Globalstar reported third quarter 2026 total revenue of $70.9 million, a 4% year-over-year decline that fell short of analyst expectations. The decrease was primarily driven by lower wholesale capacity service revenue due to the timing of network cost reimbursements and subscriber churn in legacy Duplex and SPOT segments. Despite the top-line pressure, the company achieved record Commercial IoT activations and received critical FCC approval for its pending merger with Amazon, which is currently targeted for 2027.
Key Highlights
- Total revenue of $70.9 million missed the $74.7 million estimate, impacted by a $4.2 million decrease in service revenue.
- Net loss attributable to common shareholders widened to $18.4 million, or $0.14 per share, compared to a $1.6 million loss in the prior year quarter.
- Commercial IoT gross activations increased 25% on a last-twelve-months basis, driving a 31% surge in subscriber equipment sales revenue to $5.5 million.
- Operating expenses were impacted by $2.3 million in transaction costs related to the Amazon deal and higher non-cash imputed interest of $23.9 million.