Globalstar, Inc.
Communication Services · Integrated Telecommunication Services
1B prepayment + service fees, plus a Band 53 spectrum footprint in 11 countries that turns $GSAT into a hybrid satellite + terrestrial spectrum landlord. XCOM RAN (acquired 2024) gives it 5G n53 private-network gear competing with $NOK / $ERIC in neutral-host enterprise.
- $AAPL extended partnership 2024 with $1.1B+ prepayment, locking >85% capacity through ~2035
- New satellites (MDA Space, launches via $RKLB / $LMT) extend life past 2025 cliff
- Band 53 / n53 spectrum becoming standardized in 3GPP unlocks Qualcomm/Apple silicon support
- XCOM RAN adds terrestrial 5G revenue + IP optionality vs pure-MSS multiple
- Direct-to-device satellite is now a regulatory + standards tailwind (FCC SCS framework)
- Single-customer concentration: Apple is ~60% of revenue; renewal terms and unit economics are opaque
- Capex cycle is heavy - replenishment + XCOM ramp burn cash before Apple service fees fully ramp
- $ASTS direct-to-cellular and $IRDM existing LEO threaten the SCS narrative if standards favor wideband
- Spectrum monetization is slow; Band 53 adoption outside Apple ecosystem unproven
- Post-15:1 reverse split (Jun 2025) cleaned the optics but didn't change the cash burn profile
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