Iridium Comm Stock Price, News & Analysis

Iridium Communications reported third-quarter 2022 financial results, showing a net income of $2.1 million, a turnaround from a loss of $2.1 million in Q3 2021. Revenue increased by 14% to $184.1 million, with service revenue up 9% at $139 million. The company ended the quarter with 1,973,000 subscribers, a 17% year-over-year increase. OEBITDA reached a record $107.8 million, an 8% increase from Q3 2021. Iridium's full-year outlook for service revenue growth is projected between 8% and 9%, improving prior estimates.

On October 12, 2022, Iridium Communications announced partnerships with MetOcean Telematics, NAL Research, and Trace Systems as new service providers of Iridium Certus® for U.S. government customers. This initiative extends Iridium's secure satellite broadband services, enhancing military communications capabilities globally. The partnership aims to ensure reliable connectivity in various environments, including combat zones. Iridium Certus provides low-profile, resilient terminals, allowing secure data and voice services for the Department of Defense.

Iridium Communications Inc. (Nasdaq: IRDM) will host a conference call on October 20, 2022, at 8:30 a.m. ET to discuss its third-quarter 2022 financial results. The earnings press release will be available on the investor relations page. Participants can join via phone or webcast. Iridium is the only global mobile voice and data satellite communications network, offering innovative solutions for various markets. For more information, visit www.iridium.com.

Iridium Communications Inc. (Nasdaq: IRDM) is launching Operation Pacific Waves (OPW), a series of field exercises in the Indo-Pacific from September 28-30, 2022. This initiative aims to showcase Iridium's global communication capabilities through live demonstrations involving over 20 organizations, including the U.S. Department of Defense. The focus will be on Beyond Line of Sight (BLOS) communication needs, utilizing Iridium's Enhanced Mobile Satellite Services (EMSS) contract. The operation emphasizes interoperability, command and control across various locations, reinforcing the strategic significance of the Indo-Pacific region.

Iridium Communications has announced an agreement with SpaceX to launch up to five spare satellites from its NEXT program on a Falcon 9 rocket, with the Iridium-9 launch scheduled for mid-2023 at Vandenberg Space Force Base. This follows a successful series of eight launches between January 2017 and January 2019, totaling 75 satellites. Currently, Iridium operates 66 satellites and has seen subscriber growth exceeding 1.8 million since 2019, aided by new product offerings, including the Iridium Certus broadband platform.

Iridium Communications Inc. (Nasdaq: IRDM) announced that Jan De Nul Group will retrofit and install its Global Maritime Distress and Safety System (GMDSS) across its fleet. This decision enhances safety protocols for Jan De Nul, enabling rapid distress response and providing integrated voice services. The LT-3100S, developed by Iridium partner Lars Thrane, is a lightweight terminal suitable for various vessels. Iridium GMDSS offers unique global coverage, even in extreme waters, fulfilling all necessary maritime safety requirements.

Iridium Communications Inc. (Nasdaq: IRDM) reported a net income of $4.6 million for Q2 2022, up from $3.8 million in Q2 2021, primarily due to a 17% increase in total revenue, reaching $174.9 million. Operational EBITDA rose to a record $105.9 million, a 12% increase year-over-year. The company now forecasts full-year service revenue growth at 7%-9% and OEBITDA of $410-$420 million. Iridium's subscriber base expanded by 16% year-over-year, with 1.875 million billable subscribers, highlighting significant growth in commercial IoT and other services.

Iridium Communications Inc. (Nasdaq: IRDM) will host a conference call on July 26, 2022, at 8:30 a.m. ET to discuss its Q2 2022 financial results. The earnings press release will be available on their investor relations page prior to the call. Participants can join via phone at 1-412-902-6740, five minutes before the start time. A replay of the call will be accessible on their website about an hour after the conclusion. Iridium is the only mobile satellite communications network providing global coverage, and its stock trades under the symbol IRDM.

General Dynamics Mission Systems and Iridium Communications have secured a $324.5 million contract from the Space Development Agency. This funding includes a base amount of $163 million and $161.5 million in options. The contract aims to establish the ground Operations and Integration (O&I) segment for Tranche 1 of the National Defense Space Architecture (NDSA). The collaboration will create ground entry points and operations centers while providing essential network operations and systems integration services for upcoming low-earth orbit satellites.