Globalstar, Inc. (GSAT): Business Model Canvas [Dec-2025 Updated]

You're looking at Globalstar, Inc. now, and honestly, it's not just about the old satellite phone business anymore; the $1.1 billion prepayment from Apple, funding the next-gen C-3 constellation, has completely redrawn the map. As a seasoned analyst, I see a dual model: one part is locking in massive, long-term wholesale capacity-dedicating 85% of that new network to one anchor customer-while the other part is aggressively building out terrestrial revenue streams with their n53 spectrum via XCOM RAN and commercial IoT. With 2025 revenue guidance landing between $260 million and $285 million despite heavy capital spending, understanding how they balance these moving parts is key; dive below for the full nine-block breakdown of this fascinating pivot.

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

You're looking at the core relationships that are financing and executing Globalstar, Inc.'s next chapter, specifically the C-3 constellation build-out. Honestly, the partnership structure here is what underpins the entire near-term investment thesis, moving the company from a legacy provider to a key enabler for direct-to-device services. Here's the quick math on the key players making this happen.

The financing for the Extended MSS Network (C-3 constellation) is heavily anchored by one major entity, which is a significant de-risking factor for the capital expenditure side of the business. This anchor customer is funding the bulk of the required network expansion.

The relationship with Apple is the financial engine for the new network. Apple committed to infrastructure prepayments of up to $1.1 billion, which are funded quarterly throughout the construction phase. To solidify this, Apple also agreed to purchase 400,000 Class B units for $400 million, securing a 20% equity interest in Globalstar, Inc.. Furthermore, Apple is responsible for reimbursing 95% of the capital expenditures and associated interest costs for the new satellites.

For the physical assets, MDA Space is the prime contractor for the new C-3 constellation. The definitive contract value stands at approximately C$1.1 billion, which added about C$750 million to MDA Space's backlog in the first quarter of fiscal 2025, supplementing the initial C$350 million from the Authorization to Proceed (ATP). This agreement covers the manufacture of more than 50 MDA AURORA™ software-defined digital satellites. As of June 30, 2025, Globalstar had incurred $209.6 million for milestones completed under the MDA agreement.

Getting those satellites to orbit is handled by SpaceX. Globalstar has a launch services agreement with SpaceX for a Falcon 9 launch. The total number of new craft contracted to launch via SpaceX is now 17, following a recent agreement for the next set of replacement satellites. An initial launch of 8 satellites is expected later in 2025, with the subsequent launch of nine satellites targeted for 2026. As of June 30, 2025, Globalstar had incurred $44.6 million in milestone payments plus $112 million for long-term prepaid milestones with SpaceX for the Extended MSS Network.

The public sector and defense market is being addressed through a dedicated partnership with Parsons. This relationship has moved past the proof of concept stage for satellite-enabled software-defined communications and into the commercial phase with an executed access agreement. These government-focused efforts are part of a broader success that includes multiple contract awards expected to yield a minimum of $60 million in revenue over the next five years.

For terrestrial expansion and European automotive reach, the strategic partnership with Peiker is key. This collaboration focuses on bringing satellite-based emergency services and telematics capabilities to the automotive industry, with Peiker representing Globalstar in Europe. While specific partnership financials aren't public, Globalstar's overall financial outlook for the year is projected with revenues in the band of $260 million to $285 million for 2025.

You can see the core operational dependencies clearly laid out:

• Apple provides the primary funding stream for the network upgrade.
• MDA Space builds the physical satellites for the C-3 constellation.
• SpaceX provides the launch cadence for deploying the new assets.
• Parsons unlocks commercial access to US government/defense contracts.
• Peiker facilitates entry into the European automotive emergency services sector.

The execution risk is now heavily tied to the timely delivery from MDA Space and the launch schedule from SpaceX, all under the financial umbrella provided by Apple.

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

Satellite Constellation Management: Operating the LEO network and ground infrastructure

Globalstar, Inc. continued the global build-out of its ground network to support the third-generation C-3 satellite system.

• The second-generation constellation consists of 25 satellites.
• 17 new satellites, under construction by MDA Space, are scheduled for launch in 2025.
• The Company has commissioned new replacement satellites to replenish its existing constellation.
• Capital expenditures (CapEx) for the first quarter of 2025 totaled $190.6 million.
• Cash and cash equivalents stood at $346.3 million as of September 30, 2025.
• Adjusted EBITDA for the first nine months of 2025 was $103.7 million.

Network Infrastructure Build-out: Expanding global ground stations with up to 90 new antennas

The infrastructure expansion plan is laying groundwork for resilient, global connectivity.

Construction commenced at ground stations in Japan and Canada, and an agreement was signed to double the teleport footprint in Spain.

Wholesale Capacity Provision: Allocating 85% of new network capacity to Apple

The wholesale capacity services revenue is a primary driver of the Company's top line.

• 85% of network capacity is dedicated to Apple.
• Third quarter 2025 revenue reached a record high of $73.8 million.
• Second quarter 2025 revenue was $67.1 million.
• Service revenue for the first nine months of 2025 totaled $189.9 million.

Commercial IoT Product Development: Launching two-way modules like the RM200M

The Company gained market traction with its subscriber product portfolio, including the global availability of the new two-way module.

The RM200M two-way satellite IoT module achieved commercial availability and global certification in October 2025.

• The module is future-proofed to support cellular connectivity from the same hardware.
• Management anticipates double-digit IoT growth in 2025.
• Commercial IoT service revenue increased in the second quarter of 2025.

Terrestrial Spectrum Monetization: Deploying Band n53 for private wireless (XCOM RAN)

The XCOM RAN product offers significant capacity gains in dense wireless deployments.

The Company recognized $0.6 million in Q4 2023 from a spectrum manager lease agreement with Nokia.

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

You're looking at the hard assets Globalstar, Inc. (GSAT) is counting on to drive its next phase of growth, especially with the Apple partnership in full swing. These aren't soft assets; these are the physical and financial foundations of their service delivery.

LEO Satellite Constellation: Existing and next-generation C-3 satellites

Globalstar, Inc. is actively building out its third-generation system, the C-3 Constellation, which is designed to augment the existing mobile satellite services (MSS) network that has been operational since 2000. The C-3 system is a significant capital undertaking, with an announced investment of $1.5 billion as of November 2024.

The C-3 System is planned as a 48-satellite Low Earth Orbit (LEO) constellation, filed under the ITU as 'AST-NG-C-3'.

• Existing C-3 craft already orbiting: six at 680 kms altitude.
• Next-generation C-3 orbital altitude: 1,414 kms.
• Planned lifetime for C-3 craft: about 12.5 years.
• New satellites under construction by MDA Space: 50 ordered, with nine scheduled for launch first in late 2025 and then in 2026 via SpaceX.

Licensed Spectrum: Valuable Band 53/n53 terrestrial spectrum asset

The fully licensed, interference-protected Band 53/n53 spectrum is a key differentiator, allowing for dedicated private networks without the congestion risks of unlicensed or shared bands like CBRS. This spectrum is designated as Time Division Duplexing (TDD) spectrum.

Global Ground Infrastructure: Network of ground stations and tracking antennas

The C-3 deployment is heavily reliant on a massive, coordinated global ground infrastructure rollout to support the new satellites and enhance network resilience. This involves both upgrading existing facilities and building new ones.

The global expansion includes deploying up to 90 new tracking antennas across 35 ground stations in at least 25 countries and territories.

• Clifton, Texas hub: Receiving five new C-3-dedicated antennas, including Clifton-8.
• Brazil expansion: Eight new six-meter C-3 tracking antennas across four locations.
• Existing Brazil stations (Manaus, Petrolina, Presidente Prudente): Each receiving two additional C-3 antennas.
• São Paulo (Ascenty Data Centers): Two new six-meter tracking antennas.
• Alaska sites (Talkeetna and Wasilla): Four new antennas total (two in Talkeetna, two additional in Wasilla).
• Estonia: Plans announced to double the size of the existing ground station.

Cash and Funding: $346.3 million cash (Q3 2025) and Apple's prepayment

Financial resources are being heavily directed toward the network expansion, with significant funding coming from customer prepayments. You need to watch the cash burn against the CapEx spend.

Apple's commitment under the Updated Services Agreements is substantial, providing the primary funding mechanism for the Extended MSS Network build-out. The total Infrastructure Prepayment is up to $1.1 billion. For the first six months of 2025, funding received in connection with the Infrastructure Prepayment was $124.7 million.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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.

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.

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.