Key Highlights

● Third-quarter Revenue was $70.9 million, down from $73.8 million a year earlier.

● The company reported a net loss of $15.7 million, mainly on higher interest expense.

● The FCC Space Bureau approved Amazon Leo's application to acquire Globalstar's licenses.

● Globalstar suspended its financial outlook while the Amazon transaction is pending.

Globalstar, Inc. (NASDAQ:GSAT) has two storylines running at once. On November 5, 2026, the satellite communications company reported third-quarter results showing lower revenue and a net loss. Days earlier, on October 27, the FCC's Space Bureau approved an application from Amazon Leo, a unit of Amazon (NASDAQ:AMZN), to acquire Globalstar's licenses in a transaction valued at about $11.5 billion by the FCC.

Latest Company Context

According to Globalstar's filing for the quarter ended September 30, 2026, revenue was $70.9 million, down from $73.8 million a year earlier. Service revenue was $65.4 million and subscriber equipment sales were $5.5 million. The company reported a net loss of $15.7 million, compared with Net Income of $1.1 million in the third quarter of 2025, attributing the swing mainly to higher interest expense, including non-cash Imputed Interest tied to the 2024 Prepayment Agreement.

Adjusted EBITDA was $30.3 million versus $37.6 million, reflecting higher operating expenses and lower revenue. Average subscribers totalled 808,921, including 591,114 Commercial IoT, 202,952 SPOT and 14,673 Duplex. Commercial IoT subscribers grew year over year, and gross activations rose 25% on a last-twelve-months basis.

Key Business and index Drivers

The dominant driver is the pending Amazon transaction. Globalstar said the FCC Space Bureau approved the application in October and that the deal is expected to close in 2027, subject to remaining conditions, including outstanding regulatory approvals and certain milestones tied to the HIBLEO-4 satellites. The first set of HIBLEO-4 replacement satellites launched during the third quarter. One press report said Amazon intends to begin deploying its own direct-to-device satellites in 2028, though that is Amazon's stated plan and not a Globalstar commitment.

On the network side, the company said it received a key FCC authorization and a regulatory authorization in Germany for its C-3 constellation, and completed a major expansion of its Greek ground station as part of a broader ground station upgrade.

Globalstar has suspended its financial outlook and said it will not hold earnings calls or update guidance while the Amazon transaction is pending.

What Investors Should Watch

With guidance suspended, investors have fewer company forecasts to anchor on, which places more weight on reported subscriber trends, revenue and adjusted EBITDA. The decline in adjusted EBITDA and the net loss may draw attention to cost trends and interest expense during the pending period.

The path to closing is the main milestone. Investors may follow further regulatory approvals, progress on the HIBLEO-4 satellite milestones and any company filings that update the expected 2027 timing. Because the outcome depends on conditions that have not yet been met, timing could shift, and the deal could face delays. Subscriber growth in Commercial IoT, activations and the ongoing ground station work may also indicate underlying business momentum while the transaction proceeds. Investors may additionally watch for any disclosures about the interim operation of the business, since the suspension of earnings calls means filings are likely to be the main source of company updates.

A Business Awaiting a New Owner

Globalstar's latest quarter shows softer financial results, but the broader picture is shaped by the Amazon transaction and its regulatory progress. Confirmed facts include the FCC Space Bureau approval and the company's statement that closing is expected in 2027; the final outcome remains subject to conditions.