---
title: "Globalstar Q3 2026 Earnings: Revenue down 4% to $70.9M"
description: "Globalstar revenue fell to $70.9M from $73.8M and it posted a net loss of $15.7M against net income of $1.1M a year earlier, as non-cash imputed interest rose"
url: https://www.orbitalpha.cloud/results/gsat-q3-2026
updated: 2026-11-05
---

# Globalstar Q3 2026 results
Updated 5 Nov 2026 from live prices and SEC filings
Globalstar revenue fell to $70.9M from $73.8M and it posted a net loss of $15.7M against net income of $1.1M a year earlier, as non-cash imputed interest rose. Adjusted EBITDA was $30.3M, down from $37.6M.

Globalstar ([GSAT](https://www.orbitalpha.cloud/stocks/gsat)) reported results for the three months to 30 September 2026 on 5 Nov 2026. Revenue down 4% to $70.9M, net loss of $15.7M.

## The numbers
| Measure | Q3 2026 | Change |
|---|
| Revenue | $70.9M | from $73.8M |
| Service revenue | $65.4M | from $69.6M |
| Subscriber equipment sales | $5.5M | +31% (from $4.2M) |
| Income from operations | $7.6M | from $10.2M |
| Net loss | $15.7M | from net income of $1.1M |
| Adjusted EBITDA | $30.3M | from $37.6M |
| Cash and equivalents | $329.9M | from $447.5M at end of 2025 |
| Average subscribers | 808,921 | from 783,773 |
| Commercial IoT subscribers | 591,114 | from 542,715 |

## Subscribers and ARPU
| Service | Average subscribers Q3 2026 | Change | Monthly ARPU Q3 2026 | Q3 2025 ARPU |
|---|
| Commercial IoT | 591,114 | +8.9% | $4.34 | $4.22 |
| SPOT | 202,952 | -8.0% | $14.12 | $14.28 |
| Duplex | 14,673 | -27.4% | $74.58 | $77.91 |
| Total | 808,921 | +3.2% |  |  |

## What stood out
- Service revenue fell mainly on lower wholesale capacity revenue, timing of network cost reimbursements and churn in Duplex and SPOT, partly offset by Commercial IoT.
- Commercial IoT reached record activations on a last twelve months basis, with gross activations up 25%.
- Launched the first set of HIBLEO-4 replacement satellites during the quarter.
- Received a key FCC authorisation and a German regulatory authorisation for the C-3 constellation, and expanded its ground station in Greece.
- The FCC Space Bureau approved Amazon's application to acquire Globalstar's FCC licences in October; the deal is expected to close in 2027.

## Analysis

### The quarter matters less than the deal
Amazon agreed in April 2026 to acquire Globalstar for $90.00 per share in cash, or 0.3210 Amazon shares with the value capped at $90.00, with cash elections limited to 40% of shares. The price can be cut by up to $110M if Globalstar misses certain operational milestones, and closing depends on HIBLEO-4 replacement satellite milestones. The deal is expected to close in 2027.
Globalstar gave no guidance this quarter and said it does not intend to hold future earnings calls. For shareholders, progress on the satellites and approvals now carries more weight than quarterly revenue.

### Progress on the conditions that count
The first set of HIBLEO-4 replacement satellites launched in Q3, the first step towards the milestones the deal depends on. In October the FCC Space Bureau approved Amazon's application to acquire Globalstar's FCC licences.
Work on the next-generation C-3 system also moved forward, with a key FCC authorisation, a German regulatory authorisation and completed ground station construction in the US, Canada and Greece.

### Why profit fell
Service revenue fell 6.1% to $65.4M, mainly from lower wholesale capacity revenue, the timing of network cost reimbursements and churn in Duplex and SPOT. Adjusted EBITDA margin fell to 42.7% from 50.9%.
The net loss of $15.7M was driven mainly by higher non-cash imputed interest linked to the 2024 Prepayment Agreement, so it overstates the decline in the underlying business. Income from operations was still positive at $7.6M.

### The subscriber base is changing shape
Commercial IoT grew 8.9% to 591,114 average subscribers, with record activations on a last twelve months basis, and its ARPU rose to $4.34. The higher-value consumer products are shrinking: Duplex subscribers fell 27.4% and SPOT 8.0%. Duplex earns more than 17 times as much per user each month as IoT, so the growth in subscriber numbers does not translate into revenue growth.
Subscriber equipment sales rose 31% to $5.5M, a sign of continuing IoT device demand.

### Cash is going into the network
Cash fell to $329.9M at 30 September from $447.5M at the end of 2025, while debt principal edged up to $414.7M. Adjusted free cash flow for the first nine months roughly halved to $66.8M from $133.3M, reflecting spending on HIBLEO-4, C-3 and ground infrastructure.
Analysis by Orbit Alpha from the Globalstar results release and the sources below. Percentages, implied figures and totals not stated by Globalstar are Orbit Alpha calculations from reported figures. Deal terms are from the merger announcement filed with the SEC in April 2026.

## Outlook
Globalstar gave no guidance and, with the Amazon transaction pending, said it does not intend to hold future earnings calls.

## What to watch next
- Further HIBLEO-4 launches and whether Globalstar meets the satellite milestones the Amazon deal depends on.
- Remaining regulatory approvals for the Amazon transaction, expected to close in 2027.
- C-3 system progress following the FCC and German authorisations.
- Globalstar will not hold further earnings calls, so filings and press releases are now the main source of updates.

## Questions and answers

### Is Amazon buying Globalstar?
Yes. Amazon agreed in April 2026 to acquire Globalstar for $90.00 per share in cash or 0.3210 Amazon shares capped at $90.00, subject to a downward adjustment of up to $110M if certain operational milestones are missed. Closing is expected in 2027.

### Why did Globalstar report a loss in Q3 2026?
Globalstar's $15.7M net loss was mainly due to higher non-cash imputed interest linked to its 2024 Prepayment Agreement. It made $7.6M of income from operations.

### Will Globalstar hold earnings calls?
No. Globalstar said that, given the pending Amazon transaction, it does not intend to hold future earnings conference calls.

## More on Globalstar
- [GSAT stock: live price, filings, insider trades and contracts](https://www.orbitalpha.cloud/stocks/gsat)
- [Chart GSAT on TradingView ($15 off a paid plan)](https://www.tradingview.com/chart/?symbol=GSAT&aff_id=1173251&aff_sub=GSAT&source=orbitalpha)
- [All space stock results](https://www.orbitalpha.cloud/results)
- [Space stocks earnings calendar](https://www.orbitalpha.cloud/space-stocks/earnings-calendar)

## Sources
- [Globalstar Announces Third Quarter 2026 Financial Results, Exhibit 99.1 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/0001366868/000136686826000045/gsat20260930-ex991.htm)
- [Globalstar Form 8-K, 5 November 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/0001366868/000136686826000045/gsat-20261105.htm)
- [Globalstar Announces Third Quarter 2026 Financial Results (GlobeNewswire)](https://www.globenewswire.com/news-release/2026/11/05/3396352/9076/en/globalstar-announces-third-quarter-2026-financial-results.html)
- [GSAT: Q3 losses widened as network investment continued and the Amazon merger advanced (TradingView)](https://www.tradingview.com/news/urn:summary_document_report:quartr.com:3977084:0-gsat-q3-losses-widened-as-network-investment-continued-and-the-amazon-merger-advanced/)
- [Globalstar Form 8-K, Amazon merger announcement, April 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1366868/000114036126014528/ef20070409_ex99-1.htm)

Figures as reported by the company; changes are against the same quarter a year earlier unless stated. Orbit Alpha is information, not investment advice.
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