Globalstar Expands Satellite Network with Apple Agreement

Globalstar ( (GSAT) ) has shared an update.

Globalstar, Inc. has updated its service agreements with Apple Inc. to expand its mobile satellite services network, including launching a new satellite constellation and enhancing ground infrastructure. This agreement will see Apple prepay for services, while Globalstar retains full revenue from terrestrial and satellite services and allocates 85% of its network capacity to Apple. The company expects to more than double its annual revenue post-expansion, though future earnings remain uncertain due to various risks.

Find detailed analytics on GSAT stock on TipRanks’ Stock Analysis page.