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Globalstar operates satellites and ground gateways that carry voice, messages and data for people and businesses beyond reliable terrestrial coverage. Apple is its largest customer and supplies most of its revenue. Globalstar allocates network capacity to Apple's services in exchange for a fixed service fee, payments covering certain operating and capital costs, and additional fees for expanded services. Some payments depend on licensing and service requirements.
Globalstar reserves a smaller share of network capacity for other customers. Businesses pay for Commercial IoT services to track assets and send readings from remote locations; SPOT users pay for tracking, emergency location and messaging; and Duplex subscribers pay for satellite voice and data. It also sells equipment for Commercial IoT and SPOT, but services generate nearly all revenue.
The business depends on keeping its satellites and gateways working with enough capacity and coverage to meet customer commitments, especially Apple's. Service requires a clear line of sight between users, satellites and gateways. Globalstar also needs country-specific licenses and spectrum approvals to operate and expand its network.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Globalstar’s results hinge chiefly on Apple’s capacity commitments; privately held ORBCOMM is the rival missing from this list to watch in satellite asset tracking and Commercial IoT.
Globalstar depends heavily on Apple, which buys its satellite network services and supplied 63% of its revenue in 2025. Apple sells devices and related services to consumers and organizations; watch its commitments to expanded satellite services, which bring Globalstar additional fees.
Iridium competes with Globalstar for businesses, governments and consumers paying for satellite voice, data and tracking beyond terrestrial coverage, using low-Earth-orbit satellites. Its coverage and pricing matter for Globalstar’s competing services, including SPOT: Iridium also supplies connectivity through Garmin inReach devices.
Space Exploration Technologies’ Starlink Mobile competes directly with Globalstar to connect cellular devices by satellite, alongside its broadband services for consumers, enterprises and governments. Watch its satellite-to-mobile coverage: as of March 31, 2026, its dedicated constellation supplemented terrestrial networks across approximately 30 countries.
AST SpaceMobile is developing satellite connections for ordinary phones that would compete with Globalstar’s cellular-device services, working through mobile network operators. Watch the move from development to paid service: in fiscal 2025, SpaceMobile Service had not launched or earned revenue, while AST earned revenue from government work and equipment, software and services sold to mobile operators.
Viasat’s Inmarsat services compete with Globalstar for customers paying for remote satellite voice, data and IoT connections, including government and commercial users. Maritime connectivity is the clearest point to watch: Globalstar says Inmarsat covers most bodies of water more completely than its own system.
Garmin competes with Globalstar’s SPOT products through inReach satellite communicators and subscriptions for messaging, tracking and emergency location beyond terrestrial coverage. Watch its inReach devices and subscriptions rather than its broader fitness business: that is where the overlap with SPOT’s recreational and commercial users lies.
Anterix Inc. sells or leases utilities and critical-infrastructure companies the licensed airwaves they need for private networks, competing with Globalstar’s terrestrial spectrum and private-network offerings. Watch its utility network deals, especially low-data uses over longer distances, where Globalstar says its own spectrum may also fit.
Iridium Communications Inc. earningsIRDM
Iridium’s report will show what businesses, governments and consumers are paying for satellite voice, data and tracking, services that compete with Globalstar for customers beyond terrestrial coverage.
Look at Iridium’s disclosed service revenue, subscriber trends and pricing; its overall results do not all measure satellite services. Steady service demand and pricing would show that customers still pay for connectivity beyond terrestrial coverage, leaving Globalstar’s voice, data and SPOT tracking services facing an active rival. Weaker demand or pricing pressure would point to less intense competition for those customers. The key is whether the change is in services that overlap with Globalstar’s.
Garmin Ltd earningsGRMN
If Garmin reports on inReach devices and subscriptions, its results will show demand for satellite messaging and emergency products among outdoor users, a market where it competes with Globalstar’s SPOT.
If Garmin breaks out inReach, read device sales alongside subscription performance. Growth in both would show that outdoor users are buying the devices and continuing to pay for service: demand is there, but SPOT faces a stronger alternative. Device sales without subscription growth would not establish durable demand for the service. If Garmin does not report inReach separately, its overall results cannot settle this question.
Apple Inc. earningsAAPL
Apple’s report may show whether expanded satellite services or commitments could bring Globalstar additional fees under their agreements.
Look for specific disclosure of expanded satellite services or related commitments, not just strong iPhone sales. A concrete expansion or commitment would indicate a possible source of additional service fees for Globalstar; strong Apple device sales without any satellite-service development would not show that Globalstar will earn more. Apple’s overall results are not a substitute for Globalstar’s own revenue.
Space Exploration Technologies Corp. earningsSPCX
If SpaceX reports broader Starlink Mobile coverage for ordinary phones, its results will show whether it is building an alternative to the satellite connectivity Globalstar provides for cellular devices.
Separate expansion of Starlink Mobile’s satellite coverage from any evidence of actual use or paid service. Wider coverage alongside growing use or paid service would show a stronger alternative for phone-to-satellite connectivity, increasing competition for Globalstar’s related business. Coverage expansion alone, without evidence of use or payment, would not show that the competing service has become a commercial business.
Globalstar, Inc. earningsThis company
Wholesale satellite capacity brings Globalstar most of its service revenue, and this report will show whether Apple-linked income can offset weaker SPOT and Duplex services as the satellite build consumes cash.
Read wholesale capacity service revenue alongside Commercial IoT, SPOT and Duplex service revenue. Continued growth in wholesale revenue with the other services holding steadier would show Apple-linked business supporting revenue without further slippage elsewhere; falling wholesale revenue alongside weaker other services would mean greater reliance on Apple and a narrower business. Then compare operating cash flow with investment in the satellite network: infrastructure prepayments can lift cash before it is used for later construction, so a cash increase alone does not show that ordinary operations earned it. Together, these figures show whether Globalstar’s main revenue engine is holding up and whether funding is keeping pace with the network build.
