

	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Numerator:
Net (loss) income	$	(26,539)	$	19,208	$	(41,357)	$	1,877
Effect of Series A Preferred Stock dividends	(2,644)		(2,644)		(5,259)		(5,259)
Net (loss) income attributable to common shareholders	$	(29,183)	$	16,564	$	(46,616)	$	(3,382)

Denominator:
Weighted average shares outstanding - basic	129,122		126,614		128,771		126,545
Dilutive effect of stock-based compensation plans	—		127		—		—
Dilutive effect of warrants issued under the Service Agreements	—		1,113		—		—
Weighted average common shares outstanding - dilutive	129,122		127,854		128,771		126,545

Net (loss) income per common share:
Basic	$	(0.23)	$	0.13	$	(0.36)	$	(0.03)
Diluted	$	(0.23)	$	0.13	$	(0.36)	$	(0.03)

For the three and six months ended June 30, 2026, 3.2 million shares and 3.1 million shares, respectively, of potential common stock were excluded from diluted shares outstanding because the effects of such securities would be anti-dilutive. For the six months ended June 30, 2025, 1.3 million shares of potential common stock were excluded from diluted shares outstanding because the effects of such securities would be anti-dilutive.

Included in these shares for all periods presented is a portion of (i) the outstanding equity awards under the Company's 2006 Equity Incentive Plan and (ii) the 3.3 million shares that may be purchased by the Customer pursuant to the warrants issued under the Service Agreements in 2022 based on the treasury stock method. Additionally, Thermo holds a right to purchase 0.3 million shares of common stock pursuant to the warrant issued for its guarantee of the 2023 Funding Agreement. For the three and six months ended June 30, 2026, a portion of these shares were included in potentially dilutive shares based on the treasury stock method; for the six months ended June 30, 2025, none of these shares are included in the potentially dilutive securities because the exercise price of the warrants exceeded the average market price of Globalstar common stock during the periods.

Excluded from the amounts above are an additional 0.3 million shares that may be purchased by Thermo pursuant to the warrant issued in connection with its guarantee of the 2023 Funding Agreement; the right to purchase these shares vests only if Thermo advances aggregate funds of $25.0 million or more to the Company or a permitted third party pursuant to the terms of Thermo's guarantee. Also excluded are unvested performance-based restricted stock units ("PSUs") that are subject to market and performance conditions as the condition for achievement was not met. The total unvested PSUs as of June 30, 2026 was 0.6 million shares.