Iridium Comm Stock Price, News & Analysis

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.

Iridium Communications (Nasdaq: IRDM) announced participation in two investor conferences in June 2021. The William Blair 41st Annual Growth Stock Conference will occur on June 2, 2021, at 3:00 p.m. ET. The Sidoti Virtual Investors Conference is scheduled for June 23, 2021, with presentation times to be confirmed. Webcasts of both events will be available on Iridium's Investor Relations website, archived for seven days. Iridium offers global voice and data satellite communication, having completed a significant upgrade in 2019.

Iridium Communications Inc. (NASDAQ: IRDM) has been chosen as the Official Communications Partner for the Mayflower Autonomous Ship (MAS), a groundbreaking transatlantic research vessel set to sail in Spring 2021. The MAS aims to gather critical environmental data while advancing autonomous shipping technology. Equipped with Iridium Certus, the ship will maintain robust communications, enabling remote monitoring of vessel operations and environmental analyses. This initiative signifies a pivotal step towards realizing crewless, sustainable maritime operations, combining modern technology with historical voyages.

On May 24, 2021, Iridium Communications (NASDAQ: IRDM) announced a strategic investment in DDK Positioning, a provider of enhanced Global Navigation Satellite System (GNSS) solutions, based in Aberdeen, Scotland. This partnership utilizes the Iridium network to improve GNSS accuracy from 10 meters to 5 centimeters or less, making it ideal for industries like autonomous vehicles and precision agriculture. The global GNSS market is projected to reach $382 billion by 2029, and DDK's services will cater to this growth, enhancing Iridium's capabilities within critical industrial applications.

Iridium Communications Inc. (Nasdaq: IRDM) announced a virtual Investor Day on May 26, 2021, from 8:30 a.m. to 11:00 a.m. ET. Senior management, including CEO Matthew J. Desch and CFO Thomas J. Fitzpatrick, will present insights on the company's business and long-term outlook. The event will be streamed live on their Investor Relations website, with a replay available afterward. Founded in McLean, Va., Iridium operates a global mobile voice and data satellite communications network and launched the Iridium Certus broadband service in 2019.

Iridium Communications reported its Q1 2021 financial results, showing a net loss of $5.2 million, significantly improved from a $31.7 million loss in Q1 2020. Revenue totaled $146.5 million, with service revenue flat at $116.2 million. Total billable subscribers rose 14% year-over-year to 1.52 million, driven by IoT growth. Operational EBITDA was $89.8 million, down 2% year-over-year. The company reiterated its 2021 outlook, expecting service revenue growth of approximately 3% and OEBITDA between $365 million and $375 million. Iridium repurchased 1.6 million shares, reflecting confidence in future performance.