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Globalstar (GSAT) has reiterated its revenue outlook for 2025 at $260-$285 million and expects adjusted EBITDA margins around 50%. For the second quarter of 2023, the company reported revenues of $67.1 million, an 11% increase year over year, and adjusted EBITDA of $35.8 million. This stability in guidance reflects confidence in Globalstar’s momentum, mainly in wholesale capacity services and commercial IoT, which has seen robust growth in subscriber numbers.
To enhance its services, Globalstar is advancing platforms like the RM200 two-way module and XCOM RAN, which could significantly expand its market presence, especially within government contracts and U.S. defense agencies. Additionally, the company is initiating a global ground infrastructure program aimed at adding approximately 90 antennas across 35 ground stations in 25 countries, poised to bolster network capacity. Meanwhile, the industry faces intensifying competition, notably from players like Iridium Communications (IRDM) and Gilat Satellite Networks (GILT), both of which are pursuing significant growth in global connectivity demands.
Iridium’s strategy includes acquiring Satelles to diversify its services, with a target of generating over $100 million annually in Service Revenue by 2030. At the same time, Gilat’s focus on defense and in-flight connectivity has led to significant contracts, including an $8 million order from the Israeli Ministry of Defense. Gilat also upgraded its revenue forecasts for 2023 to a range of $435 million to $455 million, with adjusted EBITDA expected between $50 million and $53 million.
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