GSAT·Mobile Satellite Services (MSS) / Direct-to-Device (D2D) satellite connectivity

Globalstar (deal-break downside leg)

ConvictionWeak

Wholesale satellite-capacity operator: sells dedicated network capacity to a single anchor customer (Apple) under long-term partnership agreements, plus a smaller retail/subscriber base (SPOT, Commercial IoT, Duplex, government). Recurring high-margin service revenue funded largely by Apple-financed capex.

Revenuefact

$70.1MQ1 FY26, fact); $273.0M FY2025

Rev growthfact

+17% YoYQ1 FY26, fact); +9% FY2025

Gross marginfact

Not separately disclosedservice-heavy mix implies high gross margin (est. ~65–70%) — adj EBITDA margin ~48% Q1 FY26 / ~50% FY2025 is the cited proxy

Op margin

~12%Q1 FY26 operating income $8.2M / $70.1M, fact; turned positive from −$8.5M op loss Q1 FY25

Capex intensityfact

~166%Q1 FY26 capex $116.4M / $70.1M revenue, fact) — extreme, reflecting C-3 satellite build; Apple funds ~95% of network-upgrade capex

Market cap

~$10.2–10.4BJune 2026, fact; trading ~$80–82.6/share vs $90 Amazon deal price, ~129M shares out

Price · 1-year trend

real · weekly

$80+240% 1yUSD

52-week range

$23 – $84

52w lowas of 2026-06-25 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityWeak

Space / launch economics

Full context

opportunityWeak

Space / launch economics

Full context

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Globalstar (deal-break downside leg)

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence