Globalstar is a satellite communications company operating a Low Earth Orbit constellation that provides mobile satellite services — voice, data, and IoT connectivity — to users outside terrestrial cellular coverage. The business has two core revenue streams. The first and largest is a wholesale capacity arrangement with Apple, under which Globalstar provides the satellite infrastructure enabling emergency SOS and messaging features on iPhones. Apple accounted for 63% of Globalstar's FY25 revenue, and under an updated long-term agreement, Apple is co-funding construction of an entirely new third-generation satellite constellation and expanded ground network in exchange for long-term capacity access. The second stream is direct subscriptions to roughly 791,000 customers across three product lines: Commercial IoT (remote asset tracking and monitoring for industrial and government customers), SPOT (consumer personal tracking and SOS devices sold through retail), and Duplex (legacy two-way satellite voice, a declining product line). IoT is the growth driver within the direct business. Globalstar also holds licensed S-band terrestrial spectrum in 12 countries and acquired XCOM Labs technology to offer private 5G networks under the Virewirx brand, targeting factory, warehouse, and defense applications — though this remains an early-stage revenue contributor. Globalstar's growth strategy centers on deploying the new C-3 satellite constellation to expand Apple revenue, launching two-way IoT capability to address new markets, and scaling the government and private 5G businesses from a small base.