Iridium Comm Stock Price, News & Analysis

Iridium Communications Inc. (NASDAQ: IRDM) has been awarded the prestigious 2021 Cogswell Award by the Defense Counterintelligence and Security Agency (DCSA) at the NCMS seminar. This recognition is granted to less than 1% of eligible defense contractors that excel in maintaining security standards. Iridium's Tempe facility was honored for its superior security programs and practices exceeding industry requirements. The award underscores Iridium's commitment to excellence in Industrial Security as a DoD contractor, showcasing its dedication to maintaining high security standards.

Iridium Communications announced a partnership with the Canadian Coast Guard on August 4, 2021, for the Iridium Certus connectivity service.

The Coast Guard deployed Thales VesseLINK 700 terminals on its vessels, enhancing internet connectivity in remote Arctic waters.

This development is crucial for operational efficiency, as it allows for constant communication and access to vital navigational data and weather reports.

Iridium's technology, providing unparalleled global coverage, supports marine safety and environmental protection efforts in Canada.

Iridium Communications (NASDAQ: IRDM) announced on Aug. 2, 2021, that Japan's Ministry of Internal Affairs and Communications approved regulatory amendments for the adoption of Iridium Certus broadband, Iridium CPDLC, and Global Maritime Distress and Safety System (GMDSS) services. This approval allows Japanese flagged aircraft and ships to utilize these services, enhancing global connectivity. Iridium Certus provides advanced L-band broadband solutions tailored for maritime, land mobile, and aviation applications. The company is set to benefit from expanded market access in Japan.

Iridium Communications reported a net income of $3.8 million, or $0.03 per diluted share, for Q2 2021, reversing a loss of $12.4 million in Q2 2020. Total revenue increased 7% year-over-year to $149.9 million, driven by a 19% rise in billable subscribers totaling 1.62 million. Service revenue, which accounts for 81% of total revenue, grew 7%, reflecting strong demand in IoT and commercial sectors. Iridium raised its full-year service revenue growth outlook to 4-5%. Operational EBITDA reached $94.8 million, up 11%, with a margin of 63%.

Iridium Communications (Nasdaq: IRDM) will hold a conference call on July 20, 2021, at 8:30 a.m. ET to discuss its Q2 2021 financial results. A press release will precede this call, available on the investor relations page. Participants can join by dialing 1-412-902-6740 or via webcast on the company's events page. A replay will be accessible afterwards. Iridium is renowned for its global satellite communications network, providing voice and data services worldwide.

Iridium Communications has secured a contract worth up to $30 million from the U.S. Army to develop a new payload for small satellites aimed at enhancing GPS and GPS-denied systems. This R&D project leverages Iridium's Burst technology to improve data transmission for soldiers in the field. The initiative signals a deeper collaboration with the Department of Defense, as Iridium partners with Satelles and SEAKR for development. This contract is noted as one of the largest in Iridium's history, emphasizing its role in advancing military capabilities.

Iridium Communications Inc. has launched the Iridium Certus 200, a new L-band broadband service aimed at maritime, land mobile, and government sectors. The service offers unmatched performance with transmission speeds up to 176 Kbps and supports up to three voice lines through cost-effective, lightweight equipment. The service is designed to assist various applications, including IoT data transmission and communication needs for businesses and government agencies. Initial products include Thales VesseLINK™ 200 and Thales MissionLINK™ 200, with aviation terminals expected by early 2022.

On June 14, 2021, Iridium Communications announced the appointment of Greg Pelton as the new Chief Technical Officer (CTO), effective June 17, 2021. Pelton succeeds retiring CTO Hermon Pon and will lead Iridium’s technology and system engineering teams. Pelton comes from Pryon, where he was Chief Product Officer. He has a history of innovation in telecommunications, holding 39 patents. COO Suzi McBride expressed confidence in Pelton's ability to drive innovation and develop long-term strategies for Iridium’s satellite connectivity solutions.

Iridium Communications Inc. (NASDAQ: IRDM) announced Operation Arctic Lynx, a series of field exercises taking place from June 11 to June 26, 2021, involving over 20 organizations, including the U.S. Department of Defense and Canadian government entities. This initiative showcases Iridium's satellite communication technologies, such as Iridium Certus and Push-To-Talk, in challenging Arctic conditions. The operation aims to enhance real-time interoperability and command-control capabilities in polar regions, leveraging Iridium's global coverage and advanced communications solutions.