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Globalstar GSAT Service revenue — Contract with customer asset

Other product segments

Wholesale capacity services
$4.95M-51.6%

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Other financials

Income statement

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Revenue$64.8M-3.5%
Operating income-$4.8M-178%
Net income-$26.5M-238%
EPS (diluted)-$0.23-277%

Balance sheet

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Cash & equivalents$409.8M+32.9%
Total debt$419.1M-23.6%
Total equity$292.6M-18.9%
Total assets$2.4B+28.1%

Cash flow

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Operating cash flow$124.5M-21.1%
CapEx$1.6M-5.1%
Free cash flow$123.0M-21.3%

Valuation

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Market cap$10.75B+225%
Enterprise value$10.76B+203%
P/S38.3×+25.6×

Profitability

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Gross margin91.4%
Operating margin4.8%+3.7pp
Net margin-19.4%+9.0pp
FCF margin201.6%-19.9pp

Returns & leverage

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Return on equity-16.7%+26.6pp
Debt / equity1.4×-0.1×
Current ratio1.5×-1.3×

Where this comes from

Reported directly by Globalstar in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerAssetNet.

The source filing: Globalstar’s 10-K, filed February 27, 2026.

Filed
Feb 27, 2026, 4:27 PM EST
Fiscal year
FY2025
Accession
0001366868-26-000012

For wholesale capacity services, the Company capitalizes certain costs incurred by the Company prior to the customer benefiting from the service. Total costs to fulfill the customer contract associated with the Updated Services Agreements were $5.1 million and $5.3 million as of December 31, 2025 and 2024, respectively, and are recorded in "Intangible and other assets" on the Company's consolidated balance sheet. These costs are amortized to cost of services and marketing, general and administrative expenses over the estimated completion of the contract term, consistent with the period in which the customer benefits from the services provided. For the years ended December 31, 2025, 2024 and 2023, the amount of amortization related to costs to fulfill a contract was $0.3 million, $0.3 million and $0.4 million, respectively.

Item 8. Financial Statements and Supplementary Data

FAQ

What is Globalstar's service revenue — contract with customer asset?
Globalstar (GSAT) reported service revenue — contract with customer asset of $5.1M in Q4 2025.
What does service revenue — contract with customer asset mean?
This metric represents the recurring revenue generated from mobile satellite service contracts provided to customers. It captures the value derived from ongoing voice and data transmission services delivered through satellite infrastructure where terrestrial networks are unavailable. This revenue stream is fundamental to the company's long-term service model and reflects the stability of the subscriber base.

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