Globalstar reported revenue of $70.9 million and a net loss of $15.7 million for the third quarter of 2026. A year earlier, the company posted net income of $1.1 million. Operating income was $7.6 million, while Adjusted EBITDA was $30.3 million. During the quarter, the company launched the first batch of HIBLEO-4 satellites to replace its existing spacecraft and made progress on developing its next-generation C-3 network.
Financial results
Total revenue was $70.9 million, compared with $73.8 million in the third quarter of 2025.
Operating income was $7.6 million, compared with $10.2 million in the same quarter of the previous year.
Net loss was $15.7 million, compared with net income of $1.1 million a year earlier. Diluted net loss per common share was $0.14.
Adjusted EBITDA was $30.3 million, compared with $37.6 million in the third quarter of 2025.
Cash and cash equivalents as of September 30, 2026, were $329.9 million. Adjusted free cash flow for the first nine months was $66.8 million.
Operating results
Globalstar successfully launched the first batch of HIBLEO-4 satellites to replace existing spacecraft, supporting the reliability of the existing mobile satellite communications network.
The company advanced the development of its next-generation C-3 satellite constellation and received a key U.S. regulatory approval. It also reported receiving regulatory approvals in Germany.
Construction of ground stations in the United States, Canada, and Greece has been completed. This supports the expansion of the company's infrastructure, which spans about 35 stations in 25 countries and territories.
The number of commercial IoT subscriber connections over the past 12 months reached a record high, and total connections during this period increased by 25%.
In October, the FCC's Space Bureau approved Amazon's application to acquire Globalstar licenses issued by the commission. The previously announced merger is expected to be completed in 2027, subject to the satisfaction of the remaining closing conditions.