What changed in this filing

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Item 1. Business

2026-02-27 compared with 2025-02-28 · 110 added, 105 removed, 214 unchanged (50% of the section changed)

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Through its global satellite network, Globalstar, Inc.

(“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.

(“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.

We offer these services over our network of in-orbit satellites and ground stations (“gateways”) pursuant to our spectrum licenses, which we refer to collectively as the Globalstar System.

In addition to supporting Internet of Things ("IoT") data transmissions in a variety of applications, we provide reliable connectivity in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters.

By providing wireless communications services across the globe, we meet our customers' increasing desire for connectivity.

By providing global mobile satellite communications services, we aim to 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.

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.

These core competencies are outlined below.

Wholesale Satellite Capacity

Communications Products and Services

We currently provide the following communications products and services to our MSS subscribers:

• data transmissions using a mobile or fixed device that transmits the location of the devices and other information to a central monitoring station, including our commercial IoT products ("Commercial IoT");

• communication and data transmissions using our SPOT family of mobile devices that transmit messages and the location of the device ("SPOT");

• voice communication and data transmissions ("Duplex").

We compete aggressively on price and strive to differentiate the products and solutions that we offer to our customers.

As technological advancements are made, we continue to explore opportunities to develop new products and provide new services over the Globalstar System to meet the needs of our existing and prospective customers.

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.

Wholesale Satellite Capacity Services

Wholesale satellite capacity services include satellite network access and related services over the Globalstar System.

We provide certain services to Apple Inc.

(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.

As consideration for the services provided by us, payments to us include a fixed service fee, payments relating to certain service-related operating expenses and capital expenditures, additional fees related to expanded services, and potential bonus payments subject to satisfaction of certain licensing, service and related criteria.

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).

(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.

For additional information about the Updated Services Agreements, see Note 2:

Special Purpose Entity to our Consolidated Financial Statements.

As consideration for the services provided by us to the Customer under the Updated Services Agreements, payments to us include a fixed service fee, fees relating to certain service-related operating expenses and capital expenditures, additional fees related to expanded services, and potential bonus payments subject to satisfaction of certain licensing, service and related criteria.

We retain 15% of our current and future network capacity to support our other customers, including our existing and future Commercial IoT, SPOT and Duplex subscribers.

This capacity can support a substantial increase in our own subscriber base.

We believe that this capacity can support a substantial increase in our own subscriber base.

This retained satellite capacity can be used by us directly or through additional wholesale customer opportunities.

Terrestrial Spectrum and Network Solutions

We have terrestrial licenses in 12 countries resulting in approximately 11.9 billion MHz-POPs (megahertz of our spectrum authority in each country multiplied by a total population of approximately 1.0 billion over the covered area) as of December 31, 2024.

Prospective spectrum partners, including cable companies, wireless carriers, system integrators, utilities and other infrastructure operators, are able to benefit from access to uniform and increasingly “borderless” spectrum working across geographies.

We believe our expanding portfolio of terrestrial spectrum represents a substantial opportunity for us.

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.

We have an Intellectual Property License Agreement (the “License Agreement”) with XCOM Labs, Inc.

(now known as Virewirx, Inc.) (“Licensor” or “XCOM”).

Under the License Agreement, we purchased an exclusive right and license (the “License”) as well as certain intellectual property assets relating to the development and commercialization of XCOM’s key novel technologies for wireless spectrum innovations, including XCOM RAN systems, which is XCOM’s commercially available coordinated multi-point radio system.

XCOM RAN systems deliver substantial capacity gains in dense, complex, challenging wireless environments in sub 7 GHz spectrum.

We also gained exclusive access to XCOM’s peer-to-peer connectivity technologies that could have applications across cellular and satellite devices.

As part of the License Agreement, certain XCOM employees, including engineering, test, product and R&D professionals, who helped develop the licensed technologies, have continued to further commercialize the technology on behalf of Globalstar.

We believe bringing together Globalstar’s terrestrial spectrum and relationships with leading partners around the world with XCOM’s differentiated technology creates a significant opportunity to deliver private networks for mission-critical needs of customers.

Terrestrial spectrum and network solutions revenue is included in "Government and Other Services" within the service revenue category of our results of operations.

Communications Products and Services

We currently provide the following communications products and services to our MSS subscribers:

• data transmissions using a mobile or fixed device that transmits the location of the device and other information to a central monitoring station, including our commercial IoT products ("Commercial IoT");

• communication and data transmissions using our SPOT family of devices that emergency alerts, transmit messages and the location of the device ("SPOT");

• voice communication and data transmissions ("Duplex").

We compete aggressively on price and strive to differentiate the solutions that we offer to our customers.

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.

Government Services

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These services include hardware and software designs to develop specific applications operating over our satellite network, as well as the installation of gateways and antennas.

Terrestrial Spectrum and Network Solutions

We have terrestrial licenses in 12 countries resulting in approximately 12.0 billion MHz-POPs (megahertz of our terrestrial spectrum authority in each country multiplied by a total population of approximately 1.0 billion over the covered area) as of December 31, 2025.

across geographies.

We believe our portfolio of terrestrial spectrum represents a substantial opportunity for us.

The Updated Services Agreements significantly enhanced the device ecosystem for Band 53/n53 by enabling access to our terrestrial spectrum band in certain of the Customer's devices.

In January 2026, we exercised our right under the Intellectual Property License Agreement (the “License Agreement”) with XCOM Labs, Inc.

(now known as Virewirx, Inc.) (“XCOM”) to purchase intellectual property assets relating to the development and commercialization of XCOM’s technologies for wireless spectrum innovations, including XCOM RAN systems, which is XCOM’s commercially available coordinated multi-point radio system.

XCOM RAN systems deliver substantial capacity gains in dense, complex, challenging wireless environments in sub 7 GHz spectrum.

We also now own XCOM’s peer-to-peer connectivity technologies that could have applications across cellular and satellite devices.

Certain former XCOM employees, who developed these technologies are employed by Globalstar and continuing to further commercialize the technology.

Terrestrial spectrum and network solutions revenue is included in "Government and Other Services" within the service revenue category of our results of operations.

Globalstar System

Satellite Network

Our constellation of Low Earth Orbit ("LEO") satellites is designed to maximize the probability that at least one satellite is visible from any point on the Earth's surface between the latitudes 70° north and 70° south.

Our goal is to provide service levels and call or message success rates equal to or better than our MSS competitors, so our products and services are attractive to potential customers.

In 2022, we entered into a satellite procurement agreement with Macdonald, Dettwiler and Associates Corporation ("MDA") pursuant to which we expect to acquire at least 17 and up to 26 satellites.

In August 2024, the Federal Communications Commission (the "FCC") Space Bureau issued an order granting our application to replenish our HIBLEO-4 U.S.-licensed system with up to 26 satellites and operate them under an additional fifteen-year license term to provide long-term continuity of our MSS.

In 2022, we entered into a satellite procurement agreement with Macdonald, Dettwiler and Associates Corporation ("MDA Space") pursuant to which we expect to acquire 17 satellites to replace our HIBLEO-4 U.S.-licensed system.

In August 2024, the Federal Communications Commission (the "FCC") Space Bureau granted our application to replace our HIBLEO-4 U.S.-licensed system with up to 26 satellites and operate them under a renewed 15-year license term to provide long-term continuity of our MSS.

The technical specifications and design of these replacement satellites are similar to our current satellites.

The satellite procurement agreement requires delivery of the 17 new satellites by 2025.

In February 2025, we entered into another agreement with MDA pursuant to which we expect to acquire more than 50 satellites related to the Extended MSS Network.

In 2023, we entered into a Launch Services Agreement with Space Exploration Technologies Corp.

(“SpaceX”) and certain related ancillary agreements (the “Launch Services Agreements”), providing for the launch of the first set of these new satellites.

In October 2024, we entered into another agreement with SpaceX for the launch of the new satellites related to the Extended MSS Network.

Ground Network

Our satellites communicate with a network of gateways, each of which serves an area of approximately 700,000 to 1,000,000 square miles.

We currently expect delivery of the 17 replacement satellites during 2026, with the first set expected in early 2026 and the second set in mid-2026.

These replacement satellites are expected to complement our existing second-generation constellation to ensure continuous service delivery.

In February 2025, we entered into another agreement with MDA Space pursuant to which we expect to acquire more than 50 third-generation C-3 System (defined below) satellites related to the Extended MSS Network.

In each of August 2023 and June 2025, we entered into a Launch Services Agreement with Space Exploration Technologies Corp.

(“SpaceX”) and certain related ancillary agreements (collectively, the “Launch Services Agreements”), providing for two launches of the replacement satellites that we are acquiring pursuant to the 2022 satellite procurement agreement with MDA Space.

We currently expect to complete both launches during 2026 with the first launch, consisting of eight replacement satellites, anticipated during the first half of 2026, and the launch of the second set of replacement satellites anticipated during the second half of 2026.

In October 2024, we entered into agreements with SpaceX for the launch of the new C-3 System third-generation satellites to support the Extended MSS Network.

Our satellites communicate with our global network of gateways, each of which serves an area of up to 1,000,000 square miles.

Each gateway consists of multiple 6-meter tracking antennas, spaced at least 50 meters apart with associated electronics and other infrastructure.

A gateway must be within line-of-sight of a satellite and the satellite must be within line-of-sight of the subscriber to provide services.

We have positioned our gateways to provide coverage over most of the Earth's land and human population and continue to evaluate and, as deemed necessary, expand our gateway footprint to optimize coverage.

We locate our gateways to maximize coverage over most of the Earth's land and human population and provide redundancy in the unlikely event that a tracking antenna or gateway is offline for any reason.

We continue to evaluate and, as deemed necessary, expand our global network of gateways to meet market demand and optimize coverage and service quality.

We have announced plans to expand our ground network to support the Extended MSS Network with construction underway at critical sites around the globe.

We continue to progress our infrastructure expansion with construction underway at most sites around the globe, including certain sites in North America, Asia and Europe where construction is complete.

This global expansion initiative is expected to include approximately 90 new antennas across 35 ground stations in 25 countries.

Each of our gateways has multiple antennas that communicate with our satellites and pass communications seamlessly between antenna beams and satellites as the satellites traverse the gateways, thereby reflecting the signals from our users' terminals to our gateways.

Once a satellite acquires a signal from an end-user, the Globalstar System authenticates the user and establishes the voice or data channel to complete the call to a device connected to the public switched telephone network (“PSTN”), a cellular or another wireless network or the internet for data communications including Commercial IoT services.

We believe that the design of the Globalstar System enables faster and more cost-effective system maintenance and upgrades because the software and much of the hardware are located on the ground.

(“PSTN”), a cellular or another wireless network or the internet for data communications including Commercial IoT communication services.

We believe that the design of the Globalstar System enables faster and more cost-effective maintenance and upgrades because the software and much of the hardware are located on the ground and thus readily accessible.

Our multiple gateways allow us to reconfigure the Globalstar System quickly to extend another gateway's coverage to make up for lost coverage from a disabled gateway or to increase capacity resulting from surges in demand.

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This maximizes satellite diversity (which maximizes quality) and network capacity as we can reuse the assigned spectrum in every satellite beam in every satellite.

In addition, we have developed a proprietary technology for our SPOT and Commercial IoT services.

Throughout the past few years, we have built additional gateways around the world, including new antennas and appliques, to improve our ability to pursue significant new opportunities to deploy the Globalstar System as technologies and customer needs evolve and to ensure the performance of the Globalstar System continues to excel as these opportunities increase demand on our capacity.

We provide services to customers in each area of our business, including wholesale satellite capacity, terrestrial spectrum and network solutions, communications products and services and government services.

In addition, we have developed a proprietary technology for our SPOT and Commercial IoT communication services.

We provide services to customers in each area of our business, including communications products and services, wholesale satellite capacity services, government services, and terrestrial spectrum and network solutions.

We enable direct-to-cellular connectivity over the Globalstar System to the Customer under the Updated Services Agreements through a wholesale capacity arrangement.

We also provide communications products and services to our MSS subscribers.

As of December 31, 2024, we had approximately 774,000 subscribers worldwide.

Our subscriber count only includes our MSS subscribers using devices sold and manufactured by Globalstar.

For the years ended December 31, 2025, 2024 and 2023, the Customer under the Updated Services Agreements was responsible for 63%, 58%, and 49%, respectively, of our total revenue.

No other customer was responsible for more than 10% of our revenue during these years.

The loss of the Customer may have an adverse impact on our financial condition, results of operations and cash flows.

Risk Factors, “ Revenue under the Updated Services Agreements constitutes a majority of our current revenue, and there is no assurance that we will receive the revenue expected under the Updated Services Agreements.

” for further discussion.

As of December 31, 2025, we had approximately 791,000 MSS subscribers worldwide.

Our subscriber count only includes our MSS subscribers who have an active Globalstar service contract.

For our subscriber driven revenue, the specialized needs of our global customers span many industries.

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Although traditional users of wireless telephony and broadband data services have access to such services in developed locations, our MSS customers often operate, travel and/or live in remote regions or regions with under-developed telecommunications infrastructure where such services are not readily available or are not provided on a reliable basis.

For the year ended December 31, 2024, 2023 and 2022, the Customer under the Updated Services Agreements was responsible for 58%, 49%, and 24%, respectively, of our total revenue.

No other customer was responsible for more than 10% of our revenue.

The loss of the Customer under the Updated Services Agreements could have an adverse impact to our financial condition, results of operations and cash flows.

See Item 1A:Risk Factors, “ Revenue under the Updated Services Agreements constitutes a substantial portion of our current revenues, and there is no assurance that we will receive the revenue expected under the Updated Services Agreements.

” for further discussion.

Communications Products and Services

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Satellite IoT connectivity has become more critical to a growing number of sectors and use cases.

Our Commercial IoT service is currently a one-way data service from an IoT device over the Globalstar System that can be used to track and monitor assets.

We provide both one-way and two-way data services from an IoT device over the Globalstar System that can be used to track and monitor assets.

Our subscribers use our Commercial IoT devices for a host of applications, including to track assets, such as:

cargo containers and rail cars;

monitor utility meters;

and monitor oil and gas assets.

At the heart of our Commercial IoT services is a demodulator and RF interface, called an appliqué, which is located at a gateway and an application server in our facilities.

cargo containers and rail cars, and to monitor utility meters and oil and gas assets.

At the heart of our Commercial IoT services is a demodulator and radio-frequency interface, called an appliqué, which is located at a gateway and an application server in our facilities.

The appliqué-equipped gateways provide coverage over vast areas of the globe.

The small size of the IoT devices makes them attractive for use in tracking asset shipments, monitoring unattended remote assets, trailer tracking and mobile security.

Our recently launched two-way data services have capabilities that include tracking as well as command, control and acknowledgment message types.

We provide Commercial IoT services to customers operating in a variety of industries, primarily government, transportation, construction, agriculture and forestry.

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We have sales arrangements with major resellers to market our Commercial IoT services, including some value-added resellers that integrate our modules into their proprietary solutions designed to meet certain specialized niche market applications.

The STX3 provides additional opportunities to integrate satellite connectivity into products used for vehicle and asset tracking, remote data reporting and data logger reporting that have limited size requirements.

Affordable pricing, low power consumption and its small size make the STX3 a highly efficient module ready for integration in a wide variety of applications.

The ST100, or ST100 Satellite Transmitter, is a small, lightweight and low power IoT board with embedded antennas.

The ST100 offers a customizable

approach to new Commercial IoT product innovations and can be used by simply adding power, a mechanical enclosure and configuring the settings within the device firmware.

The low cost, size, weight and power consumption of the ST100 also make it ideal for animal tracking.

The STX-3 provides additional opportunities to integrate satellite connectivity into products used for vehicle and asset tracking, remote data reporting and other data log reporting that have limited size requirements.

Affordable pricing, low power consumption and small size make the STX-3 a highly efficient module ready for integration in a wide variety of applications.

The ST-150 is a satellite modem module that can be quickly and effectively integrated into technology to develop unlimited applications for a range of markets.

Also available in a development kit, the ST-150 helps value-added resellers to integrate the modem into their products.

The ST100 is a small, lightweight and low power IoT board with embedded antennas.

The ST100 offers a customizable approach to new Commercial IoT product innovations and can be used by simply adding power, a mechanical enclosure and configuring the settings within the device firmware.

The low cost, size, weight and power consumption of the ST100 make it ideal for animal tracking, among other applications.

For more advanced technical requirements, third parties can write their own firmware on the ST100 and utilize Bluetooth® wireless technology and the serial connector to expand the use of the board and integrate it with other devices or hardware.

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These products provide cost-effective, low-power, ultra-reliable, secure monitoring that help solve a variety of security applications and asset tracking challenges.

Partnering with existing third party technology providers, we are developing Commercial IoT products to connect existing and new users and accelerate deployment of an expanded Globalstar Commercial IoT product offerings.

Partnering with existing third party technology providers, we are developing Commercial IoT products to connect existing and new users and accelerate deployment of expanded Globalstar Commercial IoT product offerings.

We also offer SmartOne Solar™, which is solar-powered and supports similar functionality to our SmartOne suite of products without the need to recharge batteries or line power the device over an expected life of up to ten years.

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The SmartOne Solar™ also has unparalleled safety and environmental certifications including ATEX, IECEx, North America (NEC & CEC), IP68/69K, and HERO.

Realm Enablement Suite

The Realm Enablement Suite is an innovative portfolio of satellite asset tracking hardware and software solutions featuring a powerful application enablement platform for processing smart data at the edge.

With Realm, partners can accelerate new solutions to market with smart applications that generate an advanced level of telematics data.

The Realm Enablement Suite includes Integrity 150, the first solar-powered, deployment-ready satellite asset tracking device with an application enablement platform;

ST150M, a satellite modem module that drastically simplifies product development;

and the Realm application enablement platform, which will offer tools and an extensive library for quickly accessing and developing smart applications at the edge for vertical-specific solutions.

Two-Way Satellite Transmit/Receive Modules

We offer an innovative platform for advanced telematics and command/control, embodied by our leading RM200M module.

The RM200M module, launched in October 2025, is a globally certified two-way satellite IoT module that employs a single-stack chip design to provide seamless and reliable connectivity with advanced capabilities to track and monitor data.

Our application enablement platform eases customer onboarding and product integration by providing built-in application modules, libraries, and manufacturing support to allow customers faster product development using the RM200M module.

Future Developments

We are currently developing two-way Commercial IoT products which would significantly expand our opportunities in the Commercial IoT market, because this technology would have capabilities that include tracking as well as command control and acknowledgment message types.

Our two-way chipset expects to support both satellite and cellular IoT connections from the same technology stack, at a very attractive cost, size, weight and power consumption profile.

Our two-way module and finished product are designed to provide the fundamentals to effectively pursue sales opportunities with carriers, enterprises, large resellers, system integrators, and any party looking to extend their business models with satellite connectivity.

We are currently developing a two-way Commercial IoT finished product to complement the recently launched RM200M.

Both the RM200M and the finished product are designed to provide the fundamentals to effectively pursue sales opportunities with carriers, enterprises, large resellers, system integrators, and other customers looking to extend their business models with satellite connectivity.

Product Distribution

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SPOT Trace ® products are cost-effective, anti-theft and asset-tracking devices that notify owners via email or text anytime movement is detected, using 100% satellite technology to provide location-based messaging and emergency notification for on or off the grid communications.

We are currently developing a new two-way SPOT product, which is currently expected to launch in late 2026.

We target our SPOT devices to recreational and commercial markets that require personal tracking, emergency location and messaging solutions that operate beyond the reach of terrestrial wireless and wireline coverage.

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We distribute and sell our SPOT products through a variety of distribution channels.

We have distribution relationships with a number of "Big Box" retailers and other similar distribution channels, including Amazon, Bass Pro Shops, Cabela's, REI, Sportsman's Warehouse, Academy and West Marine.

We have distribution relationships with a number of "Big Box" retailers, including Amazon, Bass Pro Shops, Cabela's, REI, Sportsman's Warehouse, Academy and West Marine, and other similar distribution channels.

We also sell SPOT products and services directly using our existing sales force and through our direct e-commerce website, www.findmespot.com.

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We regularly monitor our service offerings and rate plans in accordance with customer demands and market changes and offer pricing plans such as bundled minutes, annual plans and unlimited plans.

We no longer manufacture and sell Duplex devices in favor of other use cases for the Globalstar System.

Spectrum and Regulatory Structure

We benefit from a worldwide allocation of radio frequency spectrum in the international radio frequency tables administered by the International Telecommunications Union (“ITU”).

Access to this globally harmonized spectrum enables us to design satellites, networks and terrestrial infrastructure enhancements more cost effectively because the products and services can be deployed and sold worldwide.

In addition, this broad spectrum allocation enhances our ability to capitalize on existing and emerging wireless and broadband applications.

We believe our MSS spectrum position provides potential for harmonized terrestrial authority across many international regulatory domains and have received and continue to seek approvals in various international jurisdictions.

Satellite Network

Globalstar has been authorized to operate a LEO MSS system for over 30 years.

In the United States, the FCC has authorized us to operate our senior HIBLEO-4 system between 1610-1618.725 MHz (L-Band) for “Uplink” communications from user terminals to our satellites and between 2483.5-2500 MHz (S-Band) for “Downlink” communications from our satellites to user terminals.

In the United States and its territories, the FCC has authorized us to operate our HIBLEO-4 system between 1610-1618.725 MHz (L-Band) for “Uplink” communications from user terminals to our satellites and between 2483.5-2500 MHz (S-Band) for “Downlink” communications from our satellites to user terminals.

The FCC has also authorized us to operate our domestic gateways with our first-generation satellites and we also obtained all authorizations necessary from the FCC to operate our domestic gateways with our second-generation satellites in the 5091-5250 and 6875-7055 MHz bands (C-Band).

In August 2024, the FCC Space Bureau issued an order granting our application to replenish our HIBLEO-4 U.S.-licensed system with up to 26 additional satellites and operate them under a renewed fifteen-year license term to provide long-term MSS.

We licensed and registered our second-generation satellites in France.

The French National Agency for Radio Frequencies (“ANFR”) authorized our HIBLEO-X system to operate frequency assignments between 1610-1621.35 MHz for “Uplink” communications from user terminals to our satellites and between 2483.5-2500 MHz for “Downlink” communications from our satellites to user terminals.

France’s National Space Agency (“CNES”) authorized Globalstar’s in-orbit operation of the HIBLEO-X system.

In accordance with our authorization to operate the second-generation satellites, we completed the enhancements to the existing gateway operations in Aussaguel, France to include satellite operations and control functions.

We have redundant satellite operation control facilities in Covington, Louisiana, Aussaguel, France and Milpitas, California.

During 2020, our French authorizations to provide MSS and operate the gateway in Aussaguel, France were renewed for an additional 10-year term.

Globalstar will license and register the additional satellites of our Extended MSS Network in France under the International Telecommunications Union (“ITU”) filing AST-NG-C-3 (the “C-3 System”).

Globalstar is in the process of obtaining all necessary authorizations from France to operate the C-3 System.

France will also be the notifying administration to the U.N.

Globalstar’s subsidiary, Globalstar Licensee LLC, has filed a Petition for Declaratory Ruling with the U.S.

Federal Communications Commission requesting U.S.

market access for its next-generation C-3 System.

In 2024, the FCC Space Bureau issued an order granting our application to replenish our HIBLEO-4 U.S.-licensed system with up to 26 additional replacement satellites and operate them under a renewed fifteen-year license term to provide long-term MSS.

We licensed and registered our second-generation HIBLEO-X satellites in France.

Our HIBLEO-X satellites, launched between 2010 and 2013, are licensed to operate frequency assignments between 1610-1621.35 MHz (L-Band) for “Uplink” communications from user terminals to our satellites and between 2483.5-2500 MHz (S-Band) for “Downlink” communications from our satellites to user terminals.

France also authorized Globalstar’s in-orbit operation of the HIBLEO-X satellites.

In accordance with our authorization to operate the HIBLEO-X, or second-generation, satellites, we established a satellite operations control center in France.

We have redundant satellite operation control facilities in Covington, Louisiana and Toulouse, France.

In 2020, France renewed our authorization to provide MSS and operate the gateway in Aussaguel, France for an additional 10-year term.

We have acquired the operational rights to the AST-NG-C-3 system filing made by the Republic of France with the ITU.

This filing will enable us to commercialize our third-generation MSS network (the "C-3 System") to support the Services (as defined herein) provided over the Extended MSS Network.

We have applied to the French government to secure the necessary authorizations to launch and operate the C-3 System.

We are also pursuing market access approvals from multiple countries, including the United States.

In February 2025, we filed a petition with the FCC requesting U.S.

market access for the C-3 System.

The FCC Space Bureau has accepted our petition for filing and published it for public comment.

Terrestrial Authority for Globalstar's Licensed 2.4 GHz Spectrum

We are authorized to provide terrestrial broadband services over 11.5 MHz of our licensed MSS spectrum at 2483.5 to 2495 MHz (S-Band) throughout the United States of America.

We are authorized to provide terrestrial broadband services over 11.5 MHz of our licensed MSS spectrum at 2483.5 to 2495 MHz (S-Band) throughout the United States and its territories.

The Third Generation Partnership Project (“3GPP”), an organization that produces technical specifications and reports for 3GPP technologies, has designated the 11.5 MHz terrestrial band as Band 53 with the 5G variant of our Band 53, known as n53 (collectively "Band 53/n53").

We have a strategic perpetual licensing agreement for exclusive access to certain key XCOM technologies and personnel.

The license covers a number of XCOM’s novel technologies for wireless spectrum innovations, including XCOM RAN, XCOM’s commercially available coordinated multipoint radio system.

We own key XCOM intellectual property assets, including a number of XCOM’s novel technologies for wireless spectrum innovations, such as XCOM RAN, XCOM’s commercially available coordinated multipoint radio system.

XCOM technologies deliver substantial capacity gains and other benefits in dense, complex, challenging wireless environments in sub 7 GHz spectrum, including Band n53.

We also gained exclusive access to XCOM’s peer-to-peer connectivity technologies that could have applications across cellular and satellite devices.

We also own XCOM’s peer-to-peer connectivity technologies that could have applications across cellular and satellite devices.

The emergence of satellite to cellular technology (direct-to-cellular) has increased the number of satellite providers working in collaboration with mobile communications providers to offer wholesale capacity services similar to ours that extend smart phone messaging capability.

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There are also multiple new systems that have recently launched as well as systems that are expected to launch over the coming years.

These include SpaceX’s Starlink, Amazon Kuiper and AST SpaceMobile, among others.

These systems are expected to provide a host of services, such as consumer broadband, government and direct-to-cellular.

Newer systems, including both MSS and fixed-satellite services that have launched include SpaceX’s Starlink, Amazon Leo and AST SpaceMobile, among others.

These systems are currently providing a host of services, including consumer broadband, government and direct-to-cellular with the growth of their service offerings expected to materially increase over the coming years.

LEO systems reduce transmission delay compared to a geosynchronous system due to the shorter distance signals have to travel.

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We currently face substantial competition from other service providers that offer a range of mobile and fixed communications options similar to ours.

Our direct-to-cellular service also faces competition from newly announced service providers, including SpaceX's Starlink and a number of new market entrants.

While we believe that our service is currently the most robust service providing satellite capabilities to smartphones, other satellite service providers are expected to provide similar satellite services in the near-term.

Our direct-to-cellular service faces competition from newly announced service providers, including SpaceX's Starlink and a number of new market entrants.

While we believe that our service is currently the most robust service providing direct-to-cellular satellite capabilities across multiple regions, other satellite service providers are providing or marketing similar satellite services.

Our most direct competition in our MSS business comes from other global MSS providers.

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We may be able to address certain of these use cases with spectrum provided by our satellite network.

As the terrestrial spectrum industry continues to change, recent terrestrial spectrum sales, such as between EchoStar and SpaceX and EchoStar and AT&T, may increase the current competitive landscape for products and services.

Refer to Item 1A.

Risk Factors - "Risks Related to Government Regulations" for further discussion of our competitive landscape.

Governmental Regulations

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We hold various U.S.

and foreign patents and patents pending, including those acquired from the License Agreement.

and foreign patents and patents pending, including those acquired from XCOM.

These patents cover many aspects of our satellite system, our global network, our user terminals and XCOM technologies.

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Sales of services accounted for approximately 94%, 95% and 91% of our total revenues for 2025, 2024, and 2023, respectively.

We also sell related voice and data equipment to our Commercial IoT, SPOT and Duplex customers, which accounted for approximately 5%, 8% and 11% of our total revenues for 2024, 2023, and 2022, respectively.

We also currently sell related data equipment to our Commercial IoT and SPOT customers, which accounted for approximately 6%, 5% and 9% of our total revenues for 2025, 2024, and 2023, respectively.

Additional Information

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Our electronic SEC filings are available to the public at the SEC's internet site, www.sec.gov .

We make available free of charge financial information, news releases, SEC filings, including our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports on our website at www.globalstar.com as soon as reasonably practical after we electronically file such material with, or furnish it to, the SEC.

We make available free of charge financial information, news releases, SEC filings, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports on our website at www.globalstar.com as soon as reasonably practical after we electronically file such material with, or furnish it to, the SEC.

The documents available on, and the contents of, our website are not incorporated by reference into this Report.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business