Globalstar, Inc. reported a total revenue of $73.8 million for the third quarter of 2025, reflecting a 2% increase from $72.3 million in the same period of 2024. For the nine months ending September 30, 2025, revenue rose by 6% to $201.0 million compared to $189.2 million in the prior year. The growth in revenue was primarily driven by an increase in wholesale capacity services and a higher volume of Commercial IoT device sales. Service revenue accounted for $69.6 million in the third quarter, with wholesale capacity services contributing $47.3 million, up from $43.9 million a year earlier.
Operating expenses for the third quarter increased to $63.7 million from $62.9 million in the previous year, while for the nine-month period, expenses rose to $193.2 million from $185.9 million. The increase in operating expenses was attributed to higher costs associated with network operations and marketing, partially offset by a decrease in stock-based compensation. Notably, the company recorded a loss of $7.0 million on the disposal of a satellite that became inoperable due to a power control anomaly.
Globalstar's net income for the third quarter was $1.1 million, a significant decrease from $9.9 million in the same quarter of 2024. For the nine months ended September 30, 2025, the company reported a net income of $3.0 million, compared to a loss of $12.9 million in the prior year. The decline in net income for the third quarter was influenced by increased interest expenses, which rose to $11.0 million from $2.9 million a year earlier, largely due to the 2024 Debt Repayment and related financing costs.
The company continues to expand its operational capabilities, with approximately 783,000 subscribers as of September 30, 2025, a slight increase from 781,000 in the previous year. Globalstar is also actively pursuing the construction of new satellites and ground infrastructure as part of its Extended MSS Network initiative, with significant capital expenditures planned. The company has received $299.6 million in prepayments from a key customer, which will be used to fund these capital projects. Looking ahead, Globalstar anticipates continued growth in service revenue and subscriber numbers, supported by its strategic initiatives and partnerships.
About Globalstar, Inc.
Globalstar, Inc. provides satellite-based mobile voice and data communication services, including wholesale capacity, IoT connectivity, and consumer products. Operating a Low Earth Orbit satellite constellation and terrestrial spectrum licenses, it serves remote, mobile, and government markets worldwide. The company leverages innovative satellite and spectrum technologies to deliver reliable, cost-effective connectivity beyond terrestrial networks, competing in the global MSS and wireless spectrum industries.
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