Earnings call transcript: Globalstar Q3 2025 sees record revenue, stock dips

Globalstar Inc. has reported record quarterly revenue for Q3 2025, reaching $73.8 million, marking a significant milestone for the satellite communications company. Despite this achievement, Globalstar's stock experienced a decline of 5.63% in aftermarket trading, closing at $50.91. This movement comes amid broader market trends and investor reactions to the company's future guidance and strategic initiatives.

Key Takeaways

• Globalstar achieved record Q3 revenue of $73.8 million.
• Stock price fell by 5.63% in aftermarket trading.
• Strong growth in equipment revenue, up 21%.
• Global expansion of IoT capabilities and new product launches.
• Guidance for full-year 2025 revenue set between $260-$285 million.

Company Performance

Globalstar's Q3 results highlight a robust performance, with total revenue reaching a record high. The company reported a 6% increase in year-to-date revenue, driven by a 6% rise in service revenue and a notable 21% boost in equipment revenue. This growth underscores the company's successful expansion strategies and increased demand for its products and services.

Financial Highlights

• Revenue: $73.8 million in Q3, a record high.
• Year-to-date revenue: $201 million, up 6%.
• Service revenue: Increased by 6%.
• Equipment revenue: Increased by 21%.
• Income from operations: $10.2 million, up from $9.4 million.
• Adjusted EBITDA margin: 51% in Q3.

Outlook & Guidance

Globalstar has provided guidance for the full year 2025, projecting revenue between $260 million and $285 million. The company aims for an adjusted EBITDA margin of 50%. Strategic investments continue in XCOM RAN and next-generation products, with potential satellite launches planned for the first half of 2026. This forward-looking approach reflects the company's commitment to innovation and market expansion.

Executive Commentary

CEO Paul Jacobs expressed enthusiasm about the company's position in the connectivity industry, stating, "It's never been a more exciting time to be in the connectivity industry." He also highlighted the potential for disruptive innovation, emphasizing the unique spectrum bands Globalstar holds. CFO Rebecca Clary reinforced the company's strong fundamentals, reflecting confidence in continued growth.

Risks and Challenges

• Market volatility could impact stock performance.
• Competition in the satellite communications sector remains intense.
• Potential regulatory changes affecting spectrum usage.
• Macroeconomic pressures could affect customer spending.
• Technological advancements by competitors could pose challenges.

Globalstar's Q3 2025 earnings call underscores the company's strong financial performance and strategic initiatives aimed at sustaining growth. However, the stock's decline in aftermarket trading suggests investor caution, possibly due to broader market conditions and the company's future guidance.

Full transcript - Globalstar Inc (GSAT) Q3 2025:

Paul Jacobs, CEO, Globalstar: Good day, and thank you for standing by. Welcome to the Globalstar Third Quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press Star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press Star 11 again. Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your first speaker today, Rebecca Clary, CFO. Please go ahead.

Rebecca Clary, CFO, Globalstar: Thank you, Operator, and good afternoon, everyone. Before we begin, please note that today's call contains forward-looking statements intended to fall within the safe harbor provided under the securities laws. Factors that could cause the results to differ materially are described in the risk factors section of Globalstar's SEC filings, including its annual report on Form 10-K for the financial year ending 2024 and its other SEC filings, as well as today's earnings release. Also note that management may reference EBITDA, adjusted EBITDA, free cash flow, or adjusted free cash flow on this call, which are financial measures not recognized under U.S. GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in the earnings release, which is available on our website.

Today, I will walk you through our third quarter and year-to-date financial results, discuss our liquidity position, and touch briefly on outlook. We delivered solid top-line performance in the third quarter, with total revenue of $73.8 million. This represents growth over the prior year's third quarter, reaching a record quarterly amount. This improvement was driven by two key areas: wholesale capacity services and continued strength in commercial IoT. Our wholesale capacity services revenue increased primarily due to the timing of service fees associated with the reimbursement of network-related costs as we continue to expand and upgrade our global ground infrastructure. Commercial IoT also continues to be a growth driver for us. IoT service revenue increased on the back of subscriber growth, with average subscribers reaching 543,000, a 6% increase from the prior year's third quarter.

This growth was again propelled by a record number of growth activations over the last 12 months. We also saw particularly strong equipment sales performance. Equipment revenue from commercial IoT device sales was up 60% compared to the prior year's third quarter. We expect this momentum to continue, particularly with the recent commercial availability of our two-way module, which we believe will drive additional demand. Income from operations was $10.2 million in the quarter, up from $9.4 million in the prior year's third quarter. This improvement came despite higher operating expenses during the quarter due to planned increased investments in our business. Net income was lower than the prior year's third quarter, driven primarily by non-cash items. Specifically, we recognized higher interest expense from non-cash imputed interest related to the 2024 prepayment agreement. We also recorded net foreign currency losses from the remeasurement of intercompany balances.

These items were partially offset by a non-cash gain on the quarterly mark-to-market adjustment of our derivative assets. Adjusted EBITDA for the third quarter reflects our strategic investment in growth opportunities, particularly XCOM. We continue to enhance and develop our XCOM RAN product and service offerings, and as we've discussed previously, we're incurring costs, primarily personnel-related, in advance of significant revenue contribution from this business. We believe this is a solid investment for the company, and we remain confident in the strategic value of this initiative, particularly based on recent developments towards commercialization. Importantly, we continue to maintain healthy adjusted EBITDA margins: 51% in the third quarter and 52% year-to-date, even while making substantial investments in XCOM and Next Generation products. This demonstrates the profitability of our core business and gives us confidence that as these new revenue streams scale, we'll see meaningful margin expansion.

For the year-to-date period, total revenue was $201 million, representing 6% growth compared to the same period last year. Service revenue was also up 6%, while equipment revenue increased 21%. The revenue and operating income story for the nine-month period largely mirrors what we saw in Q3. Now, let me turn to our balance sheet and cash flow. We ended the third quarter with cash and cash equivalents of $346.3 million. During the first nine months of 2025, we generated operating cash flow of $445.8 million, a strong result that reflects $299.6 million received in connection with the infrastructure prepayment and also demonstrates the cash-generating capabilities of our business. Capital expenditures were $485.9 million during the period, reflecting our commitments under our updated services agreements for network expansion and upgrades, including ground infrastructure as well as satellite construction and launch costs.

These investments are fundamental to our ability to deliver enhanced services and support our long-term growth. Financing activities used $6.1 million in cash, primarily for debt recoupment under the 2021 funding agreement and preferred stock dividend payments, offset partially by $27.1 million in proceeds under the 2023 funding agreement, which will be used to fund CapEx for our replacement satellites. Adjusted free cash flow for the nine-month period was $133.3 million, up significantly from $74.5 million in the prior year period. This increase reflects primarily higher customer payments, including $37.5 million in accelerated service payments received during 2025. Total debt principal outstanding was $418.7 million at September 30, 2025, largely in line with the prior year end and reflecting the financing activities previously discussed. Our financial position remains strong, with solid cash generation, ample liquidity, and strategic investments that position us for long-term growth.

We're making deliberate investments in XCOM and Next Generation products, and we're executing on our infrastructure commitments to support our wholesale services agreement. The fundamentals of our business are sound. We're growing revenue in strategic areas, generating strong operating cash flow, and managing our cost structure while investing for the future. Given our results to date and expectations for the balance of the year, we are reiterating our full year 2025 outlook and continue to expect revenue in the range of $260 million-$285 million and an adjusted EBITDA margin of approximately 50%. With that, I'd like to turn the call over to Paul.

Paul Jacobs, CEO, Globalstar: Thanks, Rebecca, and good afternoon, everyone. I'm pleased to be with you today and to discuss what has been a robust quarter for Globalstar. Across every major part of our business, we're executing our strategy and delivering measurable progress that strengthens our position in the market. It's really never been a more exciting time to be in the connectivity industry and for Globalstar in particular. My team and I have spent our careers driving many of the hottest trends in mobile communications and computing. Here we are again. On the satellite side, we couldn't be more proud to have helped pioneer direct-to-device services and witness the lifesaving impact of our network. There are now over half a billion devices capable of utilizing our network, and we continue to invest and innovate to maintain our leading position.

On the mobile wireless network side, our XCOM RAN technology is proving its benefits both in performance for mission-critical applications and its cost-effectiveness and ease of deployment. As I've said previously, what drew us to Globalstar is the strength and differentiation of our globally harmonized spectrum. Three decades of Leo constellation operations and deep engineering capability to deliver secure, reliable connectivity worldwide with the quality of service demanded by some of the world's most innovative technology leaders, something few others, if anyone, can claim. Recent activity in the market underscores that value as a wide variety of players now better understand the need for dedicated mobile satellite service or MSS spectrum.

Other participants in the direct-to-device solution space have spent tens of billions to acquire L and S-band assets that, while useful, lack the global coverage, priority rights, and harmonization with an established hardware ecosystem that defines our portfolio, one that has been deployed for decades by our Globalstar customers. We believe this validates the global orientation of our strategy from inception, building the company around globally harmonized and licensed spectrum assets and a global Leo platform. We see extraordinary potential for disruptive innovation around our spectrum bands, and are confident we are playing a defining role now and for some time to come. For many reasons, Globalstar holds the critical jigsaw pieces that complete the broader D2D puzzle. This moment is a strategic inflection point that could shape or reshape the future of a rapidly converging communications industry.

Before I turn to the other parts of our business, let me acknowledge that you may have seen recent media reports regarding a potential strategic transaction involving Globalstar. As a matter of policy, we do not comment on press articles, rumors, or market speculation, and therefore, we will not be addressing this topic during today's call or the Q&A following our remarks. Now, let's turn to the business, and let me start with our infrastructure expansion and satellite roadmap for our C3 constellation. We continue to make significant progress in the construction of our extended MSS network. In addition to development of our third-generation C3 satellite system, this effort includes the build-out of our global ground network with new infrastructure across multiple continents, including Europe, Asia, and North America.

This global ground expansion is continuing, including up to 90 new tracking antennas supporting Globalstar's C3 satellite system, representing a significant investment in the functionality, capacity, and future-proofing of our network. This significantly underscores our mission and strategy to support resilient and robust connectivity that not only serves the needs of today but also prepares for those of tomorrow. To that end, our Hiblio XL1 filing is designed to expand operational frequencies, which is a foundational step towards our planned next satellite era. This system will introduce new satellites, orbital shells, and frequency bands to enable greater capacity and throughput. It is an important step forward that aligns with the other network investments we are making today.

While we are not currently planning significant investment in our own mega constellation, this filing gives us the future option to work with partners supporting our spectrum on a mega constellation that is coordinated with our existing and planned constellations. Let's turn to the government sector. We continue to see strong traction following our wins earlier this year. We have made meaningful progress with Parsons Corporation, transitioning from proof of concept to commercial engagement that leverages our satellite network within their advanced software-defined communications architecture. This partnership highlights Globalstar's ability to deliver resilient, low-latency, and mission-critical connectivity for defense and public safety applications. We continue to expect government-related opportunities to represent an expanding source of revenue in 2026 and beyond. Our commercial IoT subscriber growth is strong and accelerating with strong MSS device sales supported by growing adoption in safety, logistics, and infrastructure markets.

Gross activations are up 40% over the same quarter last year, and total units are up 100% on a quarterly basis compared to the prior year. That doesn't even include the new two-way module, which is now being integrated into our customers' finished products. These sales, combined with increased enterprise demand, are contributing to a balanced and diversified revenue profile. Another milestone this quarter is the global availability of our two-way commercial IoT module, the RM200M. Already receiving certifications in key regions, the RM200M is now officially available for worldwide deployment. Leveraging Globalstar's licensed L- and S-band spectrum and second-generation satellites, the module delivers reliable two-way connectivity, reducing friction when deploying across numerous geographic regions. On the private wireless side, momentum continues to build for XCOM RAN.

During the quarter, we received an initial order from a new XCOM RAN customer advancing their next-generation robotics application and a significant expansion of this program. XCOM RAN is positioned to play a critical part in ensuring quality of service in warehouse and factory automation, where reliable and secure connectivity is at the core of a robotic future in these environments. We believe we can demonstrate not only significantly differentiated performance of our 5G-based systems over industrial Wi-Fi, but also improved economics for large area applications. We are addressing new applications outside of warehouse automation, which we believe will grow our addressable market significantly. Stepping back, this has been a year of meaningful acceleration for Globalstar. We've expanded our infrastructure, strengthened our product lineup, deepened our government relationships, and enhanced the commercial viability and visibility of our technology portfolio. These accomplishments have not gone unnoticed.

Increased partner engagement and growing investor confidence reflect a renewed understanding of Globalstar's strong market position, combining spectrum ownership, global infrastructure, product lineup, and operational expertise that few others can match. Overall, this has contributed to positioning the company in the market as a high-value strategic asset in the rapidly converging satellite and terrestrial communications ecosystem. While we remain focused on executing our plan, this recognition underscores the scalability and relevance of what we've built and what's still ahead. As we look to the close of the year, our focus remains on execution, including completing key infrastructure milestones, expanding enterprise and government deployments, and continuing to drive adoption of our new technologies across both satellite and terrestrial domains. We're proud of what our team has accomplished and energized by the growing momentum we see across all segments of our business.

Thank you for your continued support, and I look forward to sharing more about our progress in the quarters to come. With that, I will turn the call back to the operator.

Operator: Thank you very much. At this time, we will now conduct the question-and-answer session. As a reminder, to ask a question, please press star 1 1 on your phone and wait for your name to be called. To withdraw, press star 1 1 again. One moment while we compile the Q&A roster. Our first call comes from the line of Mike Crawford at B. Riley Securities. Mike, your line is open.

Thank you. Regarding your C3 constellation, correct me if I'm wrong if this is not completely synonymous with your extended MSS network, but can the ground segment improvements that you're putting in at these gateways be used by your existing constellation that's being refreshed?

Paul Jacobs, CEO, Globalstar: Yeah. So we put in antennas that are specific for the C3 system. And yeah, so we have the existing satellite antennas for the existing constellation already.

Okay. I believe it's going to be two batch launches to replenish that constellation. Is there any update on when the first of those might occur?

We have not given any new indications on when the launches are going to occur.

Okay.

Rebecca Clary, CFO, Globalstar: Just to add to that, Mike, for the extended MSS network, as you know, we haven't provided timing. For the replacement satellites, which you might be referring to, that are being launched in two batches, we're working with SpaceX to confirm an updated launch window in the first half of 2026.

Okay. Maybe just stepping back, Paul, to Globalstar's global harmonized spectrum holdings, can you just maybe define those again in terms of megahertz pops or some related measurements or what you have in the U.S. as well as where you have landing rights internationally?

Paul Jacobs, CEO, Globalstar: I mean, it's essentially global coverage. So on the S-band, we have 16.5 megahertz. On the L-band, we have almost 9. On the C-band, we have over 300 megahertz. Let's see, there are 7 billion people on Earth.

Okay. I can do that. Then on the C-band, I believe there remains a 59 megahertz slot that might not necessarily be required to operate your satellite networks given improvements in technology over the past 20 years?

No. If you look at a C-band spectrum, a large percentage of it is covered by Wi-Fi, so unlicensed band use. There is a chunk at the lower end that is not covered by that. All of this spectrum is being used as feeder link because the way the existing satellites work is that chunks of the feeder spectrum are allocated to reproduce the entire spectrum band on the L-band and S-band sides per beam on the satellite. It is actually all used for the satellite system. It is a question of if we look at it for terrestrial use, there is a chunk that has not been allocated for Wi-Fi use. With that said, even in Wi-Fi bands, the team that came along from XCOM Labs is the same team that built the unlicensed band cellular technologies.

It is possible that we can look at those bands for hosting unlicensed band NR, for example, 5G.

Okay. Thank you. Final question from me just goes back to XCOM RAN. In the tests and test applications that you've been doing for quite some time now, what is the latest data that you're seeing in terms of increased performance and reliability versus industrial Wi-Fi?

Yes. It works much better than industrial Wi-Fi because we do not have handoff regions, and Wi-Fi was not really built for handoffs anyways. We also have ease of deployment. We have this clustering where if the robots cluster under one of the radios, you do not just depend on the capacity of that radio. You actually get the capacity of the entire system. In terms of performance benefits, it is dramatically better. It is more reliable, more mission-critical. What we have also been finding is that in these large area deployments, we are also economically better. The economics of rolling out our system relative to an industrial Wi-Fi is much better.

Part of that comes from the fact that we have now built our own radio units and significantly cost-reduced those, as well as being able to provide more frequency bands on a faster basis when those are requested by our customers.

Great. Thank you very much.

Operator: Thank you very much. One moment for our next call. Our next call comes from the line of Greg Pendy at Clear Street. Greg, your line is open.

Greg Pendy, Analyst, Clear Street: Hey, guys. Thanks for taking my questions. Just on the accelerating IoT, can you just add any color on what the acceleration is? Do you think you're gaining share in the space, or do you think the market was just outsized healthy growth? How should we think about pricing with the two-way capabilities on a forward basis?

Paul Jacobs, CEO, Globalstar: Okay. There are definitely new applications that we're able to address. I think that there is also the fact that when we look at some of the competitors in the area who have been in this area for a long time, there's definitely interest of our customer base to have diversity of supply or change suppliers. That's definitely a driving part of it. Some of it's taking share, some of it's new, it's growing the pie. The other way, oh, on the two-way pricing, yeah, I mean, it's a new set of capabilities, and there is market pricing out there for two-way systems. Of course, we expect to be aggressive and take share with the two-way system. I should say the growth so far, though, I just want to reiterate, the growth so far is not on the two-way system yet.

The two-way system is still we brought out the module, we baited it with people, they then started building it into their products, and that takes a little bit of time for them to get up to speed and get their products rolled out. The growth that you're seeing is actually off the existing systems, which is really quite impressive.

Greg Pendy, Analyst, Clear Street: Got it. That's very helpful. Wholesale looks pretty strong relative to what we were thinking. Just wondering, you mentioned there's 500,000,000 devices, so just trying to understand the underlying growth. Is it just a growing number of enabled devices? Are you seeing usage? Can you just kind of, higher usage from those who are already enabled? Just trying to understand why that.

Paul Jacobs, CEO, Globalstar: Yeah. Right. I can't really comment on the customers of our customer. Let me not do that. The number of devices that are out there is just talking about the growth of the number of devices that actually have the satellite modem and radio capabilities in it. Those set of devices continues to grow quite rapidly.

Greg Pendy, Analyst, Clear Street: Got it. That's very helpful. Thanks a lot.

Paul Jacobs, CEO, Globalstar: Thank you.

Operator: Thank you very much. One moment for our next question. As a reminder, to ask a question, please press star 11 on your phone. Our next question comes from the line of George Sutton of Craig Holland Capital Group. George, your line is open.

Awesome. Thanks. Hey, guys. This is Logan on for George. Thanks for taking the question. You guys have been kind of talking about the XCOM RAN investment throughout the year, and I think you've been expanding the sales force a bit. It certainly feels like you have a lot of opportunities in front of that asset. I was wondering if you could just talk a little bit about sort of how should investors think about the return profile or even the profitability of those assets over the next few years.

Paul Jacobs, CEO, Globalstar: Okay. I mean, the margins are good in that business. We're right at the beginning of sort of the commercial adoption cycle. We expect to see growth not just from the existing customer that we've been focused on in the past, but from a new set of customers and also into a new set of areas. We've put up various numbers on sort of total addressable market. There's a significant addressable market going forward. What we're seeing also is that companies that have been in the 5G private network space that didn't have any differentiated technology are starting to feel a lot of pressure. We've seen layoffs and things like that. We have not just differentiated technology. We have better economics. Of course, we have the dedicated spectrum for.

Mission-critical applications, which, by the way, that has not even really started to come into play yet because we were focused on CBRS. A lot of areas of growth. We do not expect to see a lot of revenue in this fiscal year. As we look forward into the next year, we expect to see growth there. Like I said, the margins are good. We should be in good place to build both revenues and profitability off of that business.

Got it. Next one for me, I was kind of hoping you could talk a little bit about early traction with the two-way module and just sort of the feedback you're getting, any use cases that you want to call out that are kind of standing out and just sort of maybe your sense on adoption here over the next few years. Thanks.

Yeah. I can't really give you a lot on the customers because they're all in the process of building their products and want to make their own announcements. It is a lot of the similar industries that we've been in the past, but with new applications and new sets of customers. There was a set of customers that weren't very interested in talking to us when we were only one-way. Now we are able to, I think we'll take share in a number of markets with the two-way system. As we look forward to making the system also multi-mode with cellular capability in as well, that will also satisfy demands of a certain customer base.

Yeah, it's not like there's some brand new area that I'd say, "Okay, this we can address now that we didn't." But we certainly have a set of customers that are talking to us that wouldn't have talked to us in the past with a one-way-only system.

Okay. Got it. Appreciate it, guys.

Yeah.

Operator: Thank you very much. As a reminder, press star 11 on your phone to ask a question. Our next call comes from the line of Michael Ridgeway. Michael, your line is open.

Great. Thanks very much. Hi, Paul. A question first on the XCOM RAN warehouse implementation. Is this related to the early work that you have been doing and has been ongoing since you alluded to a large retail testing implementation?

Paul Jacobs, CEO, Globalstar: Yeah. We are now in a position where I think we can address a larger customer set. Also, not just the original application that we were looking at, the sort of micro-fulfillment concept, but larger scale operations as well. We are going beyond just the warehouse automation space. We are talking to companies that do things like build-out high-density environments, convention centers, airports, stadiums, that kind of hotspots, that kind of stuff. As time has gone on and we have been able to invest in the system, it has got a more horizontal feature set as opposed to just super focused on the warehouse automation space. All of these things provide us with growth opportunities.

Is that to say then that ultimately there's more of a unified connectivity outside the warehouse as well, using that as an example?

Yeah. Yes, for sure. Yeah, that's where we're headed.

Can you help us understand the revenue model behind this? Obviously, you've got an equipment side, and then there's the spectrum side of this. Is there any ongoing service associated with those implementations? And how should we think about the profitability over time as clients grow, as new customers grow in that space?

Yeah. So there are those things that you said, but also there is an annuity component of software license because the main computation is done on commercial off-the-shelf servers. And so we license the software into those servers as well. Then the other thing that's happened is that over time, we've been able to build out the entire stack. We look forward to the ability to provide network as a service. That obviously is very much a nice annuity kind of business. That hasn't happened yet. That's the thing that we're sort of looking to in the medium term. We get the idea that we don't want to just sell something and then walk away.

Right. So from a margin perspective, we could expect a delay on margin accretion as installs happen over, what, several quarters?

Margin accretion to the overall company.

To the overall business. From that business.

Yeah. Oh, yeah. This business right now is still in an investment phase, so for sure. On a gross margin basis, gross margins are solid here. We have differentiated technology, and we put the effort into driving the cost, driving down the cost curve. Yeah, margins should be good. To the extent that you get an embedded base, I think this might be where you were going, embedded base of kind of annuity revenue, then obviously that is very high margin.

That's super helpful. Just last question, talking about this. We've come through 10 years where we haven't seen any market transactions in MSS, and now we've gotten a few, and another one announced this morning. Can you maybe spend a little bit more time? You did it at the beginning of the call, but just differentiate what Globalstar has and the utility and the global harmonization. From a relative value perspective from what we've seen in the market, if you could.

Yeah. I do not want to talk about transactions or speculation, but I will talk about our competitive positioning, which is we have spectrum, which is globally harmonized, meaning that it is not just for a small number of markets. You do not have to worry as a satellite operator whether you are crossing boundaries, whether they are country boundaries or just inner system, inner operator boundaries. The spectrum covers the entire Earth. Yes, there might be a few countries here and there where we did not get landing rights, but for the most part, the world is covered by our spectrum and system. That is differentiated. Some of the transactions that have been seen in the market have been focused on particular geographies. In some cases, I would say there are questions about whether some of the spectrum, whether it will continue to be available.

Post-license reauthorization processes, so of some of the spectrum that's transacted. We're watching that. We've put our hat in the ring for some of these spectrum assets in case they are reallocated, and we certainly can put them to good use. They are also covered by our Hiblio XL1 filing.

Great. That's helpful. One last question on the C3 ground station build-out. You've mentioned 90 new tracking antennas. Where does that put you in terms of the total build-out plan in percentage terms?

That's the build-out. I mean, the 90-plus is the new set of antennas for this.

Okay. How many of those are actually deployed?

Some. I mean, we're in the process of rolling them out. I don't think we've given an exact number up to date. Rebecca, if we have said anything more precise than that, please speak up.

Rebecca Clary, CFO, Globalstar: No, we haven't. We've talked about the sites where we're currently in construction, which is around, close to 30. Making really good progress and definitely on track with those milestone dates and the various agreements, both regulatory, ground infrastructure build-out, and satellite construction.

That's super helpful. Thank you. Great quarter. You've made a lot of progress. Thanks for the call, and good luck.

Paul Jacobs, CEO, Globalstar: Thanks very much.

Rebecca Clary, CFO, Globalstar: Thanks, Michael.

Operator: Thank you very much. At this time, I'm showing no further questions. I would like to turn the call back over to Paul Jacobs for closing remarks.

Paul Jacobs, CEO, Globalstar: I think it has been a great quarter, and we're really firing on all cylinders. We're excited by, as I said, the fact that we focused on building a global company and a global spectrum position. Global set of customers, global infrastructure from the very beginning. That is showing to be a particularly valuable place to be in this change in the industry. I do, as I said earlier, see this as a strategic inflection point. Being in that part of the industry again and with the ability to play in a new inflection point, it's extremely exciting and should be. We expect it should be good for all of us and our supporters and investors. Thank you very much for being there for us, and we look forward to updating you more into the future.

Operator: Thank you very much. This concludes today's conference. You may now disconnect.

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