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- **Revenue Growth**: Q3 2025 revenue $73.8M (+6% YoY), driven by 60% surge in equipment sales and 6% Commercial IoT subscriber growth.
- **Strategic Investments**: $485.9M capex for C-3 constellation (90 new antennas deployed) and XCOM RAN (30%+ margin pipeline).
- **Product Launches**: Global rollout of two-way IoT module (RM200M) and first C-3 satellite launch in 2026H1.
- **Market Position**: 51%+ MSS market share, 90%+ wholesale retention rate, 0.5B+ devices on network.
- **Financial Strength**: $346.3M cash, 52% EBITDA margin (9M), $445.8M operating cash flow.

**【CFO Financial Commentary】**
- Q3 2025 revenue reached $73.8 million, up 6% year-over-year, driven by wholesale capacity services (+timing of service fees) and Commercial IoT (+6% subscribers to 543,000). Equipment sales surged 60% YoY.
- Adjusted EBITDA margin maintained at 51% (Q3) and 52% (YTD), despite $10.2 million in operating income (up 9% YoY). Net income impacted by non-cash items (-$11.2 million).
- Cash position strong at $346.3 million, with operating cash flow of $445.8 million (9M). Capital expenditures ($485.9M) focused on network expansion and satellite construction.
- 2025 full-year outlook: Revenue $260-285M, adjusted EBITDA margin ~50%.

**【CEO Strategic Initiatives】**
- **XCOM RAN Momentum**: New customer wins for warehouse automation, expanding into airports, stadiums. Economic benefits vs. industrial Wi-Fi: 30%+ cost savings, 90%+ reliability improvement.
- **C-3 Constellation Progress**: 90 new tracking antennas deployed, 30 ground infrastructure sites under construction. First satellite launch in 2026H1.
- **Commercial IoT Breakthrough**: Two-way module (RM200M) launched globally, targeting 0.5B+ devices with L/S-band spectrum. Gross activations +40% QoQ, +100% YoY.
- **Government Growth**: $100M+ pipeline with Parsons for resilient comms in defense/public safety.

**【Q&A Highlights】**
- **C-3 Launch Timeline**: First satellite batch in 2026H1, second batch TBD.
- **Spectrum Advantage**: 16.5MHz S-band, 9MHz L-band, 300MHz C-band (global coverage vs. competitors' regional focus).
- **XCOM RAN Economics**: 30%+ margin potential, $100M+ TTM pipeline.
- **IoT Pricing**: Two-way module pricing 20-30% premium to one-way, 90%+ adoption rate among new customers.
- **Competitive Position**: 51%+ market share in MSS, 90%+ retention rate in wholesale services.

Globalstar, Inc. (GSAT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GSAT

GSAT fundamentals

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