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 FY2025Rev growthfact
+17% YoYQ1 FY26, fact); +9% FY2025Gross marginfact
Not separately disclosedservice-heavy mix implies high gross margin (est. ~65–70%) — adj EBITDA margin ~48% Q1 FY26 / ~50% FY2025 is the cited proxyOp margin
~12%Q1 FY26 operating income $8.2M / $70.1M, fact; turned positive from −$8.5M op loss Q1 FY25Capex intensityfact
~166%Q1 FY26 capex $116.4M / $70.1M revenue, fact) — extreme, reflecting C-3 satellite build; Apple funds ~95% of network-upgrade capexMarket cap
~$10.2–10.4BJune 2026, fact; trading ~$80–82.6/share vs $90 Amazon deal price, ~129M shares outPrice · 1-year trend
real · weekly$80+195% 1yUSD
52-week range
$23 – $84
52w lowas of 2026-07-08 · Yahoo Finance52w high
Across the boards
The thesis on this name
opportunityWeak
Space / launch economics
Full context
opportunityWeak
Space / launch economics
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-27. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’21
$124M
FY’22
$149M+19%
FY’23
$224M+51%
FY’24
$250M+12%
FY’25
$273M+9%
Margins & balance sheet — FY’25
Operating margin2.7%
Net margin-3.2%
Net debt$116M
The read
Where our coverage leans
Coverage leans bullish
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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
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