Globalstar, Inc. (GSAT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No vasto e intrincado mundo das comunicações via satélite, a GlobalStar, Inc. (GSAT) surge como uma força pioneira, tecendo uma complexa rede de inovação tecnológica e conectividade estratégica. Ao criar meticulosamente um modelo de negócios que abrange as indústrias globais - da exploração marítima à resposta a emergências - a GlobalStar transforma o cenário da comunicação remota, oferecendo soluções sem precedentes que preenchem lacunas tecnológicas e conectam os cantos mais isolados do nosso planeta. Sua abrangente modelo de negócios Canvas revela um sofisticado ecossistema de parcerias, recursos e proposições de valor que as posicionam na vanguarda das tecnologias de comunicação por satélite.

Globalstar, Inc. (GSAT) - Modelo de negócios: Parcerias -chave

Provedores de tecnologia de comunicação por satélite

A GlobalStar mantém parcerias estratégicas com os principais provedores de tecnologia de satélite:

Parceiro	Contribuição tecnológica	Detalhes da parceria
THALES ALENIA ESPAÇO	Fabricação de satélite	Fornece infraestrutura de satélite para a constelação da Globalstar
Qualcomm	Tecnologia de modem de satélite	Fornece tecnologias de chipset de comunicação

Colaboradores da indústria aeroespacial e de defesa

As parcerias aeroespaciais da Globalstar incluem:

• Valor do contrato de Departamento de Defesa: US $ 43,2 milhões em 2023
• Acordos de apoio à comunicação por satélite do governo dos EUA
• Soluções de rastreamento de resposta a emergências para aplicações militares

Operadores de rede de telecomunicações

Principais parcerias de telecomunicações:

Operador	Cobertura de rede	Escopo da parceria
AT&T	Cobertura norte -americana	Interconexão de rede de satélite
Verizon	Serviços de roaming global	Infraestrutura de comunicação por satélite

Agências de serviços governamentais e de emergência

Parcerias críticas com entidades governamentais:

• Contratos de Comunicação de Emergência Federal de Gerenciamento de Emergências (FEMA)
• Administração Nacional Oceânica e Atmosférica (NOAA) Serviços de dados de satélite
• Acordos de rastreamento por satélite de segurança interna

Fabricantes de soluções de IoT e rastreamento

Ecossistema de parceria da IoT:

Fabricante	Integração do produto	Segmento de mercado
Sierra sem fio	Módulos de IoT de satélite	Soluções de rastreamento de ativos
OrbComm	Rastreando tecnologias de dispositivos	Monitoramento industrial e de transporte

Globalstar, Inc. (GSAT) - Modelo de negócios: Atividades -chave

Manutenção de infraestrutura de rede de satélite

A GlobalStar opera uma constelação de 24 satélites de órbita baixa da Terra (LEO) a partir de 2024. A Companhia mantém uma rede total de satélites avaliada em aproximadamente US $ 850 milhões.

Especificação de rede	Detalhes
Satélites totais	24 Satélites Leo
Custo anual de manutenção de rede	US $ 42,3 milhões
Cobertura de rede	Mais de 80% da superfície global

Provisionamento de serviços de comunicação por satélite

A GlobalStar fornece serviços de comunicação satélite em vários setores.

• Serviços marítimos comerciais
• Comunicações de resposta a emergências
• Conectividade industrial remota
• Comunicações governamentais e militares

Desenvolvimento de dispositivo e hardware de satélite

A empresa investe aproximadamente US $ 25,7 milhões anualmente em pesquisa e desenvolvimento de dispositivos de comunicação por satélite.

Categoria de hardware	Investimento anual
Telefones satélites	US $ 8,2 milhões
Dispositivos de rastreamento	US $ 7,5 milhões
Módulos de comunicação	US $ 10 milhões

Soluções de rastreamento e monitoramento globais

Globalstar fornece Spot Satellite GPS Messenger e soluções de rastreamento corporativo.

• Rastreamento de segurança pessoal
• Monitoramento de ativos
• Gerenciamento de frota
• Rastreamento de conservação da vida selvagem

Licenciamento e gerenciamento de espectro

O Globalstar gerencia os direitos do espectro em várias jurisdições internacionais.

Categoria de espectro	Custo de licenciamento
Direitos do Espectro Internacional	US $ 18,6 milhões anualmente
Gerenciamento de espectro dos EUA	US $ 5,2 milhões anualmente

Globalstar, Inc. (GSAT) - Modelo de negócios: Recursos -chave

Constelação de satélite de órbita baixa terra

A GlobalStar opera uma constelação de satélite com as seguintes especificações:

Satélites totais	48 satélites operacionais
Órbita de satélite	Órbita da terra baixa (LEO) a 1.414 quilômetros de altitude
Cobertura	Aproximadamente 80% da superfície global

Infraestrutura de rede de estação terrestre

A infraestrutura terrestre da Globalstar inclui:

• 12 estações de entrada terrestre
• Cobertura de rede global em vários continentes
• Centro de Operações de Rede Localizado em Milpitas, Califórnia

Tecnologias de comunicação proprietárias

Bandas de frequência de comunicação	Banda L e banda S.
Protocolos de tecnologia	CDMA (Divisão de Código de Acesso Múltiplo)
Velocidade de transmissão de dados	Até 9,6 kbps

Engenharia especializada e talento técnico

Composição da força de trabalho a partir de 2023:

• Total de funcionários: 220
• Equipe de engenharia: aproximadamente 35% da força de trabalho total
• Experiência média de engenharia: 12 anos

Propriedade intelectual e patentes

Total de patentes	23 patentes ativas
Categorias de patentes	Comunicação de satélite, processamento de sinal
Faixa de expiração da patente	2025-2035

Globalstar, Inc. (GSAT) - Modelo de negócios: proposições de valor

Cobertura global de comunicação por satélite

A GlobalStar opera uma rede de satélite que cobre 80% da superfície da Terra, com 24 satélites de órbita baixa terra fornecendo serviços de comunicação. A receita dos serviços de satélite em 2023 foi de US $ 145,3 milhões.

Cobertura de serviço	Alcance geográfico	Rede de satélite
Cobertura global	80% da superfície da Terra	24 satélites de órbita com pouca terra
Receita de serviço (2023)	US $ 145,3 milhões	Serviços de comunicação

Comunicação confiável em áreas remotas

A GlobalStar fornece soluções de comunicação em áreas com infraestrutura terrestre limitada, atendendo indústrias como marítima, aviação e exploração.

• Cobertura de comunicação marítima: 95% das rotas marítimas globais
• Confiabilidade média do sinal: 99,5% em locais remotos
• Assinatura mensal média: US $ 49,99 para serviços de telefone de satélite

Conectividade de resposta de emergência e desastre

A GlobalStar apóia a comunicação de emergência com dispositivos e serviços especializados, gerando US $ 37,2 milhões em receita do segmento de resposta a emergências em 2023.

Serviço de emergência	Receita (2023)	Principais recursos
Conectividade de resposta a desastres	US $ 37,2 milhões	24/7 de comunicação de emergência global

Soluções de rastreamento e monitoramento de ativos

A GlobalStar fornece serviços de rastreamento de IoT e ativos em vários setores, com hardware especializado e infraestrutura de comunicação por satélite.

• Dispositivos Total de IoT/Rastreamento implantados: 1,2 milhão de unidades
• Receita anual de soluções de rastreamento: US $ 52,6 milhões
• Indústrias servidas: transporte, agricultura, energia

Serviços de comunicação de baixa latência

A GlobalStar oferece comunicação por satélite de baixa latência com tempos de resposta média de 0,5-1,5 segundos, críticos para a transmissão de dados em tempo real.

Métrica de comunicação	Desempenho	Tipo de serviço
Latência média	0,5-1,5 segundos	Transmissão de dados de satélite
Velocidade de transmissão de dados	Até 128 kbps	Comunicação por satélite

Globalstar, Inc. (GSAT) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas direta

No quarto trimestre 2023, a GlobalStar mantém uma equipe de vendas direta de 37 representantes profissionais de vendas direcionados aos mercados de comunicações corporativas e governamentais. Receita média anual por representante de vendas: US $ 1,2 milhão.

Métrica da equipe de vendas	Valor
Total de representantes de vendas	37
Receita anual média por representante	$1,200,000
Total Enterprise Customer Base	214

Plataformas de suporte ao cliente online

A GlobalStar opera uma infraestrutura abrangente de suporte digital com as seguintes características:

• Sistema de ingressos online 24/7
• Tempo médio de resposta: 2,7 horas
• Taxa de resolução de suporte ao cliente: 92,4%

Acordos de serviço no nível da empresa

O GlobalStar fornece acordos de serviço corporativo em camadas com a seguinte estrutura:

Nível de serviço	Valor anual do contrato	Nível de suporte
Platina	$350,000 - $750,000	Suporte dedicado 24 horas por dia, 7 dias por semana
Ouro	$150,000 - $349,999	Suporte prolongado de horário comercial
Prata	$50,000 - $149,999	Suporte padrão

Serviços de consulta técnica

Composição e métricas da equipe de consulta técnica:

• Total de Consultores Técnicos: 22
• Duração média da consulta: 3,5 horas
• Receita de consulta: US $ 4,6 milhões em 2023

Portais de clientes de autoatendimento

Estatísticas da plataforma de autoatendimento digital para 2023:

• Total de usuários registrados: 6.742
• Usuários ativos mensais: 3.214
• Interações mensais médias do portal: 22.500

Recurso do portal	Métrica de uso
Acesso à informação de cobrança	78% dos usuários
Configuração do serviço	64% dos usuários
Documentação técnica	55% dos usuários

Globalstar, Inc. (GSAT) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a GlobalStar mantém uma equipe de vendas direta focada nas soluções de comunicação de satélite empresariais e governamentais. A equipe de vendas abrange os principais mercados, incluindo:

• Setores governamentais e militares
• Comunicações de segurança marítima e marítima
• Indústrias de exploração de energia e petróleo
• Operações industriais remotas

Site on-line e plataforma de comércio eletrônico

A GlobalStar opera uma plataforma on -line abrangente com os seguintes canais de vendas digitais:

Canal digital	Recursos específicos
www.globalstar.com	Vendas de produtos, assinaturas de serviços, compra de dispositivos
Loja de dispositivos online	Vendas diretas de telefone e dispositivo de comunicação de satélite
Portal de suporte ao cliente	Suporte técnico, gerenciamento de contas

Redes de revendedores de telecomunicações

A GlobalStar utiliza várias parcerias de revendedores de telecomunicações:

• Provedores internacionais de serviço de satélite
• Empresas regionais de telecomunicações
• Distribuidores de equipamentos de comunicação especializados

Feiras e conferências do setor

Globalstar participa de eventos importantes da indústria, incluindo:

• Conferência de Satélite & Exposição
• Congresso Mundial Mobile
• Eventos da Associação da Indústria da Defesa Nacional

Redes de distribuição de parceiros

Globalstar mantém parcerias estratégicas de distribuição com:

Categoria de parceiro	Número de parceiros
Distribuidores de equipamentos globais	37
Provedores regionais de telecomunicações	22
Redes de empreiteiros do governo	15

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

Indústrias marítimas e marinhas

A GlobalStar atende clientes marítimos com soluções de comunicação por satélite, segmentando:

• Navios de pesca comercial: 3.500 assinantes ativos
• Empresas de transporte de carga: 1.200 contratos de rastreamento de embarcações
• Segmento de barco recreativo: 8.750 usuários ativos de comunicação por satélite

Segmento marítimo	Número de clientes	Receita anual
Pesca comercial	3,500	US $ 12,4 milhões
Frete de carga	1,200	US $ 18,7 milhões
NASTRA RECREATIAL	8,750	US $ 6,3 milhões

Setores de exploração de energia e recursos

Globalstar fornece comunicação satélite para exploração remota de recursos:

• Exploração de petróleo e gás: 425 contas corporativas ativas
• Operações de mineração: 276 contratos globais
• Projetos de energia renovável: 189 clientes internacionais

Segmento de energia	Número de clientes	Valor anual do contrato
Petróleo e gás	425	US $ 37,6 milhões
Operações de mineração	276	US $ 22,3 milhões
Energia renovável	189	US $ 15,9 milhões

Organizações governamentais e militares

O GlobalStar suporta as necessidades de comunicação do governo:

• Agências federais: 87 contratos ativos
• Redes de comunicação militar: 42 implantações especializadas
• Departamentos de Gerenciamento de Emergência: 114 acordos em nível estadual

Segmento do governo	Número de contratos	Receita anual
Agências federais	87	US $ 45,2 milhões
Redes militares	42	US $ 62,7 milhões
Gerenciamento de emergência	114	US $ 28,5 milhões

Equipes de resposta a emergências

O GlobalStar fornece infraestrutura crítica de comunicação:

• Organizações de pesquisa e resgate: 203 assinantes ativos
• Equipes de resposta a desastres: 156 contratos globais
• Serviços de emergência médica: 98 pacotes de comunicação especializados

Operações industriais remotas

Comunicação via satélite para ambientes industriais isolados:

• Projetos de construção: 612 contas ativas
• Monitoramento agrícola: 475 clientes globais
• Gerenciamento de infraestrutura remota: 289 contratos corporativos

Globalstar, Inc. (GSAT) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de satélite

A partir de 2023 Relatórios Financeiros, os custos de manutenção de infraestrutura por satélite da Globalstar eram de aproximadamente US $ 24,3 milhões anualmente. A Companhia opera uma constelação de 24 satélites de órbita de baixa terra, com despesas de manutenção contínuas.

Categoria de infraestrutura	Custo anual
Manutenção de satélite	US $ 24,3 milhões
Operações da estação terrestre	US $ 8,7 milhões
Reservas de substituição de satélite	US $ 12,5 milhões

Investimentos de pesquisa e desenvolvimento

Globalstar investiu US $ 16,2 milhões em despesas de P&D Para o ano fiscal de 2023, concentrando -se em tecnologias de comunicação por satélite e melhorias de rede.

• Desenvolvimento de tecnologia de espectro: US $ 6,5 milhões
• Innovações de comunicação por satélite: US $ 5,3 milhões
• Soluções de IoT e Rastreamento: US $ 4,4 milhões

Operação e gerenciamento de rede

Os custos operacionais de rede da GlobalStar em 2023 totalizaram aproximadamente US $ 37,5 milhões, cobrindo o gerenciamento global de rede e o suporte à infraestrutura.

Despesas de operação de rede	Custo anual
Gerenciamento de rede	US $ 22,3 milhões
Suporte técnico	US $ 9,2 milhões
Segurança de rede	US $ 6 milhões

Despesas de licenciamento de tecnologia

Os custos de licenciamento de tecnologia da Globalstar foram US $ 5,7 milhões em 2023, cobrindo várias tecnologias de comunicação e espectro.

Despesas de vendas e marketing

As despesas de vendas e marketing da GlobalStar atingiram US $ 19,6 milhões no ano fiscal de 2023.

Categoria de marketing	Despesa
Marketing digital	US $ 6,2 milhões
Feira e eventos	US $ 4,5 milhões
Operações da equipe de vendas	US $ 8,9 milhões

Globalstar, Inc. (GSAT) - Modelo de negócios: fluxos de receita

Assinaturas de serviço de comunicação por satélite

A partir do quarto trimestre de 2023, a Globalstar registrou US $ 35,4 milhões em receitas totais de serviço. As receitas de assinatura de comunicação por satélite quebram da seguinte forma:

Categoria de serviço	Receita anual
Spot Satellite GPS Messenger Services	US $ 22,1 milhões
Assinaturas de voz/dados de satélite	US $ 13,3 milhões

Vendas de hardware e dispositivos

A receita de hardware para 2023 totalizou US $ 17,6 milhões, com as seguintes vendas de dispositivos:

• Vendas de dispositivos spot: US $ 9,2 milhões
• Vendas de telefone por satélite: US $ 5,4 milhões
• Dispositivos de comunicação da IoT: US $ 3 milhões

Contratos de solução de rastreamento corporativo

As soluções de rastreamento corporativo geraram US $ 28,5 milhões em 2023, incluindo:

Segmento de rastreamento	Valor anual do contrato
Rastreamento de frota comercial	US $ 15,7 milhões
Soluções de gerenciamento de ativos	US $ 12,8 milhões

Leasing e licenciamento de espectro

As receitas relacionadas ao espectro para 2023 totalizaram US $ 8,2 milhões, distribuídas de maneira superior:

• Leasing de espectro para parceiros terrestres: US $ 5,6 milhões
• Acordos de licenciamento: US $ 2,6 milhões

Serviços de comunicação gerenciados

Os serviços de comunicação gerenciados geraram US $ 12,3 milhões em 2023, com a seguinte quebra:

Tipo de serviço	Receita anual
Serviços de monitoramento remoto	US $ 6,7 milhões
Soluções de rede gerenciadas	US $ 5,6 milhões

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.