GSAT

Globalstar is a satellite mobile-services operator whose investment case rests almost entirely on a single wholesale customer. FY2025 revenue grew 9% to $273M, of which wholesale capacity services — the agreement with 'the Customer' (Apple) — was $172.7M, or 63% of revenue and up 19%. The traditional subscriber businesses are mixed: Commercial IoT subscribers grew to 539K with record activations, but SPOT and Duplex services and subscriber counts are shrinking. The company is only marginally profitable, posting a small $7.43M operating income (2.7% margin) and a net loss of $8.65M, continuing an unbroken string of annual losses that has built a -$2.14B accumulated deficit.

The one genuinely strong figure is operating cash flow of $622M (+41.5%) — far above revenue — which reflects large prepayments/network-cost reimbursements tied to the wholesale agreement rather than recurring earnings power. The balance sheet is heavily levered: total liabilities of $1.97B against just $356M of equity (liabilities/equity 5.54x), with $452M of long-term debt and a 7.0% perpetual preferred stack ahead of common. A 1-for-15 reverse split in February 2025 and a move to Nasdaq round out a capital structure built around a binary bet.