Spectrum Monetization Challenges: Globalstar faces the risk of not fully monetizing its valuable S-band spectrum, particularly for terrestrial deployments, due to regulatory hurdles or limited partner adoption.

Capital Intensive Operations: The company requires significant capital for satellite replacement, maintenance, and ground infrastructure, posing a risk of needing substantial future financing or incurring higher debt.

Intense Competition: Globalstar operates in a competitive landscape against established satellite operators, new space entrants, and terrestrial wireless providers, impacting market share and pricing power.