Globalstar (GSAT) investor relations material

Executive summary

• Entered into a definitive merger agreement with Amazon in April 2026; closing expected in 2027, subject to regulatory approvals and milestone achievements, with HSR Act waiting period expiring in July 2026.

• Achieved key operational milestones, reducing potential downward adjustment to merger consideration.

• Customer (Apple) remains the largest revenue contributor, responsible for 64% of total revenue for the six months ended June 30, 2026.

• Ongoing investments in next-generation satellite constellation and ground infrastructure, with the first set of replacement satellites scheduled for launch in July 2026.

• Commercial engagement remained strong across satellite and terrestrial connectivity solutions, especially in government and defense markets.

Financial highlights

• Q2 2026 revenue was $64.8 million, down 3% year-over-year; six-month revenue rose 6% to $134.8 million.

• Net loss for Q2 2026 was $26.5 million, compared to net income of $19.2 million in Q2 2025; six-month net loss was $41.4 million.

• Operating expenses increased to $69.5 million in Q2 2026 from $61.0 million in Q2 2025, driven by higher network costs and legal/professional fees related to the merger.

• Adjusted EBITDA for Q2 2026 was $26.0 million, down from $35.8 million in Q2 2025.

• Cash and cash equivalents at June 30, 2026 were $409.8 million.

Outlook and guidance

• No forward-looking guidance or future earnings calls will be provided due to the pending Amazon transaction.

• Continued investment in satellite and ground infrastructure to support the Extended MSS Network.

• Ongoing expansion of ground networks and launch of new satellites scheduled for July/August 2026.