0001366868-25-000077 | 10-Q | XBRL Viewer

Long-Term Debt and Other Financing Arrangements - Narrative (Details) - USD ($)		3 Months Ended		12 Months Ended		26 Months Ended
	Nov. 05, 2024	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2025	Dec. 31, 2024	Feb. 28, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Prepayment received	$ 235,000,000	$ 0				$ 0	$ 278,000,000
Repayment period	8 years
Debt instrument, principal amount		408,825,000				408,825,000	417,475,000
Other non-current liabilities		423,458,000				$ 423,458,000	$ 418,620,000
Payment of dividends		$ 2,615,000	$ 2,644,000
Series A Perpetual Preferred Stock
Debt Instrument [Line Items]
Debt instrument, principal amount					$ 149,400,000
Preferred stock, shares issued (in shares)		149,425			149,425	149,425	149,425
Preferred stock, dividend rate, percentage		7.00%			7.00%
Preferred stock, liquidation preference (in USD per share)					$ 1,000
Preferred stock		$ 0			$ 105,300,000	$ 0	$ 0
Payment of dividends		$ 2,600,000
2024 Debt Repayment
Debt Instrument [Line Items]
Loan interest rate		13.00%				13.00%
Debt instrument, principal amount		$ 221,625,000				$ 221,625,000	221,625,000
2023 Funding Agreement
Debt Instrument [Line Items]
Debt instrument, principal amount		155,000,000				155,000,000	155,000,000
Partnership agreement, prepayment receivable				$ 252,000,000
Debt instrument, percentage funded by partner				50.00%
Proceeds from 2023 funding agreement		$ 0				155,000,000
Partnership agreement, repayment period		4 years
Other non-current liabilities		$ 15,600,000				15,600,000
Partnership agreement, minimum liquidity requirement								$ 30,000,000
2021 Funding Agreement
Debt Instrument [Line Items]
Debt instrument, principal amount		32,200,000				$ 32,200,000	$ 40,850,000		$ 94,200,000
Funding agreement		$ 8,700,000

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2025
Segment Reporting [Abstract]
Segment Reporting	11. SEGMENT REPORTING An operating segment is defined as a component of an enterprise which has discrete financial information that is evaluated regularly by the Company’s Chief Operating Decision Maker ("CODM") to decide how to allocate resources and assess performance. In accordance with ASC 280, Segment Reporting, the Company’s only reportable segment is its MSS business. The Company's Chief Executive Officer, Dr. Paul E. Jacobs, is the Company's CODM. Dr. Jacobs manages the consolidated entity and uses net income (loss) as the measure of profit or loss to assess our performance and allocate resources. Dr. Jacobs does not review total assets. Dr. Jacobs reviews revenue and certain operating expenses to determine resource allocations. Revenue is reviewed at a disaggregated level, consistent with the Company’s disclosures in Note 3: Revenue. Expenses are reviewed by the nature of the cost (Cost of Services, Marketing, General and Administrative and Cost of Subscriber Equipment Sales), consistent with the Company’s presentation in its statements of operations. Other operating segment expenses may include stock-based compensation, depreciation, amortization and accretion, the reduction in the value of assets and inventory, interest income and expense, foreign currency gains and losses, gains and losses on extinguishment of debt as well as other smaller items.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. FAIR VALUE MEASUREMENTS

The Company follows the authoritative guidance for fair value measurements relating to financial and non-financial assets and liabilities, including presentation of required disclosures herein. This guidance establishes a fair value framework requiring the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Recurring Fair Value Measurements

The Company marks-to-market its derivatives at each reporting date, or more frequently as deemed necessary, with the changes in fair value recognized in the Company’s consolidated statements of operations. See Note 8: Derivatives for further information.

Embedded Derivative within the 2024 Debt Repayment

The embedded derivative relating to the 2024 Debt Repayment is valued using a discounted cash flow model. The most significant observable input used in the fair value measurement was the discount yield, which was 7.95% and 7.58%, at March 31, 2025 and December 31, 2024, respectively. As the discount yield used in the valuation process increases, the fair value of the embedded derivative decreases.

The significant unobservable input used in the fair value measurement included estimated timing of completing certain project milestones associated with the interest fee reduction mechanism. As the probability of reaching the relevant milestones increases, the fair value of the embedded derivative would also increase.

Rollforward of Recurring Level 3 Assets and Liabilities

The following table presents a rollforward for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):


	Three Months Ended March 31, 2025		Twelve Months Ended December 31, 2024
Balance at beginning of period	$	108,799	$	1,295
Issuance of embedded derivative within the 2024 Debt Repayment	2,480		109,601
Unrealized loss, included in other	(427)		(2,097)
Balance at end of period	$	110,852	$	108,799

Fair Value of Debt Instruments 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 cannot be readily compared to other debt instruments and their valuation generally involve a variety of complex factors, including due diligence by the debt holders.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Common Stock	3 Months Ended
Common Stock	Mar. 31, 2025
Equity [Abstract]
Common Stock	12. COMMON STOCK Effective following the close of trading on February 10, 2025, the Company voluntarily withdrew the listing of its common stock from the NYSE American, effected the reverse stock split at a ratio of 1 to 15 shares of common stock and amended its certificate of incorporation to reduce the number of authorized shares of common stock that it may issue from 2,150,000,000 shares to 143,333,334 shares of common stock. Effective at the start of trading on February 11, 2025, the Company's common stock began trading on a post-split basis under the symbol “GSAT” on the Nasdaq Stock Market LLC. The number of shares of the Company's common stock outstanding was reduced from 1,896,635,805 to 126,442,583. No fractional shares were issued as a result of the reverse stock split and it did not impact the par value of the Company's common stock. Any fractional shares that would otherwise have resulted from the reverse stock split were rounded up to the next whole share, except that any fractional shares resulting from the reverse stock split for any outstanding awards adjustments pursuant to the terms and conditions of the Company's 2006 Equity Incentive Plan and the award or agreement governing such awards were rounded down to the next whole share. Neither the reverse stock split nor the related amendments to the Company's certificate of incorporation had any impact on the number of shares of preferred stock it is authorized to issue under its certificate of incorporation or the number of issued and outstanding shares of the Series A Preferred Stock.

- Definition

The entire disclosure for equity.

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+ Details

Special Purpose Entity - Narrative (Details) - USD ($)	Nov. 05, 2024	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other non-current liabilities		$ 423,458,000	$ 418,620,000
Prepayment funds	$ 1,100,000,000
Prepayment received	$ 235,000,000	0	$ 278,000,000
Fee accrual amount		225,000,000
Services agreement, annual service fee		$ 30,000,000
2023 13% Notes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Debt instrument, interest rate				13.00%
Globalstar SPE
Accumulated Other Comprehensive Income (Loss) [Line Items]
Percentage of equity interest	80.00%
Ownership presented (in shares)	1,600,000
Other non-current liabilities	$ 400,000,000
Apple, Inc \| Globalstar SPE
Accumulated Other Comprehensive Income (Loss) [Line Items]
Percentage of equity interest	20.00%
Common Class B \| Globalstar SPE
Accumulated Other Comprehensive Income (Loss) [Line Items]
Units representing equity interest (in shares)	400,000
Equity interest	$ 400,000,000

Derivatives (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Derivatives (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
2024 Debt Repayment
Derivative [Line Items]
Issuance of embedded derivatives	$ 110.9	$ 108.8

Revenue (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025		March 31, 2024
Service revenue:
Wholesale capacity services	$	36,709	$	31,212
Subscriber services
Commercial IoT	6,580		6,437
SPOT	9,371		10,243
Duplex	3,452		4,755
Government and other services	955		818
Total service revenue	57,067		53,465





Total subscriber equipment sales	2,965		3,015

Total revenue	$	60,032	$	56,480

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, 2025		December 31, 2024
Accounts receivable, net of allowance for credit losses
Subscriber and other accounts receivable	$	13,546	$	14,829
Wholesale capacity accounts receivable	9,311		12,123
Total accounts receivable, net of allowance for credit losses	$	22,857	$	26,952

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


	As of:
	March 31, 2025		December 31, 2024
Short-term contract liabilities
Subscriber and other contract liabilities	$	17,923	$	19,710
Wholesale capacity contract liabilities, net of contract asset	36,101		41,491
Total short-term contract liabilities	$	54,024	$	61,201
Long-term contract liabilities
Subscriber and other contract liabilities	$	1,350	$	1,431
Wholesale capacity contract liabilities, net of contract asset	324,743		286,740
Total long-term contract liabilities	$	326,093	$	288,171
Total contract liabilities	$	380,117	$	349,372

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


	As of:
	March 31, 2025		December 31, 2024
Wholesale capacity contract liabilities, net:
Additional consideration associated with the 2021 and 2023 Funding Agreements (1)	$	11,139	$	12,247
Advanced payments for services expected to be performed with the ground spare satellite launched in June 2022	21,474		21,914
Advanced payments contractually owed for services expected to be performed with the next-generation satellite constellation prior to the Phase 2 Service Period	7,702		8,950
Advanced payments for the Phase 1 Service Period fixed fee, service-related operating and capital expenditures and other services	24,429		25,170
Advanced payments under the Infrastructure Prepayment (See Note 2: Special Purpose Entity)	278,043		278,043
Additional consideration associated with the Updated Services Agreements (2)	22,556		7,288
Other advanced payments associated with future performance obligations (3)	40,782		18,284
Contract asset (4)	(45,281)		(43,665)
Wholesale capacity contract liabilities, net	$	360,844	$	328,231

(1)Includes additional consideration associated with the below-market interest rates within the 2021 Funding Agreement and 2023 Funding Agreement. This consideration will be recognized over the estimated Phase 1 and Phase 2 Service Periods.

(2)Includes additional consideration representing the implied economic benefit to Globalstar for receiving these payments in advance of service. This consideration includes: a) $10.8 million associated with the fee reduction mechanism embedded in the 2024 Debt Repayment and a portion of the Infrastructure Prepayment, and b) an estimate of the significant financing component totaling $11.9 million within these agreements. It is anticipated that this consideration will be recognized over the estimated Extended MSS Network service period.

(3)Includes primarily: a) advanced service payments received during the first quarter of 2025 totaling $22.5 million related to the Updated Services Agreements, which provide for annual service fees of $30 million to be accelerated and b) $13.3 million of make whole fees paid by Customer for the extinguishment of the 2023 13% Notes in 2024. This consideration will be recognized during the Extended MSS Network service period.

(4)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 time.

Revenue

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

3. REVENUE

Disaggregation of Revenue

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


	Three Months Ended
	March 31, 2025		March 31, 2024
Service revenue:
Wholesale capacity services	$	36,709	$	31,212
Subscriber services
Commercial IoT	6,580		6,437
SPOT	9,371		10,243
Duplex	3,452		4,755
Government and other services	955		818
Total service revenue	57,067		53,465





Total subscriber equipment sales	2,965		3,015

Total revenue	$	60,032	$	56,480

"Wholesale capacity services" revenue in the above table includes revenue associated with the Updated Services Agreements. As consideration for the services provided by Globalstar, payments include a fixed service fee, payments relating to certain service-related operating expenses and capital expenditures, additional fees related to expanded services, and potential bonus payments subject to satisfaction of certain licensing, service and other related criteria. For a discussion of the Updated Services Agreements, see Note 2: Special Purpose Entity.

"Government and other services" revenue in the table above includes revenue associated with engineering and other communication services, such as terrestrial spectrum and network services, government service contracts and teleport lease arrangements. The Company's largest network services agreement is with Parsons Corporation, a leading technology provider in the national security and global infrastructure markets, to utilize the Company's satellite network for a mission critical service for government applications.

Accounts Receivable

The Company records trade accounts receivable from its customers when it has a contractual right to receive payment either on demand or on fixed or determinable dates in the future. 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, 2025		December 31, 2024
Accounts receivable, net of allowance for credit losses
Subscriber and other accounts receivable	$	13,546	$	14,829
Wholesale capacity accounts receivable	9,311		12,123
Total accounts receivable, net of allowance for credit losses	$	22,857	$	26,952

The Company entered into a satellite procurement agreement and a launch services agreement to support the Phase 2 Service Period. The new satellites purchased under the satellite procurement agreement are intended to replenish the Company's HIBLEO-4 U.S.-licensed system. Pursuant to the Service Agreements, payments are expected to be made to the Company by the Customer on a straight-line basis once the new satellites are successfully utilized to provide services for the Phase 2 Service Period. Based on construction in progress incurred by the Company, amounts expected to be billed by the Company associated with the Phase 2 Service Period of the Service Agreements were $252.5 million as of March 31, 2025. Refer to Note 8: Commitments and Contingencies for additional information regarding these agreements.

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


	As of:
	March 31, 2025		December 31, 2024
Short-term contract liabilities
Subscriber and other contract liabilities	$	17,923	$	19,710
Wholesale capacity contract liabilities, net of contract asset	36,101		41,491
Total short-term contract liabilities	$	54,024	$	61,201
Long-term contract liabilities
Subscriber and other contract liabilities	$	1,350	$	1,431
Wholesale capacity contract liabilities, net of contract asset	324,743		286,740
Total long-term contract liabilities	$	326,093	$	288,171
Total contract liabilities	$	380,117	$	349,372

For subscriber and other contract liabilities, the amount of revenue recognized during the three months ended March 31, 2025 and March 31, 2024 from performance obligations included in the contract liability balance at the beginning of these periods was $6.6 million and $7.4 million, respectively. For wholesale capacity contract liabilities, the amount of revenue recognized during the three months ended March 31, 2025 and March 31, 2024 from performance obligations included in the contract liability balance at the beginning of these periods was $28.5 million and $23.6 million, respectively.

The duration of the Company’s contracts with subscribers is generally one year or less. The Updated Services Agreements have no expiration date; therefore, the related contract liabilities may be recognized as revenue over various periods according to when the related performance obligation is satisfied.

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


	As of:
	March 31, 2025		December 31, 2024
Wholesale capacity contract liabilities, net:
Additional consideration associated with the 2021 and 2023 Funding Agreements (1)	$	11,139	$	12,247
Advanced payments for services expected to be performed with the ground spare satellite launched in June 2022	21,474		21,914
Advanced payments contractually owed for services expected to be performed with the next-generation satellite constellation prior to the Phase 2 Service Period	7,702		8,950
Advanced payments for the Phase 1 Service Period fixed fee, service-related operating and capital expenditures and other services	24,429		25,170
Advanced payments under the Infrastructure Prepayment (See Note 2: Special Purpose Entity)	278,043		278,043
Additional consideration associated with the Updated Services Agreements (2)	22,556		7,288
Other advanced payments associated with future performance obligations (3)	40,782		18,284
Contract asset (4)	(45,281)		(43,665)
Wholesale capacity contract liabilities, net	$	360,844	$	328,231

- 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.

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+ Details

Fair Value Measurements - Narrative (Details) - 2024 Debt Repayment - Discount rate	Mar. 31, 2025	Dec. 31, 2024
Minimum
Fair Value Measurements [Line Items]
Derivative liability, measurement input	0.0795	0.0795
Maximum
Fair Value Measurements [Line Items]
Derivative liability, measurement input	0.0758	0.0758

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 60,032	$ 56,480
Total service revenue
Disaggregation of Revenue [Line Items]
Total revenue	57,067	53,465
Wholesale capacity services
Disaggregation of Revenue [Line Items]
Total revenue	36,709	31,212
Commercial IoT
Disaggregation of Revenue [Line Items]
Total revenue	6,580	6,437
SPOT
Disaggregation of Revenue [Line Items]
Total revenue	9,371	10,243
Duplex
Disaggregation of Revenue [Line Items]
Total revenue	3,452	4,755
Government and other services
Disaggregation of Revenue [Line Items]
Total revenue	955	818
Total subscriber equipment sales
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,965	$ 3,015

- 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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation (Details)	Feb. 10, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split	0.6667

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	May 02, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
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	NASDAQ
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	2025
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)		126,583,126
Preferred Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		149,425

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Subscriber and other accounts receivable
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, revenue recognized	$ 6.6	$ 7.4
Wholesale capacity services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, revenue recognized, including opening balance	28.5	$ 23.6
Satellites
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Accounts receivable, noncurrent	$ 252.5

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION Through its global satellite network, Globalstar, Inc. (“Globalstar” or the “Company”) provides Mobile Satellite Services (“MSS”) including wholesale capacity services and voice and data communications services to retail, business and governmental customers. 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 Executive Chairman of the Company's Board of Directors (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 in this Report not misleading. These financial statements and accompanying 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, 2024, as filed with the SEC on February 28, 2025 (the “2024 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. Certain reclassifications have been made 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. The Company's consolidated financial statements include results and amounts for the Globalstar SPE (as defined below), which is a variable interest entity further described in Note 2, of which Globalstar is the primary beneficiary. 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, 2025 are not necessarily indicative of the results that may be expected for the full year or any future period. Reverse Stock Split On February 10, 2025, the Company effectuated a reverse stock split of its common stock at a 1-for-15 ratio. All issued and outstanding common stock, options and warrants to purchase common stock and per share amounts contained in this Report have been adjusted retroactively to reflect the change in capital structure for the periods prior to the completion of the reverse stock split, as applicable. Refer to Note 12: Common Stock for additional information. Recently Adopted 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 were effective for fiscal years beginning after December 15, 2024. The amendments should be applied prospectively; however, retrospective application is also permitted. The Company adopted this standard when it became effective on January 1, 2025. We expect that this standard will increase the tax disclosures in the Company's annual report on Form 10-K for the year ended December 31, 2025. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures. This ASU requires public companies to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items. The amendments should be applied prospectively; however, retrospective application is also permitted. The Company plans to adopt this standard when it becomes effective on January 1, 2027. The Company is evaluating the impact this ASU may have on its financial statement disclosures.

Fair Value Measurements - Rollforward of Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 108,799	$ 1,295
Unrealized loss, included in other	$ (427)	$ (2,097)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other
Balance at end of period	$ 110,852	$ 108,799
2024 Debt Repayment
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Issuance of embedded derivative within the 2024 Debt Repayment	$ 2,480	$ 109,601

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of rollforward of assets and liabilities measured at fair value

The following table presents a rollforward for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):


	Three Months Ended March 31, 2025		Twelve Months Ended December 31, 2024
Balance at beginning of period	$	108,799	$	1,295
Issuance of embedded derivative within the 2024 Debt Repayment	2,480		109,601
Unrealized loss, included in other	(427)		(2,097)
Balance at end of period	$	110,852	$	108,799

Revenue - Accounts Receivable and Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total accounts receivable, net of allowance for credit losses	$ 22,857	$ 26,952
Total short-term contract liabilities	54,024	61,201
Total long-term contract liabilities	326,093	288,171
Total contract liabilities	380,117	349,372
Subscriber and other accounts receivable
Disaggregation of Revenue [Line Items]
Total accounts receivable, net of allowance for credit losses	13,546	14,829
Total short-term contract liabilities	17,923	19,710
Total long-term contract liabilities	1,350	1,431
Wholesale capacity accounts receivable
Disaggregation of Revenue [Line Items]
Total accounts receivable, net of allowance for credit losses	9,311	12,123
Total short-term contract liabilities	36,101	41,491
Total long-term contract liabilities	324,743	286,740
Total contract liabilities	$ 360,844	$ 328,231

- 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

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,786,083	$ 1,701,761
Accumulated depreciation	(1,011,877)	(1,028,129)
Total property and equipment, net	774,206	673,632
Total Globalstar System
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,739,870	1,657,146
Space component
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,121,662	1,167,332
Space component \| Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	479,690	357,825
Ground component
Property, Plant and Equipment [Line Items]
Property and equipment, gross	103,632	102,717
Ground component \| Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	25,931	20,545
Other \| Construction in Progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,955	8,727
Internally developed and purchased software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	25,314	24,309
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,279	14,904
Land and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,410	3,222
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,210	$ 2,180

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2025

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 for the periods indicated (amounts in thousands, except per share data):



	Three Months Ended
	March 31, 2025		March 31, 2024
Numerator:
Net loss	$	(17,331)	$	(13,196)
Effect of Series A Preferred Stock dividends	(2,615)		(2,644)
Net loss attributable to common shareholders	$	(19,946)	$	(15,840)

Denominator:



Weighted average common shares outstanding	126,476		125,507

Net loss
Basic	$	(0.16)	$	(0.13)
Diluted	$	(0.16)	$	(0.13)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical)	Feb. 10, 2025
Income Statement [Abstract]
Reverse stock split	0.6667

Property and Equipment

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

4. PROPERTY AND EQUIPMENT

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


	As of:
	March 31, 2025		December 31, 2024
Globalstar System:
Space component	$	1,121,662	$	1,167,332

Ground component	103,632		102,717
Construction in progress:
Space component	479,690		357,825
Ground component	25,931		20,545
Other	8,955		8,727
Total Globalstar System	1,739,870		1,657,146
Internally developed and purchased software	25,314		24,309
Equipment	15,279		14,904
Land and buildings	3,410		3,222
Leasehold improvements	2,210		2,180
Total property and equipment	1,786,083		1,701,761
Accumulated depreciation	(1,011,877)		(1,028,129)
Total property and equipment, net	$	774,206	$	673,632

During the first quarter of 2025, the Company recorded a loss on disposal of assets of $7.0 million on its consolidated statements of operations. This loss reflects the net book value of one of the Company's second-generation satellites that experienced a power control anomaly which rendered the satellite inoperable.

The Company has agreements with Macdonald, Dettwiler and Associates Corporation ("MDA") and SpaceX for 1) the purchase and launch of the first set of satellites that are intended to replenish the Company's current HIBLEO-4 U.S.-licensed system and 2) the purchase and launch of additional satellites to support the Extended MSS Network. Refer to Note 8: Commitments and Contingencies for additional information regarding these agreements.

As of March 31, 2025, for the HIBLEO-4 replacement satellites, the Company has incurred $240.3 million and $23.2 million for milestones completed under these agreements with MDA and SpaceX, respectively. As of March 31, 2025, for the Extended MSS Network, the Company has incurred $117.3 million and $24.5 million for milestones completed under these agreements with MDA and SpaceX, respectively. These costs, as well as the associated personnel costs and capitalized interest, are reflected in the "space component" of construction in progress in the table above.

As discussed in Note 2: Special Purpose Entity, the Customer contributed certain assets to the Globalstar SPE, which are included in the table above.

Commitment and Contingencies (Details) $ in Thousands	1 Months Ended		3 Months Ended
Commitment and Contingencies (Details) $ in Thousands	Feb. 28, 2025 USD ($) satellite	Feb. 28, 2022 USD ($) satellite	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
Payments to acquire other property, plant, and equipment			$ 1,162	$ 1,901
Capital expenditure reimbursement, percentage			95.00%
Satellite and Ground Components
Other Commitments [Line Items]
Purchase obligation			$ 744,000
Macdonald, Dettwiler and Associates
Other Commitments [Line Items]
Payments to acquire fixed assets		$ 5,000
Payments to acquire other property, plant, and equipment		$ 4,200
Minimum
Other Commitments [Line Items]
Number of satellites acquired \| satellite	50	17
Maximum
Other Commitments [Line Items]
Number of satellites acquired \| satellite		26
Satellites
Other Commitments [Line Items]
Purchase obligation	$ 775,000	$ 329,300

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (17,331)	$ (13,196)

- Definition

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

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands	Mar. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Accounts receivable, allowance \| $	$ 1,374	$ 1,504
Intangible and other assets, accumulated amortization \| $	$ 8,838	$ 7,625
Series A Perpetual Preferred Stock
Preferred stock, par value (USD per share) \| $ / shares	$ 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) \| $ / shares	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	143,333,334	143,333,334
Common stock, shares issued (in shares)	126,579,435	126,424,799
Common stock, shares outstanding (in shares)	126,579,435	126,424,799

Long-Term Debt and Other Financing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2021
Principal Amount
Debt instrument, principal amount	$ 408,825	$ 417,475
Debt instrument, face amount, current	32,200	34,600
Debt instruments, face amount, noncurrent	376,625	382,875
Unamortized Premium (Discount) and Deferred Financing Costs
Total debt	93,924	93,947
Debt instrument, unamortized discount, current	(1,443)	0
Debt instrument, unamortized discount, noncurrent	95,367	93,947
Carrying Value
Carrying Value	502,749	511,422
Less: current portion	30,757	34,600
Long-term debt	471,992	476,822
2024 Debt Repayment
Principal Amount
Debt instrument, principal amount	221,625	221,625
Unamortized Premium (Discount) and Deferred Financing Costs
Total debt	105,616	107,176
Carrying Value
Carrying Value	$ 327,241	328,801
Loan interest rate	13.00%
2023 Funding Agreement
Principal Amount
Debt instrument, principal amount	$ 155,000	155,000
Unamortized Premium (Discount) and Deferred Financing Costs
Total debt	(10,249)	(11,031)
Carrying Value
Carrying Value	144,751	143,969
2021 Funding Agreement
Principal Amount
Debt instrument, principal amount	32,200	40,850	$ 94,200
Unamortized Premium (Discount) and Deferred Financing Costs
Total debt	(1,443)	(2,198)
Carrying Value
Carrying Value	$ 30,757	$ 38,652

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Through its global satellite network, Globalstar, Inc. (“Globalstar” or the “Company”) provides Mobile Satellite Services (“MSS”) including wholesale capacity services and voice and data communications services to retail, business and governmental customers. 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 Executive Chairman of the Company's Board of Directors (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 in this Report not misleading. These financial statements and accompanying 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, 2024, as filed with the SEC on February 28, 2025 (the “2024 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. Certain reclassifications have been made 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. The Company's consolidated financial statements include results and amounts for the Globalstar SPE (as defined below), which is a variable interest entity further described in Note 2, of which Globalstar is the primary beneficiary. 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, 2025 are not necessarily indicative of the results that may be expected for the full year or any future period.
Recently Adopted and Recently Issued Accounting Pronouncements	Recently Adopted 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 were effective for fiscal years beginning after December 15, 2024. The amendments should be applied prospectively; however, retrospective application is also permitted. The Company adopted this standard when it became effective on January 1, 2025. We expect that this standard will increase the tax disclosures in the Company's annual report on Form 10-K for the year ended December 31, 2025. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures. This ASU requires public companies to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items. The amendments should be applied prospectively; however, retrospective application is also permitted. The Company plans to adopt this standard when it becomes effective on January 1, 2027. The Company is evaluating the impact this ASU may have on its financial statement disclosures.
Derivative Instruments	The fair value of the embedded derivative is marked-to-market at the end of each reporting period, or more frequently as deemed necessary, with any changes in value reported in the consolidated statements of operations and consolidated statements of cash flows as a non-cash operating activity. This derivative and related features embedded in the debt instrument that is required to be accounted for as a derivative is described below.
Fair Value of Financial Instruments	The Company follows the authoritative guidance for fair value measurements relating to financial and non-financial assets and liabilities, including presentation of required disclosures herein. This guidance establishes a fair value framework requiring the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets and liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Special Purpose Entity

3 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Special Purpose Entity

2. SPECIAL PURPOSE ENTITY

The Company is the operator for certain satellite-enabled services (the "Services") offered by Apple Inc. (the "Customer") pursuant to a service agreement (the “Service Agreement”) and certain related ancillary agreements (such agreements, together with the Service Agreement, the “Service Agreements”) for the Phase 1 Service Period and Phase 2 Service Period (as defined below). The Service Agreements generally require Globalstar to allocate network capacity to support the Services, which launched in November 2022.

The Company and the Customer agreed to make certain amendments to the Service Agreements and entered into other related agreements (the Service Agreements as amended, collectively, the “Updated Services Agreements”) for Globalstar to deliver expanded services to the Customer over a new MSS network, including a new satellite constellation, expanded ground infrastructure, and increased global MSS licensing (the “Extended MSS Network”) for the Services provided over the Extended MSS Network. The Extended MSS Network will be (i) owned by Globalstar Licensee, LLC, together with its subsidiaries (collectively, the “Globalstar SPE”), a variable interest entity, and (ii) operated by the Company. The Updated Services Agreements were effective upon the closing on November 5, 2024 (the "Closing Date"). The Customer (i) has prepaid, and is required, subject to certain conditions, to continue to prepay for, certain services to be delivered by the Company to the Customer’s end users who will utilize the Extended MSS Network under the Updated Services Agreements and (ii) is a passive equity holder in Globalstar SPE.

The Company's allocated capacity supports the following phases of the Services: 1) current Services provided over the existing Globalstar System ("Phase 1 Service Period"), 2) future Services provided over new satellites ("Phase 2 Service Period"), of which such Services are expected to commence following the anticipated launch of such satellites in 2025, and 3) future Services provided over the Extended MSS Network.

The table below includes the assets of the Globalstar SPE as of March 31, 2025 (amounts in thousands):


	As of March 31, 2025
Assets
Cash and cash equivalents	$	401
Property and equipment, net	163,487
Prepaid network costs	332,628
Intangibles and other asset, net	11,756
Total Assets	$	508,272

Customer Class B Units

On the Closing Date, the Customer purchased 400,000 Class B Units in the Globalstar SPE (the “Customer Class B Units”) for $400 million, representing a 20% equity interest in the Globalstar SPE. The Globalstar SPE holds and administers, or will administer in the future, certain spectrum licenses, satellites, ground stations and other network assets for use and operation by the Company and to enable and provide services to the Customer pursuant to the Updated Services Agreements. The Globalstar SPE does not have commercial operations.

The Company holds 1,600,000 Class A Units in the Globalstar SPE, representing an 80% equity ownership in the Globalstar SPE. The Company's 80% ownership in the Globalstar SPE exposes it to residual profit or loss of the Globalstar SPE and the Company will absorb any expense variability of the Globalstar SPE. The Company has power over the most significant activity of the Globalstar SPE and is exposed to losses and benefits of the Globalstar SPE through its equity interest. The Company assessed the accounting considerations pursuant to ASC 810: Consolidation, and concluded that it is the primary beneficiary of the Globalstar SPE and consolidated the Globalstar SPE into the financial statements appearing in this Report. Based on the redemption provision and other characteristics of the arrangement, the Company recorded the total equity contributions from the Customer of $400 million as equity on the Globalstar SPE financial statements and a non-current liability on the Company's consolidated balance sheet.

Extended MSS Network Prepayments and 2024 Debt Repayment

The Updated Services Agreements provide, among other things, that the Customer will make cash payments to the Company for capital expenditures in connection with the Extended MSS Network. The payments required by the Updated Services Agreements consist of: (1) an infrastructure prepayment (the “Infrastructure Prepayment”) of up to $1.1 billion, which is to be funded quarterly (as needed) over the construction period of the satellites to be used in the Extended MSS Network, the proceeds of which the Globalstar SPE will use, together with the proceeds from the sale of the Customer Class B Units, to pay amounts due for the Extended MSS Network (including, but not limited to, construction and launch costs) and (2) the amount necessary for the Company to fully retire on the Closing Date its 2023 13% Notes (the "2024 Debt Repayment"), as described further herein. The terms of the Infrastructure Prepayment and the 2024 Debt Repayment are contained within one prepayment agreement (the “2024 Prepayment Agreement”). The Company expects to fully payoff the 2024 Prepayment Agreement and to redeem the Customer Class B Units within the design useful life of the new satellites. The Company expects that such amounts payable to the Customer will be fully offset by amounts payable by the Customer under the Updated Services Agreements.

Infrastructure Prepayment

During 2024, the Company received $278 million from the Customer pursuant to the Infrastructure Prepayment. No amounts were received during the first quarter of 2025. The Company recorded these prepayments as deferred revenue as they represent the Company’s obligation to provide future services to the Customer. The deferred revenue associated with the Infrastructure Prepayment will be earned as revenue as services are performed. $225 million of the Infrastructure Prepayment accrues fees that will be reduced or eliminated entirely if the Company meets certain defined milestones associated with the completion of the Extended MSS Network. The remaining amount of the Infrastructure Prepayment does not and will not accrue fees.

2024 Debt Repayment

On the Closing Date, the Company received $235 million from the Customer pursuant to the 2024 Debt Repayment, representing the amount necessary to retire the Company's outstanding 2023 13% Notes. Refer to Note 5: Long-Term Debt and Other Financing Arrangements for further information.

Service Fees

As consideration for the satellite services provided for in the Updated Services Agreements, the incremental service fees due from the Customer to the Company include fees tied to the cost of the Extended MSS Network, fees for providing additional related services, fees tied to expenses incurred by the Company for the provision of such services, and performance bonuses. Payment of a portion of these fees is subject to the satisfaction of certain licensing, service levels and milestone achievements. Additionally, the Updated Services Agreements also provide for annual service fees of $30 million to be accelerated. Such accelerated payments began in the first quarter of 2025.

Other

In connection with the Updated Services Agreements, the Company entered into a launch services agreement with Space Exploration Technologies Corp. ("SpaceX") for the new satellites that will be procured for the Extended MSS Network. Refer to Note 8: Commitments and Contingencies for further information.

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

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


	As of:
	March 31, 2025		December 31, 2024
Globalstar System:
Space component	$	1,121,662	$	1,167,332

Ground component	103,632		102,717
Construction in progress:
Space component	479,690		357,825
Ground component	25,931		20,545
Other	8,955		8,727
Total Globalstar System	1,739,870		1,657,146
Internally developed and purchased software	25,314		24,309
Equipment	15,279		14,904
Land and buildings	3,410		3,222
Leasehold improvements	2,210		2,180
Total property and equipment	1,786,083		1,701,761
Accumulated depreciation	(1,011,877)		(1,028,129)
Total property and equipment, net	$	774,206	$	673,632

Special Purpose Entity (Tables)

3 Months Ended

Mar. 31, 2025

Other Income and Expenses [Abstract]

Schedule of Assets Related to Service Agreement

The table below includes the assets of the Globalstar SPE as of March 31, 2025 (amounts in thousands):


	As of March 31, 2025
Assets
Cash and cash equivalents	$	401
Property and equipment, net	163,487
Prepaid network costs	332,628
Intangibles and other asset, net	11,756
Total Assets	$	508,272

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Long-Term Debt and Other Financing Arrangements

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt and Other Financing Arrangements

5. LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS

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


	As of:
	March 31, 2025						December 31, 2024
	Principal Amount		Unamortized Premium (Discount) and Deferred Financing Costs		Carrying Value		Principal Amount		Unamortized Premium (Discount) and Deferred Financing Costs		Carrying Value
2024 Debt Repayment	$	221,625	$	105,616	$	327,241	$	221,625	$	107,176	$	328,801
2023 Funding Agreement	155,000		(10,249)		144,751		155,000		(11,031)		143,969
2021 Funding Agreement	32,200		(1,443)		30,757		40,850		(2,198)		38,652
Total debt	$	408,825	$	93,924	$	502,749	$	417,475	$	93,947	$	511,422
Less: current portion	32,200		(1,443)		30,757		34,600		—		34,600
Long-term debt	$	376,625	$	95,367	$	471,992	$	382,875	$	93,947	$	476,822

The carrying value of our debt reflected above is net of deferred financing costs and any premium or discount to the loan amount at issuance, including accretion. As of March 31, 2025, the current portion of long-term debt relates to the 2021 Funding Agreement and represents the amounts expected to be paid under the Updated Services Agreements (as previously defined) through service fee offsets from the Customer during the next twelve months.

2024 Debt Repayment

As discussed in Note 2: Special Purpose Entity, pursuant to the Updated Services Agreements, the Customer funded $235 million for the Company to retire its outstanding 2023 13% Notes. The 2024 Debt Repayment is expected to be fully repaid by offsetting against amounts payable by the Customer to the Company on a quarterly basis over a period of 32 quarters commencing on a fixed repayment date in the future that is not tied to the launch of services. The 2024 Debt Repayment is classified as debt because the Company's repayment obligations will commence on such date regardless of when services are provided under the Updated Services Agreements. The 2024 Debt Repayment accrues annual fees, which would be reduced or eliminated entirely if the Company meets certain defined milestones associated with the completion of the Extended MSS Network, at which time prior accruals will be reduced or eliminated. The balance accrued for these fees is included primarily in long-term deferred revenue on the Company's balance sheet (refer to Note 3: Revenue for further information). As of March 31, 2025, the outstanding principal balance of the 2024 Debt Repayment was $221.6 million.

On the issuance date, the Company recorded the 2024 Debt Repayment at fair value. The difference between the principal amount of the 2024 Debt Repayment and the fair value was recorded as a debt premium. Additionally, the Company was required to bifurcate the fair value of the interest reduction mechanism and record a derivative asset upon issuance equal to the debt premium. The Company will amortize the premium as an offset to interest expense over the loan term using the effective interest rate method. Refer to Note 6: Derivatives and Note 7: Fair Value Measurements for further information on the embedded derivative bifurcated from the 2024 Debt Repayment.

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 has used and intends to use to fund 50% of the amounts due under its 2022 agreement with MDA, as well as launch, insurance and ancillary costs incurred in connection with the construction and launch of satellites purchased under such agreement. As of March 31, 2025, the Company received aggregate payments under the 2023 Funding Agreement of $155 million, with no amounts received in the first quarter of 2025. As of March 31, 2025, the outstanding principal balance of the 2023 Funding Agreement was $155.0 million.

The total amount paid to the Company under the 2023 Funding Agreement, including fees, is expected to be fully repaid by offsetting against amounts payable by the Customer beginning in the third quarter of 2026 and continuing for no longer than 16 consecutive quarters. Compounded fees are accrued at a fixed rate based on the average outstanding balance of the 2023 Funding Agreement. The balance accrued for these fees, which totaled $15.6 million as of March 31, 2025, is included in "Other non-current liabilities" on the Company's balance sheet.

For as long as any amount funded under the 2023 Funding Agreement is outstanding, the Company will be subject to certain covenants, including (i) maintenance of a minimum cash balance of $30 million, (ii) interest coverage and leverage ratios, and (iii) other customary negative covenants, including limitations on certain asset transfers, expenditures and investments. 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 Note 9: Related Party Transactions for further information regarding Thermo's guarantee.

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, which is netted against the face value of the 2023 Funding Agreement, 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.

2021 Funding Agreement

During 2021, the Company received payments totaling $94.2 million (as amended, the "2021 Funding Agreement"). The Company's obligations under the 2021 Funding Agreement are secured by a first-priority lien over substantially all of the assets of the Company and its domestic subsidiaries. This funding is being repaid by offsetting against amounts payable as services are performed by the Company. The last recoupment is expected to be made in the first quarter of 2026. The debt discount associated with the 2021 Funding Agreement is accreting to interest expense through the maturity date using the effective interest rate method. No interest accrues on amounts outstanding under the 2021 Funding Agreement. During the three months ended March 31, 2025, a total of $8.7 million was recouped pursuant to the terms of the 2021 Funding Agreement. As of March 31, 2025, the outstanding principal balance of the 2021 Funding Agreement was $32.2 million.

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 and total outstanding amount of $149.4 million. The shares of Series A Preferred Stock do not possess voting rights, other than with respect to certain matters specifically affecting the rights and obligations of the Series A Preferred Stock.

Holders of the 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 the three months ended March 31, 2025, the Company paid dividends approved by the Company's Board of Directors totaling $2.6 million.

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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

Property and Equipment - Narrative (Details) $ in Millions	3 Months Ended
Property and Equipment - Narrative (Details) $ in Millions	Mar. 31, 2025 USD ($)
Property, Plant and Equipment [Line Items]
Loss on disposal of assets	$ 7.0
Property, Plant and Equipment \| Satellite Procurement Agreement
Property, Plant and Equipment [Line Items]
Other commitment	240.3
Property, Plant and Equipment \| Launch Services Agreement
Property, Plant and Equipment [Line Items]
Other commitment	23.2
Property, Plant and Equipment \| Extended MSS Network Agreement, MDA
Property, Plant and Equipment [Line Items]
Other commitment	117.3
Property, Plant and Equipment \| Extended MSS Network Agreement
Property, Plant and Equipment [Line Items]
Other commitment	$ 24.5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands

Total

Preferred Stock

Common Stock

Additional Paid-in Capital

^[1]

Accumulated Other Comprehensive Income (Loss)

Retained Deficit

Preferred stock, beginning balance (in shares) at Dec. 31, 2023

149

Beginning balance at Dec. 31, 2023

$ 378,979

$ 0

$ 13

^[1]

$ 2,438,878

$ 5,070

$ (2,064,982)

Beginning balance (in shares) at Dec. 31, 2023

^[1]

125,413

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net issuance of restricted stock awards, stock for employee stock options and stock for employee stock purchase plan and recognition of stock-based compensation (in shares)

^[1]

183

Net issuance of restricted stock awards, stock for employee stock options and stock for employee stock purchase plan and recognition of stock-based compensation

11,794

Series A Preferred Stock Dividends

(2,644)

Other

(272)

Other comprehensive (loss) income

2,393

Net loss

(13,196)

Preferred stock, ending balance (in shares) at Mar. 31, 2024

149

Ending balance at Mar. 31, 2024

377,054

$ 0

$ 13

^[1]

2,447,756

7,463

(2,078,178)

Ending balance (in shares) at Mar. 31, 2024

^[1]

125,596

Preferred stock, beginning balance (in shares) at Dec. 31, 2024

149

Beginning balance at Dec. 31, 2024

358,883

$ 0

$ 13

^[1]

2,473,564

13,452

(2,128,146)

Beginning balance (in shares) at Dec. 31, 2024

^[1]

126,425

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net issuance of restricted stock awards, stock for employee stock options and stock for employee stock purchase plan and recognition of stock-based compensation (in shares)

^[1]

154

Net issuance of restricted stock awards, stock for employee stock options and stock for employee stock purchase plan and recognition of stock-based compensation

8,220

Series A Preferred Stock Dividends

(2,615)

Other

Other comprehensive (loss) income

(2,845)

Net loss

(17,331)

Preferred stock, ending balance (in shares) at Mar. 31, 2025

149

Ending balance at Mar. 31, 2025

$ 344,344

$ 0

$ 13

^[1]

$ 2,479,201

$ 10,607

$ (2,145,477)

Ending balance (in shares) at Mar. 31, 2025

^[1]

126,579

[1]

The number of shares have been restated to reflect the 1:15 reverse stock split effectuated on February 10, 2025. All historical share and per share amounts for the periods prior to the completion of the reverse stock split reflected in this Report have been adjusted to reflect the reverse stock split. Refer to Note 12: Common Stock.

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

10. NET INCOME (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted loss per common share for the periods indicated (amounts in thousands, except per share data):



	Three Months Ended
	March 31, 2025		March 31, 2024
Numerator:
Net loss	$	(17,331)	$	(13,196)
Effect of Series A Preferred Stock dividends	(2,615)		(2,644)
Net loss attributable to common shareholders	$	(19,946)	$	(15,840)

Denominator:



Weighted average common shares outstanding	126,476		125,507

Net loss
Basic	$	(0.16)	$	(0.13)
Diluted	$	(0.16)	$	(0.13)

For each of the three months ended March 31, 2025 and 2024, 1.4 million shares of potential common stock were excluded from diluted shares outstanding because the effects of such securities would be anti-dilutive. Included in these shares for all periods presented is a portion of the 3.3 million shares that may be purchased by the Customer pursuant to the warrants issued under the Updated Services Agreements in 2022 based on the treasury stock method. During 2023, the right to purchase 0.3 million shares of common stock vested pursuant to the warrant issued to Thermo for its guarantee of the 2023 Funding Agreement. None of these shares are included in the potentially dilutive securities for the applicable periods presented because the exercise price of the warrants exceeded the average market price of Globalstar common stock during the periods.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Revenue:

Total revenue

$ 60,032

$ 56,480

Operating expenses:

Marketing, general and administrative

11,589

10,646

Stock-based compensation

6,957

9,227

Reduction in the value and disposal of long-lived assets

7,038

305

Depreciation, amortization and accretion

22,277

22,097

Total operating expenses

68,533

61,192

Loss from operations

(8,501)

(4,712)

Other income (expense):

Interest income and expense, net of amounts capitalized

(7,945)

(3,785)

Foreign currency gain (loss)

4,106

(3,842)

Other

(413)

(849)

Total other income (expense)

(4,252)

(8,476)

Loss before income taxes

(12,753)

(13,188)

Income tax expense

4,578

Net loss

(17,331)

(13,196)

Other comprehensive income (loss):

Foreign currency translation adjustments

(2,845)

2,393

Comprehensive loss

(20,176)

(10,803)

Net loss attributable to common shareholders (Note 10)

$ (19,946)

$ (15,840)

Net loss per common share:

Basic (in dollars per share)

^[1]

$ (0.16)

$ (0.13)

Diluted (in dollars per share)

^[1]

$ (0.16)

$ (0.13)

Weighted-average shares outstanding:

Basic (in shares)

^[1]

126,476

125,507

Diluted (in shares)

^[1]

126,476

125,507

Service revenue

Revenue:

Total revenue

$ 57,067

$ 53,465

Operating expenses:

Cost of goods and services

18,625

16,759

Subscriber equipment sales

Revenue:

Total revenue

2,965

3,015

Operating expenses:

Cost of goods and services

$ 2,047

$ 2,158

[1]

The number of shares as of March 31, 2024 have been restated to reflect the 1:15 reverse stock split effectuated on February 10, 2025. All historical share and per share amounts for the periods prior to the completion of the reverse stock split reflected in this Report have been adjusted to reflect the reverse stock split. Refer to Note 12: Common Stock.

Special Purpose Entity - Schedule of Assets of Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 241,411	$ 391,164
Property and equipment, net	774,206	673,632
Prepaid network costs	373,038	312,342
Intangibles and other asset, net	138,539	136,058
Total assets	1,729,151	$ 1,710,237
Variable Interest Entity, Primary Beneficiary
ASSETS
Cash and cash equivalents	401
Property and equipment, net	163,487
Prepaid network costs	332,628
Intangibles and other asset, net	11,756
Total assets	$ 508,272

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Net Income (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, 2025

Mar. 31, 2024

Numerator:

Net loss

$ (17,331)

$ (13,196)

Net loss attributable to common shareholders

$ (19,946)

$ (15,840)

Denominator:

Weighted average shares outstanding - basic (in shares)

^[1]

126,476

125,507

Weighted average shares outstanding - diluted (in shares)

^[1]

126,476

125,507

Net loss

Basic (in dollars per share)

^[1]

$ (0.16)

$ (0.13)

Diluted (in dollars per share)

^[1]

$ (0.16)

$ (0.13)

Series A Perpetual Preferred Stock

Numerator:

Effect of Series A Preferred Stock dividends

$ (2,615)

$ (2,644)

[1]

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	Feb. 10, 2025
Statement of Stockholders' Equity [Abstract]
Reverse stock split	0.6667

Common Stock (Details)	Feb. 10, 2025 shares	Feb. 11, 2025 shares
Equity [Abstract]
Reverse stock split	0.6667
Common stock, shares authorized (in shares)	2,150,000,000	143,333,334
Common stock, shares outstanding (in shares)	1,896,635,805	126,442,583

Revenue - Wholesale Capacity Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Advanced payments contractually owed for services expected to be performed with the next-generation satellite constellation prior to the Phase 2 Service Period	$ 22,500
Total contract liabilities	380,117	$ 349,372
Services agreement, annual service fee	30,000
Service agreement, whole fees payment	13,300
Warrants issued	$ 48,300
2024 Debt Repayment
Disaggregation of Revenue [Line Items]
Loan interest rate	13.00%
Wholesale capacity services
Disaggregation of Revenue [Line Items]
Advanced payments contractually owed for services expected to be performed with the next-generation satellite constellation prior to the Phase 2 Service Period	$ 7,702	8,950
Contract asset	(45,281)	(43,665)
Total contract liabilities	360,844	328,231
Wholesale capacity services \| Ground component
Disaggregation of Revenue [Line Items]
Advanced payments	21,474	21,914
Wholesale capacity services \| Advanced payments for the Phase 1 Service Period fixed fee, service-related operating and capital expenditures and other services
Disaggregation of Revenue [Line Items]
Advanced payments	24,429	25,170
Wholesale capacity services \| Future Phase
Disaggregation of Revenue [Line Items]
Advanced payments	278,043	278,043
Wholesale capacity services \| Space component
Disaggregation of Revenue [Line Items]
Other advanced payments associated with future performance obligations (3)	40,782	18,284
2021 and 2023 Funding Agreement \| Wholesale capacity services
Disaggregation of Revenue [Line Items]
Additional consideration associated with the 2021 and 2023 Funding Agreements	11,139	12,247
Updated Service Agreement
Disaggregation of Revenue [Line Items]
Additional consideration associated with the 2021 and 2023 Funding Agreements	22,556	$ 7,288
Additional consideration, interest reduction cost	10,800
Funding agreement, consideration of financing amount	$ 11,900

Long-Term Debt and Other Financing Arrangements (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of long-term debt

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


	As of:
	March 31, 2025						December 31, 2024
	Principal Amount		Unamortized Premium (Discount) and Deferred Financing Costs		Carrying Value		Principal Amount		Unamortized Premium (Discount) and Deferred Financing Costs		Carrying Value
2024 Debt Repayment	$	221,625	$	105,616	$	327,241	$	221,625	$	107,176	$	328,801
2023 Funding Agreement	155,000		(10,249)		144,751		155,000		(11,031)		143,969
2021 Funding Agreement	32,200		(1,443)		30,757		40,850		(2,198)		38,652
Total debt	$	408,825	$	93,924	$	502,749	$	417,475	$	93,947	$	511,422
Less: current portion	32,200		(1,443)		30,757		34,600		—		34,600
Long-term debt	$	376,625	$	95,367	$	471,992	$	382,875	$	93,947	$	476,822

- 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.

+ References

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+ Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	9. 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 are also directors, officers or minority equity owners of various Thermo entities. Payables to Thermo related to arms' length transactions were $0.2 million and $0.4 million as of March 31, 2025 and December 31, 2024, 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. 2025 lease payments will total $1.7 million. The lease term is ten years and is scheduled to expire in January 2029. During each of the three months ended March 31, 2025 and 2024, the Company incurred lease expense of $0.4 million under this lease agreement. Perpetual Preferred Stock Thermo owns $136.7 million of the Company's Series A Preferred Stock (based upon the shares' liquidation preference). Holders of the Series A Preferred Stock are entitled to receive, when, as and if declared by the Board, 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 three months ended March 31, 2025, the Company made dividend payments to Thermo, which were approved by the Board, totaling $2.4 million. Service Agreements In connection with the Service Agreements, the Customer 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 the Customer 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. Certain 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 a warrant to purchase 666,668 shares of the Company’s common stock at an exercise price equal to $30.00 per share (as calculated pursuant to the agreement). The right to purchase 333,334 shares under the warrant vested immediately upon effectiveness of Thermo's guarantee, which occurred in December 2023, and the right to purchase the remaining 333,334 shares under the warrant may 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. The warrant expires in December 2028. 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 for 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 Dr. Paul E. Jacobs is the Chief Executive Officer of Globalstar and also serves as the Executive Chairman of XCOM Labs, Inc. (now known as Virewirx, Inc.) ("Licensor" or "XCOM") and is the controlling stockholder of XCOM. In connection with the Company's August 2023 License Agreement with XCOM, Globalstar issued to XCOM 4.0 million shares of Globalstar common stock, representing a transaction value of approximately $68.7 million on the date of issuance. Of the consideration paid for the License Agreement, 1.1 million shares were issued to Dr. Jacobs. The Company and XCOM have 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 plus a 15% margin for costs incurred between January 1, 2025 and March 31, 2025. In August 2023 and June 2024, Globalstar issued 0.7 million shares and 0.5 million shares, respectively, to XCOM as payment for costs incurred under the SSA and the release of holdback shares under the License Agreement. In June 2024 and March 2025, XCOM sold 0.3 million shares and 0.2 million shares, respectively, in a private placement transaction to an affiliate of Thermo. 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.

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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

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. COMMITMENTS AND CONTINGENCIES Updated Services Agreements The Updated Services Agreements set forth the primary terms for the Company to provide expanded services to the Customer and incur costs related to the Extended MSS Network, which primarily relate to the construction of new gateways and the upgrade of existing gateways as well as new satellite construction and launch services. The Updated Services Agreements have an indefinite term but are terminable by the Customer at any time upon advance notice or a force majeure event, or by either party upon the occurrence of certain events of default. The Updated Services Agreements also provide for various commitments with which the Company must comply. Satellite Procurement Agreement In February 2022, the Company entered into 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 $329.3 million for the initial 17 satellites, with delivery expected to occur in 2025. In addition, MDA will provide a satellite operations control center for $5.0 million as well as other equipment for $4.2 million. In February 2025, the Company entered into another agreement with MDA pursuant to which the Company will acquire more than 50 satellites related to the Extended MSS Network. The total contract price for these satellites is $775.0 million. Launch Services Agreements In August 2023, Globalstar entered into a Launch Services Agreement with 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 2022 satellite procurement agreement with MDA. The Launch Services Agreements provide a launch through September 2025. In October 2024, the Company entered into another agreement with SpaceX for the launch of satellites related to the Extended MSS Network. Funding for Phase 2 Service Period Asset Procurement Under the Service Agreements, subject to certain terms and conditions, the Company expects to receive payments equal to 95% of the approved capital expenditures under the satellite procurement agreement for the HIBLEO-4 satellites, launch services agreements for such satellites and other ancillary equipment and costs (to be paid on a straight-line basis over the design life of the satellites) beginning with the commencement of the Phase 2 Service Period. The Phase 2 Service Period is expected to begin when the first batch of the new satellites are successfully utilized to provide Services. Funding for Extended MSS Network Asset Procurement As discussed in more detail in Note 2: Special Purpose Entity, the Updated Services Agreements provide for prepayments from the Customer for approved capital expenditures associated with the Extended MSS Network. As of March 31, 2025, the Company has outstanding purchase orders for this project totaling $744.0 million to vendors for various satellite and ground components of the Extended MSS Network, which are expected to be paid with funds from the Infrastructure Prepayment and sale of the Customer Class B Units. These costs will continue until the construction period is complete and the commencement of Services provided over the Extended MSS Network.

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Mar. 31, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 241,411

$ 391,164

Accounts receivable, net of allowance for credit losses of $1,374 and $1,504, respectively

22,857

26,952

Inventory

10,163

10,741

Prepaid expenses and other current assets

18,035

18,714

Total current assets

292,466

447,571

Property and equipment, net

774,206

673,632

Operating lease right of use assets, net

40,050

31,835

Prepaid network costs

373,038

312,342

Derivative asset

110,852

108,799

Intangible and other assets, net of accumulated amortization of $8,838 and $7,625, respectively

138,539

136,058

Total assets

1,729,151

1,710,237

Current liabilities:

Current portion of long-term debt

30,757

34,600

Accounts payable and accrued expenses

31,707

29,677

Accrued network construction costs

12,409

15,613

Payables to affiliates

157

394

Deferred revenue, net

54,024

61,201

Total current liabilities

129,054

141,485

Long-term debt

471,992

476,822

Operating lease liabilities

34,210

26,256

Deferred revenue, net

326,093

288,171

Other non-current liabilities

423,458

418,620

Total non-current liabilities

1,255,753

1,209,869

Total liabilities

1,384,807

1,351,354

Commitments and contingencies (Note 8)

Stockholders’ equity:

Additional paid-in capital

^[1]

2,479,201

2,473,564

Accumulated other comprehensive income

10,607

13,452

Retained deficit

(2,145,477)

(2,128,146)

Total stockholders’ equity

344,344

358,883

Total liabilities and stockholders’ equity

1,729,151

1,710,237

Series A Perpetual Preferred Stock

Stockholders’ equity:

Preferred stock

Common Stock

Stockholders’ equity:

Common stock

^[1]

$ 13

[1]

The number of shares as of December 31, 2024 have been restated to reflect the 1:15 reverse stock split effectuated on February 10, 2025. All historical share and per share amounts for the periods prior to the completion of the reverse stock split reflected in this Report have been adjusted to reflect the reverse stock split. Refer to Note 12: Common Stock.

Related Party Transactions (Details) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($) $ / shares shares	Jun. 30, 2024 shares	Aug. 31, 2023 USD ($) shares	Sep. 30, 2022	Mar. 31, 2025 USD ($) day $ / shares shares	Mar. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($)	Nov. 30, 2019 USD ($)
Related Party Transaction [Line Items]
Payables to affiliates	$ 157				$ 157			$ 394
Debt Instrument, Face Amount	$ 408,825				408,825			417,475
Payment of dividends					$ 2,615	$ 2,644
Warrants outstanding (in shares) \| shares	3,300,000				3,300,000
XCOM Labs, Inc.
Related Party Transaction [Line Items]
Business combination, equity interest issued (in shares) \| shares			4,000,000
Consideration transferred, equity interests issued			$ 68,700
XCOM Labs, Inc. \| Common Stock, Restricted
Related Party Transaction [Line Items]
Business combination, equity interest issued (in shares) \| shares			1,100,000
Support Services Agreement
Related Party Transaction [Line Items]
Fee percentage	15.00%				15.00%
Support Services Agreement \| XCOM Labs, Inc. \| Reverse Stock Split
Related Party Transaction [Line Items]
Business combination, equity interest issued (in shares) \| shares		500,000	700,000
Series A Perpetual Preferred Stock
Related Party Transaction [Line Items]
Debt Instrument, Face Amount							$ 149,400
Preferred stock, dividend rate, percentage					7.00%		7.00%
Payment of dividends					$ 2,600
Thermo Capital Partners LLC
Related Party Transaction [Line Items]
Strategic review committee requirement, ownership threshold, percentage					0.45
Transaction threshold for approval requirement					$ 250
XCOM Labs, Inc. \| Support Services Agreement \| Reverse Stock Split
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	200,000	300,000
Related Party
Related Party Transaction [Line Items]
Partnership agreement, minimum ownership threshold, percentage (less than)				0.5100
Related Party \| 2019 Facility Agreement \| Thermo Capital Partners LLC
Related Party Transaction [Line Items]
Debt Instrument, Face Amount									$ 136,700
Thermo Capital Partners LLC \| Related Party
Related Party Transaction [Line Items]
Number of securities called by warrants (in shares) \| shares	666,668				666,668
Exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 30.00				$ 30.00
Partnership agreement, advancement guarantee	$ 25,000				$ 25,000
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	333,334				333,334
Thermo Capital Partners LLC \| Related Party \| Common Stock Warrant, Vesting Upon Advances Achievement
Related Party Transaction [Line Items]
Warrants outstanding (in shares) \| shares	333,334				333,334
Thermo Capital Partners LLC \| Related Party
Related Party Transaction [Line Items]
Payables to affiliates	$ 200				$ 200			$ 400
Annual rental payment escalation percentage	2.50%				2.50%
Annual rent, current year					$ 1,700
Operating lease term	10 years				10 years
Rent expense					$ 400	$ 400
Payment of dividends					$ 2,400
Partnership agreement, ownership threshold, period				5 years

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Cash flows provided by operating activities:

Net loss

$ (17,331)

$ (13,196)

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

Depreciation, amortization and accretion

22,277

22,097

Stock-based compensation expense

6,957

9,227

Noncash interest and accretion expense

7,944

3,479

Unrealized foreign currency (gain) loss

(4,144)

3,855

Reduction in the value and disposal of long-lived assets

7,038

305

Other, net

1,008

1,005

Changes in operating assets and liabilities:

Accounts receivable

6,790

5,138

Inventory, prepaid expenses and other assets

(1,388)

346

Accounts payable and accrued expenses

5,227

(2,729)

Other non-current liabilities

1,152

Deferred revenue

16,334

240

Net cash provided by operating activities

51,864

29,818

Cash flows used in investing activities:

Payments for network upgrades to support the Phase 1 and Phase 2 Service Period

(39,315)

(48,326)

Payments for network upgrades to support the Extended MSS Network

(149,448)

Payments of capitalized interest

(3,954)

Payments for network upgrades to support product development

(1,162)

(1,901)

Purchase of intangible assets

(657)

(68)

Net cash used in investing activities

(190,582)

(54,249)

Cash flows (used in) provided by financing activities:

Proceeds from 2023 Funding Agreement

37,747

Principal payment of 2021 Funding Agreement

(8,650)

Dividends paid on Series A Preferred Stock

(2,615)

(2,644)

Proceeds from issuance of common stock and exercise of options

(141)

653

Net cash (used in) provided by financing activities

(11,406)

27,106

Effect of exchange rate changes on cash and cash equivalents

371

(137)

Net (decrease) increase in cash and cash equivalents

(149,753)

2,538

Cash and cash equivalents, beginning of period

391,164

56,744

Cash and cash equivalents, end of period

^[1]

241,411

59,282

Supplemental disclosure of cash flow information:

Cash paid for interest

6,694

Supplemental disclosure of non-cash financing and investing activities:

Network construction assets included in accrued expenses

12,409

18,796

Construction in progress assets acquired through XCOM SSA

$ 1,820

$ 1,213

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

Derivatives	3 Months Ended
Derivatives	Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	6. DERIVATIVES The Company reflected on its balance sheet an embedded derivative resulting from certain features in the Company’s 2024 Debt Repayment. This derivative instrument is not designated as a hedge. The fair value of the embedded derivative is marked-to-market at the end of each reporting period, or more frequently as deemed necessary, with any changes in value reported in the consolidated statements of operations and consolidated statements of cash flows as a non-cash operating activity. This derivative and related features embedded in the debt instrument that is required to be accounted for as a derivative is described below. See Note 7: Fair Value Measurements for further information. The terms of the 2024 Debt Repayment contain an interest reduction mechanism that is required to be bifurcated and was recorded as an embedded derivative on the Company's consolidated balance sheet with a corresponding debt premium that was added to the principal amount of the 2024 Debt Repayment. The Company determined the fair value of the embedded derivatives using a discounted cash flow model. As the discount yield and the effective interest rate of the loan fluctuate based on projected cash flows, the derivative value is adjusted. As of March 31, 2025 and December 31, 2024, the Company recorded the fair value of the embedded derivative, totaling $110.9 million and $108.8 million, respectively, as a derivative asset. The Company records a derivative gain or loss resulting from mark-to-market adjustments, which is reflected in "Other" in the Company’s consolidated statement of operations.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	13. INCOME TAXES The change in the Company’s effective tax rate when comparing the three months ended March 31, 2025 to March 31, 2024 was driven by current state tax expense as a result of (i) increased forecasted taxable income, (ii) net operating loss utilization in various states and (iii) an increase in the provision for uncertain tax positions. The Company monitors the realizability of its deferred tax assets considering all relevant factors at each reporting period. As of March 31, 2025, based on the relevant weight of positive and negative evidence, including its ability to forecast future operating results, historical tax losses and its ability to utilize deferred tax assets within the requisite carryforward periods, the Company maintains a valuation allowance on the majority of its U.S. federal, state and foreign deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Net Income (Loss) Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2023
Numerator:
Shares of potential common stock excluded from diluted shares outstanding (in shares)	1.4	1.4
Warrants outstanding (in shares)	3.3
Warrant
Numerator:
Shares of potential common stock excluded from diluted shares outstanding (in shares)			0.3