Globalstar, Inc. (GSAT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el vasto e intrincado mundo de las comunicaciones satelitales, Globalstar, Inc. (GSAT) surge como una fuerza pionera, tejiendo una compleja red de innovación tecnológica y conectividad estratégica. Al crear meticulosamente un modelo de negocio que abarca las industrias globales, desde la exploración marítima hasta la respuesta de emergencia, Globalstar transforma el panorama de la comunicación remota, que ofrece soluciones sin precedentes que unen las brechas tecnológicas y conectan los rincones más aislados de nuestro planeta. Su lienzo de modelo de negocio integral revela un ecosistema sofisticado de asociaciones, recursos y propuestas de valor que los posicionan a la vanguardia de las tecnologías de comunicación por satélite.

Globalstar, Inc. (GSAT) - Modelo de negocios: asociaciones clave

Proveedores de tecnología de comunicaciones por satélite

Globalstar mantiene asociaciones estratégicas con proveedores clave de tecnología satelital:

Pareja	Contribución tecnológica	Detalles de la asociación
Tales Alenia Space	Fabricación satélite	Proporciona infraestructura satelital para la constelación de Globalstar
Qualcomm	Tecnología de módem satelital	Suministra tecnologías de chipset de comunicación

Colaboradores de la industria aeroespacial y de defensa

Las asociaciones aeroespaciales de Globalstar incluyen:

• Valor del Contrato del Departamento de Defensa: $ 43.2 millones en 2023
• Acuerdos de apoyo a la comunicación por satélite del gobierno de EE. UU.
• Soluciones de seguimiento de respuesta a emergencias para aplicaciones militares

Operadores de red de telecomunicaciones

Asociaciones clave de telecomunicaciones:

Operador	Cobertura de red	Alcance de la asociación
AT&T	Cobertura norteamericana	Interconexión de la red satelital
Verizon	Servicios de roaming global	Infraestructura de comunicación por satélite

Agencias de servicio gubernamental y de emergencia

Asociaciones críticas con entidades gubernamentales:

• Agencia Federal para Manejo de Emergencias (FEMA) Contratos de comunicación de emergencia
• Servicios de datos satelitales de la Administración Oceánica y Atmosférica Nacional (NOAA)
• Acuerdos de seguimiento de satélite de seguridad nacional

Fabricantes de soluciones de IoT y seguimiento

Ecosistema de asociación IoT:

Fabricante	Integración de productos	Segmento de mercado
Sierra inalámbrica	Módulos satelital IoT	Soluciones de seguimiento de activos
ORBCOMM	Tecnologías del dispositivo de seguimiento	Monitoreo industrial y de transporte

Globalstar, Inc. (GSAT) - Modelo de negocio: actividades clave

Mantenimiento de infraestructura de red satelital

Globalstar opera una constelación de 24 satélites de bajo órbita terrestre (LEO) a partir de 2024. La compañía mantiene una red satelital total valorada en aproximadamente $ 850 millones.

Especificación de red	Detalles
Satélites totales	24 satélites Leo
Costo anual de mantenimiento de la red	$ 42.3 millones
Cobertura de red	Más del 80% de la superficie global

Aprovisionamiento del servicio de comunicación por satélite

Globalstar proporciona servicios de comunicación por satélite en múltiples sectores.

• Servicios marítimos comerciales
• Comunicaciones de respuesta a emergencias
• Conectividad industrial remota
• Comunicaciones gubernamentales y militares

Desarrollo de dispositivos satelitales y hardware

La compañía invierte aproximadamente $ 25.7 millones anuales en investigación y desarrollo de dispositivos de comunicación por satélite.

Categoría de hardware	Inversión anual
Teléfonos satelitales	$ 8.2 millones
Dispositivos de seguimiento	$ 7.5 millones
Módulos de comunicación	$ 10 millones

Soluciones de seguimiento y monitoreo global

Globalstar proporciona Spot Satellite GPS Messenger y soluciones de seguimiento empresarial.

• Seguimiento de seguridad personal
• Monitoreo de activos
• Gestión de la flota
• Seguimiento de la conservación de la vida silvestre

Licencias y gestión del espectro

Globalstar administra los derechos de espectro en múltiples jurisdicciones internacionales.

Categoría de espectro	Costo de licencia
Derechos internacionales del espectro	$ 18.6 millones anuales
Gestión del espectro de EE. UU.	$ 5.2 millones anualmente

Globalstar, Inc. (GSAT) - Modelo de negocios: recursos clave

Constelación de satélite de órbita baja en tierra

Globalstar opera una constelación satelital con las siguientes especificaciones:

Satélites totales	48 satélites operativos
Órbita satelital	Órbita terrestre baja (LEO) a 1.414 kilómetros altitud
Cobertura	Aproximadamente el 80% de la superficie global

Infraestructura de la red de la estación terrestre

La infraestructura terrestre de Globalstar incluye:

• 12 estaciones de puerta de enlace terrestres
• Cobertura de red global en múltiples continentes
• Centro de operaciones de red ubicado en Milpitas, California

Tecnologías de comunicación patentadas

Bandas de frecuencia de comunicación	Banda L y banda S
Protocolos de tecnología	CDMA (acceso múltiple de la división de código)
Velocidad de transmisión de datos	Hasta 9.6 kbps

Ingeniería especializada y talento técnico

Composición de la fuerza laboral a partir de 2023:

• Total de empleados: 220
• Personal de ingeniería: aproximadamente el 35% de la fuerza laboral total
• Experiencia promedio de ingeniería: 12 años

Propiedad intelectual y patentes

Patentes totales	23 patentes activas
Categorías de patentes	Comunicación por satélite, procesamiento de señales
Rango de vencimiento de patentes	2025-2035

Globalstar, Inc. (GSAT) - Modelo de negocio: propuestas de valor

Cobertura de comunicación satelital global

Globalstar opera una red satelital que cubre el 80% de la superficie de la Tierra, con 24 órbitas de tierra baja que proporcionan servicios de comunicación. Los ingresos de los servicios satelitales en 2023 fueron de $ 145.3 millones.

Cobertura de servicio	Alcance geográfico	Red de satélite
Cobertura global	80% de la superficie de la Tierra	24 satélites de órbita de tierra baja
Ingresos de servicio (2023)	$ 145.3 millones	Servicios de comunicación

Comunicación confiable en áreas remotas

Globalstar proporciona soluciones de comunicación en áreas con infraestructura terrestre limitada, que sirven industrias como marítimas, aviación y exploración.

• Cobertura de comunicación marítima: 95% de las rutas marítimas globales
• Confiabilidad de la señal promedio: 99.5% en ubicaciones remotas
• Suscripción mensual promedio: $ 49.99 para servicios telefónicos satelitales

Conectividad de emergencia y respuesta a desastres

Globalstar apoya la comunicación de emergencia con dispositivos y servicios especializados, generando $ 37.2 millones en ingresos del segmento de respuesta de emergencia en 2023.

Servicio de emergencia	Ingresos (2023)	Características clave
Conectividad de respuesta a desastres	$ 37.2 millones	Comunicación de emergencia global 24/7

Soluciones de seguimiento y monitoreo de activos

GlobalStar proporciona servicios de seguimiento de IoT y activos en múltiples industrias, con infraestructura especializada de comunicación de hardware y satélite.

• Dispositivos totales de IoT/seguimiento desplegado: 1.2 millones de unidades
• Ingresos anuales de soluciones de seguimiento: $ 52.6 millones
• Industrias atendidas: transporte, agricultura, energía

Servicios de comunicación de baja latencia

Globalstar ofrece comunicación por satélite de baja latencia con tiempos de respuesta promedio de 0.5-1.5 segundos, crítico para la transmisión de datos en tiempo real.

Métrico de comunicación	Actuación	Tipo de servicio
Latencia promedio	0.5-1.5 segundos	Transmisión de datos satelital
Velocidad de transmisión de datos	Hasta 128 kbps	Comunicación por satélite

Globalstar, Inc. (GSAT) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir del cuarto trimestre de 2023, Globalstar mantiene un equipo de ventas directo de 37 representantes profesionales de ventas dirigidos a los mercados de comunicaciones empresariales y gubernamentales. Ingresos anuales promedio por representante de ventas: $ 1.2 millones.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	37
Ingresos anuales promedio por representante	$1,200,000
Base de clientes de Total Enterprise	214

Plataformas de atención al cliente en línea

Globalstar opera una infraestructura integral de soporte digital con las siguientes características:

• Sistema de boletos en línea 24/7
• Tiempo de respuesta promedio: 2.7 horas
• Tasa de resolución de atención al cliente: 92.4%

Acuerdos de servicio a nivel empresarial

Globalstar proporciona acuerdos de servicio empresarial escalonados con la siguiente estructura:

Nivel de servicio	Valor anual del contrato	Nivel de soporte
Platino	$350,000 - $750,000	Soporte dedicado 24/7
Oro	$150,000 - $349,999	Soporte de horario comercial extendido
Plata	$50,000 - $149,999	Soporte estándar

Servicios de consulta técnica

Composición y métricas del equipo de consulta técnica:

• Consultores técnicos totales: 22
• Duración de consulta promedio: 3.5 horas
• Ingresos de consulta: $ 4.6 millones en 2023

Portales de clientes de autoservicio

Estadísticas de plataforma de autoservicio digital para 2023:

• Total de usuarios registrados: 6,742
• Usuarios activos mensuales: 3,214
• Interacciones mensuales promedio del portal: 22,500

Característica de portal	Métrico de uso
Acceso a información de facturación	78% de los usuarios
Configuración de servicio	64% de los usuarios
Documentación técnica	55% de los usuarios

Globalstar, Inc. (GSAT) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Globalstar mantiene un equipo de ventas directo centrado en soluciones de comunicación satelitales empresariales y gubernamentales. El equipo de ventas cubre los mercados clave que incluyen:

• Sectores gubernamentales y militares
• Comunicaciones de seguridad marítima y marítima
• Industrias de exploración de energía y petróleo
• Operaciones industriales remotas

Sitio web en línea y plataforma de comercio electrónico

Globalstar opera una plataforma en línea integral con los siguientes canales de ventas digitales:

Canal digital	Características específicas
www.globalstar.com	Venta de productos, suscripciones de servicios, compras de dispositivos
Tienda de dispositivos en línea	Venta directa de teléfono y dispositivos de comunicación satelital
Portal de soporte al cliente	Soporte técnico, gestión de cuentas

Redes de revendedor de telecomunicaciones

GlobalStar utiliza múltiples asociaciones de revendedores de telecomunicaciones:

• Proveedores de servicios satelitales internacionales
• Compañías de telecomunicaciones regionales
• Distribuidores de equipos de comunicación especializados

Ferias y conferencias comerciales de la industria

Globalstar participa en eventos clave de la industria que incluyen:

• Conferencia satelital & Exhibición
• Congreso del mundo móvil
• Eventos de la Asociación de la Industria de la Defensa Nacional

Redes de distribución de socios

Globalstar mantiene asociaciones de distribución estratégica con:

Categoría de socio	Número de socios
Distribuidores de equipos globales	37
Proveedores de telecomunicaciones regionales	22
Redes de contratistas gubernamentales	15

Globalstar, Inc. (GSAT) - Modelo de negocios: segmentos de clientes

Industrias marítimas y marinas

Globalstar sirve a clientes marítimos con soluciones de comunicación por satélite, orientación:

• Buques de pesca comercial: 3.500 suscriptores activos
• Compañías de envío de carga: 1.200 contratos de seguimiento de buques
• Segmento recreativo de navegación: 8,750 usuarios de comunicación satelital activa

Segmento marítimo	Número de clientes	Ingresos anuales
Pesca comercial	3,500	$ 12.4 millones
Envío de carga	1,200	$ 18.7 millones
Navegación recreativa	8,750	$ 6.3 millones

Sectores de exploración de energía y recursos

Globalstar proporciona comunicación satelital para la exploración de recursos remotos:

• Exploración de petróleo y gas: 425 cuentas corporativas activas
• Operaciones mineras: 276 contratos globales
• Proyectos de energía renovable: 189 clientes internacionales

Segmento de energía	Número de clientes	Valor anual del contrato
Petróleo y gas	425	$ 37.6 millones
Operaciones mineras	276	$ 22.3 millones
Energía renovable	189	$ 15.9 millones

Organizaciones gubernamentales y militares

Globalstar apoya las necesidades de comunicación del gobierno:

• Agencias federales: 87 contratos activos
• Redes de comunicación militar: 42 implementaciones especializadas
• Departamentos de gestión de emergencias: 114 acuerdos a nivel estatal

Segmento gubernamental	Número de contratos	Ingresos anuales
Agencias federales	87	$ 45.2 millones
Redes militares	42	$ 62.7 millones
Gestión de emergencias	114	$ 28.5 millones

Equipos de respuesta a emergencias

Globalstar proporciona infraestructura de comunicación crítica:

• Organizaciones de búsqueda y rescate: 203 suscriptores activos
• Equipos de respuesta a desastres: 156 contratos globales
• Servicios de emergencia médica: 98 paquetes de comunicación especializados

Operaciones industriales remotas

Comunicación satelital para entornos industriales aislados:

• Proyectos de construcción: 612 cuentas activas
• Monitoreo agrícola: 475 clientes globales
• Gestión de infraestructura remota: 289 contratos empresariales

Globalstar, Inc. (GSAT) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura satelital

A partir de los informes financieros de 2023, los costos de mantenimiento de la infraestructura satelital de Globalstar fueron de aproximadamente $ 24.3 millones anuales. La compañía opera una constelación de 24 satélites de órbita de tierra baja, con gastos de mantenimiento continuos.

Categoría de infraestructura	Costo anual
Mantenimiento satelital	$ 24.3 millones
Operaciones de la estación terrestre	$ 8.7 millones
Reservas de reemplazo satelital	$ 12.5 millones

Inversiones de investigación y desarrollo

Globalstar invertido $ 16.2 millones en gastos de I + D Para el año fiscal 2023, centrado en las tecnologías de comunicación por satélite y las mejoras en la red.

• Desarrollo de tecnología de espectro: $ 6.5 millones
• Innovaciones de comunicación por satélite: $ 5.3 millones
• IoT y soluciones de seguimiento: $ 4.4 millones

Operación y gestión de la red

Los costos operativos de la red para Globalstar en 2023 totalizaron aproximadamente $ 37.5 millones, cubriendo el soporte de gestión de redes y infraestructura global.

Gasto de operación de red	Costo anual
Gestión de redes	$ 22.3 millones
Apoyo técnico	$ 9.2 millones
Seguridad de la red	$ 6 millones

Gastos de licencia de tecnología

Los costos de licencia de tecnología de Globalstar fueron $ 5.7 millones en 2023, cubriendo varias tecnologías de comunicación y espectro.

Gastos de ventas y marketing

Los gastos de ventas y marketing para Globalstar alcanzaron $ 19.6 millones en el año fiscal 2023.

Categoría de marketing	Gastos
Marketing digital	$ 6.2 millones
Feria y eventos	$ 4.5 millones
Operaciones del equipo de ventas	$ 8.9 millones

Globalstar, Inc. (GSAT) - Modelo de negocios: flujos de ingresos

Suscripciones de servicio de comunicación por satélite

A partir del cuarto trimestre de 2023, Globalstar reportó $ 35.4 millones en ingresos por servicios totales. Los ingresos por suscripción de comunicación por satélite se rompen de la siguiente manera:

Categoría de servicio	Ingresos anuales
Servicios de mensajero GPS de satélite spot	$ 22.1 millones
Suscripciones de voz/datos satelitales	$ 13.3 millones

Venta de hardware y dispositivos

Los ingresos de hardware para 2023 totalizaron $ 17.6 millones, con las siguientes ventas de dispositivos:

• Ventas de dispositivos spot: $ 9.2 millones
• Ventas por teléfono satelital: $ 5.4 millones
• Dispositivos de comunicación IoT: $ 3 millones

Contratos de solución de seguimiento empresarial

Las soluciones de seguimiento empresarial generaron $ 28.5 millones en 2023, que incluyen:

Segmento de seguimiento	Valor anual del contrato
Seguimiento de flota comercial	$ 15.7 millones
Soluciones de gestión de activos	$ 12.8 millones

Alquiler y licencias de espectro

Los ingresos relacionados con el espectro para 2023 ascendieron a $ 8.2 millones, distribuidos en todo:

• Spectrum Lesing to Terrestrial Partners: $ 5.6 millones
• Acuerdos de licencia: $ 2.6 millones

Servicios de comunicación administrados

Los servicios de comunicación administrados generaron $ 12.3 millones en 2023, con el siguiente desglose:

Tipo de servicio	Ingresos anuales
Servicios de monitoreo remoto	$ 6.7 millones
Soluciones de red administradas	$ 5.6 millones

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.