0001366868-24-000069 | 10-Q | XBRL Viewer

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 59,282	$ 56,744
Accounts receivable, net of allowance for credit losses of $1,585 and $2,312, respectively	42,830	48,743
Inventory	14,407	14,582
Prepaid expenses and other current assets	19,458	22,584
Total current assets	135,977	142,653
Property and equipment, net	625,515	624,002
Operating lease right of use assets, net	33,573	34,164
Prepaid satellite costs and customer receivable	12,482	12,443
Intangible and other assets, net of accumulated amortization of $12,798 and $12,385, respectively	109,459	111,047
Total assets	917,006	924,309
Current liabilities:
Current portion of long-term debt	34,600	34,600
Accounts payable and accrued expenses	28,268	28,985
Accrued satellite construction costs	18,796	58,187
Payables to affiliates	261	459
Deferred revenue, net	53,757	53,677
Total current liabilities	135,682	175,908
Long-term debt	364,123	325,700
Operating lease liabilities	28,497	29,244
Deferred revenue, net	1,543	3,213
Other non-current liabilities	10,107	11,265
Total non-current liabilities	404,270	369,422
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock	0	0
Additional paid-in capital	2,447,581	2,438,703
Accumulated other comprehensive income	7,463	5,070
Retained deficit	(2,078,178)	(2,064,982)
Total stockholders’ equity	377,054	378,979
Total liabilities and stockholders’ equity	917,006	924,309
Series A Perpetual Preferred Stock
Stockholders’ equity:
Preferred stock	0	0
Voting Common Stock
Stockholders’ equity:
Common stock	$ 188	$ 188

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

7. NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted loss per common share during each of the three months ended March 31, 2024 and 2023 (amounts in thousands, except per share data):



	Three Months Ended
	March 31, 2024		March 31, 2023
Numerator:
Net loss	$	(13,196)	$	(3,480)
Effect of Series A Preferred Stock dividends	(2,644)		(2,615)
Adjusted net loss attributable to common shareholders	$	(15,840)	$	(6,095)

Denominator:
Weighted average shares outstanding - basic and diluted	1,882,605		1,811,831




Net loss per common share - basic and diluted	$	(0.01)	$	0.00

For the three months ended March 31, 2024 and 2023, 21.0 million and 19.7 million shares, respectively, of potential common stock were excluded from diluted shares outstanding because the effects of potentially dilutive securities would be anti-dilutive. Included in these shares as of March 31, 2024 is a portion of the 49.1 million Warrants issued under the Service Agreements in 2022 based on the treasury stock method. During 2023, 5.0 million of the warrants that were issued to Thermo for its guarantee of the 2023 Funding Agreement vested; none of these warrants are included in the potentially dilutive securities for the period due to the exercise price of the warrants relative to the average market price of Globalstar common stock during the period. Also excluded from the amounts above are 5.0 million unvested warrants associated with Thermo's guarantee of the 2023 Funding Agreement; these warrants vest only if Thermo advances aggregate funds of $25.0 million or more to the Company or a permitted third party pursuant to the terms of Thermo's guarantee.

As discussed in Note 4: Long-Term Debt and Other Financing Arrangements, the Company's Board of Directors approved the payment of dividends totaling $2.6 million for each of the three months ended March 31, 2024 and 2023, respectively, on its Series A Preferred Stock. This amount adjusts the numerator used to calculate loss per share.

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment consists of the following (in thousands):


	As of:
	March 31, 2024		December 31, 2023
Globalstar System:
Space component	$	1,230,975	$	1,230,975

Ground component	106,021		106,757
Construction in progress:
Space component	261,172		240,732
Ground component	6,991		6,814
Other	11,392		9,574
Total Globalstar System	1,616,551		1,594,852
Internally developed and purchased software	23,495		23,310
Equipment	12,958		11,905
Land and buildings	2,614		2,677
Leasehold improvements	2,144		2,147
Total property and equipment	1,657,762		1,634,891
Accumulated depreciation	(1,032,247)		(1,010,889)
Total property and equipment, net	$	625,515	$	624,002

The table below reflects the amounts recorded on the Company's consolidated balance sheet (amounts in thousands).


	As of:
	March 31, 2024		December 31, 2023
Satellite Procurement Agreement
Construction in progress	$	207,163	$	198,884
Accrued construction costs	18,796		55,627
Prepaid construction costs	6,293		6,683

Launch Services Agreement
Construction in progress	$	9,920	$	6,400
Accrued construction costs	5,728		2,560
Prepaid construction costs	5,408		5,760

Long-Term Debt and Other Financing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2021
Principal Amount
Debt instrument, principal amount	$ 434,452	$ 398,661
Debt instrument, face amount, current	34,600	34,600
Debt instruments, face amount, noncurrent	399,852	364,061
Unamortized Discount and Deferred Financing Costs
Total debt	35,729	38,361
Debt instrument, unamortized discount, current	0	0
Debt instrument, unamortized discount, noncurrent	35,729	38,361
Carrying Value
Carrying Value	398,723	360,300
Less: current portion	34,600	34,600
Long-term debt	364,123	325,700
2023 Funding Agreement
Principal Amount
Debt instrument, principal amount	155,000	117,253
Unamortized Discount and Deferred Financing Costs
Total debt	14,808	15,433
Carrying Value
Carrying Value	140,192	101,820
2021 Funding Agreement
Principal Amount
Debt instrument, principal amount	66,800	75,450		$ 94,200
Unamortized Discount and Deferred Financing Costs
Total debt	5,479	6,888
Carrying Value
Carrying Value	61,321	68,562
2023 13% Notes
Principal Amount
Debt instrument, principal amount	212,652	205,958	$ 200,000
Unamortized Discount and Deferred Financing Costs
Total debt	15,442	16,040
Carrying Value
Carrying Value	$ 197,210	$ 189,918
Loan interest rate	13.00%		13.00%

Net Loss Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (13,196)	$ (3,480)
Adjusted net loss attributable to common shareholders	$ (15,840)	$ (6,095)
Denominator:
Weighted average common shares outstanding, basic (in shares)	1,882,605	1,811,831
Weighted average common shares outstanding, diluted (in shares)	1,882,605	1,811,831
Net loss per common share:
Basic (in dollars per share)	$ (0.01)	$ 0.00
Diluted (in dollars per share)	$ (0.01)	$ 0.00
Series A Perpetual Preferred Stock
Numerator:
Effect of Series A Preferred Stock dividends	$ (2,644)	$ (2,615)

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of revenue disaggregated by product and services

The following table discloses revenue disaggregated by type of product and service (amounts in thousands):


	Three Months Ended
	March 31, 2024		March 31, 2023
Service revenue:
Subscriber services
Duplex	$	4,755	$	5,751
SPOT	10,243		11,314
Commercial IoT	6,437		5,178
Wholesale capacity services	31,629		30,411
Engineering and other services	401		300
Total service revenue	53,465		52,954





Subscriber equipment sales	3,015		5,690

Total revenue	$	56,480	$	58,644

Schedule of accounts receivable and contract liabilities

The Company's receivable balances by type and classification are presented in the table below net of allowance for credit losses and may include amounts related to earned but unbilled receivables (amounts in thousands).


	As of:
	March 31, 2024		December 31, 2023
Accounts receivable, net of allowance for credit losses
Subscriber accounts receivable	$	14,609	$	14,474
Wholesale capacity accounts receivable	28,221		34,269
Total accounts receivable, net of allowance for credit losses	$	42,830	$	48,743

The Company's contract liabilities by type and classification are presented in the table below (amounts in thousands).


	As of:
	March 31, 2024		December 31, 2023
Short-term contract liabilities
Subscriber contract liabilities	$	22,869	$	22,816
Wholesale capacity contract liabilities, net of contract asset	30,888		30,861
Total short-term contract liabilities	$	53,757	$	53,677
Long-term contract liabilities
Subscriber contract liabilities	$	1,543	$	1,632
Wholesale capacity contract liabilities, net of contract asset	—		1,581
Total long-term contract liabilities	$	1,543	$	3,213
Total contract liabilities	$	55,300	$	56,890

The components of wholesale capacity contract liabilities are presented in the table below (amounts in thousands).


	As of:
	March 31, 2024		December 31, 2023
Wholesale capacity contract liabilities, net:
Additional consideration associated with the 2021 and 2023 Funding Agreements (2)	$	15,569	$	16,104
Advanced payments for services expected to be performed with the ground spare satellite launched in June 2022 during Phases 1 and 2	23,233		23,673
Advanced payments contractually owed for services expected to be performed with the next-generation satellite constellation prior to the Phase 2 Service Period	12,765		14,204
Advanced payments for the Phase 1 service fee and service-related operating expenses and capital expenditures	19,871		19,907
Other advanced payments associated with future performance obligations	6,240		5,219
Contract asset (1)	(46,790)		(46,665)
Wholesale capacity contract liabilities, net	$	30,888	$	32,442

(1)Primarily includes warrants with an initial fair value at the time of issuance of $48.3 million which was recorded in equity with an offset to a contract asset on the Company's consolidated balance sheets. The fair value of the Warrants is recorded as a reduction to revenue over the period in which the Company performs its performance obligations through the estimated completion of the contract term, consistent with the period in which the customer benefits from the services provided.

(2)Includes debt discounts associated with the amended 2021 and 2023 Funding Agreements. The offset was recorded to deferred revenue and is being recognized into revenue over the Phase 1 and 2 Service Periods.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance	$ 1,585	$ 2,312
Accumulated amortization of intangible and other assets	$ 12,798	$ 12,385
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	99,700,000	99,700,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding, (in shares)	0	0
Series A Perpetual Preferred Stock
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	300,000	300,000
Preferred stock, shares issued (in shares)	149,425	149,425
Preferred stock, shares outstanding, (in shares)	149,425	149,425
Voting Common Stock
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	2,150,000,000	2,150,000,000
Common stock, shares issued (in shares)	1,883,934,020	1,881,194,682
Common stock, shares outstanding (in shares)	1,883,934,020	1,881,194,682

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (13,196)	$ (3,480)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Cash Flows (Parenthetical)	Mar. 31, 2024	Mar. 31, 2023
2023 13% Notes
Loan interest rate	13.00%	13.00%

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 56,480	$ 58,644
Service revenue:
Disaggregation of Revenue [Line Items]
Total revenue	53,465	52,954
Duplex
Disaggregation of Revenue [Line Items]
Total revenue	4,755	5,751
SPOT
Disaggregation of Revenue [Line Items]
Total revenue	10,243	11,314
Commercial IoT
Disaggregation of Revenue [Line Items]
Total revenue	6,437	5,178
Wholesale capacity services
Disaggregation of Revenue [Line Items]
Total revenue	31,629	30,411
Engineering and other services
Disaggregation of Revenue [Line Items]
Total revenue	401	300
Subscriber equipment sales
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,015	$ 5,690

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Section S99
-Paragraph 1
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+ Details

Commitment and Contingencies (Details) $ in Thousands		1 Months Ended	3 Months Ended
Commitment and Contingencies (Details) $ in Thousands	Aug. 31, 2023	Feb. 28, 2022 USD ($) satellite	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Other Commitments [Line Items]
Payments to acquire other property, plant, and equipment			$ 1,901	$ 2,925
Capital expenditure reimbursement (as percent)	95.00%
MDA
Other Commitments [Line Items]
Payments to acquire fixed assets		$ 4,900
Payments to acquire other property, plant, and equipment		$ 3,700
Minimum
Other Commitments [Line Items]
Number of satellites acquired \| satellite		17
Maximum
Other Commitments [Line Items]
Number of satellites acquired \| satellite		26
Satellites
Other Commitments [Line Items]
Purchase obligation		$ 329,500

Long-Term Debt and Other Financing Arrangements (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt and vendor financing consists of the following (in thousands):


	As of:
	March 31, 2024						December 31, 2023
	Principal Amount		Unamortized Discount and Deferred Financing Costs		Carrying Value		Principal Amount		Unamortized Discount and Deferred Financing Costs		Carrying Value
2023 Funding Agreement	$	155,000	$	14,808	$	140,192	$	117,253	$	15,433	$	101,820
2021 Funding Agreement	66,800		5,479		61,321		75,450		6,888		68,562
2023 13% Notes	212,652		15,442		197,210		205,958		16,040		189,918
Total debt	$	434,452	$	35,729	$	398,723	$	398,661	$	38,361	$	360,300
Less: current portion	34,600		—		34,600		34,600		—		34,600
Long-term debt	$	399,852	$	35,729	$	364,123	$	364,061	$	38,361	$	325,700

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

2. REVENUE

Disaggregation of Revenue

The following table discloses revenue disaggregated by type of product and service (amounts in thousands):


	Three Months Ended
	March 31, 2024		March 31, 2023
Service revenue:
Subscriber services
Duplex	$	4,755	$	5,751
SPOT	10,243		11,314
Commercial IoT	6,437		5,178
Wholesale capacity services	31,629		30,411
Engineering and other services	401		300
Total service revenue	53,465		52,954





Subscriber equipment sales	3,015		5,690

Total revenue	$	56,480	$	58,644

The Company is the operator for certain satellite-enabled services offered by Apple ("Partner") (the "Services") pursuant to the agreement (the “Service Agreement”) and certain related ancillary agreements (such agreements, together with the Service Agreement, the “Service Agreements”). The Service Agreements generally require Globalstar to allocate network capacity to support the Services, which launched in November 2022. Revenue associated with the Service Agreements is included in "Wholesale capacity services" in the table above. The Company also has an agreement with a government services company to utilize the Company's satellite network for a mission critical service for government applications. Revenue associated with this agreement is included in "Wholesale capacity services" in the table above.

As consideration for the services provided by Globalstar under the Service Agreements, payments include a recurring service fee, payments relating to certain service-related operating expenses and capital expenditures, and potential bonus payments subject to satisfaction of certain licensing, service and other related criteria.

Accounts Receivable

The Company records trade accounts receivable from its customers, including MSS subscribers and its wholesale capacity customers, when it has a contractual right to receive payment either on demand or on fixed or determinable dates in the future.


	As of:
	March 31, 2024		December 31, 2023
Accounts receivable, net of allowance for credit losses
Subscriber accounts receivable	$	14,609	$	14,474
Wholesale capacity accounts receivable	28,221		34,269
Total accounts receivable, net of allowance for credit losses	$	42,830	$	48,743

In February 2022, the Company entered into an agreement for the purchase of new satellites that will replenish the Company's HIBLEO-4 U.S.-licensed system under the satellite procurement agreement, as amended, with Macdonald, Dettwiler and Associates Corporation ("MDA") and certain other costs incurred for the new satellites; these payments are expected to be paid to the Company on a straight-line basis commencing with the launch of these satellites through their estimated useful life ("Phase 2 Service Period"). Based on construction in progress incurred by Globalstar, amounts expected to be billed by the Company associated with this phase of the Service Agreements were $208.3 million as of March 31, 2024.

Contract Liabilities

Contract liabilities, which are included in deferred revenue on the Company’s consolidated balance sheet, represent the Company’s obligation to transfer service or equipment to a customer from whom it has previously received consideration. Contract liabilities reflect balances from its customers, including MSS subscribers and its wholesale capacity customers. The Company's contract liabilities by type and classification are presented in the table below (amounts in thousands).


	As of:
	March 31, 2024		December 31, 2023
Short-term contract liabilities
Subscriber contract liabilities	$	22,869	$	22,816
Wholesale capacity contract liabilities, net of contract asset	30,888		30,861
Total short-term contract liabilities	$	53,757	$	53,677
Long-term contract liabilities
Subscriber contract liabilities	$	1,543	$	1,632
Wholesale capacity contract liabilities, net of contract asset	—		1,581
Total long-term contract liabilities	$	1,543	$	3,213
Total contract liabilities	$	55,300	$	56,890

For subscriber contract liabilities, the amount of revenue recognized during the three months ended March 31, 2024 and 2023 from performance obligations included in the contract liability balance at the beginning of these periods was $7.4 million and $8.4 million, respectively. For wholesale capacity contract liabilities, the amount of revenue recognized during the three months ended March 31, 2024 and 2023 from performance obligations included in the contract liability balance at the beginning of these periods was $23.6 million and $22.0 million, respectively.

The duration of the Company’s contracts with subscribers is generally one year or less. The Service Agreements have no expiration date; therefore, the related contract liabilities may be recognized into revenue over various periods driven by the expected related service or recoupment periods.

The components of wholesale capacity contract liabilities are presented in the table below (amounts in thousands).


	As of:
	March 31, 2024		December 31, 2023
Wholesale capacity contract liabilities, net:
Additional consideration associated with the 2021 and 2023 Funding Agreements (2)	$	15,569	$	16,104
Advanced payments for services expected to be performed with the ground spare satellite launched in June 2022 during Phases 1 and 2	23,233		23,673
Advanced payments contractually owed for services expected to be performed with the next-generation satellite constellation prior to the Phase 2 Service Period	12,765		14,204
Advanced payments for the Phase 1 service fee and service-related operating expenses and capital expenditures	19,871		19,907
Other advanced payments associated with future performance obligations	6,240		5,219
Contract asset (1)	(46,790)		(46,665)
Wholesale capacity contract liabilities, net	$	30,888	$	32,442

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue - Accounts Receivable and Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total accounts receivable, net of allowance for credit losses	$ 42,830	$ 48,743
Short-term contract liabilities	53,757	53,677
Long-term contract liabilities	1,543	3,213
Total contract liabilities	55,300	56,890
Subscriber driven
Disaggregation of Revenue [Line Items]
Total accounts receivable, net of allowance for credit losses	14,609	14,474
Short-term contract liabilities	22,869	22,816
Long-term contract liabilities	1,543	1,632
Wholesale capacity services
Disaggregation of Revenue [Line Items]
Total accounts receivable, net of allowance for credit losses	28,221	34,269
Short-term contract liabilities	30,888	30,861
Long-term contract liabilities	0	1,581
Total contract liabilities	$ 30,888	$ 32,442

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. COMMITMENTS AND CONTINGENCIES Service Agreements The Service Agreements set forth the primary terms for the Company to provide services to Partner and incur costs related primarily to new gateways and upgrades at existing gateways as well as satellite construction and launch services. The Service Agreements have an indefinite term but provide that either party may terminate subject to certain notice requirements and, in some cases, other conditions. The Service Agreements also provide for various commitments with which the Company must comply. Satellite Procurement Agreement and Launch Services Agreement The Company has a satellite procurement agreement with MDA pursuant to which the Company will acquire at least 17 satellites (and up to 26 satellites) with an amended contract price of $329.5 million, with initial delivery expected to occur in 2025. In addition, MDA will procure a satellite operations control center for $4.9 million as well as other equipment for $3.7 million. As more fully described in the Company's Current Report on Form 8-K filed with the Commission on August 31, 2023, Globalstar entered into a Launch Services Agreement by and between the Company and SpaceX and certain related ancillary agreements (the “Launch Services Agreements”), providing for the launch of the first set of the satellites the Company is acquiring pursuant to the satellite procurement agreement with MDA. The Launch Services Agreements provide a launch window from April to September 2025. The Service Agreements provide for the Company to receive service payments equal to 95% of the approved capital expenditures under each contract.

Long-Term Debt and Other Financing Arrangements - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		12 Months Ended
	Mar. 31, 2024	Feb. 29, 2024	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from 2023 Funding Agreement				$ 37,747	$ 0
Debt instrument, principal amount	$ 434,452			434,452			$ 398,661
Cash paid for interest				$ 6,694	7,554
Preferred stock, shares issued (in shares)	0			0			0
Preferred stock	$ 0			$ 0			$ 0
Payment of dividends				$ 2,644	3,951
Series A Perpetual Preferred Stock
Debt Instrument [Line Items]
Preferred stock, shares issued (in shares)	149,425			149,425		149,425	149,425
Preferred stock, dividend rate, percentage						7.00%
Preferred stock, liquidation preference (in USD per share)						$ 1,000
Preferred stock	$ 0			$ 0		$ 105,300	$ 0
Payment of dividends				$ 2,600
Series A Perpetual Preferred Stock \| Related Party
Debt Instrument [Line Items]
Preferred stock, dividend rate, percentage				7.00%
2023 Funding Agreement
Debt Instrument [Line Items]
Partnership agreement, prepayment receivable			$ 252,000
Debt instrument, percentage funded by partner			50.00%
Proceeds from 2023 Funding Agreement		$ 37,700		$ 37,700
Debt instrument, fair value		$ 37,200
Debt instrument, principal amount	155,000			155,000			117,253
2021 Funding Agreement
Debt Instrument [Line Items]
Debt instrument, principal amount	66,800			66,800			75,450	$ 94,200
2023 13% Notes
Debt Instrument [Line Items]
Debt instrument, principal amount	$ 212,652			$ 212,652	$ 200,000		$ 205,958
Loan interest rate	13.00%			13.00%	13.00%
Interest rate agreed upon, payable in cash					6.50%
Interest rate, payable in-kind					6.50%
Interest expense, debt	$ 13,400
Cash paid for interest	6,700
Paid-in-kind interest	$ 6,700

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Subscriber driven
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, revenue recognized	$ 7.4	$ 8.4
Wholesale capacity services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, revenue recognized	23.6	$ 22.0
Satellites
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Accounts receivable, noncurrent	$ 208.3

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of reconciliation of basic weighted average share to diluted weighted average common shares outstanding

The following table sets forth the computation of basic and diluted loss per common share during each of the three months ended March 31, 2024 and 2023 (amounts in thousands, except per share data):



	Three Months Ended
	March 31, 2024		March 31, 2023
Numerator:
Net loss	$	(13,196)	$	(3,480)
Effect of Series A Preferred Stock dividends	(2,644)		(2,615)
Adjusted net loss attributable to common shareholders	$	(15,840)	$	(6,095)

Denominator:
Weighted average shares outstanding - basic and diluted	1,882,605		1,811,831




Net loss per common share - basic and diluted	$	(0.01)	$	0.00

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	6. RELATED PARTY TRANSACTIONS Transactions with Thermo Thermo is the principal owner and largest stockholder of Globalstar. The Company's Executive Chairman of the Board controls Thermo. Two other members of the Company's Board of Directors are also directors, officers or minority equity owners of various Thermo entities. Payables to Thermo related to normal purchase transactions were $0.3 million and $0.5 million as of March 31, 2024 and December 31, 2023, respectively. Certain general and administrative expenses are incurred by Thermo on behalf of the Company. These expenses include: i) non-cash expenses, such as stock compensation costs as well as costs recorded as a contribution to capital and ii) expenses incurred by Thermo on behalf of the Company that are charged to the Company; these charges are based on actual amounts (with no mark-up) incurred by Thermo or upon allocated employee time. Lease Agreement The Company has a lease agreement with Thermo Covington, LLC for the Company's headquarters office. Annual lease payments increase at a rate of 2.5% per year. 2024 lease payments will be $1.6 million. The lease term is ten years and will expire in January 2029. During each of the three months ended March 31, 2024 and 2023, the Company incurred lease expense of $0.4 million under this lease agreement. Perpetual Preferred Stock Thermo's ownership portion in the Company's Series A Preferred Stock is $136.7 million. Holders of Series A Preferred Stock are entitled to receive, when, as and if declared by our Board of Directors, cumulative cash dividends based on the liquidation preference of the Series A Preferred Stock, at a fixed rate equal to 7.00% per annum, payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year. During the first quarter of 2024, the Company made dividend payments to Thermo, which were approved by the Company's Board of Directors, totaling $2.4 million. Service Agreements In connection with the Service Agreements, Partner and Thermo entered into a lock-up and right of first offer agreement that generally (i) requires Thermo to offer any shares of Globalstar common stock to Partner before transferring them to any other Person other than affiliates of Thermo and (ii) prohibits Thermo from transferring shares of Globalstar common stock if such transfer would cause Thermo to hold less than 51.00% of the outstanding common stock of the Company for a period of five years from the launch of Services in November 2022. Guaranty with 2023 Funding Agreement Amounts payable by the Company in connection with the 2023 Funding Agreement and certain other obligations under the Service Agreements are guaranteed by Thermo. As consideration for Thermo's guarantee, the Company issued to Thermo warrants to purchase 10.0 million shares of the Company’s common stock at an exercise price equal to $2.00 per share (as calculated pursuant to the agreement). 5.0 million of these warrants vested immediately upon effectiveness of Thermo's guarantee, which occurred in December 2023, and the remaining 5.0 million warrants vest if and when Thermo advances aggregate funds of $25.0 million or more to the Company or a permitted third party pursuant to the terms of Thermo's guarantee. These warrants expire five years after the date of issuance. To the extent Thermo is required to advance amounts under the guarantee, the Company is required to issue shares of Common Stock of the Company in respect of such advance in an amount equal to the amount of such payment divided by the average of the volume weighted average price of the Company’s common stock on the five trading days immediately preceding such payment. Governance The Company has a Strategic Review Committee that is required to remain in existence for as long as Thermo and its affiliates beneficially own forty-five percent (45%) or more of Globalstar’s outstanding common stock. To the extent permitted by applicable law, the Strategic Review Committee has exclusive responsibility for the oversight, review and approval of, among other things and subject to certain exceptions, any acquisition by Thermo and its affiliates of additional newly-issued securities of the Company and any transaction between the Company and Thermo and its affiliates with a value in excess of $250,000. Agreements with XCOM Labs, Inc. Dr. Paul E. Jacobs is the Chief Executive Officer of Globalstar and also serves as the Executive Chairman of Virewirx (formerly XCOM Labs) and is the controlling stockholder of Virewirx. In connection with the August 2023 License Agreement, Globalstar issued 60.6 million shares of its common stock, representing a transaction value of approximately $68.7 million, to XCOM. The Company and XCOM also executed a Support Services Agreement ("SSA") pursuant to which XCOM is required to provide certain services to the Company. Fees payable by Globalstar pursuant to the SSA are based on costs incurred and the first payment of $11.9 million was paid in August 2023 and is associated with an initial service period of nine months under the SSA. Of the consideration paid for the License Agreement, 16.7 million shares were issued to Dr. Jacobs. Dr. Jacobs does not have any family relationships with any director or executive officer of the Company and has not been directly or indirectly involved in any related party transactions with the Company, except for transactions related to the License Agreement and the SSA.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Net Loss Per Share - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Numerator:
Shares of potential common stock excluded from diluted shares outstanding (in shares)	21.0	19.7
Warrants outstanding (in shares)	49.1
Thermo Capital Partners LLC \| Related Party
Numerator:
Warrants outstanding (in shares)			10.0
Partnership agreement, advancement guarantee			$ 25.0
Warrant
Numerator:
Shares of potential common stock excluded from diluted shares outstanding (in shares)			5.0
Series A Perpetual Preferred Stock
Numerator:
Payment amount	$ 2.6	$ 2.6

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION Globalstar, Inc. (“Globalstar” or the “Company”) provides Mobile Satellite Services (“MSS”) including voice and data communications and wholesale capacity services through its global satellite network. The Company’s only reportable segment is its MSS business. Thermo Companies, through commonly controlled affiliates, (collectively, “Thermo”) is the principal owner and largest stockholder of Globalstar. The Company’s Executive Chairman of the Board controls Thermo. The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”); however, management believes the disclosures made are adequate to make the information presented not misleading. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Globalstar Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024 (the “2023 Annual Report”). The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates. The Company evaluates estimates on an ongoing basis. The Company has made certain reclassifications to prior period condensed consolidated financial statements to conform to current period presentation. These unaudited interim condensed consolidated financial statements include the accounts of Globalstar and all its subsidiaries. Intercompany transactions and balances have been eliminated in the consolidation. In the opinion of management, the information included herein includes all adjustments, consisting of normal recurring adjustments, that are necessary for a fair presentation of the Company’s condensed consolidated statements of operations, consolidated balance sheets, condensed consolidated statements of stockholders' equity and condensed consolidated statements of cash flows for the periods presented. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year or any future period. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which updates qualitative and quantitative disclosures for the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. The Company will adopt this standard when it becomes effective on January 1, 2025. The Company is evaluating the impact this ASU may have on its financial statement disclosures. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. This ASU also explicitly requires public entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new disclosures in this ASU. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. The Company is evaluating the impact this ASU may have on its financial statement disclosures.

Long-Term Debt and Other Financing Arrangements

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt and Other Financing Arrangements

4. LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS

Long-term debt and vendor financing consists of the following (in thousands):


	As of:
	March 31, 2024						December 31, 2023
	Principal Amount		Unamortized Discount and Deferred Financing Costs		Carrying Value		Principal Amount		Unamortized Discount and Deferred Financing Costs		Carrying Value
2023 Funding Agreement	$	155,000	$	14,808	$	140,192	$	117,253	$	15,433	$	101,820
2021 Funding Agreement	66,800		5,479		61,321		75,450		6,888		68,562
2023 13% Notes	212,652		15,442		197,210		205,958		16,040		189,918
Total debt	$	434,452	$	35,729	$	398,723	$	398,661	$	38,361	$	360,300
Less: current portion	34,600		—		34,600		34,600		—		34,600
Long-term debt	$	399,852	$	35,729	$	364,123	$	364,061	$	38,361	$	325,700

The principal amounts shown above include payment of in-kind interest, as applicable. The carrying value is net of deferred financing costs and any discounts to the loan amounts at issuance, including accretion. As of March 31, 2024, the current portion of long-term debt is associated with the 2021 Funding Agreement and represents the amounts to be paid under the Service Agreements during the next twelve months.

2023 Funding Agreement

In 2023, the Service Agreements were amended to provide for, among other things, payment of up to $252 million to the Company (the “2023 Funding Agreement”), which the Company intends to use to fund 50% of the amounts due under its agreement with MDA, as well as launch, insurance and ancillary costs incurred in connection with the construction and launch of these satellites. During 2024, the Company received proceeds of $37.7 million.

The total amount paid to the Company under the 2023 Funding Agreement, including fees, is expected to be recouped from amounts payable under the Service Agreements beginning no later than the third quarter of 2025. For as long as any amount funded under the 2023 Funding Agreement is outstanding, the Company will be subject to certain covenants. The Company’s obligations under the 2023 Funding Agreement are secured by a first-priority lien over substantially all of the assets of the Company and its domestic subsidiaries. Thermo guaranteed certain of the Company’s obligations under the 2023 Funding Agreement and Service Agreements. See further discussion regarding Thermo's guarantee in Note 6: Related Party Transactions.

As the Company makes draws under the 2023 Funding Agreement, the amount of each draw is recorded at fair value using a discounted cash flow model. The Company records a debt discount for the difference between the fair value of the debt and the proceeds received and accretes this debt discount to interest expense through the maturity date using an effective interest rate method. The total proceeds of the February 2024 draw were $37.7 million with a fair value of $37.2 million. This difference was attributed to the economic benefit received due to the existing customer relationship.

2021 Funding Agreement

During 2021, the Company received payments under the amended 2021 Funding Agreement, totaling $94.2 million. The Company's obligations under the 2021 Funding Agreement are secured by a first-priority lien in substantially all of the assets of the Company and its domestic subsidiaries. This funding is being recouped as services are performed by the Company over the Phase 1 Service Period.

2023 13% Notes

In 2023, the Company completed the sale of $200.0 million in aggregate principal amount of non-convertible 13% Senior Notes due 2029 (the “2023 13% Notes”). The 2023 13% Notes are senior, unsecured obligations of the Company, have a stated maturity of September 15, 2029 and bear interest initially at a rate of 13.00% per annum payable semi-annually in arrears. Pursuant to the Service Agreements, the Company has agreed to pay cash interest on the 2023 13% Notes at a rate of 6.5% per annum and PIK interest at a rate of 6.5% per annum. In March 2024, the Company made an interest payment totaling $13.4 million, of which $6.7 million was paid in cash and $6.7 million was paid-in-kind, increasing the principal balance outstanding under the 2023 13% Notes.

Series A Preferred Stock

In 2022, the Company issued 149,425 shares of its 7.0% Perpetual Preferred Stock, Series A, liquidation preference $1,000 per share (the “Series A Preferred Stock”) with a fair value of $105.3 million. The shares of Series A Preferred Stock do not possess voting rights, other than certain matters specifically affecting the rights and obligations of the Series A Preferred.

Holders of Series A Preferred Stock are entitled to receive, when, as and if declared by the Company's Board of Directors or a committee thereof, cumulative cash dividends based on the liquidation preference of the Series A Preferred Stock, at a fixed rate equal to 7.00% per annum, payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year. During 2024, the Company paid dividends approved by the Company's Board of Directors totaling $2.6 million.

Fair Value of Debt and Other Financing Arrangements

The Company believes it is not practicable to determine the fair value of its debt agreements on a recurring basis without incurring significant additional costs. Unlike typical long-term debt, certain terms for these instruments are not readily available and generally involve a variety of factors, including due diligence by the debt holders.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Cash flows provided by operating activities:

Net income (loss)

$ (13,196)

$ (3,480)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation, amortization and accretion

22,097

21,933

Stock-based compensation expense

9,227

3,760

Noncash interest and accretion expense

3,479

6,362

Unrealized foreign currency loss (gain)

3,855

(1,958)

Write off of debt discount and deferred financing costs upon extinguishment of debt

10,194

Other, net

1,310

(628)

Changes in operating assets and liabilities:

Accounts receivable

5,138

(3,794)

Inventory

(126)

101

Prepaid expenses and other current assets

(299)

(518)

Other assets

771

287

Accounts payable and accrued expenses

(2,531)

(3,208)

Payables to affiliates

(198)

(184)

Other non-current liabilities

Deferred revenue

240

(6,129)

Net cash provided by operating activities

29,818

22,805

Cash flows used in investing activities:

Payments under the satellite procurement agreement

(44,721)

(59,575)

Payments for other network upgrades to support the Service Agreements

(3,605)

(3,561)

Payments of capitalized interest

(3,954)

(5,263)

Payments for network upgrades to support product development

(1,901)

(2,925)

Purchase of intangible assets

(68)

(251)

Net cash used in investing activities

(54,249)

(71,575)

Cash flows provided by (used in) financing activities:

Proceeds from 2023 13% Notes

190,000

Proceeds from 2023 Funding Agreement

37,747

Principal payment of 2021 Funding Agreement

(8,650)

Dividends paid on Series A Preferred Stock

(2,644)

(3,951)

Payments for debt issuance costs

(620)

Proceeds from issuance of common stock and exercise of options

653

Net cash provided by financing activities

27,106

37,148

Effect of exchange rate changes on cash and cash equivalents

(137)

Net increase (decrease) in cash and cash equivalents

2,538

(11,595)

Cash and cash equivalents, beginning of period

56,744

32,082

Cash and cash equivalents, end of period

^[1]

59,282

20,487

Supplemental disclosure of cash flow information:

Cash paid for interest

6,694

7,554

Supplemental disclosure of non-cash financing and investing activities:

Increase in capitalized accrued interest for network upgrades

2,107

Capitalized accretion of debt discount and amortization of prepaid financing costs

2,006

658

Accrued satellite construction assets

18,796

48,598

Construction in progress assets acquired through XCOM SSA

1,213

2019 Facility Agreement

Cash flows provided by (used in) financing activities:

Principal and interest payments of the 2019 Facility Agreement

$ 0

$ (148,281)

[1]	Cash and cash equivalents on the consolidated balance sheet is equal to cash and cash equivalents on the statement of cash flows

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,657,762	$ 1,634,891
Accumulated depreciation	(1,032,247)	(1,010,889)
Total property and equipment, net	625,515	624,002
Globalstar System
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,616,551	1,594,852
Space component
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,230,975	1,230,975
Space component \| Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	261,172	240,732
Ground component
Property, Plant and Equipment [Line Items]
Property and equipment, gross	106,021	106,757
Ground component \| Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,991	6,814
Other \| Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,392	9,574
Internally developed and purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23,495	23,310
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12,958	11,905
Land and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,614	2,677
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,144	$ 2,147

Property and Equipment - Schedule of Balance Sheet Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Construction in progress \| Satellite Procurement Agreement
Property, Plant and Equipment [Line Items]
Other commitment	$ 207,163	$ 198,884
Construction in progress \| Launch Services Agreement
Property, Plant and Equipment [Line Items]
Other commitment	9,920	6,400
Accrued construction costs \| Satellite Procurement Agreement
Property, Plant and Equipment [Line Items]
Other commitment	18,796	55,627
Accrued construction costs \| Launch Services Agreement
Property, Plant and Equipment [Line Items]
Other commitment	5,728	2,560
Prepaid construction costs \| Satellite Procurement Agreement
Property, Plant and Equipment [Line Items]
Other commitment	6,293	6,683
Prepaid construction costs \| Launch Services Agreement
Property, Plant and Equipment [Line Items]
Other commitment	$ 5,408	$ 5,760

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Retained Deficit
Preferred stock, beginning balance (in shares) at Dec. 31, 2022		149,000
Beginning balance at Dec. 31, 2022	$ 314,771	$ 0	$ 181	$ 2,345,612	$ 9,242	$ (2,040,264)
Beginning balance (in shares) at Dec. 31, 2022			1,811,075,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net issuance of restricted stock awards and stock for employee stock options and recognition of stock-based compensation (in shares)			2,037,000
Net issuance of restricted stock awards and stock for employee stock options and recognition of stock-based compensation	3,897			3,897
Series A Preferred Stock Dividends	(3,952)			(3,952)
Other	47			47
Other comprehensive income (loss)	(1,429)				(1,429)
Net income (loss)	(3,480)					(3,480)
Preferred stock, ending balance (in shares) at Mar. 31, 2023		149,000
Ending balance at Mar. 31, 2023	$ 309,854	$ 0	$ 181	2,345,604	7,813	(2,043,744)
Ending balance (in shares) at Mar. 31, 2023			1,813,112,000
Preferred stock, beginning balance (in shares) at Dec. 31, 2023	0	149,000
Beginning balance at Dec. 31, 2023	$ 378,979	$ 0	$ 188	2,438,703	5,070	(2,064,982)
Beginning balance (in shares) at Dec. 31, 2023			1,881,195,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net issuance of restricted stock awards and stock for employee stock options and recognition of stock-based compensation (in shares)			2,739,000
Net issuance of restricted stock awards and stock for employee stock options and recognition of stock-based compensation	11,794			11,794
Series A Preferred Stock Dividends	(2,644)			(2,644)
Other	(272)			(272)
Other comprehensive income (loss)	2,393				2,393
Net income (loss)	$ (13,196)					(13,196)
Preferred stock, ending balance (in shares) at Mar. 31, 2024	0	149,000
Ending balance at Mar. 31, 2024	$ 377,054	$ 0	$ 188	$ 2,447,581	$ 7,463	$ (2,078,178)
Ending balance (in shares) at Mar. 31, 2024			1,883,934,000

Related Party Transactions (Details) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	Aug. 31, 2023 USD ($) shares	Sep. 30, 2022	Mar. 31, 2024 USD ($) day shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022	Dec. 31, 2023 USD ($) $ / shares shares	Nov. 30, 2019 USD ($)
Related Party Transaction [Line Items]
Payables to affiliates			$ 261			$ 459
Debt instrument, principal amount			434,452			$ 398,661
Payment of dividends			$ 2,644	$ 3,951
Warrants outstanding (in shares) \| shares			49.1
XCOM Labs, Inc.
Related Party Transaction [Line Items]
Business combination, equity interest issued (in shares) \| shares	60.6
Consideration transferred, equity interests issued	$ 68,700
Business combination, SSA, payment	$ 11,900
Business combination, SSA, service period	9 months
XCOM Labs, Inc. \| Common Stock, Restricted
Related Party Transaction [Line Items]
Business combination, equity interest issued (in shares) \| shares	16.7
Series A Perpetual Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, dividend rate, percentage					7.00%
Payment of dividends			$ 2,600
Thermo Capital Partners LLC \| Related Party
Related Party Transaction [Line Items]
Warrants outstanding (in shares) \| shares						10.0
Exercise price of warrants or rights (in dollars per share) \| $ / shares						$ 2.00
Partnership agreement, advancement guarantee						$ 25,000
Warrant term						5 years
Trading day threshold \| day			5
Thermo Capital Partners LLC \| Related Party \| Common Stock Warrant, Vesting Upon Effectiveness Of Guaranty
Related Party Transaction [Line Items]
Warrants outstanding (in shares) \| shares						5.0
Thermo Capital Partners LLC \| Related Party \| Common Stock Warrant, Vesting Upon Advances Achievement
Related Party Transaction [Line Items]
Warrants outstanding (in shares) \| shares						5.0
Thermo Capital Partners LLC
Related Party Transaction [Line Items]
Strategic review committee requirement, ownership threshold, percentage			0.45
Transaction threshold for approval requirement			$ 250
Related Party
Related Party Transaction [Line Items]
Partnership agreement, minimum ownership threshold, percentage (less than)		0.5100
Related Party \| Series A Perpetual Preferred Stock
Related Party Transaction [Line Items]
Preferred stock, dividend rate, percentage			7.00%
Related Party \| Thermo Capital Partners LLC
Related Party Transaction [Line Items]
Payables to affiliates			$ 300			$ 500
Annual rental payment escalation percentage			2.50%
Annual rent, current year			$ 1,600
Operating lease term			10 years
Rent expense			$ 400	$ 400
Payment of dividends			$ 2,400
Partnership agreement, ownership threshold, period		5 years
Related Party \| Thermo Capital Partners LLC \| 2019 Facility Agreement
Related Party Transaction [Line Items]
Debt instrument, principal amount							$ 136,700

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Globalstar, Inc. (“Globalstar” or the “Company”) provides Mobile Satellite Services (“MSS”) including voice and data communications and wholesale capacity services through its global satellite network. The Company’s only reportable segment is its MSS business. Thermo Companies, through commonly controlled affiliates, (collectively, “Thermo”) is the principal owner and largest stockholder of Globalstar. The Company’s Executive Chairman of the Board controls Thermo. The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”); however, management believes the disclosures made are adequate to make the information presented not misleading. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Globalstar Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024 (the “2023 Annual Report”). The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates. The Company evaluates estimates on an ongoing basis. The Company has made certain reclassifications to prior period condensed consolidated financial statements to conform to current period presentation. These unaudited interim condensed consolidated financial statements include the accounts of Globalstar and all its subsidiaries. Intercompany transactions and balances have been eliminated in the consolidation. In the opinion of management, the information included herein includes all adjustments, consisting of normal recurring adjustments, that are necessary for a fair presentation of the Company’s condensed consolidated statements of operations, consolidated balance sheets, condensed consolidated statements of stockholders' equity and condensed consolidated statements of cash flows for the periods presented. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year or any future period.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which updates qualitative and quantitative disclosures for the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. The Company will adopt this standard when it becomes effective on January 1, 2025. The Company is evaluating the impact this ASU may have on its financial statement disclosures. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. This ASU also explicitly requires public entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new disclosures in this ASU. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. The Company is evaluating the impact this ASU may have on its financial statement disclosures.

Property and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

3. PROPERTY AND EQUIPMENT

Property and equipment consists of the following (in thousands):


	As of:
	March 31, 2024		December 31, 2023
Globalstar System:
Space component	$	1,230,975	$	1,230,975

Ground component	106,021		106,757
Construction in progress:
Space component	261,172		240,732
Ground component	6,991		6,814
Other	11,392		9,574
Total Globalstar System	1,616,551		1,594,852
Internally developed and purchased software	23,495		23,310
Equipment	12,958		11,905
Land and buildings	2,614		2,677
Leasehold improvements	2,144		2,147
Total property and equipment	1,657,762		1,634,891
Accumulated depreciation	(1,032,247)		(1,010,889)
Total property and equipment, net	$	625,515	$	624,002

In 2022, the Company entered into an agreement with MDA for the purchase of new satellites that will replenish the Company's HIBLEO-4 U.S.-licensed system. In 2023, the Company entered into an agreement with SpaceX providing for the launch of the first set of satellites under the agreement with MDA. Refer to Note 5: Commitments and Contingencies for further discussion of these agreements.

The table below reflects the amounts recorded on the Company's consolidated balance sheet (amounts in thousands).


	As of:
	March 31, 2024		December 31, 2023
Satellite Procurement Agreement
Construction in progress	$	207,163	$	198,884
Accrued construction costs	18,796		55,627
Prepaid construction costs	6,293		6,683

Launch Services Agreement
Construction in progress	$	9,920	$	6,400
Accrued construction costs	5,728		2,560
Prepaid construction costs	5,408		5,760

Construction in progress costs are recorded in the "space component" of construction in progress in the table above. These costs include milestones completed under the Satellite Procurement Agreement and Launch Services Agreement as well as associated personnel costs and capitalized interest. Accrued construction costs reflect work completed, but not yet invoiced under the agreements or amounts reflected in accounts payable at the reporting date. Prepaid construction costs reflect costs for milestone payments not yet completed and are recorded in "Prepaid satellite costs and customer receivable" on the Company's consolidated balance sheets.

The ground component of construction in progress includes costs incurred for assets to upgrade the Company's ground infrastructure, including costs associated with the procurement of new gateway antennas and gateway upgrade work in connection with the Service Agreements.

Revenue - Wholesale Capacity Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total contract liabilities	$ 55,300	$ 56,890
Warrants issued		48,300
Wholesale capacity services
Disaggregation of Revenue [Line Items]
Additional consideration associated with the 2021 and 2023 Funding Agreements	15,569	16,104
Advanced payments contractually owed for services expected to be performed with the next-generation satellite constellation prior to the Phase 2 Service Period	12,765	14,204
Other advanced payments associated with future performance obligations	6,240	5,219
Contract asset	(46,790)	(46,665)
Total contract liabilities	30,888	32,442
Wholesale capacity services \| Ground component
Disaggregation of Revenue [Line Items]
Advanced payments for services expected to be performed	23,233	23,673
Wholesale capacity services \| Phase 1 service fee and service-related operating expenses
Disaggregation of Revenue [Line Items]
Advanced payments for services expected to be performed	$ 19,871	$ 19,907

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-33117
Entity Registrant Name	GLOBALSTAR, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-2116508
Entity Address, Address Line One	1351 Holiday Square Blvd.
Entity Address, City or Town	Covington
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70433
City Area Code	985
Local Phone Number	335-1500
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	GSAT
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q1
Entity Central Index Key	0001366868
Current Fiscal Year End Date	--12-31
Voting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		1,900,000,000
Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		0

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 56,480	$ 58,644
Operating expenses:
Marketing, general and administrative	10,646	9,631
Stock-based compensation	9,227	3,760
Reduction in the value of long-lived assets	305	0
Depreciation, amortization and accretion	22,097	21,933
Total operating expenses	61,192	51,453
(Loss) income from operations	(4,712)	7,191
Other (expense) income:
Loss on extinguishment of debt	0	(10,403)
Interest income and expense, net of amounts capitalized	(3,785)	(2,032)
Foreign currency (loss) gain	(3,842)	1,907
Other	(849)	(99)
Total other expense	(8,476)	(10,627)
Loss before income taxes	(13,188)	(3,436)
Income tax expense	8	44
Net loss	(13,196)	(3,480)
Other comprehensive loss:
Foreign currency translation adjustments	2,393	(1,429)
Comprehensive loss	(10,803)	(4,909)
Net loss attributable to common shareholders (Note 7:)	$ (15,840)	$ (6,095)
Net loss per common share:
Basic (in dollars per share)	$ (0.01)	$ 0.00
Diluted (in dollars per share)	$ (0.01)	$ 0.00
Weighted-average shares outstanding:
Basic (in shares)	1,882,605	1,811,831
Diluted (in shares)	1,882,605	1,811,831
Service revenue
Revenue:
Total revenue	$ 53,465	$ 52,954
Operating expenses:
Cost of goods and services	16,759	11,820
Subscriber equipment sales
Revenue:
Total revenue	3,015	5,690
Operating expenses:
Cost of goods and services	$ 2,158	$ 4,309