GSATMEDIUM SIGNALFINANCIAL10-K

GSAT substantially reduced its net losses while growing revenue 16.3% and expanding operating cash flows, though total liabilities increased significantly to $2.0B.

The company appears to be executing a turnaround with meaningfully improved profitability metrics despite higher SG&A spending, suggesting operational leverage is taking hold. However, the 45.8% increase in total liabilities warrants scrutiny as it could indicate new debt obligations or contingent liabilities that may constrain future flexibility.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

GSAT delivered solid top-line growth with revenue expanding 16.3% to $112.7M while dramatically improving bottom-line performance as net losses narrowed substantially from -$63.2M to -$8.7M. Operating cash flow grew robustly to $621.6M with reduced capital expenditures, strengthening the cash position to $447.5M. The notable increase in total liabilities to $2.0B represents the primary financial concern, though current liabilities growth of 45.2% appears more manageable given the improved cash generation.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+86.3%
-$63.2M→-$8.7M

Net income grew 86.3% — bottom-line growth signals improving overall business health.

Total Liabilities
Balance Sheet
+45.8%
$1.4B→$2.0B

Liabilities grew 45.8% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Liabilities
Balance Sheet
+45.2%
$141.5M→$205.5M

Current liabilities surged 45.2% — significant near-term obligations; verify ability to meet short-term debt.

Operating Cash Flow
Cash Flow
+41.5%
$439.2M→$621.6M

Operating cash flow surged 41.5% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
-37.5%
$7.3M→$4.6M

Capex reduced 37.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Assets
Balance Sheet
+36%
$1.7B→$2.3B

Asset base grew 36% — expansion through organic growth, acquisitions, or capital deployment.

Accounts Receivable
Balance Sheet
-25.9%
$27.0M→$20.0M

Receivables declined — improved collection efficiency or conservative revenue recognition.

SG&A Expense
P&L
+18.4%
$43.4M→$51.4M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Revenue
P&L
+16.3%
$96.9M→$112.7M

Revenue growing 16.3% — solid top-line momentum, watch margins for quality of growth.

Cash & Equivalents
Balance Sheet
+14.4%
$391.2M→$447.5M

Cash grew 14.4% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
As of February 20, 2026, 128,554,348 shares of voting common stock were outstanding and 149,425 shares of preferred stock were outstanding.
Risk Factors of this Report and as may be further updated by subsequent filings with the U.S.
( we, us or the Company ) provides Mobile Satellite Services ( MSS ), including voice and data communications services to retail, business and governmental customers as well as wholesale satellite capacity services.
By providing global mobile satellite communications services, we aim to meet our customers' increasing desire for connectivity.
3 Business Strategy Our competitive advantages are leveraged through our ability to deliver communications products and services, wholesale satellite capacity services, government services, and terrestrial spectrum and network solutions.
In October 2025, we released the RM200M two-way module, designed to integrate into IoT and industrial solutions.
Our current initiatives are focused in part on further investment and development of Commercial IoT-enabled devices, including a two-way reference design module and finished products with satellite only and multimode capabilities.
(the "Customer") pursuant to a service agreement and certain related ancillary agreements (collectively, the "Service Agreements").
In October 2024, we agreed to make certain amendments to the Service Agreements and entered into other related agreements with the Customer (the Service Agreements, as amended, collectively, the "Updated Services Agreements") to deliver expanded services over a new MSS network, including a new satellite constellation, expanded ground infrastructure, and increased global MSS licensing (collectively the "Extended MSS Network").
The Updated Services Agreements generally require us to allocate network capacity to support the services we provide to the Customer and for the Customer to enable Band 53/n53 for use in cellular-enabled devices designated by the Customer for use with our services.
REMOVED
As of February 21, 2025, 126,442,716 shares of voting common stock were outstanding (reflecting the 1-for-15 reverse stock split described herein) and 149,425 shares of preferred stock were outstanding.
( we, us or the Company ) provides Mobile Satellite Services ( MSS ) including wholesale capacity services to the Customer (defined below) and voice and data communications services to retail, business and governmental customers.
By providing wireless communications services across the globe, we meet our customers' increasing desire for connectivity.
Business Strategy Our competitive advantages are leveraged through our ability to successfully deliver wholesale satellite capacity, terrestrial spectrum and network solutions, communications products and services and government services.
(the "Customer") pursuant to an agreement (the Service Agreement ) and certain related ancillary agreements (such agreements, together with the Service Agreement, the Service Agreements ).
The Service Agreements generally require us to allocate network capacity to support the services provided to the Customer and also for the Customer to enable Band 53/n53 for use in cellular-enabled devices designated by the Customer for use with the services.
In October 2024, we agreed to make certain amendments to the Service Agreements and entered into other agreements (collectively the "Updated Services Agreements") with the Customer for Globalstar to deliver expanded services over a new MSS network, including a new satellite constellation, expanded ground infrastructure, and increased global MSS licensing (collectively, the "Extended MSS Network").
As consideration for the additional services, payments to us will include incremental service fees tied to the cost of the Extended MSS Network, fees for providing additional related services, fees tied to expenses incurred for the provision of such services, and performance bonuses (if earned).
This capacity can support a substantial increase in our own subscriber base.
The Service Agreements significantly enhance the device ecosystem for Band 53/n53 by enabling access to our terrestrial spectrum band in certain of Customer's devices.
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