Globalstar, Inc. GSAT
Through its global satellite network, Globalstar, Inc. ("we," "us" or the "Company") provides Mobile Satellite Services ("MSS"), including voice and data communications services to retail, business and governmental customers as well as wholesale satellite capacity services. We offer these services over our network of in-orbit satellites and ground stations ("gateways") pursuant to our spectrum licenses, which we refer to collectively as the Globalstar System. In addition to supporting Internet of Things ("IoT") data transmissions in a variety of applications, we provide reliable connectivity in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters. By providing global mobile satellite communications services, we aim to meet our customers' increasing desire for connectivity.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $273.0M | $250.3M | $223.8M | $148.5M | $124.3M | $128.5M | $131.7M | $130.1M | $112.7M | $96.9M |
| Cost of revenue | — | — | — | — | — | — | — | — | $37.0M | $31.9M |
| Gross profit | — | — | — | — | — | — | — | — | $75.6M | $65.0M |
| R&D | $6.1M | $6.5M | $1.4M | $500.0K | $1.0M | $1.9M | $3.2M | $2.7M | $3.8M | $2.1M |
| SG&A | $51.4M | $43.4M | $43.5M | $33.3M | $34.6M | $41.7M | $45.2M | $55.4M | $38.8M | $40.6M |
| Total operating expenses | $265.6M | $251.3M | $224.0M | $369.5M | $189.8M | $187.7M | $195.8M | $177.5M | $181.1M | $160.1M |
| Operating income | $7.4M | -$949.0K | -$165.0K | -$221.0M | -$65.5M | -$59.2M | -$64.0M | -$47.4M | -$68.4M | -$63.3M |
| Pre-tax income | -$2.8M | -$61.0M | -$23.6M | -$256.8M | -$112.9M | -$109.0M | $15.9M | -$6.4M | -$88.9M | -$139.2M |
| Income tax | $5.9M | $2.1M | $1.1M | $73.0K | $299.0K | $662.0K | $545.0K | $125.0K | $190.0K | $6.5M |
| Net income | -$8.7M | -$63.2M | -$24.7M | -$256.9M | -$112.6M | -$109.6M | $15.3M | -$6.5M | -$89.1M | -$132.6M |
| EPS, basic | -0.15 | -0.59 | -0.29 | -2.15 | -0.06 | -0.07 | 0.01 | -0.01 | -0.08 | -0.12 |
| EPS, diluted | -0.15 | -0.59 | -0.29 | -2.15 | -0.06 | -0.07 | -0.07 | -0.01 | -0.08 | -0.12 |
| Shares, diluted (wtd. avg.) | $126.8M | $125.9M | $122.3M | $120.1M | $1.77B | $1.64B | $1.66B | $1.27B | $1.17B | $1.06B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $447.5M | $391.2M | $56.7M | $32.1M | $14.3M | $68.0M | $59.1M | $75.5M | $105.3M | $48.2M |
| Receivables | $20.0M | $27.0M | $48.7M | $26.3M | $21.2M | $22.1M | $21.8M | $19.3M | $19.3M | $15.2M |
| Inventory | $9.6M | $10.7M | $14.6M | $9.3M | $13.8M | $13.7M | $16.3M | $14.3M | $7.3M | $8.1M |
| Total current assets | $496.7M | $447.6M | $142.7M | $81.2M | $68.9M | $68.5M | $63.3M | $122.5M | $136.4M | $38.1M |
| Property, plant and equipment | $1.31B | $673.6M | $624.0M | $560.4M | $672.2M | $715.9M | $799.9M | $882.7M | $971.1M | $1.04B |
| Goodwill | $30.6M | $30.6M | $30.6M | — | — | — | — | — | — | — |
| Other intangibles | $92.3M | $85.2M | $60.7M | $30.4M | $31.0M | $27.5M | $25.2M | $25.1M | $2.0M | $1.3M |
| Total assets | $2.33B | $1.71B | $924.3M | $738.5M | $814.1M | $888.1M | $965.6M | $1.05B | $1.13B | $1.13B |
| Accounts payable | $56.0M | $29.7M | $29.0M | $3.8M | $6.2M | $2.9M | $8.0M | $7.0M | $6.0M | $7.5M |
| Short-term debt | $31.8M | $34.6M | $34.6M | $0 | $0 | $58.8M | $0 | $96.2M | $79.2M | $75.8M |
| Total current liabilities | $205.5M | $141.5M | $175.9M | $197.1M | $61.6M | $114.2M | $63.1M | $159.7M | $160.3M | $172.4M |
| Long-term debt | $452.0M | $476.8M | $325.7M | $132.1M | $237.9M | $326.6M | $464.2M | $367.2M | $434.7M | $500.5M |
| Total liabilities | $1.97B | $1.35B | $545.3M | — | — | — | — | — | — | — |
| Retained earnings | -$2.14B | -$2.13B | -$2.06B | -$2.04B | -$1.78B | -$1.67B | -$1.56B | -$1.57B | -$1.57B | -$1.48B |
| Total equity | $355.7M | $358.9M | $379.0M | $314.8M | $365.4M | $423.1M | $407.3M | $358.9M | $291.2M | $161.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $621.6M | $439.2M | $74.3M | $63.8M | $131.9M | $22.2M | $3.0M | $5.9M | $13.9M | $8.8M |
| Depreciation and amortisation | $87.4M | $89.0M | $88.2M | $93.9M | $96.2M | $96.8M | $95.8M | $90.4M | $77.5M | $77.4M |
| Stock-based compensation | $23.4M | $35.5M | $22.5M | $10.8M | $6.7M | $5.9M | $5.7M | $7.0M | $5.1M | $4.9M |
| Capital expenditure | — | — | — | — | — | — | $4.6M | $7.3M | $5.5M | $9.4M |
| Investing cash flow | -$550.4M | -$260.6M | -$175.6M | -$40.0M | -$45.2M | -$14.5M | -$11.5M | -$17.4M | -$20.8M | -$24.6M |
| Financing cash flow | -$16.2M | $157.2M | $125.8M | -$6.0M | -$140.3M | $1.2M | -$7.9M | -$18.2M | $63.8M | $18.5M |
| Dividends paid | $10.6M | $10.6M | $11.9M | $0 | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001366868-26-000012.
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