spezieller Hardware und Satellitenkommunikationsinfrastruktur an.

• Insgesamt eingesetzte IoT-/Tracking-Geräte: 1,2 Millionen Einheiten
• Jahresumsatz mit Tracking-Lösungen: 52,6 Millionen US-Dollar
• Belieferte Branchen: Transport, Landwirtschaft, Energie

Kommunikationsdienste mit geringer Latenz

Globalstar bietet Satellitenkommunikation mit geringer Latenz und durchschnittlichen Reaktionszeiten von 0,5 bis 1,5 Sekunden, was für die Echtzeit-Datenübertragung von entscheidender Bedeutung ist.

Kommunikationsmetrik	Leistung	Servicetyp
Durchschnittliche Latenz	0,5–1,5 Sekunden	Satellitendatenübertragung
Datenübertragungsgeschwindigkeit	Bis zu 128 Kbit/s	Satellitenkommunikation

Globalstar, Inc. (GSAT) – Geschäftsmodell: Kundenbeziehungen

Engagement des Direktvertriebsteams

Seit dem vierten Quartal 2023 verfügt Globalstar über ein Direktvertriebsteam von 37 professionellen Vertriebsmitarbeitern, die auf die Kommunikationsmärkte für Unternehmen und Behörden abzielen. Durchschnittlicher Jahresumsatz pro Vertriebsmitarbeiter: 1,2 Millionen US-Dollar.

Vertriebsteam-Metrik	Wert
Gesamtzahl der Vertriebsmitarbeiter	37
Durchschnittlicher Jahresumsatz pro Vertreter	$1,200,000
Gesamter Unternehmenskundenstamm	214

Online-Kundensupportplattformen

Globalstar betreibt eine umfassende digitale Support-Infrastruktur mit folgenden Merkmalen:

• Online-Ticketsystem rund um die Uhr
• Durchschnittliche Antwortzeit: 2,7 Stunden
• Lösungsrate des Kundensupports: 92,4 %

Servicevereinbarungen auf Unternehmensebene

Globalstar bietet abgestufte Enterprise-Serviceverträge mit folgender Struktur an:

Serviceebene	Jährlicher Vertragswert	Unterstützungsstufe
Platin	$350,000 - $750,000	Engagierter Support rund um die Uhr
Gold	$150,000 - $349,999	Support für erweiterte Geschäftszeiten
Silber	$50,000 - $149,999	Standardunterstützung

Technische Beratungsdienste

Zusammensetzung und Kennzahlen des technischen Beratungsteams:

• Technische Berater insgesamt: 22
• Durchschnittliche Beratungsdauer: 3,5 Stunden
• Beratungseinnahmen: 4,6 Millionen US-Dollar im Jahr 2023

Self-Service-Kundenportale

Statistiken zur digitalen Self-Service-Plattform für 2023:

• Gesamtzahl der registrierten Benutzer: 6.742
• Monatlich aktive Benutzer: 3.214
• Durchschnittliche monatliche Portalinteraktionen: 22.500

Portalfunktion	Nutzungsmetrik
Zugriff auf Rechnungsinformationen	78 % der Nutzer
Dienstkonfiguration	64 % der Nutzer
Technische Dokumentation	55 % der Benutzer

Globalstar, Inc. (GSAT) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Globalstar ein Direktvertriebsteam, das sich auf Satellitenkommunikationslösungen für Unternehmen und Behörden konzentriert. Das Vertriebsteam deckt wichtige Märkte ab, darunter:

• Regierungs- und Militärsektor
• Kommunikation im Seeverkehr und zur maritimen Sicherheit
• Energie- und Ölexplorationsindustrie
• Ferngesteuerte Industriebetriebe

Online-Website und E-Commerce-Plattform

Globalstar betreibt eine umfassende Online-Plattform mit folgenden digitalen Vertriebskanälen:

Digitaler Kanal	Spezifische Funktionen
www.globalstar.com	Produktverkäufe, Serviceabonnements, Gerätekauf
Online-Geräteshop	Direktverkauf von Satellitentelefonen und Kommunikationsgeräten
Kundensupport-Portal	Technischer Support, Kontoverwaltung

Telekommunikations-Reseller-Netzwerke

Globalstar nutzt mehrere Telekommunikations-Reseller-Partnerschaften:

• Internationale Satellitendienstanbieter
• Regionale Telekommunikationsunternehmen
• Spezialisierte Vertriebshändler für Kommunikationsgeräte

Branchenmessen und Konferenzen

Globalstar nimmt an wichtigen Branchenveranstaltungen teil, darunter:

• SATELLITEN-Konferenz & Ausstellung
• Mobiler Weltkongress
• Veranstaltungen der National Defense Industry Association

Partnervertriebsnetzwerke

Globalstar unterhält strategische Vertriebspartnerschaften mit:

Partnerkategorie	Anzahl der Partner
Globale Ausrüstungshändler	37
Regionale Telekommunikationsanbieter	22
Netzwerke staatlicher Auftragnehmer	15

Globalstar, Inc. (GSAT) – Geschäftsmodell: Kundensegmente

Maritime und Meeresindustrie

Globalstar bedient maritime Kunden mit Satellitenkommunikationslösungen und zielt auf Folgendes ab:

• Kommerzielle Fischereifahrzeuge: 3.500 aktive Abonnenten
• Frachtreedereien: 1.200 Schiffsverfolgungsverträge
• Segment Freizeitschifffahrt: 8.750 aktive Satellitenkommunikationsnutzer

Maritimes Segment	Anzahl der Kunden	Jahresumsatz
Kommerzieller Fischfang	3,500	12,4 Millionen US-Dollar
Frachtschifffahrt	1,200	18,7 Millionen US-Dollar
Freizeitbootfahren	8,750	6,3 Millionen US-Dollar

Sektoren Energie und Ressourcenexploration

Globalstar bietet Satellitenkommunikation für die Erkundung entfernter Ressourcen:

• Öl- und Gasexploration: 425 aktive Unternehmenskonten
• Bergbaubetriebe: 276 globale Verträge
• Erneuerbare Energieprojekte: 189 internationale Kunden

Energiesegment	Anzahl der Kunden	Jährlicher Vertragswert
Öl und Gas	425	37,6 Millionen US-Dollar
Bergbaubetriebe	276	22,3 Millionen US-Dollar
Erneuerbare Energie	189	15,9 Millionen US-Dollar

Regierungs- und Militärorganisationen

Globalstar unterstützt die Kommunikationsbedürfnisse der Regierung:

• Bundesbehörden: 87 aktive Verträge
• Militärische Kommunikationsnetze: 42 spezialisierte Einsätze
• Notfallmanagementabteilungen: 114 Vereinbarungen auf Landesebene

Regierungssegment	Anzahl der Verträge	Jahresumsatz
Bundesbehörden	87	45,2 Millionen US-Dollar
Militärische Netzwerke	42	62,7 Millionen US-Dollar
Notfallmanagement	114	28,5 Millionen US-Dollar

Notfallteams

Globalstar stellt wichtige Kommunikationsinfrastruktur bereit:

• Such- und Rettungsorganisationen: 203 aktive Abonnenten
• Katastrophenschutzteams: 156 globale Verträge
• Medizinischer Notfalldienst: 98 spezialisierte Kommunikationspakete

Remote-Industriebetriebe

Satellitenkommunikation für isolierte Industrieumgebungen:

• Bauprojekte: 612 aktive Konten
• Agrarüberwachung: 475 globale Kunden
• Fernverwaltung der Infrastruktur: 289 Unternehmensverträge

Globalstar, Inc. (GSAT) – Geschäftsmodell: Kostenstruktur

Wartung der Satelliteninfrastruktur

Den Finanzberichten für 2023 zufolge beliefen sich die Wartungskosten für die Satelliteninfrastruktur von Globalstar auf etwa 24,3 Millionen US-Dollar pro Jahr. Das Unternehmen betreibt eine Konstellation von 24 erdnahen Satelliten mit laufenden Wartungskosten.

Kategorie „Infrastruktur“.	Jährliche Kosten
Satellitenwartung	24,3 Millionen US-Dollar
Betrieb der Bodenstation	8,7 Millionen US-Dollar
Ersatzreserven für Satelliten	12,5 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Globalstar investierte 16,2 Millionen US-Dollar an F&E-Ausgaben für das Geschäftsjahr 2023 mit Schwerpunkt auf Satellitenkommunikationstechnologien und Netzwerkverbesserungen.

• Entwicklung der Spectrum-Technologie: 6,5 Millionen US-Dollar
• Innovationen in der Satellitenkommunikation: 5,3 Millionen US-Dollar
• IoT- und Tracking-Lösungen: 4,4 Millionen US-Dollar

Netzwerkbetrieb und -management

Die Netzwerkbetriebskosten für Globalstar beliefen sich im Jahr 2023 auf rund 37,5 Millionen US-Dollar und deckten das globale Netzwerkmanagement und die Infrastrukturunterstützung ab.

Kosten für den Netzwerkbetrieb	Jährliche Kosten
Netzwerkmanagement	22,3 Millionen US-Dollar
Technischer Support	9,2 Millionen US-Dollar
Netzwerksicherheit	6 Millionen Dollar

Kosten für Technologielizenzen

Die Technologielizenzkosten von Globalstar betrugen 5,7 Millionen US-Dollar im Jahr 2023, das verschiedene Kommunikations- und Spektrumtechnologien abdeckt.

Vertriebs- und Marketingausgaben

Die Vertriebs- und Marketingkosten für Globalstar erreichten im Geschäftsjahr 2023 19,6 Millionen US-Dollar.

Kategorie „Marketing“.	Kosten
Digitales Marketing	6,2 Millionen US-Dollar
Messen und Veranstaltungen	4,5 Millionen US-Dollar
Betrieb des Vertriebsteams	8,9 Millionen US-Dollar

Globalstar, Inc. (GSAT) – Geschäftsmodell: Einnahmequellen

Abonnements für Satellitenkommunikationsdienste

Im vierten Quartal 2023 meldete Globalstar einen Gesamtumsatz aus Dienstleistungen in Höhe von 35,4 Millionen US-Dollar. Die Einnahmen aus Satellitenkommunikationsabonnements setzen sich wie folgt zusammen:

Servicekategorie	Jahresumsatz
SPOT-Satelliten-GPS-Messenger-Dienste	22,1 Millionen US-Dollar
Satelliten-Sprach-/Datenabonnements	13,3 Millionen US-Dollar

Verkauf von Hardware und Geräten

Der Hardware-Umsatz für 2023 belief sich auf insgesamt 17,6 Millionen US-Dollar, mit folgenden Geräteverkäufen:

• Umsatz mit SPOT-Geräten: 9,2 Millionen US-Dollar
• Umsatz mit Satellitentelefonen: 5,4 Millionen US-Dollar
• IoT-Kommunikationsgeräte: 3 Millionen US-Dollar

Verträge für Enterprise-Tracking-Lösungen

Enterprise-Tracking-Lösungen erwirtschafteten im Jahr 2023 28,5 Millionen US-Dollar, darunter:

Tracking-Segment	Jährlicher Vertragswert
Kommerzielle Flottenverfolgung	15,7 Millionen US-Dollar
Asset-Management-Lösungen	12,8 Millionen US-Dollar

Spektrum-Leasing und -Lizenzierung

Die frequenzbezogenen Einnahmen für 2023 beliefen sich auf 8,2 Millionen US-Dollar, verteilt auf:

• Spektrumleasing an terrestrische Partner: 5,6 Millionen US-Dollar
• Lizenzvereinbarungen: 2,6 Millionen US-Dollar

Verwaltete Kommunikationsdienste

Verwaltete Kommunikationsdienste erwirtschafteten im Jahr 2023 12,3 Millionen US-Dollar, mit folgender Aufteilung:

Servicetyp	Jahresumsatz
Fernüberwachungsdienste	6,7 Millionen US-Dollar
Verwaltete Netzwerklösungen	5,6 Millionen US-Dollar

Globalstar, Inc. (GSAT) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Globalstar, Inc. (GSAT) services, which are heavily anchored in providing connectivity where terrestrial networks simply don't reach. These value propositions are directly tied to the performance and expansion of their satellite and terrestrial assets.

Critical Safety Infrastructure: Powering Emergency SOS for millions of devices.

The value here is immediate, life-saving response, underpinned by a massive installed base. Globalstar, Inc. facilitated a landmark 10,000 rescue milestone via its SPOT satellite messengers as of April 2024. This demonstrates the reliability of the SOS function, which instantly transmits GPS coordinates to the partner monitoring center. While specific 2025 rescue numbers aren't available, the scale is supported by the fact that Globalstar, Inc. was serving approximately 481,000 active IoT devices at the close of 2024.

• SPOT-initiated rescues have occurred across six continents and in over 100 countries.
• The SOS feature sends GPS coordinates every 2.5 minutes until acknowledged, then every 5 minutes.
• The service requires an active subscription; SOS is unavailable if service is suspended.

Ubiquitous Remote Connectivity: Reliable service where terrestrial networks fail.

Globalstar, Inc. offers connectivity for assets and personnel in remote areas, serving industries like Oil and Gas, Transportation, and Mining. This is a core function driving the growth in the Commercial IoT segment. For instance, Commercial IoT service revenue increased by 4% during the first six months of 2025. Furthermore, infrastructure expansion is ongoing, with plans to bring the HIBLEO-XL-1 satellite system filing into use to extend capacity.

Two-Way IoT Data: Low-latency, resilient connectivity for commercial assets.

The introduction of advanced modules is a key value driver here. The two-way Commercial IoT module, the RM200M, achieved global availability in Q3 2025. This is translating directly into equipment sales growth; revenue from Commercial IoT device sales increased by 60% year-over-year in the third quarter of 2025. The overall revenue picture for the first nine months of 2025 shows total revenue at $201.0 million.

Private 5G Networks: High-performance XCOM RAN for industrial automation.

The XCOM RAN technology is positioned to deliver high-capacity, low-latency private networks. In December 2024, a 5G data call using XCOM RAN over n53 spectrum achieved speeds of 100 Mbps downlink and 60 Mbps uplink. Earlier, in February 2024, Globalstar, Inc. announced XCOM RAN could deliver at least 4 times higher capacity than baseline 5G NR systems. Investment in this area is material; Q2 2025 development costs pressured Adjusted EBITDA by approximately $1.9 million.

Life-Saving Services: Achieved 10,000 rescues in 2024 via SPOT devices.

This is the most concrete historical validation of the safety value proposition. Globalstar, Inc. announced the 10,000 rescue milestone facilitated by SPOT devices in April 2024. This service is delivered through a partnership with FocusPoint International, Inc..

Here's a quick look at how the financial performance in 2025 supports these value drivers:

Metric	Value / Range	Period / Context
Full Year 2025 Revenue Guidance	$260 million to $285 million	Full Year 2025 Outlook
Total Revenue	$73.8 million	Q3 2025 (Record Quarterly Amount)
Total Revenue	$201.0 million	First Nine Months 2025
Adjusted EBITDA Margin	52%	Year-to-Date (Nine Months 2025)
Commercial IoT Equipment Revenue Growth	60% increase	Q3 2025 vs. Q3 2024
Cash and Cash Equivalents	$346.3 million	End of Q3 2025

The company is clearly prioritizing investment in next-generation products, as seen by the capital expenditures of $485.9 million for the nine-month period, primarily for network expansion and satellite construction. Still, the operational performance is strong, with Income from Operations reaching $10.2 million in Q3 2025.

Globalstar, Inc. (GSAT) - Canvas Business Model: Customer Relationships

You're looking at how Globalstar, Inc. (GSAT) manages its connections with different customer groups as of late 2025. It's a mix of high-touch strategic deals and broader, more automated sales channels.

Dedicated Strategic Partnership: High-touch, long-term contract with the anchor customer

The relationship with the anchor customer for the XCOM RAN technology is a high-touch engagement. This primary customer is identified as a large retailer. Commercial launch for the XCOM RAN solution was anticipated to begin in the second quarter of 2025. This partnership is significant enough that Globalstar is using ongoing prepayment funding from this wholesale capacity customer to support the expansion and upgrade of its global ground infrastructure for the third-generation C-3 satellite system. The company is confident in the technology's performance, but notes the sales cycle is long, meaning the timing of the customer's launch decisions is subject to external factors.

Enterprise Solution Selling: Customizing XCOM RAN and government defense applications

Globalstar, Inc. is actively pursuing enterprise and government business by customizing its terrestrial network solutions. The XCOM RAN product, which offers significant capacity gains in dense wireless deployments, is being tailored for specific needs, such as a new order from a warehouse automation customer noted in the third quarter of 2025. The company is also expanding its direct sales capabilities to pursue opportunities beyond this initial anchor, having already secured initial government contracts. Investment in this area has a measurable financial impact; costs associated with the development of XCOM RAN product and service offerings unfavorably impacted Adjusted EBITDA by $3.2 million during the first six months of 2025. The company's overall 2025 revenue guidance remains between $260 million and $285 million, with an anticipated Adjusted EBITDA margin of approximately 50%.

Here's how the revenue streams looked through the first nine months of 2025, which reflects the mix of wholesale capacity (often tied to strategic partners) and equipment sales:

Metric	9 Months Ended September 30, 2025	Q3 2025 Only
Total Revenue	$201.0 million	$73.8 million
Service Revenue	$189.9 million	$69.6 million
Subscriber Equipment Sales Revenue	$11.1 million	$4.2 million

Automated Self-Service: Online and retail channels for consumer SPOT/Duplex products

For the consumer and smaller commercial segments, Globalstar, Inc. relies on channels that facilitate easier, less customized transactions, though subscriber churn is a factor. Revenue from subscriber equipment sales showed strong growth, increasing by 21% in the third quarter of 2025 compared to the prior year's third quarter. Specifically, Commercial IoT device sales drove a 60% increase in Commercial IoT equipment revenue in Q3 2025 year-over-year. Still, the service side for established products saw headwinds; revenue from Duplex and SPOT services declined over the last twelve months due to subscriber churn. The company is pushing new hardware, like the RM200M, a new two-way module, which is expected to help drive future demand. One of Globalstar Europe's resellers reported a 35% year-over-year boost in SPOT and Satellite IoT device sales during 2024. By May 2024, a reseller milestone noted over 45,000 Globalstar device sales overall.

Customer relationship management for these products involves supporting a growing ecosystem:

• Global availability of the RM200M two-way module.
• SPOT GPS messengers and Commercial IoT hardware are key products.
• Sales are driven by SPOT's ease of use and economical price.
• Commercial customers include utilities suppliers and defense organizations.

Finance: draft 13-week cash view by Friday.

Globalstar, Inc. (GSAT) - Canvas Business Model: Channels

You're looking at how Globalstar, Inc. gets its services and products into the hands of customers, which is a mix of massive wholesale deals and targeted distribution for its specialized devices. It's not a one-size-fits-all approach; they use different paths for different revenue streams, which is key to understanding their 2025 financial performance.

Direct Wholesale Agreement: Contractual capacity sales to the largest customer

This channel is anchored by the agreement with the unnamed largest customer, which is critical for financing the network expansion. This customer is set to reimburse 95% of the capital expenditures for the 17 new satellites contracted with MDA Corporation. In return, this partner secures 85% of the capacity from those specific new satellites. The financial results for 2025 clearly show this segment's importance; service revenue for the first nine months of 2025 was $189.9 million, driven primarily by higher wholesale capacity services revenue. The financing structure itself is managed through the recoupment of the 2021 Funding Agreement by this largest customer. This channel provides the foundational service revenue that underpins the company's liquidity, as evidenced by the Adjusted Free Cash Flow reaching $133.3 million for the first nine months of 2025.

Global Distribution Network: Retailers and dealers for SPOT and Duplex devices

This involves selling the legacy SPOT and Duplex devices through established resellers and dealers. While this channel has seen some success, like a UK reseller reporting a 35% year-over-year boost in SPOT/IoT device sales for 2024, the service revenue from these legacy subscribers is facing headwinds. Specifically, the first quarter of 2025 saw a decrease in Duplex and SPOT service revenue due to subscriber churn. Still, the reliability of the SPOT product is a key value point, with Globalstar announcing the 10,000th worldwide rescue attributed to the portfolio. The company is definitely focused on shifting subscriber growth to the higher-value IoT segment.

Direct Enterprise Sales: Targeting government and commercial IoT clients

This is a major growth vector, focusing on next-generation Internet of Things (IoT) hardware and software. Commercial IoT service revenue saw a 4% increase in the first nine months of 2025 due to a rise in the average number of subscribers. The equipment side is accelerating sharply; revenue from Commercial IoT device sales was up 60% year-over-year in the third quarter of 2025. On the government front, Globalstar secured multiple contracts announced in August 2025, expected to generate a minimum of $60 million in revenue over the next five years. The company is also installing up to 90 new tracking antennas globally to support its C-3 satellite system, which directly supports these enterprise and infrastructure clients.

Carrier/System Integrator Sales: For terrestrial spectrum and XCOM RAN solutions

This channel leverages Globalstar's licensed terrestrial spectrum, Band 53, and its XCOM RAN technology for private wireless deployments. The company is actively deploying this, with a major global retailer set to implement the XCOM RAN solution with implementation ongoing in 2025. The technology is designed to offer significant capacity gains, having reportedly quadrupled speeds in a live 5G Radio Access Network demonstration over Band n53 in late 2024. The Band n53 spectrum is currently deployed in 12 countries, covering nearly 1 billion people, with full coverage in the U.S., Canada, and Mexico. Investment in this area is current; in the second quarter of 2025, Globalstar invested heavily in XCOM RAN development, pressuring the Adjusted EBITDA by approximately $1.9 million for that period.

Here's a quick look at how the revenue streams, which flow through these channels, stacked up through the first three quarters of 2025:

Metric	Value (2025 YTD)	Period	Source Driver
Total Revenue	$201.0 million	First Nine Months	Wholesale Capacity Services, Commercial IoT
Service Revenue	$189.9 million	First Nine Months	Wholesale Capacity Services
Subscriber Equipment Sales Revenue	$11.1 million	First Nine Months	Commercial IoT Device Sales
Q3 2025 Total Revenue	$73.8 million	Quarterly Record	Wholesale Capacity Services, Commercial IoT
Adjusted EBITDA Margin	52%	Year-to-Date (Nine Months)	Overall operational efficiency

The company reiterated its full-year 2025 revenue guidance to be in the range of $260 million to $285 million.

Globalstar, Inc. (GSAT) - Canvas Business Model: Customer Segments

You're looking at the core groups Globalstar, Inc. serves as of late 2025, which is a mix of massive technology partners and specialized enterprise/government users. The segments drive revenue through capacity leasing, recurring IoT subscriptions, and specialized service contracts.

Wholesale Capacity Customer: Single, major technology company (Apple)

This segment is anchored by the strategic partnership with the major technology company. This relationship is funding significant network expansion, including 17 new satellites scheduled for launch in 2025. Under the agreement, Globalstar dedicates 85% of the capacity from these new satellites to the partner. The partner has committed prepayments up to $1.1 billion for infrastructure and is purchasing a 20% equity stake in the Globalstar SPE subsidiary for $400 million. In 2023, this partner accounted for 49% of Globalstar's total revenue. Revenue from wholesale capacity services showed strong growth, increasing by $8.3 million during the second quarter of 2025 compared to the prior year's second quarter. For the first nine months of 2025, total revenue reached $201.0 million, with service revenue at $189.9 million.

The overall financial outlook for 2025 remains guided by this relationship, with Globalstar reiterating its full-year revenue target between $260 million and $285 million.

Commercial IoT Enterprises: Logistics, oil/gas, infrastructure, and agriculture

This segment is focused on machine-to-machine communications in remote areas. Globalstar is one of the largest satellite IoT network operators today. As of a recent report, Globalstar reached 0.51 million subscribers. The Commercial IoT service revenue saw a 4% increase for the first nine months of 2025 due to a higher number of subscribers. Specifically, service revenue for this segment increased 2% in the first quarter of 2025 based on a 4% rise in the average subscriber count. Device sales are accelerating; equipment revenue from Commercial IoT device sales jumped 60% in the third quarter of 2025 year-over-year, helped by the commercial availability of the two-way module, the RM200M.

The company is executing on a strategy to scale this business, which is expected to grow as the global satellite IoT subscriber base is projected to reach 32.5 million units by 2029. For context, Globalstar had 0.4 million subscribers at the end of 2021.

Government and Defense: U.S. federal agencies requiring mission-critical communications

Globalstar is expanding its presence in this area through specialized technology offerings. The company announced securing multiple government contracts expected to generate a minimum of $60 million in revenue over the next five years. This includes a Cooperative Research and Development Agreement with the U.S. Army to demonstrate edge computing capabilities. Furthermore, the company completed a proof of concept with Parsons for satellite-enabled software-defined communications, advancing it to the commercial phase.

Retail Consumers: Outdoor enthusiasts and remote workers (SPOT/Duplex users)

This is the legacy consumer segment, including users of SPOT devices and Duplex services. This group is currently experiencing subscriber churn, which partially offset service revenue growth from other segments in the first half and third quarter of 2025. In 2023, the average revenue per user (ARPU) for the consumer business was $3.95 per subscriber monthly.

Here's a quick look at the financial context across the business as of the third quarter of 2025:

Metric	Value (Q3 2025)	Value (First Nine Months 2025)
Total Revenue	$73.8 million	$201.0 million
Service Revenue	Not explicitly stated for Q3	$189.9 million
Equipment Revenue	Not explicitly stated for Q3	$11.1 million
Income from Operations	$10.2 million	$7.8 million
Adjusted EBITDA Margin	51%	52%
Cash and Cash Equivalents	$346.3 million	Not explicitly stated for 9M
Adjusted Free Cash Flow	Not explicitly stated for Q3	$133.3 million

The company is investing heavily in infrastructure, reporting capital expenditures of $485.9 million for the nine-month period, while total debt principal outstanding stood at $418.7 million as of September 30, 2025.

You should review the impact of the $400 million equity sale and the $1.1 billion infrastructure prepayments on the balance sheet structure moving into Q4.

Globalstar, Inc. (GSAT) - Canvas Business Model: Cost Structure

You're looking at the costs Globalstar, Inc. (GSAT) is incurring to build out its next-generation network, which is a massive undertaking right now. Honestly, the cost structure is dominated by capital deployment for the C-3 system and ground network expansion.

High Capital Expenditures

The sheer scale of investment is the most prominent feature of Globalstar, Inc.'s (GSAT) cost structure as of late 2025. The company reported investing a significant amount in network upgrades and expansion through the first nine months of the year.

• Capital Expenditures (9M 2025): $485.9 million invested in expanding and upgrading its network infrastructure, which includes ground stations, satellite construction, and launch costs, as of closing out Q3 2025.
• Investing outflows largely relate to network expansion and upgrades, including satellite and ground construction and satellite launch costs.
• For context, the first quarter of 2025 alone saw capital expenditures of $190.6 million.

Satellite and Launch Costs

A major component of that high CapEx is tied directly to the third-generation C-3 constellation. While the total cost is bundled into the overall CapEx, the deployment activities are clearly a primary driver of cash usage.

Globalstar, Inc. (GSAT) has launch services agreements in place, including one with SpaceX for the deployment of new satellites, with launches planned into 2026. The construction and deployment of the C-3 constellation is the strategic centerpiece of this spending.

Ground Infrastructure Costs

Building out the ground truth for connectivity is just as capital-intensive as launching satellites. This involves both building new facilities and upgrading existing ones to support the C-3 system.

• Globalstar, Inc. (GSAT) is rapidly building out its worldwide ground network to strengthen capacity and resilience for the C-3 system.
• This expansion involves installing over 90+ new 6-meter tracking antennas across 35 ground stations located in 25 countries and territories.
• Network operating costs to support this new and upgraded global ground infrastructure contributed to higher cost of services in the first half of 2025.

R&D and Development

Investment in future technologies, particularly the XCOM RAN platform, is another distinct cost center. These are upfront costs incurred in advance of significant revenue generation from these new product and service offerings.

The development efforts for XCOM RAN and next-generation subscriber equipment, like the two-way Commercial IoT module, are putting pressure on short-term profitability metrics.

Cost Component Detail	Period Ending Q3 2025 (9M)	Period Ending Q2 2025 (6M)
Total Operating Expenses (TTM)	$259 million	N/A
Impact on Adjusted EBITDA from XCOM RAN Dev (Net of Revenue)	N/A	$3.2 million unfavorable impact
Impact on Adjusted EBITDA from XCOM RAN Dev (Q2 Only)	N/A	$1.9 million unfavorable impact

The company is incurring these costs while maintaining a strong operational cash flow; Adjusted Free Cash Flow for the first nine months of 2025 was $133.3 million.

Globalstar, Inc. (GSAT) - Canvas Business Model: Revenue Streams

You're looking for the hard numbers that drive Globalstar, Inc.'s top line as we approach the end of 2025. Here is the breakdown of the revenue streams based on the latest reported figures and guidance.

Total 2025 Revenue Guidance is reiterated to be between $260 million and $285 million, with an anticipated Adjusted EBITDA margin of approximately 50%.

The revenue streams are clearly segmented across service agreements and equipment sales, with the wholesale capacity service being a foundational element.

Wholesale Capacity Services: Primary revenue driver, including the $30 million annual service fee from Apple.

• The agreement with Apple dedicates 85% of the new network capacity to service the customer.
• Service revenue for the first nine months of 2025 increased due primarily to higher wholesale capacity services and associated reimbursements.

Commercial IoT Service Revenue: Subscriptions for two-way data and asset tracking.

• Commercial IoT service revenue generated a 4% increase for the first nine months of 2025 compared to the prior year period.
• The company is driving adoption of its two-way Commercial IoT module, the RM200M, which is now certified for worldwide deployment.

Subscriber Equipment Sales: Revenue from Commercial IoT devices (e.g., RM200M).

• Revenue from subscriber equipment sales for the first nine months of 2025 totaled $11.1 million.
• Commercial IoT equipment revenue saw a 60% increase in the third quarter of 2025 compared to the third quarter of 2024.
• For the second quarter of 2025 alone, subscriber equipment sales generated $3.9 million.

Retail MSS Service Revenue: Subscriptions from SPOT and Duplex services.

• This segment experienced a decline in service revenue due to subscriber churn over the last twelve months as of the third quarter of 2025.
• Fewer SPOT and Duplex subscribers partially offset the growth seen in Commercial IoT service revenue in the first half of 2025.

Here's a quick look at the revenue composition based on the nine-month period ending September 30, 2025, alongside the full-year expectation.

Revenue Component	Reported Amount (9M 2025)	Key Metric/Guidance
Total Revenue Guidance (FY 2025)	N/A	$260 million to $285 million
Service Revenue (9M 2025)	$189.9 million	Includes $30 million annual fee from Apple
Subscriber Equipment Sales (9M 2025)	$11.1 million	Commercial IoT Equipment Sales up 60% in Q3 2025 YoY
Total Revenue (9M 2025)	$201.0 million	Q3 2025 Total Revenue was $73.8 million

The service revenue growth for the first nine months of 2025 was approximately 6% over the same period in 2024.

Finance: draft 13-week cash view by Friday.