$GSAT
Globalstar, Inc.
CIK:0001366868|SEC Filings
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
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| Revenue: | ||||||
| Total revenue | $ 64,772 | $ 67,148 | $ 134,836 | $ 127,180 | ||
| Operating expenses: | ||||||
| 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 | 0 | 0 | 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 the 2024 Debt Repayment | 4,181 | 0 | 4,181 | 0 | ||
| Derivative gain and other income | 0 | 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 | ||
| Other comprehensive income (loss): | ||||||
| Foreign currency translation adjustments | 1,334 | (7,577) | 3,373 | (10,422) | ||
| Comprehensive (loss) income | (25,205) | 11,631 | (37,984) | (8,545) | ||
| Net (loss) income attributable to common shareholders (Note 12) | $ (29,183) | $ 16,564 | $ (46,616) | $ (3,382) | ||
| Net (loss) income per common share: | ||||||
| Basic (in dollars per share) | [1] | $ (0.23) | $ 0.13 | $ (0.36) | $ (0.03) | |
| Diluted (in dollars per share) | [1] | $ (0.23) | $ 0.13 | $ (0.36) | $ (0.03) | |
| Weighted-average shares outstanding: | ||||||
| Basic (in shares) | [1] | 129,122 | 126,614 | 128,771 | 126,545 | |
| Diluted (in shares) | [1] | 129,122 | 127,854 | 128,771 | 126,545 | |
| Service revenue | ||||||
| Revenue: | ||||||
| Total revenue | $ 59,998 | $ 63,216 | $ 126,699 | $ 120,283 | ||
| Operating expenses: | ||||||
| Cost of goods and services | 23,602 | 19,479 | 47,035 | 38,104 | ||
| Subscriber equipment sales | ||||||
| Revenue: | ||||||
| Total revenue | 4,774 | 3,932 | 8,137 | 6,897 | ||
| Operating expenses: | ||||||
| Cost of goods and services | $ 3,395 | $ 2,881 | $ 5,862 | $ 4,928 | ||
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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|
| 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 | 0 | 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 |
| 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 |
| Commitments and contingencies (Note 10) | ||
| Stockholders’ equity: | ||
| 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 |
| Series A Perpetual Preferred Stock | ||
| 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 | 0 | 0 |
| Common Stock | ||
| Stockholders’ equity: | ||
| 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 |