AI Earnings Predictions for Globalstar Inc. (GSAT)

EX-99.1

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GLOBALSTAR ANNOUNCES THIRD QUARTER 2026 FINANCIAL RESULTS

Successful satellite launch, key regulatory approvals, and strong Commercial IoT device sales highlight third-quarter achievements

•Generated third quarter 2026 revenue of $70.9 million with another quarter of strong Commercial IoT subscriber activations.

•Successfully launched first set of HIBLEO-4 replacement satellites, marking a major milestone in supporting the continued reliability and performance of Globalstar's existing mobile satellite services network.

•Advanced next-generation C-3 constellation development through key regulatory authorizations in the U.S. and Germany, alongside continued expansion of ground station infrastructure, including construction completion in U.S., Canada and Greece.

•In October, FCC Space Bureau approved Amazon's application to acquire Globalstar's FCC licensing, a major step forward to complete our previously announced Merger Agreement. As previously disclosed, the pending transaction with Amazon is expected to close in 2027 and remains subject to the satisfaction of the remaining closing conditions, including, among others, receipt of outstanding regulatory approvals and Globalstar's achievement of certain HIBLEO-4 satellite milestones.

Covington, LA, November 5, 2026 -- Globalstar, Inc. (Nasdaq: GSAT) ("Globalstar" or the "Company"), a next-generation telecommunications infrastructure and technology provider, today announced its financial results for the third quarter ended September 30, 2026. Capitalized terms not defined herein have the meaning given to such terms in our periodic reports.

"The Company made significant progress during the third quarter, highlighted by the successful launch of the first set of our replacement satellites and important regulatory and infrastructure milestones supporting our next-generation constellation," said Dr. Paul E. Jacobs, Chief Executive Officer of Globalstar. "These achievements are expected to strengthen the foundation of our satellite network as we prepare for the next era of connectivity."

THIRD QUARTER OPERATIONAL HIGHLIGHTS

•Successful HIBLEO-4 Satellite Launch: Globalstar successfully launched the first set of HIBLEO-4 replacement satellites, marking a significant milestone in maintaining the reliability and continuity of its existing MSS network. The launch supports Globalstar's ongoing commitment to delivering dependable satellite connectivity while advancing its next-generation constellation initiatives.

•Advancing Next-Generation C-3 Infrastructure: Globalstar achieved a significant milestone in the development of its third-generation C-3 satellite constellation, receiving a key regulatory authorization from the U.S. Federal Communications Commission ("FCC"). This approval supports Globalstar’s plans to deploy its next-generation network, designed to deliver greater capacity, improved performance, and expanded direct-to-device connectivity capabilities. Globalstar also completed a major expansion of its ground station in Greece, a key achievement in its ongoing global infrastructure modernization efforts to support the C-3 constellation. This milestone marks progress on our initiative which began in late 2025 to update ground station infrastructure across approximately 35 ground stations in 25 countries and territories.

THIRD QUARTER FINANCIAL REVIEW

Revenue

Total revenue for the third quarter of 2026 was $70.9 million, including $65.4 million of service revenue and $5.5 million of revenue generated from subscriber equipment sales.

Service revenue decreased $4.2 million during the third quarter of 2026 compared to the prior year's third quarter, primarily due to a decrease in wholesale capacity service revenue resulting from the timing of incurring network-related costs and receipt of the associated service fees for the reimbursement of such costs. Declines in Duplex and SPOT service revenue, primarily due to subscriber churn over the last twelve months, also contributed to the decrease in service revenue. Partially offsetting these decreases was an increase in Commercial IoT service revenue due to growth in the subscriber base during the third quarter of 2026. We achieved record high Commercial IoT subscriber activations on a last twelve-months basis, resulting in a 25% increase in gross activations over the same period.

Revenue from subscriber equipment sales increased 31% compared to the prior year's third quarter primarily due to a higher volume of Commercial IoT device sales.

Income from Operations

Income from operations was $7.6 million during the third quarter of 2026, compared to $10.2 million during the prior year's third quarter, primarily reflecting the decrease in revenue discussed above, partially offset by lower operating expenses.

The decrease in operating expenses was due to lower depreciation expense as well as lower stock-based compensation expense. These decreases were part

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