Globalstar, Inc. announced its financial results for the second quarter ended June 30, 2025. The company reported total revenue of $67.1 million, an 11% increase year-over-year, surpassing Wall Street’s expectations. Service revenue increased 10%, primarily driven by wholesale capacity services.
Globalstar reported net income of $16.6 million for the quarter, or 13 cents per share. The company’s full-year revenue guidance of $272.5 million at the midpoint came in 4.4% above analysts’ estimates, and its non-GAAP profit of $0.04 per share was significantly above consensus.
The company highlighted growth in wholesale capacity services and momentum in its commercial Internet of Things (IoT) segment. Management attributed revenue gains to new service agreements, particularly with government and commercial customers, and the successful integration of its satellite network with partners for mission-critical applications.
Cash and cash equivalents decreased from $391.2 million at December 31, 2024, to $308.2 million at June 30, 2025, primarily due to substantial capital expenditures for the Updated Services Agreements, including $203.1 million in milestone payments to MDA for the Extended MSS Network. Net cash provided by operating activities significantly improved to $209.7 million for H1 2025, up from $66.5 million in the prior year, largely due to favorable working capital changes from the Infrastructure Prepayment and accelerated service fees.
The company's debt principal stood at $400.2 million at June 30, 2025. Globalstar continues to advance its strategy and deepen its presence across key markets, including government and defense sectors, despite challenges in cost management and licensing.
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