$GSAT · Globalstar, Inc.
Globalstar filed its Q3 FY2026 10-Q, reporting total revenue of $70.9M, down 4% from $73.8M a year earlier, driven by variability in wholesale capacity services. Net loss was $15.7M versus net income of $1.1M in Q3 2025, with interest expense net of capitalized amounts rising to $23.9M from $11.0M. The filing reiterates the pending Amazon merger and related agreements, including potential Merger Consideration adjustments tied to milestones under the Updated Services Agreements.
- Q3 revenue fell 4% to $70.9M from $73.8M, driven by wholesale capacity services variability.
- Net loss was $15.7M versus net income of $1.1M in Q3 2025.
- Interest expense net of capitalized amounts rose to $23.9M from $11.0M.
- Nine-month revenue rose 2% to $205.7M from $201.0M.
- Cash and equivalents fell to $329.9M from $447.5M at year-end 2025.
Extended-hours last trade $84.35, down 0.27% vs regular close but up 0.69% vs price-at-filing; regular session up 0.97% since filing. The muted reaction suggests the pending Amazon merger dominates sentiment over the quarterly loss.
The quarterly loss and rising interest costs are secondary to the pending Amazon merger, which remains the key value driver for GSAT shareholders.
Globalstar's satellite-services results remain secondary to the pending Amazon merger, which would fold the company into Amazon's broader connectivity ambitions.
The filing flags risks that the Amazon merger may not complete on anticipated terms or at all, including regulatory approvals, potential litigation, and customer termination rights on change of control. Failure to meet milestones under the Updated Services Agreements could trigger Merger Consideration adjustments.