GlobalStar, Inc. (GSAT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde vaste et complexe des communications par satellite, Globalstar, Inc. (GSAT) émerge comme une force pionnière, tissant un réseau complexe d'innovation technologique et de connectivité stratégique. En fabriquant méticuleusement un modèle commercial qui couvre les industries mondiales - de l'exploration maritime à la réponse d'urgence - l'alcoolstar transforme le paysage de la communication à distance, offrant des solutions sans précédent qui comblent les lacunes technologiques et relient les coins les plus isolés de notre planète. Leur toile complète du modèle commercial révèle un écosystème sophistiqué de partenariats, de ressources et de propositions de valeur qui les positionnent à l'avant-garde des technologies de communication par satellite.

GlobalStar, Inc. (GSAT) - Modèle d'entreprise: partenariats clés

Fournisseurs de technologies de communication par satellite

GlobalStar maintient des partenariats stratégiques avec les principaux fournisseurs de technologies satellites:

Partenaire	Contribution technologique	Détails du partenariat
Thales Alenia Space	Fabrication de satellites	Fournit une infrastructure satellite pour la constellation de GlobalStar
Qualcomm	Technologie du modem satellite	Fournit des technologies de chipset de communication

Collaborateurs de l'industrie aérospatiale et de la défense

Les partenariats aérospatiaux de GlobalStar comprennent:

• Valeur du contrat du ministère de la Défense: 43,2 millions de dollars en 2023
• Accords de soutien à la communication par satellite du gouvernement américain
• Solutions de suivi des interventions d'urgence pour les applications militaires

Opérateurs de réseaux de télécommunications

Partenariats clés de télécommunications:

Opérateur	Couverture réseau	Portée du partenariat
AT&T	Couverture nord-américaine	Interconnexion du réseau satellite
Verizon	Services d'itinérance mondiale	Infrastructure de communication par satellite

Agences du gouvernement et des services d'urgence

Partenariats critiques avec les entités gouvernementales:

• Contrats de communication d'urgence de l'Agence fédérale de gestion des urgences (FEMA)
• Services de données satellites océaniques et atmosphériques nationales (NOAA)
• Accords de suivi des satellites de sécurité intérieure

Fabricants de solutions IoT et de suivi

Écosystème de partenariat IoT:

Fabricant	Intégration des produits	Segment de marché
Sierra Wireless	Modules Satellite IoT	Solutions de suivi des actifs
Orbcomm	Technologies de dispositif de suivi	Surveillance industrielle et des transports

GlobalStar, Inc. (GSAT) - Modèle d'entreprise: activités clés

Maintenance des infrastructures du réseau satellite

GlobalStar exploite une constellation de 24 satellites Low Earth Orbit (LEO) à partir de 2024. La société conserve un réseau de satellites total d'une valeur d'environ 850 millions de dollars.

Spécification du réseau	Détails
Satellites totaux	24 satellites LEO
Coût annuel de maintenance du réseau	42,3 millions de dollars
Couverture réseau	Plus de 80% de la surface mondiale

Provisioning de services de communication par satellite

GlobalStar fournit des services de communication par satellite dans plusieurs secteurs.

• Services maritimes commerciaux
• Communications d'intervention d'urgence
• Connectivité industrielle à distance
• Communications gouvernementales et militaires

Développement des périphériques et matériels satellites

La société investit environ 25,7 millions de dollars par an en recherche et développement de dispositifs de communication par satellite.

Catégorie de matériel	Investissement annuel
Téléphones satellites	8,2 millions de dollars
Dispositifs de suivi	7,5 millions de dollars
Modules de communication	10 millions de dollars

Solutions globales de suivi et de surveillance

GlobalStar fournit Messager GPS Spot Satellite et les solutions de suivi d'entreprise.

• Suivi de sécurité personnelle
• Surveillance des actifs
• Gestion de la flotte
• Suivi de conservation de la faune

Licence et gestion du spectre

GlobalStar gère les droits du spectre dans plusieurs juridictions internationales.

Catégorie de spectre	Coût de licence
Droits internationaux du spectre	18,6 millions de dollars par an
Gestion du spectre américain	5,2 millions de dollars par an

GlobalStar, Inc. (GSAT) - Modèle d'entreprise: Ressources clés

Constellation par satellite en orbite basse

GlobalStar exploite une constellation par satellite avec les spécifications suivantes:

Satellites totaux	48 satellites opérationnels
Orbite satellite	Orbite terrestre basse (LEO) à 1 414 kilomètres d'altitude
Couverture	Environ 80% de la surface mondiale

Infrastructure de réseau de station sol

L'infrastructure terrestre de Globalstar comprend:

• 12 stations de passerelle terrestre
• Couverture du réseau mondial sur plusieurs continents
• Centre d'opérations de réseau situé à Milpitas, en Californie,

Technologies de communication propriétaires

Bandes de fréquence de communication	B-Band et S-Band
Protocoles technologiques	CDMA (Code Division Multiple Access)
Vitesse de transmission des données	Jusqu'à 9,6 kbps

Ingénierie spécialisée et talent technique

Composition de la main-d'œuvre en 2023:

• Total des employés: 220
• Personnel d'ingénierie: environ 35% de la main-d'œuvre totale
• Expérience d'ingénierie moyenne: 12 ans

Propriété intellectuelle et brevets

Total des brevets	23 brevets actifs
Catégories de brevets	Communication satellite, traitement du signal
Plage d'expiration des brevets	2025-2035

GlobalStar, Inc. (GSAT) - Modèle d'entreprise: propositions de valeur

Couverture de communication par satellite mondiale

GlobalStar exploite un réseau de satellites couvrant 80% de la surface de la Terre, avec 24 satellites en orbite à terre basse fournissant des services de communication. Les revenus des services satellites en 2023 étaient de 145,3 millions de dollars.

Couverture de service	Portée géographique	Réseau satellite
Couverture mondiale	80% de la surface de la Terre	24 satellites en orbite basse
Revenus de service (2023)	145,3 millions de dollars	Services de communication

Communication fiable dans les régions éloignées

GlobalStar fournit des solutions de communication dans des zones avec des infrastructures terrestres limitées, au service des industries comme la maritime, l'aviation et l'exploration.

• Couverture de communication maritime: 95% des routes maritimes mondiales
• Fiabilité moyenne du signal: 99,5% dans des emplacements éloignés
• Abonnement mensuel moyen: 49,99 $ pour les services de téléphone satellite

Connectivité d'urgence et de réponse aux catastrophes

GlobalStar prend en charge la communication d'urgence avec des appareils et services spécialisés, générant 37,2 millions de dollars de revenus du segment des interventions d'urgence en 2023.

Service d'urgence	Revenus (2023)	Caractéristiques clés
Connectivité de réponse aux catastrophes	37,2 millions de dollars	Communication d'urgence mondiale 24/7

Solutions de suivi et de surveillance des actifs

GlobalStar fournit des services de suivi de l'IoT et des actifs dans plusieurs industries, avec une infrastructure spécialisée en matière de matériel et de communication par satellite.

• Total des dispositifs IoT / Suivit déployés: 1,2 million d'unités
• Revenus annuels des solutions de suivi: 52,6 millions de dollars
• Industries desservies: transport, agriculture, énergie

Services de communication à faible latence

GlobalStar offre une communication par satellite à faible latence avec des temps de réponse moyens de 0,5 à 1,5 seconde, essentiels pour la transmission de données en temps réel.

Métrique de communication	Performance	Type de service
Latence moyenne	0,5-1,5 secondes	Transmission des données satellites
Vitesse de transmission des données	Jusqu'à 128 kbps	Communication par satellite

GlobalStar, Inc. (GSAT) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

Depuis le quatrième trimestre 2023, GlobalStar maintient une équipe de vente directe de 37 représentants commerciaux professionnels ciblant les marchés des entreprises et des communications gouvernementales. Revenu annuel moyen par représentant des ventes: 1,2 million de dollars.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	37
Revenu annuel moyen par représentant	$1,200,000
Total de la clientèle d'entreprise	214

Plateformes de support client en ligne

GlobalStar exploite une infrastructure complète de support numérique avec les caractéristiques suivantes:

• Système de billetterie en ligne 24/7
• Temps de réponse moyen: 2,7 heures
• Taux de résolution du support client: 92,4%

Accords de service au niveau de l'entreprise

GlobalStar fournit des accords de service d'entreprise à plusieurs niveaux avec la structure suivante:

Niveau de service	Valeur du contrat annuel	Niveau de soutien
Platine	$350,000 - $750,000	Support dédié 24/7
Or	$150,000 - $349,999	Support des heures d'ouverture prolongée
Argent	$50,000 - $149,999	Support standard

Services de consultation technique

Composition de l'équipe de consultation technique et paramètres:

• Consultants techniques totaux: 22
• Durée moyenne de la consultation: 3,5 heures
• Revenus de consultation: 4,6 millions de dollars en 2023

Portails de clients en libre-service

Statistiques de plate-forme en libre-service numérique pour 2023:

• Total des utilisateurs enregistrés: 6 742
• Utilisateurs actifs mensuels: 3 214
• Interactions de portail mensuelles moyennes: 22 500

Caractéristique du portail	Métrique d'utilisation
Accès aux informations de facturation	78% des utilisateurs
Configuration de service	64% des utilisateurs
Documentation technique	55% des utilisateurs

GlobalStar, Inc. (GSAT) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, GlobalStar maintient une équipe de vente directe axée sur les solutions de communication par satellite d'entreprise et de gouvernement. L'équipe de vente couvre les marchés clés, notamment:

• Secteurs gouvernementaux et militaires
• Communications de sécurité maritime et maritime
• Industries de l'exploration de l'énergie et du pétrole
• Opérations industrielles à distance

Site Web en ligne et plateforme de commerce électronique

GlobalStar exploite une plate-forme en ligne complète avec les canaux de vente numériques suivants:

Canal numérique	Caractéristiques spécifiques
www.globalstar.com	Ventes de produits, abonnements de services, achats d'appareils
Boutique d'appareil en ligne	Ventes directes des appareils téléphoniques et des appareils de communication par satellite
Portail de support client	Assistance technique, gestion des comptes

Réseaux de revendeurs de télécommunications

GlobalStar utilise plusieurs partenariats de revendeurs de télécommunications:

• Fournisseurs de services satellites internationaux
• Sociétés régionales de télécommunications
• Distributeurs d'équipements de communication spécialisés

Salons et conférences de l'industrie

GlobalStar participe à des événements clés de l'industrie, notamment:

• Conférence par satellite & Exposition
• Congrès mondial mobile
• Événements de la National Defense Industry Association

Réseaux de distribution de partenaires

GlobalStar maintient des partenariats de distribution stratégique avec:

Catégorie de partenaire	Nombre de partenaires
Distributeurs d'équipements mondiaux	37
Fournisseurs de télécommunications régionales	22
Réseaux d'entrepreneur du gouvernement	15

GlobalStar, Inc. (GSAT) - Modèle d'entreprise: segments de clientèle

Industries maritimes et marines

GlobalStar sert des clients maritimes avec des solutions de communication par satellite, ciblage:

• Navires de pêche commerciale: 3 500 abonnés actifs
• Compagnies d'expédition de fret: 1 200 contrats de suivi des navires
• Segment de navigation récréative: 8 750 utilisateurs de communication par satellite active

Segment maritime	Nombre de clients	Revenus annuels
Pêche commerciale	3,500	12,4 millions de dollars
Expédition de fret	1,200	18,7 millions de dollars
Navigation récréative	8,750	6,3 millions de dollars

Secteurs de l'énergie et des ressources

GlobalStar fournit une communication par satellite pour l'exploration des ressources à distance:

• Exploration du pétrole et du gaz: 425 comptes d'entreprise actifs
• Opérations minières: 276 Contrats mondiaux
• Projets d'énergie renouvelable: 189 clients internationaux

Segment d'énergie	Nombre de clients	Valeur du contrat annuel
Pétrole et gaz	425	37,6 millions de dollars
Opérations minières	276	22,3 millions de dollars
Énergie renouvelable	189	15,9 millions de dollars

Organisations gouvernementales et militaires

GlobalStar soutient les besoins de communication du gouvernement:

• Agences fédérales: 87 contrats actifs
• Réseaux de communication militaire: 42 déploiements spécialisés
• Services de gestion des urgences: 114 accords au niveau de l'État

Segment du gouvernement	Nombre de contrats	Revenus annuels
Agences fédérales	87	45,2 millions de dollars
Réseaux militaires	42	62,7 millions de dollars
Gestion des urgences	114	28,5 millions de dollars

Équipes d'intervention d'urgence

GlobalStar fournit une infrastructure de communication critique:

• Organisations de recherche et de sauvetage: 203 abonnés actifs
• Équipes de réponse aux catastrophes: 156 Contrats mondiaux
• Services d'urgence médicale: 98 forfaits de communication spécialisés

Opérations industrielles à distance

Communication par satellite pour les environnements industriels isolés:

• Projets de construction: 612 comptes actifs
• Surveillance agricole: 475 clients mondiaux
• Gestion des infrastructures à distance: 289 contrats d'entreprise

GlobalStar, Inc. (GSAT) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures satellites

En 2023 rapports financiers, les coûts de maintenance des infrastructures satellites de GlobalStar étaient d'environ 24,3 millions de dollars par an. La société exploite une constellation de 24 satellites en orbite à terre basse, avec des frais de maintenance continus.

Catégorie d'infrastructure	Coût annuel
Maintenance par satellite	24,3 millions de dollars
Opérations de la station terrestre	8,7 millions de dollars
Réserves de remplacement par satellite	12,5 millions de dollars

Investissements de recherche et développement

GlobalStar a investi 16,2 millions de dollars en dépenses de R&D Pour l'exercice 2023, en vous concentrant sur les technologies de communication par satellite et les améliorations des réseaux.

• Développement de la technologie du spectre: 6,5 millions de dollars
• Innovations de communication par satellite: 5,3 millions de dollars
• Solutions IoT et suivi: 4,4 millions de dollars

Fonctionnement et gestion du réseau

Les coûts opérationnels du réseau pour GlobalStar en 2023 ont totalisé environ 37,5 millions de dollars, couvrant la gestion mondiale des réseaux et le soutien aux infrastructures.

Dépenses de fonctionnement du réseau	Coût annuel
Gestion du réseau	22,3 millions de dollars
Support technique	9,2 millions de dollars
Sécurité du réseau	6 millions de dollars

Dépenses de licence technologique

Les coûts de licence technologique de GlobalStar étaient 5,7 millions de dollars en 2023, couvrant diverses technologies de communication et de spectre.

Dépenses de vente et de marketing

Les frais de vente et de marketing pour GlobalStar ont atteint 19,6 millions de dollars au cours de l'exercice 2023.

Catégorie marketing	Frais
Marketing numérique	6,2 millions de dollars
Salon et événements	4,5 millions de dollars
Opérations de l'équipe de vente	8,9 millions de dollars

GlobalStar, Inc. (GSAT) - Modèle d'entreprise: Strots de revenus

Abonnements au service de communication par satellite

Au quatrième trimestre 2023, GlobalStar a rapporté 35,4 millions de dollars de revenus de service total. Les revenus d'abonnement à la communication par satellite se décomposent comme suit:

Catégorie de service	Revenus annuels
SPOT SATELLITE GPS MESSENSER SERVICES	22,1 millions de dollars
Abonnements vocaux / données satellites	13,3 millions de dollars

Ventes matérielles et périphériques

Les revenus matériels pour 2023 ont totalisé 17,6 millions de dollars, avec les ventes de périphériques suivantes:

• Ventes de dispositifs spot: 9,2 millions de dollars
• Ventes de téléphone satellite: 5,4 millions de dollars
• Dispositifs de communication IoT: 3 millions de dollars

Contrats de solution de suivi de l'entreprise

Les solutions de suivi des entreprises ont généré 28,5 millions de dollars en 2023, notamment:

Segment de suivi	Valeur du contrat annuel
Suivi commercial de la flotte	15,7 millions de dollars
Solutions de gestion des actifs	12,8 millions de dollars

Location et licence de spectre

Les revenus liés au spectre pour 2023 s'élevaient à 8,2 millions de dollars, distribués à travers:

• Spectrum Lailing to Terrestrial Partners: 5,6 millions de dollars
• Accords de licence: 2,6 millions de dollars

Services de communication gérés

Les services de communication gérés ont généré 12,3 millions de dollars en 2023, avec la ventilation suivante:

Type de service	Revenus annuels
Services de surveillance à distance	6,7 millions de dollars
Solutions de réseau gérées	5,6 millions de dollars

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.