GSAT 10-Q report for 2025-09-30

GSAT 10-Q report for 2025-09-30 gsat-20250930 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM  10-Q (Mark One)  x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from                to                 Commission file number 001-33117 GLOBALSTAR, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 41-2116508 (State or Other Jurisdiction of (I.R.S. Employer Identification No.) Incorporation or Organization) 1351 Holiday Square Blvd. Covington , Louisiana 70433 (Address of Principal Executive Offices) Registrant's Telephone Number, Including Area Code: ( 985 ) 335-1500 Securities registered pursuant to section 12(b) of the Act: Title of each class Trading Symbol Name of exchange on which registered Common Stock, par value $0.0001 per share GSAT The Nasdaq Stock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x  No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x  No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ (Do not check if a smaller reporting company) Emerging growth company ☐  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No  x As of October 31, 2025, 126,838,414 shares of common stock were outstanding and 149,425 shares of preferred stock were outstanding. 1 FORM 10-Q GLOBALSTAR, INC. TABLE OF CONTENTS Page PART I - F INANCIAL INFORMATION Cautionary Statement About Forward-Looking Statements 3 Item 1. Financial Statements. 4 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 25 Item 3. Quantitative and Qualitative Disclosures About Market Risk. 34 Item 4. Controls and Procedures. 34 PART II - O THER INFORMATION Item 1. Legal Proceedings. 35 Item 1A.  Risk Factors. 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 35 Item 3. Defaults Upon Senior Securities. 35 Item 4. Mine Safety Disclosures. 35 Item 5. Other Information. 35 Item 6. Exhibits. 35 Signatures 36 2 CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS Certain statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this "Report"), other than purely historical information, including, but not limited to, estimates, projections, statements relating to our business plans, objectives and expected operating results, our anticipated financial resources, our expectations about the future operational performance of our satellites (including their projected operational lives) and the completion and launch of new satellites, our expectations regarding the outcomes of regulatory and licensing proceedings, the expected growth prospects of our existing customers and the markets that we serve, and the assumptions upon which those statements are based, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "might," "could," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. We caution readers that forward-looking statements are not guarantees of future perform Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 25 Item 3. Quantitative and Qualitative Disclosures About Market Risk. 34 Item 4. Controls and Procedures. 34 PART II - O THER INFORMATION Item 1. Legal Proceedings. 35 Item 1A.  Risk Factors. 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 35 Item 3. Defaults Upon Senior Securities. 35 Item 4. Mine Safety Disclosures. 35 Item 5. Other Information. 35 Item 6. Exhibits. 35 Signatures 36 2 CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS Certain statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this "Report"), other than purely historical information, including, but not limited to, estimates, projections, statements relating to our business plans, objectives and expected operating results, our anticipated financial resources, our expectations about the future operational performance of our satellites (including their projected operational lives) and the completion and launch of new satellites, our expectations regarding the outcomes of regulatory and licensing proceedings, the expected growth prospects of our existing customers and the markets that we serve, and the assumptions upon which those statements are based, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "might," "could," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. We caution readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that may cause our actual results to differ materially from those anticipated in forward-looking statements, include, but are not limited to, our ability to meet our obligations and attain anticipated benefits under the Updated Services Agreements (as defined herein), the operational performance and orbital lives of our satellites, including damage to, failure of, or disruptions or other problems at our satellites or associated ground facilities, change in our operating plans or corporate strategies, commercial acceptance of and demand for our products and services, our ability to adequately anticipate our satellite capacity needs and maintain sufficient satellite capacity to meet current and increased demand (including the impact of delays in the completion or launch of new satellites), our ability to exploit and respond to technological innovation, including integrating licensed technology into our products and services and developing, acquiring, maintaining and protecting information and intellectual property rights, our ability to effectively compete in the markets in which we operate, geopolitical and economic conditions and risks associated with doing business on a global basis, including in developing markets, the availability of equipment, component parts and other materials used in our business operations, the reliance on key suppliers, our ability to raise capital on reasonable terms, our ability to manage costs, our ability to develop and expand our business (including our ability to maintain, expand and monetize our spectrum rights), our compliance with and interpretation of a diverse and fluid array of complex laws and regulations (including tax laws and regulations), including those related to the use of our spectrum, our ability to comply with the restrictive covenants of our financing arrangements and limitations on our ability to incur additional indebtedness, any cyber-related attacks and other security breaches, our ability to obtain and maintain adequate insurance coverages, volatility of spectrum values, changes in tax rates and the results of tax examinations, litigation or investigations, regulatory restrictions, liabilities or penalties, reduction of spectrum authority, additional spectrum sharing agreements, or revocation, modification or non-renewal of necessary licenses, the opportunities for strategic business transactions and the effects of consolidation in our industry on us and our competitors, the effects of our reverse stock split and Nasdaq listing, business interruptions due to natural disasters, unexpected events or public health crises and other factors described in more detail in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission (the "SEC") on February 28, 2025 (the "2024 Annual Report"). Further, new risk factors emerge from time to time, and it is not possible for us to predict all risk factors, nor can we accurately assess the ultimate impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to update any of our forward-looking statements after the date of this Report to reflect actual results, future events or circumstances or changes in our assumptions, business plans or other changes.  3 PART I - FINANCIAL INFORMATION Item 1. Financial Statements. GLOBALSTAR, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Revenue: Service revenue $ 69,635 $ 68,908 $ 189,918 $ 180,008 Subscriber equipment sales 4,210 3,399 11,107 9,164 Total revenue 73,845 72,307 201,025 189,172 Operating expenses: Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) 22,206 19,185 60,310 54,058 Cost of subscriber equipment sales 3,422 2,515 8,350 6,739 Marketing, general and administrative 11,347 10,439 32,619 31,438 Stock-based compensation 4,906 8,254 17,812 26,645 Reduction in the value and disposal of long-lived assets 115 231 7,153 536 Depreciation, amortization and accretion 21,693 22,249 66,980 66,456 Total operating expenses 63,689 62,873 193,224 185,872 Income from operations 10,156 9,434 7,801 3,300 Other income (expense): Interest income and expense, net of amounts capitalized ( 11,029 ) ( 2,872 ) ( 26,402 ) ( 10,301 ) Foreign currency (loss) gain ( 588 ) 4,918 15,484 ( 3,417 ) Derivative and other 3,651 186 9,935 ( 605 ) Total other (expense) income ( 7,966 ) 2,232 ( 983 ) ( 14,323 ) Income (loss) before income taxes 2,190 11,666 6,818 ( 11,023 ) Income tax expense 1,100 1,732 3,851 1,922 Net income (loss) $ 1,090 $ 9,934 $ 2,967 $ ( 12,945 ) Other comprehensive income (loss): Foreign currency translation adjustments 1,009 ( 3,775 ) ( 9,413 ) 482 Comprehensive income (loss) $ 2,099 $ 6,159 $ ( 6,446 ) $ ( 12,463 ) Net (loss) income attributable to common shareholders (Note 11) ( 1,583 ) 7,261 ( 4,965 ) ( 20,906 ) Net (loss) income per common share: Basic (1) $ ( 0.01 ) $ 0.06 $ ( 0.04 ) $ ( 0.17 ) Diluted (1) ( 0.01 ) 0.06 ( 0.04 ) ( 0.17 ) Weighted-average shares outstanding: Basic (1) 126,688 126,150 126,593 125,758 Diluted (1) 126,688 127,337 126,593 125,758 (1) The number of shares as of September 30, 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 13: Common Stock. See accompanying notes to unaudited interim condensed consolidated financial statements. 4 GLOBALSTAR, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share data) (Unaudited) September 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 346,293 $ 391,164 Accounts receivable, net of allowance for credit losses of $ 1,342 and $ 1,504 , respectively 25,972 26,952 Inventory 11,425 10,741 Prepaid expenses and other current assets 17,298 18,714 Total current assets 400,988 447,571 Property and equipment, net 1,209,282 673,632 Operating lease right of use assets, net 67,416 31,835 Prepaid network costs 220,607 312,342 Derivative asset 120,765 108,799 Intangible and other assets, net of accumulated amortization of $ 11,353 and $ 7,625 , respectively 143,292 136,058 Total assets $ 2,162,350 $ 1,710,237 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 23,503 $ 34,600 Accounts payable and accrued expenses 45,202 29,677 Accrued network construction costs 27,931 15,613 Payables to affiliates 175 394 Deferred revenue, net 61,574 61,201 Total current liabilities 158,385 141,485 Long-term debt 485,081 476,822 Operating lease liabilities 56,166 26,256 Deferred revenue, net 672,827 288,171 Other non-current liabilities 425,066 418,620 Total non-current liabilities 1,639,140 1,209,869 Total liabilities 1,797,525 1,351,354 Commitments and contingencies (Note 9) Stockholders’ equity: Series A Perpetual Preferred Stock of $ 0.0001 par value; 300,000 shares authorized and 149,425 issued and outstanding at September 30, 2025 and December 31, 2024, respectively — — Voting Common Stock of $ 0.0001 par value; 143,333,334 shares authorized; 126,821,483 and 126,424,799 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively (1) 13 13 Additional paid-in capital (1) 2,485,952 2,473,564 Accumulated other comprehensive income 4,039 13,452 Retained deficit ( 2,125,179 ) ( 2,128,146 ) Total stockholders’ equity 364,825 358,883 Total liabilities and stockholders’ equity $ 2,162,350 $ 1,710,237 (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 13: Common Stock.  See accompanying notes to unaudited interim condensed consolidated financial statements. 5 GLOBALSTAR, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (In thousands) (Unaudited) Preferred Stock Common Stock (1) Additional Paid-In Capital (1) Accumulated Other Comprehensive Income (Loss) Retained Deficit Total Shares Amount Shares Amount Balances – January 1, 2025 149 $ — 126,425 $ 13 $ 2,473,564 $ 13,452 $ ( 2,128,146 ) $ 358,883 Net issuance of restricted stock awards and employee stock options and recognition of stock-based compensation —  —  154 —  8,220 —  —  8,220 Series A Preferred Stock Dividends —  —  —  —  ( 2,615 ) —  —  ( 2,615 ) Other —  —  —  —  32 —  —  32 Other comprehensive loss —  —  —  —  —  ( 2,845 ) —  ( 2,845 ) Net loss —  —  —  —  —  —  ( 17,331 ) ( 17,331 ) Balances – March 31, 2025 149 $ — 126,579 $ 13 $ 2,479,201 $ 10,607 $ ( 2,145,477 ) $ 344,344 Net issuance of restricted stock awards, stock for employee stock options and stock for employee stock purchase plan and recognition of stock-based compensation —  —  90 —  6,626 —  —  6,626 Series A Preferred Stock Dividends —  —  —  —  ( 2,644 ) —  —  ( 2,644 ) Other —  —  —  —  923 —  —  923 Other comprehensive loss —  —  —  —  —  ( 7,577 ) —  ( 7,577 ) Net income —  —  —  —  —  —  19,208 19,208 Balances – June 30, 2025 149 $ — 126,669 $ 13 $ 2,484,106 $ 3,030 $ ( 2,126,269 ) $ 360,880 Net issuance of restricted stock awards and stock for employee stock options and recognition of stock-based compensation —  —  152 —  4,538 —  —  4,538 Series A Preferred Stock Dividends —  —  —  —  ( 2,673 ) —  —  ( 2,673 ) Other —  —  —  —  ( 19 ) —  —  ( 19 ) Other comprehensive income —  —  —  —  —  1,009 —  1,009 Net income —  —  —  —  —  —  1,090 1,090 Balances – September 30, 2025 149 $ — 126,821 $ 13 $ 2,485,952 $ 4,039 $ ( 2,125,179 ) $ 364,825 6 Preferred Stock Common Stock (1) Additional Paid-In Capital (1) Accumulated Other Comprehensive Income (Loss) Retained Deficit Total Shares Amount Shares Amount Balances – January 1, 2024 149 $ — 125,413 $ 13 $ 2,438,878 $ 5,070 $ ( 2,064,982 ) $ 378,979 Net issuance of restricted stock awards and stock for employee stock options and recognition of stock-based compensation —  —  183 —  11,794 —  —  11,794 Series A Preferred Stock Dividends —  —  —  —  ( 2,644 ) —  —  ( 2,644 ) Other —  —  —  —  ( 272 ) —  —  ( 272 ) Other comprehensive income —  —  —  —  —  2,393 —  2,393 Net loss —  —  —  —  —  —  ( 13,196 ) ( 13,196 ) Balances – March 31, 2024 149 $ — 125,596 $ 13 $ 2,447,756 $ 7,463 $ ( 2,078,178 ) $ 377,054 Net issuance of restricted stock awards, stock for employee stock options and stock for employee stock purchase plan and recognition of stock-based compensation —  —  38 —  8,844 —  —  8,844 Series A Preferred Stock Dividends —  —  —  —  ( 2,644 ) —  —  ( 2,644 ) Issuance of stock in connection with License Agreement with XCOM —  —  510 —  7,500 —  —  7,500 Other —  —  —  —  40 —  —  40 Other comprehensive income —  —  —  —  —  1,864 —  1,864 Net loss —  —  —  —  —  —  ( 9,683 ) ( 9,683 ) Balances – June 30, 2024 149 $ — 126,144 $ 13 $ 2,461,496 $ 9,327 $ ( 2,087,861 ) $ 382,975 Item 1A.  Risk Factors. 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 35 Item 3. Defaults Upon Senior Securities. 35 Item 4. Mine Safety Disclosures. 35 Item 5. Other Information. 35 Item 6. Exhibits. 35 Signatures 36 2 CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS Certain statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this "Report"), other than purely historical information, including, but not limited to, estimates, projections, statements relating to our business plans, objectives and expected operating results, our anticipated financial resources, our expectations about the future operational performance of our satellites (including their projected operational lives) and the completion and launch of new satellites, our expectations regarding the outcomes of regulatory and licensing proceedings, the expected growth prospects of our existing customers and the markets that we serve, and the assumptions upon which those statements are based, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "might," "could," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. We caution readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that may cause our actual results to differ materially from those anticipated in forward-looking statements, include, but are not limited to, our ability to meet our obligations and attain anticipated benefits under the Updated Services Agreements (as defined herein), the operational performance and orbital lives of our satellites, including damage to, failure of, or disruptions or other problems at our satellites or associated ground facilities, change in our operating plans or corporate strategies, commercial acceptance of and demand for our products and services, our ability to adequately anticipate our satellite capacity needs and maintain sufficient satellite capacity to meet current and increased demand (including the impact of delays in the completion or launch of new satellites), our ability to exploit and respond to technological innovation, including integrating licensed technology into our products and services and developing, acquiring, maintaining and protecting information and intellectual property rights, our ability to effectively compete in the markets in which we operate, geopolitical and economic conditions and risks associated with doing business on a global basis, including in developing markets, the availability of equipment, component parts and other materials used in our business operations, the reliance on key suppliers, our ability to raise capital on reasonable terms, our ability to manage costs, our ability to develop and expand our business (including our ability to maintain, expand and monetize our spectrum rights), our compliance with and interpretation of a diverse and fluid array of complex laws and regulations (including tax laws and regulations), including those related to the use of our spectrum, our ability to comply with the restrictive covenants of our financing arrangements and limitations on our ability to incur additional indebtedness, any cyber-related attacks and other security breaches, our ability to obtain and maintain adequate insurance coverages, volatility of spectrum values, changes in tax rates and the results of tax examinations, litigation or investigations, regulatory restrictions, liabilities or penalties, reduction of spectrum authority, additional spectrum sharing agreements, or revocation, modification or non-renewal of necessary licenses, the opportunities for strategic business transactions and the effects of consolidation in our industry on us and our competitors, the effects of our reverse stock split and Nasdaq listing, business interruptions due to natural disasters, unexpected events or public health crises and other factors described in more detail in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission (the "SEC") on February 28, 2025 (the "2024 Annual Report"). Further, new risk factors emerge from time to time, and it is not possible for us to predict all risk factors, nor can we accurately assess the ultimate impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to update any of our forward-looking statements after the date of this Report to reflect actual results, future events or circumstances or changes in our assumptions, business plans or other changes.  3 PART I - FINANCIAL INFORMATION Item 1. Financial Statements. GLOBALSTAR, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Revenue: Service revenue $ 69,635 $ 68,908 $ 189,918 $ 180,008 Subscriber equipment sales 4,210 3,399 11,107 9,164 Total revenue 73,845 72,307 201,025 189,172 Operating expenses: Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) 22,206 19,185 60,310 54,058 Cost of subscriber equipment sales 3,422 2,515 8,350 6,739 Marketing, general and administrative 11,347 10,439 32,619 31,438 Stock-based compensation 4,906 8,254 17,812 26,645 Reduction in the value and disposal of long-lived assets 115 231 7,153 536 Depreciation, amortization and accretion 21,693 22,249 66,980 66,456 Total operating expenses 63,689 62,873 193,224 185,872 Income from operations 10,156 9,434 7,801 3,300 Other income (expense): Interest income and expense, net of amounts capitalized ( 11,029 ) ( 2,872 ) ( 26,402 ) ( 10,301 ) Foreign currency (loss) gain ( 588 ) 4,918 15,484 ( 3,417 ) Derivative and other 3,651 186 9,935 ( 605 ) Total other (expense) income ( 7,966 ) 2,232 ( 983 ) ( 14,323 ) Income (loss) before income taxes 2,190 11,666 6,818 ( 11,023 ) Income tax expense 1,100 1,732 3,851 1,922 Net income (loss) $ 1,090 $ 9,934 $ 2,967 $ ( 12,945 ) Other comprehensive income (loss): Foreign currency translation adjustments 1,009 ( 3,775 ) ( 9,413 ) 482 Comprehensive income (loss) $ 2,099 $ 6,159 $ ( 6,446 ) $ ( 12,463 ) Net (loss) income attributable to common shareholders (Note 11) ( 1,583 ) 7,261 ( 4,965 ) ( 20,906 ) Net (loss) income per common share: Basic (1) $ ( 0.01 ) $ 0.06 $ ( 0.04 ) $ ( 0.17 ) Diluted (1) ( 0.01 ) 0.06 ( 0.04 ) ( 0.17 ) Weighted-average shares outstanding: Basic (1) 126,688 126,150 126,593 125,758 Diluted (1) 126,688 127,337 126,593 125,758 (1) The number of shares as of September 30, 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 13: Common Stock. See accompanying notes to unaudited interim condensed consolidated financial statem Results of Operations. 25 Item 3. Quantitative and Qualitative Disclosures About Market Risk. 34 Item 4. Controls and Procedures. 34 PART II - O THER INFORMATION Item 1. Legal Proceedings. 35 Item 1A.  Risk Factors. 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 35 Item 3. Defaults Upon Senior Securities. 35 Item 4. Mine Safety Disclosures. 35 Item 5. Other Information. 35 Item 6. Exhibits. 35 Signatures 36 2 CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS Certain statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this "Report"), other than purely historical information, including, but not limited to, estimates, projections, statements relating to our business plans, objectives and expected operating results, our anticipated financial resources, our expectations about the future operational performance of our satellites (including their projected operational lives) and the completion and launch of new satellites, our expectations regarding the outcomes of regulatory and licensing proceedings, the expected growth prospects of our existing customers and the markets that we serve, and the assumptions upon which those statements are based, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "might," "could," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. We caution readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that may cause our actual results to differ materially from those anticipated in forward-looking statements, include, but are not limited to, our ability to meet our obligations and attain anticipated benefits under the Updated Services Agreements (as defined herein), the operational performance and orbital lives of our satellites, including damage to, failure of, or disruptions or other problems at our satellites or associated ground facilities, change in our operating plans or corporate strategies, commercial acceptance of and demand for our products and services, our ability to adequately anticipate our satellite capacity needs and maintain sufficient satellite capacity to meet current and increased demand (including the impact of delays in the completion or launch of new satellites), our ability to exploit and respond to technological innovation, including integrating licensed technology into our products and services and developing, acquiring, maintaining and protecting information and intellectual property rights, our ability to effectively compete in the markets in which we operate, geopolitical and economic conditions and risks associated with doing business on a global basis, including in developing markets, the availability of equipment, component parts and other materials used in our business operations, the reliance on key suppliers, our ability to raise capital on reasonable terms, our ability to manage costs, our ability to develop and expand our business (including our ability to maintain, expand and monetize our spectrum rights), our compliance with and interpretation of a diverse and fluid array of complex laws and regulations (including tax laws and regulations), including those related to the use of our spectrum, our ability to comply with the restrictive covenants of our financing arrangements and limitations on our ability to incur additional indebtedness, any cyber-related attacks and other security breaches, our ability to obtain and maintain adequate insurance coverages, volatility of spectrum values, changes in tax rates and the results of tax examinations, litigation or investigations, regulatory restrictions, liabilities or penalties, reduction of spectrum authority, additional spectrum sharing agreements, or revocation, modification or non-renewal of necessary licenses, the opportunities for strategic business transactions and the effects of consolidation in our industry on us and our competitors, the effects of our reverse stock split and Nasdaq listing, business interruptions due to natural disasters, unexpected events or public health crises and other factors described in more detail in Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission (the "SEC") o

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