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Our readGSAT is no longer a fundamental story — it is an Amazon merger-arb at $90/sh (≈10.8% gross spread, 2027 close); buy the deal-break protection (Apple re-signed, $592M reverse break fee, FCC defends the spectrum, vote already done), not the satellites. The only real risk is regulatory drag, not deal failure.

catalyst tomorrowWebsite
Ticker
GSAT
Beat
space
Size
Public Company
Revenue
$64.8M
as of Jun 2026
Cash
$410M
as of Jun 2026
Burn
$26.5M/qtr
as of Jun 2026
Runway
~3.9yr at this rate
as of Jun 2026
Researched · Fresh
8 days ago

GSAT is no longer a fundamental story — it is an Amazon merger-arb at $90/sh (≈10.8% gross spread, 2027 close); buy the deal-break protection (Apple re-signed, $592M reverse break fee, FCC defends the spectrum, vote already done), not the satellites. The only real risk is regulatory drag, not deal failure.

Orbit · who it trades with and competes with
5 on the rings · 4 trade · 2 rival
19 mentions across our dossiers
Focus · Space
Globalstar
GSAT · public
No published house view
Trades and competes with
Trades with
Competes with
Next prints in its web
Links · 5 companies · 4 trade · 2 rival
“Key customers: Telesat (Lightspeed constellation), Globalstar/Amazon (D2D constellation), Canadian Space Agency (Canadarm3, CHORUS/RADARSAT replenishment), NASA (Gateway), Airbus (OneWeb antennas), and — pending — the US DoD via the Blue C…”MDA Space · TRADE · from MDA Space’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

GSAT · weekly close
82.30 USD−0.3%
Friday 30 Oct 2026 · last 52 Fridays 50.48–84.21
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 361,600 sh · 1 filing, Form 4 · 18 Sept 2026
  2. Short interest: 3,899,142 sh · 6.25 days to cover, FINRA · settled 15 Oct 2026
  3. Insiders bought, 90 days: 363,908 sh · 2 filings, Form 4 · 18 Sept 2026
  4. Next print: in 1 days, Scheduled · 5 Nov 2026, scheduled
82.30USD-0.3%space +0.7%GSAT · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 18 Sept 2026
1 filing · 361,600 shares
Insiders bought, last 90 daysSEC Form 4 · newest 18 Sept 2026
2 filings · 363,908 shares
Shares sold shortFINRA · settled 15 Oct 2026
3,899,142 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
6.25
see the whole series
Financials

The reported figures

Revenue · quarterly
$64.8M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$64.8M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Globalstar, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginCashGradingSource
Q3 ’2330 Sept 2023$57.7M USD3.5% share of revenue$64.1M USDFiled · primarysec.gov
Q4 ’2331 Dec 2023$52.4M USD-22.9% share of revenue$56.7M USDFiled · primarysec.gov
Q1 ’2431 Mar 2024$56.5M USD-8.3% share of revenue$59.3M USDFiled · primarysec.gov
Q2 ’2430 Jun 2024$60.4M USD-2.4% share of revenue$64.3M USDFiled · primarysec.gov
Q3 ’2430 Sept 2024$72.3M USD13.0% share of revenue$51.9M USDFiled · primarysec.gov
Q4 ’2431 Dec 2024$61.2M USD-6.9% share of revenue$391M USDFiled · primarysec.gov
Q1 ’2531 Mar 2025$60.0M USD-14.2% share of revenue$241M USDFiled · primarysec.gov
Q2 ’2530 Jun 2025$67.1M USD9.2% share of revenue$308M USDFiled · primarysec.gov
Q3 ’2530 Sept 2025$73.8M USD13.8% share of revenue$346M USDFiled · primarysec.gov
Q4 ’2531 Dec 2025$72.0M USD-0.5% share of revenue$447M USDFiled · primarysec.gov
Q1 ’2631 Mar 2026$70.1M USD11.7% share of revenue$358M USDFiled · primarysec.gov
Q2 ’2630 Jun 2026$64.8M USD-7.4% share of revenue$410M USDFiled · primarysec.gov

Globalstar’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$64.8M-3.5% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $57.7M, as of Sep 2023Revenue Q4 ’23: $52.4M, as of Dec 2023Revenue Q1 ’24: $56.5M, as of Mar 2024Revenue Q2 ’24: $60.4M, as of Jun 2024Revenue Q3 ’24: $72.3M, as of Sep 2024Revenue Q4 ’24: $61.2M, as of Dec 2024Revenue Q1 ’25: $60.0M, as of Mar 2025Revenue Q2 ’25: $67.1M, as of Jun 2025Revenue Q3 ’25: $73.8M, as of Sep 2025Revenue Q4 ’25: $72.0M, as of Dec 2025Revenue Q1 ’26: $70.1M, as of Mar 2026Revenue Q2 ’26: $64.8M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
-7.4%-16.5 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 3.5%, as of Sep 2023Operating margin Q4 ’23: -22.9%, as of Dec 2023Operating margin Q1 ’24: -8.3%, as of Mar 2024Operating margin Q2 ’24: -2.4%, as of Jun 2024Operating margin Q3 ’24: 13.0%, as of Sep 2024Operating margin Q4 ’24: -6.9%, as of Dec 2024Operating margin Q1 ’25: -14.2%, as of Mar 2025Operating margin Q2 ’25: 9.2%, as of Jun 2025Operating margin Q3 ’25: 13.8%, as of Sep 2025Operating margin Q4 ’25: -0.5%, as of Dec 2025Operating margin Q1 ’26: 11.7%, as of Mar 2026Operating margin Q2 ’26: -7.4%, as of Jun 2026
Cash · quarterlyQ3 ’23 – Q2 ’26
$410Mdebt $359M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $64.1M, as of Sep 2023Cash Q4 ’23: $56.7M, as of Dec 2023Cash Q1 ’24: $59.3M, as of Mar 2024Cash Q2 ’24: $64.3M, as of Jun 2024Cash Q3 ’24: $51.9M, as of Sep 2024Cash Q4 ’24: $391M, as of Dec 2024Cash Q1 ’25: $241M, as of Mar 2025Cash Q2 ’25: $308M, as of Jun 2025Cash Q3 ’25: $346M, as of Sep 2025Cash Q4 ’25: $447M, as of Dec 2025Cash Q1 ’26: $358M, as of Mar 2026Cash Q2 ’26: $410M, as of Jun 2026Debt Q3 ’23: $339M, as of Sep 2023Debt Q4 ’23: $360M, as of Dec 2023Debt Q1 ’24: $399M, as of Mar 2024Debt Q2 ’24: $393M, as of Jun 2024Debt Q3 ’24: $394M, as of Sep 2024Debt Q4 ’24: $511M, as of Dec 2024Debt Q1 ’25: $503M, as of Mar 2025Debt Q2 ’25: $492M, as of Jun 2025Debt Q3 ’25: $509M, as of Sep 2025Debt Q4 ’25: $484M, as of Dec 2025Debt Q1 ’26: $475M, as of Mar 2026Debt Q2 ’26: $359M, as of Jun 2026

CashDebt

Shares outstanding · annualFY21 – FY25
126.8M

FY25 · as of Dec 2025

Shares outstanding FY21: 1.77B, as of Dec 2021Shares outstanding FY22: 120.1M, as of Dec 2022Shares outstanding FY23: 122.3M, as of Dec 2023Shares outstanding FY24: 125.9M, as of Dec 2024Shares outstanding FY25: 126.8M, as of Dec 2025

A rising count is dilution: each existing share owns less of the company. The count steps about 1-for-15 between FY21 and FY22: a stock split, not new shares. The series is not split-adjusted yet, so no change is shown.

Latest filing: sec.gov

The record

What happened

What happened
DateWhat happened
27 Oct 2026Sources added: 0 → 2The dossier's cited-link count grew from 0 to 2.editorial note · the dossier
dossier age
8 days
researched 27 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 15 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-21), 428 words, 11 filing mentions
  2. The dossier: What held, 59 words, 4 filing mentions
Research

The Globalstar dossier

The verdict

GSAT is no longer a fundamental story — it is an Amazon merger-arb at $90/sh (≈10.8% gross spread, 2027 close); buy the deal-break protection (Apple re-signed, $592M reverse break fee, FCC defends the spectrum, vote already done), not the satellites. The only real risk is regulatory drag, not deal failure.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-21)

  1. Merger status. The company reports the HSR waiting period expired on 2026-07-17 and that it and Amazon are engaging with the remaining authorities, including the FCC and certain international merger control, foreign investment and satellite and communications authorities; closing is expected in 2027, subject to remaining conditions including outstanding regulatory approvals and achievement of certain HIBLEO-4 replacement satellite milestones. The Form 10-QThe quarterly version of the annual report. Lighter, and not audited. adds that certain governmental authorizations relating to the C-3 System have not yet been received. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-06, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1366868/000136686826000037/gsat20260630-ex991.htm; Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-06, https://www.sec.gov/Archives/edgar/data/1366868/000136686826000039/gsat-20260630.htm; quarter ended 2026-06-30]
  2. Termination dates. Either party may terminate if the mergers are not completed by 2027-04-13, extendable to 2027-10-13 and again to 2028-04-13 if regulatory (and, for the first extension, satellite-milestone) conditions are unmet. [sec.gov: 10-Q filed 2026-08-06, same URL as item 1]
  3. Q2 results. Total revenue $64.8M ($60.0M service, $4.8M subscriber equipment); service revenue fell $3.2M (5%), because Q2 2025 included $6.6M of out-of-period wholesale capacity revenue (excluding it, service revenue rose $3.4M), and record Commercial IoT activations were reported. Loss from operations $4.8M vs income of $6.1M a year earlier. Net loss $26.5M vs net income of $19.2M in Q2 2025; six-month net loss $41.4M vs net income of $1.9M. Adjusted EBITDA $26.0M vs $35.8M. [sec.gov: 8-K filed 2026-08-06, exhibit 99.1, same URL as item 1; 10-Q filed 2026-08-06, same URL as item 1]
  4. Replacement satellites. The 10-Q says the first set of replacement satellites is currently scheduled to launch in August 2026, after which Phase 2 services begin; no later filing reports the launch. [sec.gov: 10-Q filed 2026-08-06, same URL as item 1]
  5. Cash and shares. Cash and cash equivalents $409.8M at 2026-06-30 ($447.5M at 2025-12-31). 129,563,390 common shares and 149,425 preferred shares outstanding at 2026-07-31. [sec.gov: 10-Q filed 2026-08-06, same URL as item 1]
  6. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "HSR clearance / expiry" meets item 1 (expired 2026-07-17). The carried catalysts "FCC final license-transfer order (12–18 mo)", "Foreign-investment approvals across 120+ jurisdictions" and "Deal close... 2027" meet items 1 and 2: still pending, close expected in 2027. The carried catalyst "First HIBLEO-4 replacement satellite launch (SpaceX)... 2026-05 / 2026H2" meets item 4: scheduled for August 2026 in the 10-Q, with no later report. The carried catalyst "FCC public-comment deadline... 2026-07-06" is not addressed in the passages read. The carried seed's price ($81) and the $90 deal price rest on market data this delta does not refresh; the 10-Q's merger-consideration description was not re-verified beyond the references above.

What held

  • The Amazon merger remains pending with close expected in 2027 (item 1). [sec.gov: 8-K filed 2026-08-06, exhibit 99.1]
  • Stockholder approval was already delivered by written consent, as the 10-Q describes the condition as satisfied. [sec.gov: 10-Q filed 2026-08-06]
  • The company remains on the replacement-satellite programme with MDA Space and SpaceX (item 4). [sec.gov: 10-Q filed 2026-08-06]

How our view changed

2 dossiers on Globalstar since . The verdict has held each time.

Company details

IndustrySpace
SizePublic Company
WebsiteVisit Globalstar

Others in space

5 names

Where Globalstar sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.