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Rhea-AI Summary
Iridium Communications Inc. reported financial results for the first quarter of 2024, including a net income of $19.7 million and operational EBITDA of $115.0 million. The company completed its first-ever acquisition of Satelles, Inc. and saw a 3% year-over-year increase in net income. Total revenue was $203.9 million, with service revenue growing by 7%. The company ended the quarter with 2,333,000 total billable subscribers, a 14% increase year-over-year. Iridium's CEO, Matt Desch, highlighted the strong service revenue growth and the recent acquisition of Satelles, positioning the company as a leading provider of satellite-based time and location services.
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End-of-Day
5.46%
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Iridium Communications Inc. (IRDM) secures a new five-year commercial contract with L3Harris Technologies for the Iridium Satellite Time and Location service, providing timing sync to data center facilities across the U.S. The deployment includes Adtran's Oscilloquartz devices for network synchronization, ensuring reliable and resilient operations for critical infrastructure applications.
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1.81%
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Iridium Communications Inc. (IRDM) completes the acquisition of Satelles, Inc., becoming a leader in secure satellite-based time and location services. The new Iridium Satellite Time and Location (STL) service enhances GPS security for critical infrastructure, data centers, 5G base stations, and various sectors.
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1.66%
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Iridium Communications Inc. (IRDM) will host a conference call on April 18, 2024, to discuss its first-quarter 2024 financial results. The earnings press release will be available on the company's website. Participants can dial in or join the webcast for the call.
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-0.53%
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Iridium Communications Inc. announces Cosco Shipping's installation of Iridium Global Maritime Distress and Safety System terminals on its vessels, enhancing safety and communication capabilities for the world's largest fleet. The partnership ensures reliable distress and safety communications for maritime transportation, benefiting the global economy.
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-1.52%
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Iridium Communications Inc. (IRDM) acquires Satelles, Inc. to enhance global PNT solutions, targeting critical infrastructure. The acquisition of Satellite Time and Location (STL) aims to protect against GNSS vulnerabilities and improve timing systems for digital infrastructure. The $3.5 billion PNT services market is shifting towards small-form-factor devices. Iridium plans to expand STL adoption in autonomous systems, consumer devices, and traditional markets like aviation and maritime. The acquisition is expected to generate over $100 million in service revenue by 2030.
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-1.35%
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Iridium Communications Inc. (IRDM) partners with the Republic of Korea Ministry of Defense to enhance military operations using Iridium connectivity. Arion Communication Co. Ltd. supports the implementation by providing over 1,000 Iridium Connected™ SAT-PRE devices. The partnership aims to improve data tracking, communication, and operational efficiency for the ROK Army.
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-1.64%
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Iridium Communications Inc. (IRDM) executives will participate in two upcoming investor conferences in March 2024. The Raymond James 45th Annual Institutional Investors Conference on March 4th and the Deutsche Bank 32nd Annual Media, Internet & Telecom Conference on March 12th. Both presentations will be webcast on Iridium's Investor Relations website for seven days.
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0.99%
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Iridium Communications Inc. extends the estimate of useful life of satellites by five years, reporting strong financial results for Q4 and full-year 2023. The company achieved a net income of $38.0 million in Q4 2023, compared to a net loss in Q4 2022, with Operational EBITDA reaching $114.1 million, a 7% increase year-over-year. Total revenue for Q4 was $194.7 million, with service revenue contributing $148.0 million. Iridium ended the year with 2,279,000 total billable subscribers, a 14% increase from the previous year. Full-year 2023 saw net income of $15.4 million, a 10% increase in total revenue to $790.7 million, and OEBITDA of $463.1 million, up by 9% from the prior year.
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-13.04%
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Iridium Communications Inc. will host a conference call on February 15, 2024, to discuss its fourth-quarter 2023 financial results. The earnings press release will be available on the investor relations page of the company's website. Participants can join the teleconference by dialing 1-412-902-6740. The call will also be webcast on the events page of the company's website. A replay of the webcast will be available for those unable to participate in the live call.
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Iridium Communications Inc.
Nasdaq:IRDM
IRDM Rankings
IRDM Stock Data
3.68B
109.89M
10.65%
85.15%
2.95%
Other Communications Equipment Manufacturing
Manufacturing
United States of America
MCLEAN
About IRDM
iridium communications inc. is the only mobile satellite service (mss) company offering pole-to-pole coverage over the entire globe. the iridium constellation of low-earth orbiting (leo), cross-linked satellites provides critical voice and data services for areas not served by terrestrial communication networks. iridium's subscriber growth has been driven by increasing demand for reliable, secure, global communications. iridium serves commercial markets through a worldwide network of hundreds of distributors, and provides services to the u.s. department of defense, and other u.s. and international government agencies. the company's worldwide customer base represent a broad spectrum of industry, including maritime, aeronautical, government/defense, public safety, utilities, oil/gas, mining, forestry, heavy equipment and transportation. iridium is in the planning and development phase for its next-generation satellite constellation, iridium next, which will begin launching and 2015 and r