Globalstar's 2025 Q2 Earnings: Unpacking Contradictions in XCOM RAN Development and Terrestrial Licensing

XCOM RAN development status and strategy, terrestrial licenses and spectrum sharing, XCOM RAN development and strategy, spectrum sharing and licensing, terrestrial licenses and international expansion are the key contradictions discussed in Globalstar's latest 2025Q2 earnings call.



Revenue and Profit Growth:
- Globalstar, Inc. reported total revenue of $67.1 million for Q2 2025, an 11% increase from the previous year's period.
- Revenue growth was primarily driven by wholesale capacity services and continued growth in commercial IoT subscribers.

Adjusted EBITDA and Margin Expansion:
- Adjusted EBITDA rose to $35.8 million in Q2 2025, a 9% increase from the prior year's quarter.
- The increase was due to revenue growth and effective cost management despite certain cost increases for XCOM RAN development.

Strong Cash Flow and Balance Sheet:
- Adjusted free cash flow for the 6 months ended June 30, 2025, was $77.9 million, significantly higher than the previous year's period.
- This reflects higher service payments received under updated service agreements and strong cash management.

Strategic Partnerships and Government Engagement:
- Globalstar successfully completed a proof of concept with Parsons and executed a capacity access agreement.
- The company also entered into a research and development agreement with the U.S. Army, reflecting expanding presence in defense and government markets.

Next-Generation Network Expansion:
- Globalstar kicked off the global ground infrastructure program for its Extended MSS Network (C-3) system, with the installation of a new 6-meter tracking antenna.
- This expansion aims to increase network capacity and resiliency, ensuring robust service continuity in mission-critical environments.