Welcome to our dedicated page for Iridium Comm news (Ticker: IRDM), a resource for investors and traders seeking the latest updates and insights on Iridium Comm stock.
Iridium Communications Inc. provides global mobile satellite voice, data and positioning, navigation and timing services through a low-Earth-orbit satellite network. Company news commonly covers recurring service revenue from subscribers, equipment sales, engineering and support projects, full-year outlook updates, and government satellite airtime and gateway support work tied to U.S. Space Force contracts.
Iridium updates also focus on satellite IoT and direct-to-device connectivity, including Iridium Short Burst Data, Iridium Certus, Iridium NTN Direct and the Iridium 9604 IoT module. Customer and partner developments span aviation, maritime, government, emergency services, critical infrastructure, heavy equipment, autonomous systems and remote monitoring applications.
Iridium Communications (NASDAQ: IRDM) announced the launch of the Iridium Edge Pro, its first programmable asset management device, enhancing tracking and recovery solutions for various applications. This device allows partners to create customizable monitoring solutions using Iridium's global network. Key features include geofencing, Bluetooth connectivity, and interfaces for CANbus and Modbus, aimed at improving operational efficiency. With a 20% increase in commercial IoT subscribers to 863,000, Iridium plans to commence shipping the Edge Pro in Q4 2020, emphasizing its leadership in satellite IoT.
Iridium Communications Inc. (NASDAQ: IRDM) has announced SKYTRAC as its latest aviation Value Added Manufacturer (VAM) for the Iridium Certus 9810 transceiver. SKYTRAC will manufacture equipment and provide services across the aviation sector. The new SDL-350 terminal, set for market launch in 2021, promises broadband speeds up to 352 kbps. Additionally, the ISAT-200A-08 terminal will offer midband speeds of 22/88 kbps, significantly improving bandwidth. These innovations aim to enhance global connectivity for various aviation applications.
Iridium Communications has introduced its innovative satellite IoT device, Iridium Edge Solar, designed for remote asset management. The company has partnered with six beta testers, including CLS Telemetry and Everywhere Communications, to validate the device's performance in real-world scenarios. The device ensures reliable, two-way communication worldwide and is built with military-grade materials, solving traditional solar-powered device issues. As of Q2 2020, commercial IoT subscribers rose to 863,000, marking a 20% increase from the previous year.
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Iridium Communications reported a second-quarter net loss of $12.4 million, improved from $18.1 million a year ago. Service revenue grew by 2%, totaling $113.4 million, while total revenue decreased by 2% to $140.2 million. The company achieved an operational EBITDA of $85.3 million with a margin of 61%. Billable subscribers rose 12% year-over-year to 1.36 million, driven by IoT growth. With an expected service revenue growth of 1-2% for 2020 and an adjusted EBITDA forecast of $340 million, Iridium's financial outlook remains resilient despite pandemic challenges.
Iridium Communications Inc. (Nasdaq: IRDM) will hold a conference call on July 28, 2020, at 8:30 a.m. ET to discuss its second-quarter 2020 financial results. The earnings press release will also be issued on the same day, available on Iridium's website. Interested participants can dial in at 1-412-902-6740 to join the call or access a simultaneous webcast online. Iridium provides a global mobile voice and data satellite communications network, enhancing connections for various markets.