Globalstar, Inc. (GSAT)

Price$82.34Cached quoteAs of 2026-09-28 21:03 UTC

AI: Fair-priced

Price checkThe market price looks fair because deal upside is modest while standalone valuation is demanding.

Globalstar’s market value is about $10.6 billion, versus trailing revenue near $281 million, roughly 38 times sales. Using June net cash near $51 million, enterprise value is still about $10.5 billion. The Amazon agreement offers $90 cash per share or 0.321 Amazon shares, but cash is capped at 40% of total shares and the stock leg can be worth less than $90. The observed market price sits about 9% below the cash ceiling. That spread looks reasonable for a 2027 closing with remaining approval and satellite-milestone risk.

Big pictureRevenue is growing slowly, but profits remain inconsistent and cash generation depends on customer prepayments.

Revenue rose 9% in 2025 to $273.0 million, and first-half 2026 revenue increased about 6% from the comparable 2025 period. Yet first-half 2026 net losses totaled about $44 million, while second-quarter revenue fell to $64.8 million from $67.1 million a year earlier. Operating cash flow looked strong, but the company said first-half cash receipts included a $104.8 million infrastructure prepayment and $15.0 million of accelerated service fees. Results are therefore lumpy from contract timing rather than strongly tied to the economic cycle.

Business strengthCash reserves have improved sharply, but heavy investment and new shares still reduce owner protection.

On the supplied SEC-derived basis, June cash was $409.8 million against reported total debt of $358.8 million, leaving about $51 million of net cash; current assets also exceeded current liabilities by roughly $164 million. That is a major improvement from more than $300 million of net debt at the end of 2023. Capital needs remain heavy: the company reported $208.3 million of first-half 2026 capital spending, largely for satellites and network expansion. Shares outstanding rose about 1.2% year over year, while stock compensation and preferred dividends continue and no buybacks appear in the supplied history.

What could change the storyThe merger closing is the main upside trigger; failure would expose a costly standalone valuation.

The bull case is a 2027 Amazon closing after remaining regulatory approvals and HIBLEO-4 operational milestones, with no material reduction to consideration. The merger terms allow up to a $110 million downward adjustment if specified milestones are missed. The bear case is delay, failure, or a weaker stock consideration value. Without the deal, the current market value is roughly 38 times trailing sales and more than 100 times trailing earnings before interest, taxes, depreciation and amortization, despite ongoing net losses. The market price therefore assumes a high probability of successful completion.

AI: News

Amazon acquisition agreementAmazon agreed to buy Globalstar, resetting the stock around deal value instead of standalone earnings.

On April 14, Amazon announced an $11.57 billion transaction. Globalstar holders can elect $90 cash or 0.321 Amazon shares; cash elections are capped at 40%, and total consideration can be reduced by up to $110 million if milestones are missed. Reuters reported Globalstar shares rose more than 10% that day. The event matters because the stock now trades mainly on the chance and terms of deal completion rather than on current profits.

Antitrust waiting period expiredA major United States antitrust hurdle cleared, reducing one source of deal-completion risk.

Globalstar disclosed on August 6 that the Hart-Scott-Rodino waiting period expired July 17, satisfying that closing condition. Remaining approvals still include the Federal Communications Commission and several international merger, foreign-investment, satellite, and communications authorities. This was positive because one regulatory gate closed, but the company still expects the transaction to close in 2027. Any market reaction should be viewed as deal-risk repricing, not proof that final approval is certain.

Second-quarter earnings weakenedQuarterly revenue slipped and losses widened, showing the standalone business still needs stronger operating performance.

On August 6, Globalstar reported $64.8 million of second-quarter revenue, down from $67.1 million a year earlier, and a $26.5 million net loss versus $19.2 million of net income. Commercial internet-of-things activations reached a record, but Duplex and SPOT subscriber churn remained a drag. The stock changed little around the release, so price causation is uncertain. Fundamentally, weaker quarterly profit reinforces why the pending Amazon deal dominates valuation.

Eight satellites launchedSuccessful deployment reduced an important operational risk tied directly to the pending Amazon transaction.

On August 16, all eight HIBLEO-4 replacement satellites reached their intended orbital planes, and Globalstar established command and control with initial health checks as expected. The satellites still require commissioning and testing before commercial service. That matters because the merger agreement includes closing conditions tied to HIBLEO-4 launch and operational milestones. The launch removed one failure point, although full milestone satisfaction and remaining regulatory approvals are still required.

Loading local price history

Revenue

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$273.0M	$250.3M	$223.8M	$148.5M	$124.3M	$128.5M	$131.7M	$130.1M	$112.7M	$96.9M	$90.5M	$90.1M	$82.7M	$76.3M	$72.8M	$67.9M	$64.3M
Gross profit	$176.9M	$167.6M	$154.3M	$83.5M	—	—	—	—	$102.7M	$87.0M	$78.7M	$75.2M	$69.1M	$63.0M	$60.9M	$54.8M	$54.4M
Gross margin	64.80%	66.94%	68.96%	56.22%	—	—	—	—	91.17%	89.77%	86.94%	83.50%	83.53%	82.60%	83.62%	80.60%	84.63%
Research & development	$6.1M	$6.5M	$1.4M	$500,000	$1.0M	$1.9M	$3.2M	$2.7M	$3.8M	$2.1M	$1.9M	$500,000	$600,000	$300,000	$1.9M	$3.7M	—
Operating expenses	$265.6M	$251.3M	$224.0M	$369.5M	$189.8M	$187.7M	$195.8M	$177.5M	$181.1M	$160.1M	$157.1M	$186.0M	$170.1M	$171.3M	$146.1M	$127.7M	$118.1M
Operating income	$7.4M	−$949,000	−$165,000	−$221.0M	−$65.5M	−$59.2M	−$64.0M	−$47.4M	−$68.4M	−$63.3M	−$66.6M	−$95.9M	−$87.4M	−$95.0M	−$73.2M	−$59.8M	−$53.8M
Operating margin	2.72%	−0.38%	−0.07%	−148.84%	−52.70%	−46.05%	−48.62%	−36.41%	−60.75%	−65.30%	−73.60%	−106.47%	−105.66%	−124.47%	−100.56%	−87.97%	−83.68%
EBITDA	$94.8M	$88.0M	$88.0M	−$127.1M	$30.7M	$37.7M	$31.7M	$43.1M	$9.1M	$14.1M	$10.6M	−$9.7M	$3.2M	−$25.2M	−$23.2M	−$32.4M	−$31.9M
EBITDA margin	34.74%	35.17%	39.33%	−85.62%	24.73%	29.30%	24.09%	33.09%	8.03%	14.60%	11.76%	−10.82%	3.86%	−33.01%	−31.84%	−47.62%	−49.67%
Net income	−$8.7M	−$63.2M	−$24.7M	−$256.9M	−$112.6M	−$109.6M	$15.3M	−$6.5M	−$89.1M	−$132.6M	$72.3M	−$462.9M	−$591.1M	−$112.2M	−$54.9M	−$97.5M	−$74.9M
Net profit margin	−3.17%	−25.23%	−11.04%	−173.00%	−90.61%	−85.33%	11.63%	−5.01%	−79.06%	−136.94%	79.92%	−513.93%	−714.68%	−147.01%	−75.42%	−143.46%	−116.56%
Basic EPSper basic share	-$0.15	-$0.59	-$0.29	-$2.15	-$0.09	-$0.10	$0.01	-$0.01	-$0.12	-$0.18	$0.10	-$0.75	-$1.44	-$0.43	-$0.27	-$0.51	-$0.87
Diluted EPSper diluted share	-$0.15	-$0.59	-$0.29	-$2.15	-$0.09	-$0.10	-$0.10	-$0.01	-$0.12	-$0.18	$0.10	-$0.75	-$1.44	-$0.43	-$0.27	-$0.51	-$0.87

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈57.16%of listed shares

Monroe James III74.06M shares · Jan 5, 2026

View holders

Top 20 reported holders of GSAT
Holder	% owned
Monroe James III	≈57.16%74.06M shares
BlackRock, Inc.	2.50%3.24M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.79%2.32M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.69%2.19M shares
NORGES BANK	1.61%2.08M shares
VAN ECK ASSOCIATES CORP	1.10%1.43M shares
Pentwater Capital Management LP	1.05%1.36M shares
STATE STREET CORP	0.99%1.29M shares
GEODE CAPITAL MANAGEMENT, LLC	0.93%1.21M shares
JACOBS PAUL E	—1.18M shares
BECK MACK & OLIVER LLC	0.85%1.1M shares
MILLENNIUM MANAGEMENT LLC	0.80%1.03M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	0.76%991.12K shares
Lynch James F	≈0.68%880.59K shares
LMR Partners LLP	0.66%849.61K shares
Taylor Timothy Evan	≈0.44%575.71K shares
CITADEL ADVISORS LLC	0.42%542.47K shares
ASHFORD CAPITAL MANAGEMENT INC	0.39%509.7K shares
ALPINE ASSOCIATES MANAGEMENT INC.	0.36%467.65K shares
Penserra Capital Management LLC	0.35%458.86K shares

Percentages use 129.56M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys20$26.56M disclosed value

Sells (SEC code S)62$27.92M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 4, 2026Form 4 · 10b5-1	Clary RebeccaVP & Chief Financial Officer	SellVoting Common Stock	920	$81.75	$75.2K	120.3K
Apr 28, 2026Form 4	Clary RebeccaVP & Chief Financial Officer	SellVoting Common Stock	4.1K	$81.24	$330.3K	121.2K
Apr 15, 2026Form 4	Clary RebeccaVP & Chief Financial Officer	SellVoting Common Stock	4.0K	$79.85	$322.4K	115.7K
Mar 19, 2026Form 4	JACOBS PAUL EChief Executive Officer	SellVoting Common Stock	713	$59.56	$42.5K	67.0K
Mar 19, 2026Form 4	JACOBS PAUL EChief Executive Officer	SellVoting Common Stock	1	$59.58	$59.58	67.7K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about GSAT yet. Start the conversation.

Write the first post

Globalstar, Inc. (GSAT)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.