Financial Data and Key Metrics Changes - Total revenue increased by 6% to $60 million compared to $56.5 million in the prior year period [4] - Service revenue rose by 7%, primarily driven by wholesale capacity services [4] - Adjusted EBITDA increased by 3% to $30.4 million from $29.6 million in the prior year's first quarter [5] - Adjusted free cash flow reached $47.6 million, significantly up from $19.9 million in the prior year's first quarter [6] Business Line Data and Key Metrics Changes - The commercial IoT segment saw an increase in the average number of subscribers and high customer engagement [5] - The XCOM RAN product offering incurred higher cash costs, negatively impacting adjusted EBITDA by $1.3 million and adjusted EBITDA margin by approximately 200 basis points [5] Market Data and Key Metrics Changes - The company is well-positioned to minimize financial impacts from tariff changes due to strong relationships with manufacturing and logistics partners [6][7] - The company expects a relatively immaterial impact from global trade challenges in the near term [8] Company Strategy and Development Direction - The company is focused on capturing opportunities for sustainable long-term growth through new partnerships and innovative products [9] - A new two-way satellite IoT solution was launched, expanding beyond traditional one-way tracking capabilities [10] - The opening of a new satellite operations control center enhances fleet management capabilities and positions the company for future constellation deployments [11] Management's Comments on Operating Environment and Future Outlook - Management remains confident in navigating the dynamic global trade environment and unexpected headwinds [17] - The company reiterated its full-year 2025 outlook, expecting revenue in the range of $260 million to $285 million and an adjusted EBITDA margin of approximately 50% [8] - Management believes Globalstar is an underappreciated story with significant growth potential in both space and terrestrial networks [18] Other Important Information - The company appointed two seasoned executives to drive growth in key business segments [12][13] - A significant milestone was reached with MDA Space for building over 50 satellites under a CAD 1.1 billion contract [16] Q&A Session Summary Question: Can you walk us through any more of the economics or assumptions regarding the XCOM RAN business? - Management indicated that while they are engaged with a large retailer as a primary customer, the sales cycle is long and they are confident in moving forward [21][22] Question: Is there progress in bringing more vendors into the ecosystem to reduce overall bill of materials? - Management confirmed that new radios were demonstrated at Mobile World Congress, which not only lower costs but also provide flexibility in terms of coverage [24] Question: When would the replenishment constellation be completed, and when might the 50 award satellites be launched? - Management has not announced specific launch dates but indicated that service fees will begin once the first batch of replacement satellites is operational [30][31]

Financial Data and Key Metrics Changes - Total revenue increased by 6% to $60 million compared to $56.5 million in the prior year period [4] - Service revenue rose by 7%, primarily driven by wholesale capacity services [4] - Adjusted EBITDA increased by 3% to $30.4 million from $29.6 million in the prior year's first quarter [5] - Adjusted free cash flow reached $47.6 million, significantly up from $19.9 million in the prior year's first quarter [6] Business Line Data and Key Metrics Changes - The commercial IoT segment saw an increase in the average number of subscribers and high customer engagement [5] - The launch of a two-way satellite IoT solution marks a significant expansion beyond traditional one-way tracking capabilities [10] - The wholesale capacity business achieved a milestone with MDA Space for building over 50 satellites under a CAD 1.1 billion contract [15] Market Data and Key Metrics Changes - The company is well-positioned to minimize financial impacts from tariff changes due to established relationships with manufacturing and logistics partners [6][7] - The company anticipates a relatively immaterial impact from trade environment shifts in the near term [8] Company Strategy and Development Direction - The company is focused on capturing long-term growth opportunities through new partnerships and innovative products [9] - A new satellite operations control center was opened to enhance fleet management capabilities and improve network performance [11] - The company is committed to expanding its terrestrial network business and has appointed new executives to drive growth in key segments [12][13] Management's Comments on Operating Environment and Future Outlook - Management remains confident in navigating the dynamic global trade environment and unexpected challenges [16] - The company reiterated its full-year 2025 revenue outlook in the range of $260 million to $285 million, with an anticipated adjusted EBITDA margin of approximately 50% [8] - Management expressed excitement about the growth opportunities in both space and terrestrial business lines [17][27] Other Important Information - The company has invested billions in satellite infrastructure, creating a powerful network supporting connectivity for hundreds of millions of devices worldwide [17] - The company is actively participating in several upcoming conferences to engage with investors and analysts [16] Q&A Session Summary Question: Can you walk us through any more of the economics or assumptions regarding the XCOM RAN business? - Management indicated that they are engaged with a large retailer as their primary initial customer, but the sales cycle is long and uncertain [20][21] Question: Is there progress in bringing more vendors into the ecosystem to reduce overall bill of materials? - Management confirmed that they are working on new radios that will be commercially deployed, which will lower costs and provide flexibility in coverage [23] Question: When would the replenishment constellation be completed, and when might the 50 award satellites be launched? - Management has not announced specific launch dates but indicated that service fees tied to CapEx for replacement satellites will start once the first batch is operational [29][31]