Verizon or AT&T for satellite communication in remote areas.

Garmin for satellite-powered emergency tracking.

• Duplex Two-Way Voice & Data Satellite Communications: Provides mobile voice and data services and equipment for remote business, recreation, safety, and emergency applications.
• Fixed Voice & Data Satellite Communications: Offers voice and data services and equipment for fixed industrial, commercial, residential, and maritime sites.
• Data Modem Services: Supplies data modem services and related equipment for satellite communications.
• SPOT Consumer Products: Includes personal tracking, emergency location, and messaging devices (SPOT satellite GPS messenger) and anti-theft asset trackers (SPOT Trace).
• Commercial IoT Products: Delivers one-way transmission products for tracking assets like cargo, rail cars, utility meters, and oil/gas assets.
• Wholesale Minutes: Sells satellite communication minutes in bulk to independent gateway operators.
• Engineering Services: Offers hardware and software design for specific applications and installation of gateways and antennas.

Globalstar (GSAT) serves a diverse customer base. Based on the company description, a significant portion of its services and products are aimed at individual consumers, particularly through its SPOT consumer retail products and services for personal tracking and recreational use. Given the inability to list specific company names for its business-to-business (B2B) segments from the provided text, the major customers are best described through categories that primarily target individuals.

Globalstar's major individual customer categories include:

1. Recreational and Personal Users: Individuals utilizing SPOT satellite GPS messengers for personal tracking, emergency location, and messaging solutions. This category also encompasses those using Globalstar's mobile voice and data services for general recreational activities, outdoor adventures, and personal safety in remote areas.
2. Emergency Preparedness and Response Users: Individuals and small groups who prioritize safety and emergency communication. These customers rely on Globalstar's services for preparedness in unforeseen events and for critical communication during emergencies or disaster relief scenarios.
3. Remote Residential Users: Individuals living in rural or geographically isolated residential sites who require reliable fixed voice and data satellite communication services where traditional terrestrial communication infrastructure may be unavailable or inadequate.

The major suppliers of Globalstar (GSAT) are:

• XCOM Labs

Paul Jacobs, Chief Executive Officer

Paul Jacobs was appointed CEO of Globalstar in August 2023. Prior to joining Globalstar, he was the CEO of Qualcomm from 2005 to 2014, and subsequently served as its Executive Chairman until 2018. During his tenure as CEO, he grew Qualcomm's revenues from $5.7 billion to $25.7 billion. In 2018, Dr. Jacobs co-founded XCOM Labs with two former Qualcomm colleagues. Globalstar has a strategic perpetual licensing agreement for exclusive access to certain key XCOM technologies. He also led a failed attempt to take Qualcomm private in 2018.

Rebecca S. Clary, Vice President & Chief Financial Officer

Rebecca S. Clary has served as Globalstar's Vice President & Chief Financial Officer since 2014. She joined Globalstar in September 2010, holding positions such as Chief Accounting Officer and Corporate Controller prior to her appointment as CFO. Before joining Globalstar, Ms. Clary was a manager with PricewaterhouseCoopers LLP in its U.S. Audit & Assurance Services practice from 2002 to 2010. She is a licensed Certified Public Accountant.

James (Jay) Monroe III, Executive Chairman of the Board of Directors

Jay Monroe has been the Executive Chairman of Globalstar's Board of Directors since April 2004, when his investment company, Thermo Capital Partners, acquired the assets of Globalstar out of bankruptcy. He previously served as the company's CEO from 2005 to 2009 and again from 2011 to 2018. Mr. Monroe co-founded Thermo Capital Partners in 1984 and has been the majority owner of Thermo Companies since their founding. Under his direction, Thermo Companies founded or acquired businesses in diverse industries, including power generation, natural gas exploration and production, industrial equipment distribution, real estate, telecommunications, financial services, and leasing services. As of June 2025, Mr. Monroe holds approximately 59% of Globalstar's voting power.

L. Barbee Ponder IV, General Counsel and Vice President of Regulatory Affairs

L. Barbee Ponder IV was named General Counsel and Vice President of Regulatory Affairs for Globalstar in July 2010. In this role, he is responsible for all of Globalstar's legal and regulatory matters, including those with the FCC and other international communications regulatory agencies. Prior to Globalstar, he served as Senior Regulatory Counsel for BellSouth Corporation, where he represented the company before the Federal Communications Commission, Congress, and the White House. He also practiced commercial litigation at the Jones Walker law firm.

Kyle Pickens, Vice President of Strategy and Communications

Kyle Pickens was appointed Vice President of Strategy and Communications for Globalstar in March 2017. He is responsible for the company's investor communication strategy and drives strategic efforts across satellite and spectrum initiatives. Mr. Pickens joined Globalstar from Steelhead Partners, a hedge fund, where he was a principal and partner of the Navigator funds, covering the Telecom, Media, and Technology sectors. Previously, he was a Director and investment committee member at Cadogan Management LLC. He is also a Partner at Thermo Companies.

The key risks to Globalstar's business include its significant dependence on a single customer, intense competitive pressures in the mobile satellite services market, and the substantial technological, operational, and capital expenditure demands associated with its satellite network.

1. Revenue Concentration Risk: Globalstar is heavily reliant on a single major customer, Apple Inc., for a substantial portion of its revenue. In 2025, approximately 63% of the company's revenue was derived from its partnership with Apple through updated services agreements. This significant dependence creates financial instability for Globalstar, as these agreements can be terminated by the customer with advance notice or due to force majeure events. A disruption or termination of this key partnership could lead to a material drop in revenue and negatively impact the company's financial performance and share value.
2. Competitive Pressures: Globalstar operates in a rapidly evolving and highly competitive mobile satellite services (MSS) industry. The company faces stiff competition from established satellite communications providers such as Iridium Communications and Viasat, as well as new entrants that are deploying large Low Earth Orbit (LEO) constellations, including SpaceX's Starlink and Amazon's Project Kuiper. These new competitors are aggressively expanding direct-to-cellular satellite services, which could erode Globalstar's market share and pricing power, intensifying the competitive landscape.
3. Technological, Operational, and Capital Expenditure Risks of Satellite Network: Globalstar's business is inherently exposed to risks related to its satellite network. This includes the operational threat of satellite damage or failure, as well as the challenges and potential delays associated with launching new satellites. Furthermore, the telecommunications industry's rapid technological advancements necessitate continuous and significant investment in updating Globalstar's equipment and network to avoid obsolescence and maintain a competitive advantage. The company is in a capital-intensive phase, requiring substantial ongoing capital expenditures to maintain and upgrade its existing satellite constellation and ground infrastructure, including funding for next-generation satellites. These high capital requirements can create near-term financial pressure, elevate debt levels, and carry the risk that expenditures could outpace internal cash generation, potentially leading to financial strain or future share dilution.

Globalstar (GSAT) operates in several addressable markets for its main products and services, primarily mobile satellite services, commercial Internet of Things (IoT) solutions, and personal satellite tracking and messaging devices.

Addressable Markets for Globalstar's Main Products and Services:

• Mobile Satellite Services (MSS): This market encompasses Globalstar's duplex two-way voice and data satellite communications services and equipment. The global mobile satellite services market size was valued at approximately USD 6.60 billion in 2024. This market is projected to reach USD 11.50 billion by 2032, growing at a CAGR of 7.20%. North America holds the largest share of this market, driven by advanced communication infrastructure and the presence of key market players.
• Commercial Internet of Things (IoT) One-Way Transmission Products: Globalstar offers one-way transmission products for tracking cargo, rail cars, and monitoring utility meters, and oil and gas assets. The global satellite IoT market was valued at approximately USD 1.77 billion in 2024. This market is anticipated to reach USD 9.17 billion by 2032, expanding at a CAGR of 22.8%. North America accounts for roughly 38% of the global satellite IoT market in 2024.
• SPOT Consumer Retail Products (Personal Satellite Messengers and Trackers): This includes SPOT satellite GPS messengers for personal tracking, emergency location, and messaging solutions, as well as SPOT Trace for anti-theft and asset tracking. The global satellite messenger market size reached approximately USD 780 million in 2024. This market is projected to attain a value of USD 1.74 billion by 2033. North America dominates the satellite messenger market, with Europe and Asia Pacific also showing considerable growth.

Globalstar (GSAT) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and expanding market opportunities.

Here are the key expected drivers of future revenue growth for Globalstar:

• Expansion of Commercial Internet of Things (IoT) Services: Globalstar anticipates significant revenue growth from its Commercial IoT segment. This includes increasing its average subscriber base, enhancing its Average Revenue Per User (ARPU), and the continued rollout and adoption of advanced two-way satellite IoT solutions, such as the RM200M module. The company is strategically focused on expanding market opportunities with these product enhancements and new capabilities, targeting verticals like transportation, supply chain logistics, fleet management, and automotive IoT.
• Growth in Wholesale Capacity Services and Direct-to-Cellular Capabilities: A substantial driver of future revenue is the company's wholesale capacity services, particularly through an updated services agreement with a major wholesale customer. This agreement includes significant investment and is expected to contribute to increased revenue from satellite services. Globalstar is also advancing its direct-to-cellular service capabilities, which will leverage its next-generation satellite constellation and expanded ground infrastructure to broaden its addressable markets.
• Commercialization of Terrestrial Spectrum (Band n53) and XCOM RAN for 5G Deployments: Globalstar's Band n53 terrestrial spectrum, along with its strategic alliance with XCOM Labs for capacity-multiplying XCOM RAN technology, is a key long-term growth initiative. The company has successfully demonstrated 5G data calls using Band n53 and XCOM RAN prototype radios, opening new revenue avenues in 5G deployments for private networks and mission-critical applications across various sectors, including military, airports, and convention centers.
• Increased Engagements in Government and Defense Markets: Globalstar is actively pursuing and securing new contracts and expanding existing partnerships within the government and defense sectors. These collaborations are aimed at providing resilient communication solutions for critical applications, further diversifying its revenue streams.

Share Repurchases

• Globalstar did not report any share repurchases in 2025 or in 2026 as of March 10, 2026.

Share Issuance

• A 1:15 reverse stock split was implemented on February 10, 2025.
• Globalstar's shares outstanding have shown a gradual increase from 0.12 billion in 2022 to 0.127 billion by the third quarter of 2025.
• Restricted stock units (RSUs) were granted to executives in connection with a License Agreement in August 2023, with 44.5 million RSUs granted during 2023.

Inbound Investments

• Globalstar received a significant "Infrastructure Prepayment" of $430.6 million during 2025, and $278 million through December 31, 2024, under Updated Services Agreements with a customer (Apple Inc.). These funds are designated for capital expenditures related to the Extended MSS Network.
• Proceeds of $176 million were received in 2024 from the sale of "Customer Class B Units" in the Globalstar SPE, with a portion allocated to capital expenditures for the Extended MSS Network and the remainder held for 2025 capital expenditures.
• Institutional investors have increased their holdings, with examples including Greenhouse Funds LLLP boosting its stake in Q4 2025 and 140 Summer Partners LP acquiring a new position in the most recent quarter by February 13, 2026.

Capital Expenditures

• Capital expenditures totaled $550.4 million in 2025.
• Capital expenditures were $6.82 million in 2024 and $6.91 million in 2023.
• The primary focus of these capital expenditures is on commitments under Updated Services Agreements for the deployment of replacement satellites and the Extended MSS Network, which encompasses a new satellite constellation, expanded ground infrastructure, and increased global Mobile Satellite Services (MSS) licensing.