• Globalstar (NasdaqGS:GSAT) reported record full year 2025 revenue and a sharply reduced annual net loss.
• The company launched new two way satellite IoT capabilities and expanded its network infrastructure to support broader connectivity services.
• Globalstar secured government and defense contracts that frame its role in resilient communications for critical applications.

At a share price of $62.0, Globalstar comes into this news after a very large 1 year return of 196.2% and a 3 year gain of 256.3%. The stock has pulled back 3.1% year to date, which may matter to you if you are watching shorter term swings alongside these operational updates.

For investors following satellite and IoT connectivity, these new services, infrastructure investments, and government relationships point to a business that is trying to broaden where and how it earns revenue. The key questions from here will center on how effectively Globalstar converts these developments into recurring usage, contract renewals, and further adoption of its two way IoT offerings.

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For you as a shareholder or potential investor, this update is really about Globalstar trying to turn product and infrastructure work into a more durable business model. Full year revenue of US$272.99 million, up from US$250.35 million, and a much smaller net loss of US$8.65 million compared with US$63.16 million, suggest better operating leverage as wholesale services and IoT device sales scale. The launch of two way satellite IoT and modules like the RM-200MS matters because it pushes Globalstar further into industrial, logistics, and government use cases where connectivity can be embedded for years in equipment and sensors. The 2026 revenue outlook of US$280 million to US$305 million sits on top of this, but the Q4 loss per share of US$0.11, wider than some expectations, is a reminder that the company is still spending heavily to build out satellites and ground stations. In a market that includes players such as Iridium, Inmarsat and emerging low Earth orbit networks, the real question for you is whether Globalstar’s mix of services, spectrum and government relationships is strong enough to defend pricing and win long contract cycles.

How This Fits Into The Globalstar Narrative

• The record 2025 revenue and launch of two way IoT modules directly support the narrative that government partnerships and spectrum monetization can broaden revenue streams and improve financial stability over time.
• Continued net losses and high investment needs underline the narrative risk around long sales cycles and heavy capital expenditure that could pressure free cash flow if growth or contract timing does not line up with expectations.
• The specific progress in government and defense contracts, such as the SBIR Phase II award and private 5G efforts, adds detail that may not be fully reflected in earlier narrative assumptions about enterprise and public sector uptake.

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The Risks and Rewards Investors Should Consider

• ⚠️ Globalstar remains loss making, with a Q4 2025 net loss of US$11.62 million and full year loss of US$8.65 million, while still funding satellite replenishment and ground infrastructure that could require more capital.
• ⚠️ Analysts have flagged at least one risk related to insider selling in recent months, which some investors may view as a signal to scrutinize alignment between management and shareholders.
• 🎁 The company has recorded four consecutive years of revenue growth, including 9% year on year in 2025, and has moved to income from operations of US$7.4 million, indicating better use of its existing network.
• 🎁 New two way satellite IoT services, government and defense contracts, and work on private 5G solutions expand Globalstar’s addressable market across industrial, enterprise and public sector connectivity.

What To Watch Going Forward

From here, you may want to track how quickly Globalstar can translate its new IoT products and government wins into recurring, higher margin service revenue, and whether 2026 guidance of US$280 million to US$305 million proves realistic. Contract volume, renewal rates and usage trends across wholesale capacity and IoT will be key markers. It is also worth keeping an eye on competitive moves from other satellite and direct to device providers, as well as any signals on additional capital needs for the next satellite constellation and network upgrades.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.