Globalstar, Inc. (Nasdaq: GSAT) is back in the spotlight on December 23, 2025, after a fast run-up in recent months met a fresh dose of volatility. Shares were trading around $63.75 in Tuesday’s session, after moving between roughly $61.76 and $66.60 intraday—about a 4.3% decline versus the prior close based on the latest quoted move.
The near-term catalyst list is unusually dense for a satellite-and-spectrum name: insider selling disclosures, a new private 5G / drone connectivity validation with Skydio, and a major new analyst initiation that argues the risk/reward is “mostly balanced” after GSAT’s sharp re-rating. Layer in ongoing chatter about strategic alternatives and the market’s growing obsession with direct-to-device (D2D) connectivity, and you have the recipe for big daily swings.
Below is a full recap of the current GSAT news, forecasts, and analysis relevant as of 23.12.2025, plus what investors are watching next.
What’s Moving Globalstar Stock Today: Insider Sales Hit the Tape
One of the most immediate headlines driving today’s tone is insider selling, highlighted by reports that Globalstar’s CFO Rebecca Clary and the company’s General Counsel, L. Barbee IV Ponder, each sold 420 shares on December 22, with additional disclosure around a larger CFO sale of 4,829 shares dated December 17. Coverage framing this as a driver of today’s weakness also noted the stock dipping into the low $60s during the session. [1]
It’s worth keeping this in perspective: 420 shares is not a whale-sized transaction, and the filings described are consistent with routine executive liquidity and compensation mechanics. But after a rapid price climb, even small insider-sale headlines can spook momentum-driven trading—especially when the market is already primed to interpret any selling as “management taking chips off the table.”
Skydio + Band n53: A Real-World Test for Globalstar’s Private 5G Pitch
On the bullish side of the narrative, Globalstar announced it completed a joint technology trial with Skydio, validating compatibility between the Skydio X10 drone and Globalstar’s licensed Band n53 spectrum, using Globalstar’s XCOM RAN private 5G platform. The companies positioned the test as a high-performance alternative to Wi‑Fi or public cellular for public safety and other mission-critical drone applications, emphasizing uplink throughput and reliability in challenging environments. [2]
This matters because it’s an example of Globalstar trying to be more than “the satellite company behind a smartphone feature.” In plain terms:
- Band n53 is presented as “predictable” and “secure” because it’s licensed spectrum (not shared unlicensed airwaves). [3]
- XCOM RAN is Globalstar’s bet that enterprises (and public agencies) will want private 5G systems that are easier to deploy and manage than traditional telco-grade builds. [4]
Investors have been waiting for tangible proof points that XCOM RAN can convert engineering demos into repeatable commercial deployments. The Skydio trial doesn’t automatically equal meaningful revenue, but it’s a credible “here’s the system doing a real thing” milestone.
Deutsche Bank Initiates Coverage: “Hold,” $62 Target, and a Valuation Reality Check
Another key December development: Deutsche Bank initiated coverage on Globalstar with a Hold rating and a $62 price target (published December 16, 2025). The note argues Globalstar’s story has shifted—from competing head-on with satellite peers toward functioning as a wholesale capacity provider tied to Apple’s D2D ecosystem. [5]
Deutsche Bank also flagged that Globalstar’s spectrum has gained “material” strategic value in the wake of industry spectrum deals, and said GSAT’s stock had more than doubled over a three-month window—leading the firm to describe the current risk/reward as “mostly balanced.” [6]
Translation: the market may already be pricing in a lot of good news, and the upside from here depends on execution (and possibly strategic optionality), not just “the spectrum is valuable” as an abstract idea.
The Big Fundamental Anchor: Globalstar’s Apple-Linked Wholesale Capacity Engine
To understand GSAT, you have to understand the cash-flow and accounting machinery created by its Updated Services Agreements and associated network build.
In its Form 10‑Q for the quarter ended September 30, 2025, Globalstar reported:
- Q3 2025 total revenue:$73.845 million (up from $72.307 million a year earlier). [7]
- Nine-month 2025 total revenue:$201.025 million. [8]
- Revenue mix shows wholesale capacity services as the dominant category in Q3 (about $47.346 million, or 64% of Q3 revenue). [9]
- A single “Customer” tied to the Updated Services Agreements represented 63% of total revenue for the first nine months of 2025—explicitly called out as a concentration risk if lost. [10]
On the balance sheet and cash side, the same 10‑Q discloses:
- Cash and cash equivalents:$346.3 million at Sept. 30, 2025 (down from $391.2 million at year-end 2024). [11]
- Total contract liabilities (deferred revenue):$734.4 million at Sept. 30, 2025, versus $349.4 million at Dec. 31, 2024. [12]
- The company received $299.6 million during 2025 under an Infrastructure Prepayment (including $175 million in Q3), recorded as deferred revenue because it represents an obligation to provide future services. [13]
This is the heart of the GSAT debate:
- Bulls see a long runway of contracted economics and spectrum optionality.
- Bears see concentration risk, long timelines, and a valuation that assumes near-flawless execution.
Both camps have receipts in the filings.
GSAT’s Stock Structure Changed in 2025: Reverse Split and Nasdaq Listing
One technical but important housekeeping item: Globalstar’s 10‑Q confirms the company executed a 1-for-15 reverse stock split effective after the close on February 10, 2025, and began trading on the Nasdaq on February 11, 2025 under the symbol GSAT after voluntarily withdrawing from NYSE American. [14]
That matters for readers comparing older price levels: historical per-share prices before the split are not comparable without adjustment.
Satellite Buildout: MDA Contract Expansion, Delivery Delays, and the 2026 Window
Globalstar’s long-term plan isn’t just software and spectrum—it requires hardware in orbit.
Earlier in 2025, Reuters reported that MDA Space expanded its contract with Globalstar to about C$1.1 billion, and that MDA would manufacture more than 50 advanced digital satellites for Globalstar’s next-gen LEO program. [15]
But the timeline has been a moving target. Industry publication Via Satellite reported in November that Globalstar disclosed in a filing it expected MDA deliveries in early 2026, later than specified in the original procurement contract, and that Globalstar was working with its launch provider to establish an updated first launch window expected in the first half of 2026. [16]
That same report also stated Apple is paying for 95% of the upgraded network expenses tied to the satellite messaging service. [17]
For investors, the takeaway is simple: the closer those launches and network milestones get, the more GSAT trades like an execution story—not just a concept stock.
Strategic Optionality: Sale Process Reports and SpaceX in the Mix
GSAT’s valuation has also been influenced by periodic bursts of “strategic alternatives” chatter.
- Reuters reported on October 30, 2025 that Globalstar was exploring a potential sale and had early discussions with SpaceX among other prospective buyers, citing a Bloomberg report. Reuters also reported Globalstar was working with an investment bank, had not made a final decision, and that Apple could have influence given its relationship and capacity allocation. [18]
- Separately, a October 23, 2025 report circulated that Globalstar’s chair discussed potentially selling the company for more than $10 billion, citing The Information (note: that particular write-up was labeled as AI-generated with editorial review). [19]
As of Dec. 23, 2025, none of this is confirmed as a completed transaction—so it’s best treated as “option value,” not a base-case forecast.
GSAT Forecasts and Price Targets: What Analysts Are Signaling Right Now
Analyst views on Globalstar are unusually split given how concentrated the business has become around wholesale capacity economics and spectrum value.
What’s current as of December:
- Deutsche Bank:Hold, $62 target (initiation on Dec. 16). [20]
- B. Riley:Buy, price target raised from $60 to $75 (as referenced in coverage of recent rating actions). [21]
- MarketBeat’s compiled view: describes a “Hold” consensus rating and an average target price of $68.50, alongside a mix of Buy/Hold/Sell labels across the firms it tracks. [22]
The “center of gravity” in these targets sits in the low-to-mid $60s to low $70s, which helps explain why the stock can feel like a coiled spring: small changes in perceived execution risk (launch timing, customer economics, regulatory/spectrum dynamics, strategic options) can meaningfully shift what investors consider a fair multiple.
One More Data Point: The 52-Week High and the Momentum Hangover
Globalstar hit a new 52-week high of $72.92 on December 11, 2025, with Investing.com attributing the move to strong performance and market confidence while also noting the stock was trading above “Fair Value” according to its internal metrics. [23]
That sets the stage for the current mood: when a stock prints fresh highs, then immediately faces “insider sale” headlines and a cautious initiation from a major bank, a pullback isn’t shocking—it’s how overheated trades cool down.
What Investors Are Watching Next: Catalysts and Risks Into 2026
Potential upside catalysts
- More enterprise/private 5G wins that look like Skydio—but with recurring revenue. The market wants proof XCOM RAN scales commercially, not just technically. [24]
- Clearer satellite delivery and launch schedules as the program moves toward the first half of 2026 window referenced in industry reporting. [25]
- Anything concrete on strategic alternatives, since credible sale-process reporting has already shown GSAT can gap up hard on that theme. [26]
Key risks
- Customer concentration: the company disclosed a single customer tied to the Updated Services Agreements accounted for 63% of revenue over the first nine months of 2025—explicitly warning the loss of that customer could materially hurt results. [27]
- Deferred revenue complexity: GSAT has a large deferred revenue stack tied to prepayments and long-dated obligations; timing of revenue recognition depends on service delivery and contractual performance obligations. [28]
- Schedule risk on satellites and launches: delays can shift market expectations quickly, especially when valuation assumes forward progress. [29]
Bottom Line on Globalstar Stock on Dec. 23, 2025
Globalstar is trading at the intersection of three megathemes: spectrum scarcity, direct-to-device satellite connectivity, and private 5G for enterprises and public safety. This week’s headlines—insider sales, Skydio validation, and a Deutsche Bank Hold initiation—are all symptoms of the same underlying reality: GSAT has moved from a sleepy satellite operator to a high-stakes execution and valuation story. [30]
For readers following the stock into year-end and 2026, the decision tree is fairly crisp: if Globalstar hits hardware timelines and proves it can monetize spectrum beyond one anchor customer, today’s volatility may look like noise. If timelines slip and the growth narrative narrows back to a single relationship, the market’s tolerance for a premium valuation could fade quickly. [31]
References
1. www.marketbeat.com, 2. www.businesswire.com, 3. www.businesswire.com, 4. www.businesswire.com, 5. www.investing.com, 6. www.investing.com, 7. www.sec.gov, 8. www.sec.gov, 9. www.sec.gov, 10. www.sec.gov, 11. www.sec.gov, 12. www.sec.gov, 13. www.sec.gov, 14. www.sec.gov, 15. www.reuters.com, 16. www.satellitetoday.com, 17. www.satellitetoday.com, 18. www.reuters.com, 19. www.investing.com, 20. www.investing.com, 21. www.marketbeat.com, 22. www.marketbeat.com, 23. www.investing.com, 24. www.businesswire.com, 25. www.satellitetoday.com, 26. www.reuters.com, 27. www.sec.gov, 28. www.sec.gov, 29. www.satellitetoday.com, 30. www.marketbeat.com, 31. www.satellitetoday.com
