Form 8-K

8-K — Globalstar, Inc.

Accession: 0001366868-26-000037

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001366868

SIC: 4899 (COMMUNICATION SERVICES, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — gsat-20260806.htm (Primary)

EX-99.1 (gsat20260630-ex991.htm)

GRAPHIC (globalstarlogo912022a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: gsat-20260806.htm · Sequence: 1

gsat-20260806

0001366868FALSE00013668682026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026

GLOBALSTAR, INC.

(Exact name of registrant as specified in its charter)

Delaware 001-33117 41-2116508

(State or Other Jurisdiction of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

1351 Holiday Square Blvd.

Covington, LA 70433

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: (985) 335-1500

N/A

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to section 12(b) of the Act:

Title of each class Trading Symbol Name of exchange on which registered

Common Stock, par value $0.0001 per share GSAT The Nasdaq Stock Market LLC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, Globalstar, Inc. (the "Company") issued a press release announcing the Company's financial and operating results for the three and six months ended June 30, 2026. A copy of the press release is furnished hereto as Exhibit 99.1.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is furnished pursuant to the rules and regulations of the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1

Press release dated August 6, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GLOBALSTAR, INC.

By: /s/ Rebecca S. Clary

Rebecca S. Clary

Chief Financial Officer

Date: August 6, 2026

EX-99.1

Filename: gsat20260630-ex991.htm · Sequence: 2

Document

GLOBALSTAR ANNOUNCES SECOND QUARTER 2026 FINANCIAL RESULTS

•Generated second quarter 2026 revenue of $64.8 million with record high Commercial IoT subscriber activations.

•Continued progress on regulatory approval process in connection with the previously announced Merger Agreement with Amazon, with expiration of the waiting period under the HSR Act in July 2026.

•Continued execution of next-generation satellite constellation initiatives with launch of first set of replacement satellites rescheduled for later this month and further development of third-generation satellites.

Covington, LA, August 6, 2026 -- Globalstar, Inc. (Nasdaq: GSAT) (“Globalstar” or the “Company”), a next-generation telecommunications infrastructure and technology provider, today announced its financial results for the second quarter ended June 30, 2026. Capitalized terms not defined herein have the meaning given to such terms in our periodic reports.

"During the second quarter, we remained focused on disciplined execution across our business while continuing to invest in the technologies and infrastructure that support our long-term strategy," said Dr. Paul E. Jacobs, Chief Executive Officer of Globalstar. "We continue to make meaningful progress across our product, network and commercial initiatives while advancing the regulatory process associated with our previously announced Merger Agreement with Amazon. I am proud of our team's continued execution and commitment to delivering innovative connectivity solutions for our customers."

RECENT OPERATIONAL HIGHLIGHTS

•Transaction Update: The proposed transaction with Amazon is progressing through the regulatory approval process with the HSR waiting period having expired on July 17, 2026. Globalstar and Amazon are actively engaged with remaining regulatory authorities, including the FCC and certain international merger control, foreign investment and satellite and communications authorities. The transaction is expected to close in 2027 and remains subject to the satisfaction of remaining closing conditions including, among others, receipt of outstanding regulatory approvals and Globalstar's achievement of certain HIBLEO-4 replacement satellite milestones.

•Continued Execution of Satellite Network Initiatives: Globalstar continued execution of its next-generation satellite replacement and expansion initiatives, including preparation for the launch of its first set of replacement satellites, which will support Globalstar’s current-generation LEO constellation, and further development of its third-generation satellites and ground infrastructure. Globalstar is expanding its international network of ground stations in order to support its third-generation C-3 satellite system with active construction projects in multiple countries across North and South America as well as Europe and Asia. These initiatives represent important components of the Company's long-term strategy pursuant to the Updated Services Agreements to enhance network resilience, capacity and service capabilities.

•Commercial Momentum Across Connectivity Solutions: Globalstar continued to see commercial engagement across its satellite and terrestrial connectivity portfolio, including customer interest in its RM200M satellite communications module and ongoing demand for mission-critical connectivity solutions. The Company also continued expanding opportunities within government and defense markets while supporting customers across its terrestrial and satellite offerings.

SECOND QUARTER FINANCIAL REVIEW

Revenue

Total revenue for the second quarter of 2026 was $64.8 million, including $60.0 million of service revenue and $4.8 million of revenue generated from subscriber equipment sales.

Service revenue decreased $3.2 million, or 5%, during the second quarter of 2026 compared to the prior year's second quarter, primarily due to a decrease in wholesale capacity service revenue resulting from the timing of service fees associated with the reimbursement of network-related costs. The second quarter of 2025 included out of period wholesale capacity services revenue of $6.6 million; excluding this item, service revenue during the second quarter of 2026 would have increased $3.4 million compared to the prior period. Declines in Duplex and SPOT service revenue due to subscriber churn over the last twelve months also contributed to the decrease in service revenue. Partially offsetting these decreases was an increase in Commercial IoT service revenue due to growth in the subscriber base during the second quarter of 2026; we achieved record high Commercial IoT subscriber activations during the second quarter of 2026, contributing to an over 20% increase in gross activations on a last twelve-month basis.

Revenue from subscriber equipment sales increased $0.8 million, or 21%, compared to the prior year's second quarter primarily due to a higher volume of Commercial IoT device sales, and to a lesser extent, but meaningful from a strategic growth perspective, the sale of XCOM RAN systems.

(Loss) Income from Operations

Loss from operations was $4.8 million during the second quarter of 2026, compared to income from operations of $6.1 million during the prior year's second quarter. Higher operating expenses and a decrease in service revenue (discussed above) contributed to this change.

The increase in operating expenses was due primarily to higher marketing, general and administrative (“MG&A”) expenses and cost of services offset partially by lower stock-based compensation and depreciation expense. MG&A expenses were higher than the prior year's second quarter due primarily to increased legal and other professional fees related to the Amazon transaction. Consistent with previous quarters, higher cost of services resulted primarily from network operating costs to support the build out of our next-generation ground network infrastructure, a significant portion of which are reimbursed to us and recognized as revenue. Costs to support XCOM technology development also increased during the second quarter of 2026 compared to the same period in 2025. Also contributing to the increase in cost of services and MG&A expenses was the recognition of employee retention credits received in the second quarter of 2025 that did not recur in 2026.

Net (Loss) Income

Net loss was $26.5 million for the second quarter of 2026, compared to net income of $19.2 million for the prior year's second quarter. Net loss was impacted by unfavorable changes in foreign currency losses and gains due to the remeasurement of intercompany balances as well as higher interest expense resulting from our recognition of non-cash imputed interest related to the 2024 Prepayment Agreement. Unfavorable changes in (loss) income from operations (discussed above) also impacted the net loss during the quarter. Offsetting these items was a noncash gain on the contingent interest feature within the 2024 Debt Repayment resulting from the achievement of certain milestones under our agreements with the Customer pursuant to the Updated Services Agreements.

As a result of the adoption of ASU 2025-07, we are no longer required to bifurcate the embedded derivative associated with the 2024 Debt Repayment; accordingly the quarterly noncash mark-to-market adjustments ceased in 2026.

Adjusted EBITDA

Adjusted EBITDA was $26.0 million during the second quarter of 2026 compared to $35.8 million during the prior year's second quarter. This decrease was due to higher operating expenses (excluding adjustments for non-cash or non-recurring items) and lower revenue, primarily driven by the out of period service revenue recognized in the second quarter of 2025, as discussed above.

Adjusted EBITDA is a non-GAAP financial measure. For more information, refer to “Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA.”

YEAR TO DATE FINANCIAL REVIEW

Revenue

Total revenue for the first six months of 2026 was $134.8 million, including $126.7 million of service revenue and $8.1 million of revenue generated from subscriber equipment sales, compared to $127.2 million for the first six months of 2025.

Service revenue increased $6.4 million, or 5%, during the first six months of 2026 compared to the same period in 2025 primarily due to higher wholesale capacity services resulting from additional service fees associated with the reimbursement of network-related costs. Consistent with the quarterly results previously discussed, higher Commercial IoT subscribers increased service revenue for the first six months of 2026 partially offset by lower service revenue due to fewer Duplex and SPOT subscribers. Also increasing service revenue for the period was higher revenue associated with our service agreement with Parsons Corporation as we moved beyond the proof of concept phase and into the first year of service.

Revenue from subscriber equipment sales increased $1.2 million, or 18%, for the first six months of 2026 compared to the same period in 2025 consistent with the quarterly discussion above.

Income (Loss) from Operations

Income from operations was $3.4 million during the first six months of 2026, compared to loss from operations of $2.4 million during the same period in 2025. During the first six months of 2026, higher revenue was partially offset by higher operating expenses, as discussed above.

Consistent with the quarterly discussion above, operating expenses were higher due primarily to higher MG&A expenses and cost of services offset by lower stock-based compensation and depreciation expense. Also contributing to the increase in cost of services and MG&A expenses was the recognition of employee retention credits received in both the first and second quarters of 2025 that did not recur in 2026. The fluctuation in operating expenses was favorably impacted by a noncash disposal of assets recognized during the first quarter of 2025 that did not recur in 2026.

Net (Loss) Income

Net loss was $41.4 million for the first six months of 2026, compared to net income of $1.9 million during the same period in 2025. The variances driving net loss and income are consistent with the quarterly discussion above.

Adjusted EBITDA

Adjusted EBITDA was $59.4 million during the first six months of 2026 compared to $66.1 million during the same period in 2025. Higher revenue was more than offset by higher operating expenses (excluding adjustments for non-cash or non-recurring items). Specifically, while we continue to enhance and develop our XCOM RAN product and service offerings, we have incurred costs, primarily for personnel, in advance of significant revenue. Also, as previously described, 2025 Adjusted EBITDA benefited from out of period service revenue of $6.6 million that was recognized in the second quarter of 2025.

Liquidity

As of June 30, 2026, we held cash and cash equivalents of $409.8 million, compared to $447.5 million as of December 31, 2025.

During the first six months of 2026, net cash flows generated from operations were approximately $159.7 million, capital expenditures were $208.3 million and net cash flows from financing activities were $10.6 million. Cash and cash equivalents were also positively impacted by a $0.3 million effect of exchange rate changes. Operating cash flows during the first six months of 2026 included $104.8 million received in connection with the Infrastructure Prepayment, $15.0 million in accelerated service fee payment from the Customer pursuant to the Updated Services Agreements as well as other cash flows generated from the business. Capital expenditures were primarily associated with our commitments under the Updated Services Agreements related to the deployment of the replacement satellites and Extended MSS Network. Financing activities for the first six months of 2026 reflected a draw pursuant to the 2023 Funding Agreement, offset by the final recoupment under the 2021 Funding Agreement as well as preferred stock dividend payments.

Adjusted free cash flow during the first six months of 2026 was $43.5 million compared to $77.9 million during the same period in 2025. This decrease was primarily due to the timing of cash receipts pursuant to the Updated Services Agreements, specifically $15.0 million in accelerated service fees paid to us during the first six months of 2026 compared to $30.0 million during the first six months of 2025 as well as the timing of service fees associated with the reimbursement of network-related costs (as discussed above). Adjusted free cash flow is a non-GAAP financial measure. For more information, refer to “Reconciliation of Non-GAAP Adjusted Free Cash Flow.”

The principal amount of our debt was $423.7 million at June 30, 2026, compared to $410.0 million at December 31, 2025. This increase was due to the issuance of debt under the 2023 Funding Agreement totaling $19.9 million during 2026 offset by the final recoupment of $6.3 million under the 2021 Funding Agreement.

CONTINUED SUSPENSION OF FINANCIAL OUTLOOK AND CONFERENCE CALLS

In connection with the pending transaction with Amazon, Globalstar does not intend to hold future earnings conference calls or provide updates to forward-looking guidance.

About Globalstar, Inc.

Globalstar is a global telecommunications provider connecting what matters most. Through our industry-leading low Earth orbit (LEO) satellite constellation and licensed Band 53/n53 spectrum, we deliver reliable satellite and terrestrial connectivity solutions that empower customers worldwide to connect, transmit, and communicate smarter.

Our comprehensive connectivity ecosystem includes software-defined, purpose-built private wireless network platform, coupled with Globalstar Band 53 in XCOM RAN™ and trusted GPS messengers Saved by SPOT™ for safety and personal communication for business and enterprise applications.

Serving business, enterprise, and consumer markets across the globe, Globalstar supports applications that track and protect assets, enable automation, enhance operational efficiency, and safeguard lives. With unmatched reach and a relentless focus on innovation, and mission-critical performance, we're redefining what's possible for global connectivity.

Note that all SPOT products described in this press release are the products of SPOT LLC, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia.

For more information, visit www.globalstar.com.

Investor Contact Information:

investorrelations@globalstar.com

Cautionary Statement About Forward-Looking Statements

Certain statements contained in this press release other than purely historical information, including, but not limited to, estimates, projections or statements relating to the Mergers, future revenue, financial performance, financial condition, liquidity, adjusted free cash flow, projections, estimates and guidance, statements relating to our business plans, objectives and expected operating results, our anticipated financial resources, our expectations about the future operational performance of our satellites (including their projected operational lives) and the completion and launch of new satellites, our expectations regarding the outcomes of regulatory and licensing proceedings, the expected growth prospects of our existing customers and the markets that we serve, our expectations relating to the impact of trade policies (including tariffs), our expectations about our ability to integrate the licensed technology into our current line of business, the expected benefits of the updated services agreements, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” "might," "could," “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Risks and uncertainties that could cause or contribute to such differences include, without limitation, our ability to complete the Mergers on the anticipated terms and timing, or at all, including obtaining required regulatory approvals and the satisfaction of other conditions to the completion of the Mergers, potential litigation relating to the Mergers, including the effects of any outcomes related thereto, the risk that disruptions from the Mergers (such as the ability of certain of our customers to terminate or amend contracts upon a change of control, or to withhold consent to such change of control) will harm our business, including current plans and operations, our ability to retain and hire key personnel, the diversion of management’s time and attention from ordinary course business operations, potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Mergers, contractual provisions that may impact our ability to pursue certain business opportunities or strategic transactions during the pendency, and/or following the completion of, the Mergers, the occurrence of any event, change, or other circumstance that could give rise to the termination of the Mergers, including in circumstances requiring us to pay a termination fee under the Merger Agreement, our ability to meet our obligations to attain the anticipated benefits under the Updated Services Agreements and avoid the potential adjustment of the Merger Consideration if we fail to meet certain milestones based on the Company's agreements with the Customer, and those described under Item 1A. Risk Factors of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and as updated in the Company’s other filings with the SEC. The Company undertakes no obligation to update any of the forward-looking statements after the date of this press release to reflect actual results, future events or circumstances or changes in our assumptions, business plans or other changes.

This press release contains measures such as EBITDA, Adjusted EBITDA, and Adjusted free cash flow, which are not recognized under U.S. generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP measures to amounts reported in the Company’s consolidated financial statements are provided in this press release. For forward-looking Adjusted EBITDA margin, the Company is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods and the information needed to reconcile these measures is dependent upon future events, many of which are outside of our control as described above. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.

GLOBALSTAR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Revenue:

Service revenue $ 59,998 $ 63,216 $ 126,699 $ 120,283

Subscriber equipment sales 4,774 3,932 8,137 6,897

Total revenue 64,772 67,148 134,836 127,180

Operating expenses:

Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) 23,602 19,479 47,035 38,104

Cost of subscriber equipment sales 3,395 2,881 5,862 4,928

Marketing, general and administrative 23,025 9,683 37,853 21,272

Stock-based compensation 2,723 5,949 5,428 12,906

Reduction in the value and disposal of long-lived assets — — 64 7,038

Depreciation, amortization, and accretion 16,802 23,010 35,199 45,287

Total operating expenses 69,547 61,002 131,441 129,535

(Loss) income from operations

(4,775) 6,146 3,395 (2,355)

Other income (expense):

Interest income and expense, net of amounts capitalized (20,660) (7,428) (40,474) (15,373)

Foreign currency (loss) gain (1,376) 11,966 (2,997) 16,072

Gain on contingent interest feature within 2024 Debt Repayment 4,181 — 4,181 —

Derivative gain and other income

— 6,697 44 6,284

Total other (expense) income

(17,855) 11,235 (39,246) 6,983

(Loss) income before income taxes (22,630) 17,381 (35,851) 4,628

Income tax expense (benefit)

3,909 (1,827) 5,506 2,751

Net (loss) income

$ (26,539) $ 19,208 $ (41,357) $ 1,877

Net (loss) income attributable to common shareholders (29,183) 16,564 (46,616) (3,382)

Net (loss) income per common share:

Basic (1)

$ (0.23) $ 0.13 $ (0.36) $ (0.03)

Diluted (1)

(0.23) 0.13 (0.36) (0.03)

Weighted-average shares outstanding:

Basic (1)

129,122 126,614 128,771 126,545

Diluted (1)

129,122 127,854 128,771 126,545

(1)All historical share and per share amounts for the periods prior to the completion of the 1:15 reverse stock split on February 10, 2025 reflected in this press release have been adjusted to reflect the reverse stock split.

GLOBALSTAR, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share data)

(Unaudited)

June 30, 2026 December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents $ 409,771 $ 447,471

Accounts receivable, net of allowance for credit losses of $1,390 and $1,468, respectively

20,529 19,976

Inventory 10,938 9,614

Prepaid expenses and other current assets 22,225 19,667

Total current assets 463,463 496,728

Property and equipment, net 1,543,330 1,305,458

Operating lease right of use assets, net 65,188 66,698

Prepaid network costs 227,090 198,375

Derivative asset — 114,461

Intangible and other assets, net of accumulated amortization of $15,747 and $12,511, respectively

145,741 144,545

Total assets $ 2,444,812 $ 2,326,265

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt $ 51,400 $ 31,835

Accounts payable and accrued expenses 120,843 56,022

Accrued network construction costs 71,131 55,218

Payables to affiliates 353 391

Deferred revenue, net 56,179 62,020

Total current liabilities 299,906 205,486

Long-term debt 307,389 451,953

Operating lease liabilities 53,009 54,549

Deferred revenue, net 1,029,366 806,930

Other non-current liabilities 462,529 451,618

Total non-current liabilities 1,852,293 1,765,050

Total liabilities 2,152,199 1,970,536

Stockholders’ equity:

Series A Perpetual Preferred Stock of $0.0001 par value; 300,000 shares authorized and 149,425 issued and outstanding at June 30, 2026 and December 31, 2025, respectively

— —

Voting Common Stock of $0.0001 par value; 143,333,334 shares authorized; 129,562,435 and 128,050,400 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

13 13

Additional paid-in capital

2,492,511 2,489,227

Accumulated other comprehensive income 6,659 3,286

Retained deficit (2,206,570) (2,136,797)

Total stockholders’ equity 292,613 355,729

Total liabilities and stockholders’ equity $ 2,444,812 $ 2,326,265

GLOBALSTAR, INC.

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net (loss) income

$ (26,539) $ 19,208 $ (41,357) $ 1,877

Interest income and expense, net 20,660 7,428 40,474 15,373

Derivative gain — (6,332) — (5,905)

Income tax expense (benefit) 3,909 (1,827) 5,506 2,751

Depreciation, amortization, and accretion 16,802 23,010 35,199 45,287

EBITDA (1)

14,832 41,487 39,822 59,383

Non-cash compensation 2,723 5,949 5,428 12,906

Foreign exchange and other

1,376 (12,386) 2,952 (16,506)

Reduction in the value and disposal of long-lived assets — — 64 7,038

Non-cash expenses associated with the License Agreement (2)

851 738 1,771 2,617

Transaction costs

10,349 — 13,586 702

Non-cash gain on contingent interest feature within the 2024 Debt Repayment (4,181) — (4,181) —

Adjusted EBITDA (1)

$ 25,950 $ 35,788 $ 59,442 $ 66,140

(1) EBITDA represents earnings before interest, income taxes, depreciation, amortization, accretion and derivative (gains)/losses. Adjusted EBITDA excludes non-cash compensation expense, reduction in the value of assets, foreign exchange (gains)/losses, and certain other non-cash or non-recurring charges as applicable. Management uses Adjusted EBITDA to manage the Company's business and to compare its results more closely to the results of its peers. EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to GAAP measurements, such as net loss. These terms, as defined by us, may not be comparable to similarly titled measures used by other companies.

The Company uses Adjusted EBITDA as a supplemental measurement of its operating performance. The Company believes it best reflects changes across time in the Company's performance, including the effects of pricing, cost control and other operational decisions. The Company's management uses Adjusted EBITDA for planning purposes, including the preparation of its annual operating budget. The Company believes that Adjusted EBITDA also is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, Adjusted EBITDA does not include interest expense on borrowed money or depreciation expense on our capital assets or the payment of income taxes, which are necessary elements of the Company's operations. Because Adjusted EBITDA does not account for these expenses, its utility as a measure of the Company's operating performance has material limitations. Because of these limitations, the Company's management does not view Adjusted EBITDA in isolation and also uses other measurements, such as revenues and operating profit, to measure operating performance.

(2)

In connection with the License Agreement with XCOM, the Company entered into a Support Services Agreement (the “SSA”). Fees payable by Globalstar pursuant to the SSA were paid in shares of its common stock prior to its termination in 2025. Costs also include the non-cash intangible asset technology amortization associated with the initial purchase of certain intangible assets made in the form of Globalstar common stock.

GLOBALSTAR, INC.

SCHEDULE OF SELECTED OPERATING METRICS

(In thousands, except subscriber and ARPU data)

(Unaudited)

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Service revenue:

Wholesale capacity services $ 40,114 $ 42,385 $ 86,381 $ 79,094

Subscriber services

Commercial IoT 7,512 7,051 14,962 13,631

SPOT 8,604 9,224 17,259 18,595

Duplex 2,715 3,677 5,291 7,129

Government and other services 1,053 879 2,806 1,834

Total service revenue 59,998 63,216 126,699 120,283

Subscriber equipment sales 4,774 3,932 8,137 6,897

Total revenue $ 64,772 $ 67,148 $ 134,836 $ 127,180

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Average subscribers

Commercial IoT 580,427 534,505 575,436 528,869

SPOT 207,606 224,885 209,387 227,546

Duplex 15,755 21,841 16,351 22,638

Other 192 239 199 248

Total 803,980 781,470 801,373 779,301

ARPU (1)

Commercial IoT $ 4.31 $ 4.40 $ 4.33 $ 4.30

SPOT 13.81 13.67 13.74 13.62

Duplex 57.44 56.12 53.93 52.49

(1)

ARPU measures service revenue per month divided by the average number of subscribers during that month. Average monthly revenue per user as so defined may not be similar to average monthly revenue per unit as defined by other companies in the Company's industry, is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company's statement of operations. The Company believes that average monthly revenue per user provides useful information concerning the appeal of its rate plans and service offerings and its performance in attracting and retaining high value customers.

GLOBALSTAR, INC.

RECONCILIATION OF NON-GAAP ADJUSTED FREE CASH FLOW

(In thousands)

(Unaudited)

Six Months Ended

June 30,

2026 June 30,

2025

Net cash provided by operating activities (1)

$ 159,767 $ 209,741

Less: payments received pursuant to the Infrastructure Prepayment (104,807) (124,690)

Less: capital expenditures, excluding reimbursable network purchases (2)

(11,463) (7,111)

Adjusted free cash flow (3)

$ 43,497 $ 77,940

(1) Net cash provided by operating activities is calculated under GAAP and is reflected in the Company's consolidated statements of cash flows.

(2) Excludes the reimbursable portion of upfront network purchases for the Phase 2 Service Period and the Extended MSS Network pursuant to the Updated Services Agreements. The costs are reimbursed under such agreements in future periods.

(3) Free cash flow is calculated using net cash provided by operating activities less capital expenditures (which may also be referred to as network upgrades). The Company excludes capital expenditure payments made pursuant to the Updated Services Agreements; amounts which are prepaid by the Customer pursuant to such agreements, that are recorded as operating cash flows, are also excluded from this calculation as those amounts are used to fund associated capital expenditures. Free cash flow as so defined may not be similar to free cash flow as defined by other companies, is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company's consolidated financial statements. The Company believes that free cash flow is a useful financial metric concerning liquidity, reflecting available cash after capital expenditures, that may be used to fund general corporate expenditures as well as for investments in strategic growth opportunities.

GRAPHIC

Filename: globalstarlogo912022a.jpg · Sequence: 6

Binary file (7618 bytes)

Download globalstarlogo912022a.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Cover

Aug. 06, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Aug. 06, 2026

Entity Registrant Name

GLOBALSTAR, INC.

Entity File Number

001-33117

Entity Tax Identification Number

41-2116508

Entity Address, Address Line One

1351 Holiday Square Blvd.

Entity Address, City or Town

Covington

Entity Address, State or Province

Entity Address, Postal Zip Code

70433

City Area Code

985

Local Phone Number

335-1500

Title of 12(b) Security

Common Stock, par value $0.0001 per share

Trading Symbol

GSAT

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Incorporation, State or Country Code

Entity Central Index Key

0001366868

Amendment Flag

false

Security Exchange Name

NASDAQ

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration