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Side-by-side financial comparison of Globalstar, Inc. (GSAT) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $72.0M, roughly 3.0× Globalstar, Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -16.1%, a 26.0% gap on every dollar of revenue. On growth, Globalstar, Inc. posted the faster year-over-year revenue change (17.6% vs 1.9%). Over the past eight quarters, Globalstar, Inc.'s revenue compounded faster (12.9% CAGR vs 4.4%).
Globalstar, Inc. is an American telecommunications company that operates a satellite constellation in low Earth orbit (LEO) for satellite phone, low-speed data transmission and Earth observation. The Globalstar second-generation constellation consists of 25 satellites.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
GSAT vs IRDM — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $72.0M | $219.1M |
| Net Profit | $-11.6M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 23.2% |
| Net Margin | -16.1% | 9.9% |
| Revenue YoY | 17.6% | 1.9% |
| Net Profit YoY | 76.9% | -29.0% |
| EPS (diluted) | $-0.11 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $219.1M | ||
| Q4 25 | $72.0M | $212.9M | ||
| Q3 25 | $73.8M | $226.9M | ||
| Q2 25 | $67.1M | $216.9M | ||
| Q1 25 | $60.0M | $214.9M | ||
| Q4 24 | $61.2M | $213.0M | ||
| Q3 24 | $72.3M | $212.8M | ||
| Q2 24 | $60.4M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $-11.6M | $24.9M | ||
| Q3 25 | $1.1M | $37.1M | ||
| Q2 25 | $19.2M | $22.0M | ||
| Q1 25 | $-17.3M | $30.4M | ||
| Q4 24 | $-50.2M | $36.3M | ||
| Q3 24 | $9.9M | $24.4M | ||
| Q2 24 | $-9.7M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | -0.5% | 25.9% | ||
| Q3 25 | 13.8% | 30.9% | ||
| Q2 25 | 9.2% | 23.2% | ||
| Q1 25 | -14.2% | 28.1% | ||
| Q4 24 | -6.9% | 24.5% | ||
| Q3 24 | 13.0% | 25.8% | ||
| Q2 24 | -2.4% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | -16.1% | 11.7% | ||
| Q3 25 | 1.5% | 16.4% | ||
| Q2 25 | 28.6% | 10.1% | ||
| Q1 25 | -28.9% | 14.2% | ||
| Q4 24 | -82.1% | 17.1% | ||
| Q3 24 | 13.7% | 11.5% | ||
| Q2 24 | -16.0% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.11 | $0.24 | ||
| Q3 25 | $-0.01 | $0.35 | ||
| Q2 25 | $0.13 | $0.20 | ||
| Q1 25 | $-0.16 | $0.27 | ||
| Q4 24 | $-0.57 | $0.30 | ||
| Q3 24 | $0.00 | $0.21 | ||
| Q2 24 | $-0.01 | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $447.5M | — |
| Total DebtLower is stronger | $483.8M | — |
| Stockholders' EquityBook value | $355.7M | — |
| Total Assets | $2.3B | — |
| Debt / EquityLower = less leverage | 1.36× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $447.5M | $96.5M | ||
| Q3 25 | $346.3M | $88.5M | ||
| Q2 25 | $308.2M | $79.3M | ||
| Q1 25 | $241.4M | $50.9M | ||
| Q4 24 | $391.2M | $93.5M | ||
| Q3 24 | $51.9M | $159.6M | ||
| Q2 24 | $64.3M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $483.8M | $1.8B | ||
| Q3 25 | $508.6M | — | ||
| Q2 25 | $491.5M | — | ||
| Q1 25 | $502.7M | — | ||
| Q4 24 | $511.4M | $1.8B | ||
| Q3 24 | $394.4M | — | ||
| Q2 24 | $393.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $355.7M | $462.6M | ||
| Q3 25 | $364.8M | $450.5M | ||
| Q2 25 | $360.9M | $473.6M | ||
| Q1 25 | $344.3M | $518.4M | ||
| Q4 24 | $358.9M | $576.6M | ||
| Q3 24 | $394.1M | $663.8M | ||
| Q2 24 | $383.0M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $2.5B | ||
| Q3 25 | $2.2B | $2.6B | ||
| Q2 25 | $1.9B | $2.6B | ||
| Q1 25 | $1.7B | $2.6B | ||
| Q4 24 | $1.7B | $2.7B | ||
| Q3 24 | $917.6M | $2.8B | ||
| Q2 24 | $926.2M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 1.36× | 3.80× | ||
| Q3 25 | 1.39× | — | ||
| Q2 25 | 1.36× | — | ||
| Q1 25 | 1.46× | — | ||
| Q4 24 | 1.43× | 3.05× | ||
| Q3 24 | 1.00× | — | ||
| Q2 24 | 1.03× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $175.9M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 13.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $175.9M | $108.6M | ||
| Q3 25 | $236.0M | $100.8M | ||
| Q2 25 | $157.9M | $129.6M | ||
| Q1 25 | $51.9M | $61.1M | ||
| Q4 24 | $340.7M | $104.8M | ||
| Q3 24 | $32.0M | $118.6M | ||
| Q2 24 | $36.7M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $75.1M | ||
| Q3 25 | — | $79.2M | ||
| Q2 25 | — | $108.9M | ||
| Q1 25 | — | $36.5M | ||
| Q4 24 | — | $80.5M | ||
| Q3 24 | — | $100.0M | ||
| Q2 24 | — | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 35.3% | ||
| Q3 25 | — | 34.9% | ||
| Q2 25 | — | 50.2% | ||
| Q1 25 | — | 17.0% | ||
| Q4 24 | — | 37.8% | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | — | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | — | 15.7% | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | 216.53× | 2.71× | ||
| Q2 25 | 8.22× | 5.90× | ||
| Q1 25 | — | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | 3.23× | 4.85× | ||
| Q2 24 | — | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GSAT
| Services | $67.4M | 94% |
| Products | $4.6M | 6% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $43.9M | 20% |
| Government | $35.8M | 16% |
| Government service revenue (5) | $26.8M | 12% |
| Subscriber equipment | $23.1M | 11% |
| Hosted payload and other data service (4) | $14.9M | 7% |
| Broadband (3) | $12.9M | 6% |
| Commercial | $1.6M | 1% |
