Satellite company Globalstar scored another $14.1 million in its most recent quarter for a "terms agreement" that has mostly stumped analysts.

The financial analysts at B. Riley Securities said they're more interested in Globalstar's "mysterious" new agreement than its core mobile satellite services (MSS) business that generated $30 million in quarterly revenues and $9.8 million in earnings before interest, income taxes, depreciation and amortization (EBITDA) – results above most expectations.

Globalstar isn't offering many details.

"In June 2021, the company received an advance payment of $37.5 million from a customer pursuant to an agreement related to the Terms Agreement," the company wrote in its recent quarterly SEC filing. "The company has also recorded $14.1 million as long-term deferred revenue on its condensed consolidated balance sheet as of June 30, 2021 related to additional advance payments received under this agreement."

Those obscure but tantalizing details are sparking plenty of interest among investors.

"What we do know is that Globalstar entered into an agreement back in February 2020 for a 'potential' customer for a 'potential service utilizing certain of Globalstar's assets and capacity,' and that 16 months later, on June 4, 2021, Globalsar received a $37.5 million advance payment pursuant to this agreement," wrote the analysts at B. Riley Securities. "Now we know that Globalstar received a second such advance payment later in June, bringing total cash proceeds in the period to $51.6 million."

What could be generating so much money for a satellite communications company that has suffered through decades of sluggish sales?...