Welcome to our dedicated page for Iridium Communications news (Ticker: IRDM), a resource for investors and traders seeking the latest updates and insights on Iridium Communications stock.
Iridium Communications Inc. (NASDAQ: IRDM) is the only mobile satellite service company offering pole-to-pole coverage over the entire globe. Utilizing a constellation of low-earth orbiting (LEO) and cross-linked satellites, Iridium provides critical voice and data services for areas not served by terrestrial communication networks.
Iridium's core business is centered around offering reliable, secure, and global communications. The company serves a diverse range of commercial markets through a worldwide network of hundreds of distributors. Notably, it provides services to the U.S. Department of Defense and other U.S. and international government agencies.
Iridium caters to various industries, including maritime, aeronautical, government/defense, public safety, utilities, oil/gas, mining, forestry, heavy equipment, and transportation. The company's next-generation satellite constellation, Iridium NEXT, is currently in the planning and development phase, further enhancing its capabilities.
Iridium has demonstrated significant subscriber growth due to the increasing demand for its reliable and secure global communications. Recent achievements include a contract with the Republic of Korea Ministry of Defense for strategic military operations, the acquisition of Satelles Inc. to enhance satellite-based time and location services, and a partnership with Cosco Shipping for installing Iridium Global Maritime Distress and Safety System (GMDSS) terminals.
Financially, Iridium continues to show robust performance. In the first quarter of 2024, the company reported a net income of $19.7 million, up from $9.8 million in the same period of the previous year. Its operational EBITDA also grew by 3% year-over-year. The company ended the quarter with 2,333,000 total billable subscribers, marking a 14% increase from the previous year.
Iridium's strategic partnerships and acquisitions, such as the recent five-year commercial contract with L3Harris Technologies for the Iridium Satellite Time and Location (STL) service, underscore its commitment to innovation and expanding its market presence. The company continues to invest in technologies that enhance its unique network, setting it apart from competitors.
For more information about Iridium Communications Inc., visit their official website at www.iridium.com.
Eutelsat America Corp. and OneWeb Technologies (EACOWT) announced a partnership with Iridium Communications (IRDM) to provide Iridium Certus® and Satellite Time and Location services to U.S. government customers. The partnership combines Eutelsat OneWeb's high-speed Ku-band network of 600+ LEO satellites with Iridium's L-band services, offering enhanced GNSS-resilient connectivity solutions. The integrated service will deliver reliable positioning, navigation, and timing information for mission-critical operations in GNSS-challenged environments. Services will be available through U.S. Space Force Proliferated Low Earth Orbit contracts.
Iridium Communications Inc. (Nasdaq:IRDM) reported record third-quarter 2024 results with net income of $24.4 million ($0.21 per diluted share) and record Operational EBITDA of $124.4 million. Total revenue increased 8% year-over-year to $212.8 million, driven by 5% growth in service revenue to $159.9 million. The company ended Q3 with 2,482,000 total billable subscribers, up 11% year-over-year.
Key highlights include:
- Commercial service revenue up 6% to $133.3 million
- Government service revenue stable at $26.5 million
- Equipment revenue up 9% to $22.2 million
- Engineering & support revenue up 22% to $30.7 million
Iridium updated its 2024 outlook, expecting total service revenue growth of approximately 5% and OEBITDA between $465-$470 million. The company also expanded its share repurchase program by $500 million through 2027.
Iridium Communications Inc. (Nasdaq: IRDM) has announced a $491.6 million contract modification awarded by the Space Development Agency (SDA) to the General Dynamics Mission Systems (GDMS) and Iridium team. This modification supports the Ground Management and Integration (GMI) program for the Proliferated Warfighter Space Architecture (PWSA). Iridium's share of the contract is valued at $239 million over five years.
The award builds upon an initial Operations and Integration Contract from 2022 for building ground entry points, operations centers, and managing network operations. Leveraging Iridium's 20+ years of experience in operating a crosslinked low-Earth orbit (LEO) satellite constellation, the GDMS-Iridium team will deliver a forward-compatible, state-of-the-art ground system for SDA's Tranche 2 constellation. This includes services ranging from engineering design and analysis to testing, maintenance, and infrastructure management.
Iridium Communications Inc. (NASDAQ: IRDM) has announced a collaboration with Nordic Semiconductor to integrate its Iridium NTN Direct℠ service into Nordic's LTE-M/NB-IoT modules and chipsets. This integration is part of Iridium's Project Stardust initiative, aiming to create the world's first truly global NB-IoT service. The collaboration aligns with the 3GPP's decision to accept Iridium enabling enhancements in its next release, potentially allowing any device with a 3GPP release 19 compliant chipset to access Iridium's satellite service.
Nordic Semiconductor, a global leader in low power wireless connectivity solutions, plans to incorporate Iridium NTN Direct's global communication capability into its 3GPP release 19 NTN roadmap. This integration is expected to create a wide range of consumer and industrial devices capable of staying connected from anywhere on Earth. The 3GPP Release 19 is anticipated to be formally completed by the end of 2025.
Iridium Communications Inc. (NASDAQ: IRDM) announced that Satcom Direct Brasil and MRS Logística S.A. have implemented Iridium Certus satellite connectivity on MRS Logística's railway network in Brazil. The Iridium Certus 700 service will enable real-time communication between train drivers and operation centers, improving safety and efficiency in railway operations.
Satcom Direct Brasil installed the Iridium Certus Connected Thales MissionLINK 700 equipment on MRS Logística's locomotives, providing a secure link of up to 704 Kbps. This implementation allows for precise train location management, increasing the number of trips and reducing accidents. The MRS train network is important to Brazil's economy, transporting nearly 20% of all exports and a third of the country's railway cargo.
Iridium's low Earth orbit (LEO) satellite network and L-band service demonstrated better coverage and connectivity than competitors, especially in adverse weather conditions. The Thales MissionLINK 700 offers additional functionalities such as internet, telemetry, Radio over Internet Protocol (RoIP), and voice calls for critical communications.
Iridium Communications Inc. (Nasdaq: IRDM), a leading global voice and data satellite communications provider, has announced its plans to host a conference call on Thursday, October 17, 2024, at 8:30 a.m. Eastern Time. The purpose of this call is to discuss the company's third-quarter 2024 financial results.
Prior to the conference call, Iridium will release its Q3 2024 earnings press release, which will be accessible on the company's investor relations webpage. To join the teleconference, participants can dial 1-412-902-6740 and request to join the Iridium Communications Inc. conference call. Callers are advised to dial in five minutes before the scheduled start time.
The conference call will also be webcast live at https://investor.iridium.com/events. For those unable to attend the live call, a replay of the webcast will be available on the company's investor relations section shortly after the call concludes.
Iridium Communications Inc. (NASDAQ: IRDM) has announced significant progress in its direct-to-device (D2D) service development. The 3GPP has accepted Iridium's request to extend NB-IoT functionality for Non-Terrestrial Networks into the Work Plan for 3GPP Release 19. This paves the way for Iridium's satellite service to be accessible via industry standard chipsets.
The company is introducing Iridium NTN Direct℠, expected to be the world's first truly global 5G NB-IoT service. Technical development is underway, with a successful lab demonstration already completed. Iridium has joined GSMA and plans additional trials for early next year.
Iridium NTN Direct will offer opportunities for smartphone companies, OEMs, chipmakers, MNOs, and IoT developers to leverage Iridium's existing network and spectrum. The service aims to provide a global, low-latency LEO user experience.
Iridium Communications Inc. (Nasdaq: IRDM) has announced that its Board of Directors has authorized an additional $500 million share repurchase program through December 31, 2027. This is the fourth stock repurchase authorization in the past four years, bringing the total value of the program to $1.5 billion. The company aims to maintain net leverage below 4.0 times through 2026 and below 2.0 times operational EBITDA by the end of the decade.
CEO Matt Desch highlighted that Iridium has already returned over a billion dollars through share repurchases and dividends, positioning the company as one of the most shareholder-friendly in the Space, tech, and telecom industries. The repurchase timeframe can be adjusted by the Board of Directors, with transactions occurring on the open market or through negotiated off-market deals.
Sceye, a leading U.S. aerospace company specializing in High-Altitude Platform Systems (HAPS), has successfully closed its Series C funding round, led by Mawarid Holding Company. The round values Sceye at a pre-money valuation of $525 million, providing sufficient liquidity for R&D activities, flight programs, and the launch of initial commercial operations in 2025.
This strategic alliance follows América Móvil's involvement in Sceye's Series B round. The funding will accelerate platform development and the commercial roadmap. Sceye recently demonstrated perpetual flight capabilities in its 2024 flight program, showcasing the potential of HAPS technology in expanding connectivity access, managing disaster response, and monitoring environmental changes.
Iridium Communications (Nasdaq: IRDM), a global satellite communications leader, has announced its participation in several upcoming investor conferences. These include:
- The Deutsche Bank 32nd Annual Leveraged Finance Conference on September 24, 2024
- The 6th Annual Needham Virtual Infrastructure, Data Analytics Software & Cloud Communications Conference on November 20, 2024
- The Deutsche Bank Global Space Summit on November 20, 2024
- The Raymond James TMT and Consumer Conference on December 9, 2024
Presentations from these conferences will be webcast on Iridium's Investor Relations website and archived for seven days. This participation demonstrates Iridium's commitment to engaging with investors and showcasing its position in the satellite communications industry.
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