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• Think of them as the 'Verizon for the wilderness,' providing satellite communication where no cell towers exist.
• Like the 'Visa or Mastercard' for satellite data, providing the crucial network infrastructure for services like Apple's Emergency SOS on iPhones.
• A specialized version of Starlink, focusing on mobile satellite voice, data, and IoT tracking for remote areas rather than broad internet.

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• Satellite Voice and Data Communications: Provides mobile satellite voice and duplex data connectivity for users and businesses operating beyond terrestrial network coverage.
• Satellite IoT Solutions: Offers low-power, global satellite connectivity for asset tracking, remote monitoring, and machine-to-machine (M2M) applications.
• SPOT Satellite Messengers: A line of consumer-grade satellite devices designed for personal safety, tracking, and basic messaging, bundled with subscription services.
• Terrestrial Spectrum Licensing: Monetizes its licensed Band 53/n53 spectrum by partnering with other companies to enable terrestrial applications, such as satellite-to-cell phone emergency services.

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Globalstar (GSAT) primarily sells its services and products to other companies, particularly through its significant wholesale satellite capacity agreements and commercial Internet of Things (IoT) solutions. While Globalstar also serves individual consumers with products like SPOT devices, its major named customer relationships are with other businesses.

Major Customers:

• Apple Inc. (Symbol: AAPL)

Apple is a major customer for Globalstar, utilizing Globalstar's satellite network to provide the "Emergency SOS via Satellite" feature on its iPhone 14 and newer models. This strategic partnership involves Globalstar dedicating substantial network capacity to support Apple's service, and it accounted for 15% of Globalstar's total revenue in 2023. This makes Apple a critical and named major customer for Globalstar's wholesale satellite services.

Beyond Apple, Globalstar serves a diverse range of other business customers, though typically without individual companies reaching the "major customer" revenue threshold seen with Apple. These include:

• Government and Public Safety organizations: For critical communications, remote asset tracking, and personnel safety in areas without terrestrial network coverage.
• Enterprises in industrial sectors: Such as energy (oil & gas), maritime, construction, and transportation, for applications like remote monitoring of equipment, supply chain management, and fleet tracking using Globalstar's IoT and M2M solutions.
• Value-Added Resellers and Integrators: Companies that bundle Globalstar's satellite services and products into their own specialized solutions for end-users across various industries.

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• Qualcomm Incorporated (QCOM)
• EchoStar Corporation (SATS)

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Paul Jacobs, Chief Executive Officer
Paul Jacobs joined Globalstar as CEO in August 2023. Prior to Globalstar, he founded XCOM Labs in 2018 and served as its Chairman and CEO. XCOM Labs has since been renamed Virewirx. Dr. Jacobs previously held various leadership roles at Qualcomm, including CEO from 2005 to 2014, Chairman of the board of directors from 2009 to 2018, and Executive Chairman from 2014 to 2018. During his tenure at Qualcomm, he was instrumental in developing and commercializing fundamental mobile technology breakthroughs. He is a prolific inventor with over 80 U.S. patents. Qualcomm Consumer Products (QCP), where he served as president, was sold to Kyocera Wireless in 2000.

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 2010, initially holding positions as Chief Accounting Officer and Corporate Controller. Before her time at Globalstar, Mrs. Clary was a manager with PricewaterhouseCoopers in its audit services practice from 2002 to 2010. She is a Certified Public Accountant and holds both a Bachelor of Science and Master of Science in Accounting from Louisiana State University.

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 Thermo Capital Partners acquired the company's assets in April 2004. He also served as Globalstar's CEO from January 2005 to July 2009 and again from July 2011 to September 2018. Mr. Monroe founded Thermo Companies in 1984 and has been its majority owner, overseeing the founding or acquisition of companies in diverse sectors such as power generation, natural gas exploration, industrial equipment distribution, real estate, telecommunications, financial services, and leasing services. Thermo Capital Partners is described as a private equity subsidiary of Thermo Cos LLC. He is on the Board of Directors of Thermo Capital Partners and several of its portfolio companies. He is credited with transforming Globalstar from a bankrupt entity into an international brand, and was inducted into the Satellite Hall of Fame for his work with Globalstar's SPOT technology.

L. Barbee Ponder IV, General Counsel & Vice President of Regulatory Affairs
L. Barbee Ponder IV was appointed General Counsel and Vice President of Regulatory Affairs for Globalstar, Inc. 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. Before joining Globalstar, Mr. Ponder was a Senior Regulatory Counsel for BellSouth Corporation in Washington, D.C., where he represented the company before the Federal Communications Commission, Congress, and the White House. He also practiced commercial litigation with the Jones Walker law firm in New Orleans.

Wen Doong, Senior Vice President of Engineering & Operations
Wen Doong serves as Senior Vice President of Engineering & Operations at Globalstar, having joined the company in 1996. He possesses over 30 years of experience in satellite payload design, satellite ground station engineering, VSAT (Very Small Aperture Terminal), antenna system engineering, system deployment, and operations. His responsibilities at Globalstar include Gateway Engineering, System Engineering, Telecom & System Services, Software Development, Satellite Engineering, and Satellite Operations. Prior to Globalstar, his career included roles such as Project Manager at TIW Corporation, Partner at Telecom And International Consulting, Program Manager at Andrew Vsat Systems, and Senior Systems Engineer at Ford Aerospace. He holds a Bachelor of Science and Master's degree in Electrical Engineering from the University of Utah.

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The key risks to Globalstar's business include:

1. Customer Concentration Risk: Globalstar is highly dependent on a single major customer, Apple, which accounted for over 60% of its revenue in a recent quarter. This significant customer concentration exposes Globalstar to substantial risk if Apple's business needs or strategic directions change, potentially impacting future revenue streams and operational stability.

2. Financial Health and Profitability Challenges: Globalstar faces ongoing profitability challenges, evidenced by negative net margins and high debt levels. The company's Altman Z-Score indicates financial distress and a potential risk of bankruptcy within the next two years. Furthermore, a high debt-to-equity ratio and low interest coverage highlight a significant reliance on debt financing, despite having adequate liquidity for the short term.

3. Intense Competition and Regulatory/Technological Challenges: Operating within the competitive telecommunication services industry, Globalstar faces strong competition from other satellite communication providers such as AST SpaceMobile and Iridium Communications, as well as emerging 5G technologies. Additionally, the company navigates a complex regulatory environment, and any changes in regulations or delays in securing necessary spectrum authorizations could impede its business strategy and service expansion.

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The clear emerging threat to Globalstar comes from the development and deployment of competing direct-to-cell satellite communication services by other low-Earth orbit (LEO) satellite operators. Companies like SpaceX (Starlink's Direct to Cell initiative) and AST SpaceMobile are actively developing and beginning to deploy constellations designed to provide satellite connectivity directly to unmodified standard smartphones. These services aim to offer capabilities ranging from text messaging and emergency SOS to voice and data, directly competing with the market segment Globalstar serves, including its crucial partnership with Apple for Emergency SOS via Satellite. While Globalstar currently holds a significant position with its existing constellation and Apple partnership, these emerging competitors represent a fundamental shift in satellite communication delivery that could capture future market share for smartphone integration and potentially offer higher bandwidth or broader geographic coverage in the long term, thereby challenging Globalstar's future growth opportunities and market position.

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Globalstar (GSAT) operates in several key markets, with its primary products and services revolving around satellite and terrestrial connectivity. The addressable market sizes for its main offerings are as follows:

Satellite Internet of Things (IoT) / Commercial IoT Solutions

Globalstar's commercial IoT solutions, which include simplex and duplex satellite devices for asset and personal tracking, data monitoring, and SCADA applications, address a significant global market. The global satellite IoT market was valued at approximately USD 1.3 billion in 2022 and is projected to reach USD 8.7 billion by 2032, demonstrating a Compound Annual Growth Rate (CAGR) of 21.1% from 2023 to 2032. Another estimate places the global satellite IoT market size at USD 1,489.7 million in 2024, with a projection to reach USD 7,231.6 million by 2033, growing at a CAGR of 19.5% from 2025 to 2033. A further report estimates the global satellite IoT market value at USD 3.02 billion in 2025, forecasted to grow to USD 11.42 billion by 2032 with a CAGR of 20.7%.

SPOT Satellite Messengers

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Wholesale Capacity Services / Emergency SOS via Satellite (Apple partnership)

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Terrestrial Spectrum (Band 53/n53) and XCOM RAN

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Expected Drivers of Future Revenue Growth for Globalstar (GSAT)

Over the next 2-3 years, Globalstar (GSAT) is expected to drive future revenue growth through several key initiatives and market expansions:

1. Expansion of Wholesale Satellite Capacity and Direct-to-Device (D2D) Services: A significant driver is the growth in wholesale capacity services, largely fueled by its partnership with Apple. Apple's substantial investment supports the development and deployment of Globalstar's third-generation (C-3) satellite system and expanded ground infrastructure to enhance direct-to-device (D2D) connectivity for services like Emergency SOS and satellite texting on iPhones. Globalstar plans to launch new satellites in the first half of 2026 to further bolster these capabilities and network resiliency.
2. Accelerated Growth in Commercial IoT Solutions: Globalstar anticipates continued strong growth in its Commercial Internet of Things (IoT) segment. This growth is driven by an increasing number of subscribers and robust sales of IoT equipment, including the recently launched two-way RM200M IoT module. The company is seeing accelerated adoption of its IoT solutions across various markets, particularly in safety, logistics, and infrastructure.
3. Increased Adoption and Commercialization of XCOM RAN Technology: Strategic investments in XCOM RAN are expected to contribute meaningfully to future revenue. This technology is being positioned for growth in enterprise and government sectors, targeting high-value applications such as warehouse automation, industrial 4.0, manufacturing, ports, and logistics facilities. Globalstar has already received initial orders from new XCOM RAN customers, indicating commercial traction.
4. Monetization of Terrestrial Spectrum (Band 53/n53) for Private Wireless Networks: Globalstar's licensed Band 53 (LTE) and Band n53 (5G) terrestrial spectrum offers a significant revenue opportunity by providing dedicated, interference-protected private wireless networks. This spectrum is highly attractive for mission-critical applications in enterprise and government, including smart warehousing and critical infrastructure monitoring. Collaborations, such as those to enable carrier aggregation with Citizens Broadband Radio Service (CBRS), are expanding the use cases and market reach of this spectrum.
5. Expansion into the Government and Defense Sector: Globalstar is actively pursuing growth in the government and defense sectors, with its partnership with Parsons Corporation being a key strategic initiative. The company expects government-related opportunities to represent an expanding source of revenue in 2026 and beyond, leveraging its ability to deliver resilient, low-latency, and mission-critical connectivity for public safety and defense applications.

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Capital Allocation Decisions (2020-2025)

Share Repurchases

• Globalstar did not report any share repurchases over the last several years, with a reported share buyback amount of $0.00.

Share Issuance

• In August 2023, Globalstar issued 0.7 million shares of common stock to XCOM as payment for costs under the Satellite Service Agreement (SSA) and the release of holdback shares under a License Agreement.
• In June 2024, an additional 0.5 million shares of common stock were issued to XCOM for similar reasons.
• On February 11, 2025, Globalstar completed a 1-for-15 reverse stock split to enhance visibility, attract a more diverse shareholder base, and improve liquidity.

Inbound Investments

• Globalstar received approximately $300 million in Infrastructure Prepayment funding year-to-date 2025, primarily to support the C-3 satellite system.
• During the first six months of 2025, the company received $124.7 million in connection with the Infrastructure Prepayment.
• As of December 31, 2024, approximately $320 million in payments received were held in cash and cash equivalents, earmarked for procuring infrastructure for the Extended Mobile Satellite Services (MSS) Network in 2025.

Capital Expenditures

• Globalstar's capital expenditures for the first nine months of 2025 amounted to $485.9 million, primarily for network expansion and upgrades, including the C-3 satellite system.
• Capital expenditures in 2024 were $260.6 million.
• The company is heavily investing in comprehensive infrastructure upgrades, launching a global ground infrastructure program for the next-generation Extended MSS Network (C-3 system), which will add approximately 90 new tracking antennas across 35 ground stations in 25 countries.