Iridium Satellite Time and Location Service Activated for Europe and Asia Pacific Regions

Rhea-AI Summary

Iridium Communications (Nasdaq: IRDM) has expanded its Satellite Time and Location (STL) service to parts of Europe and Asia Pacific, addressing increased international demand. The STL service offers a robust alternative to traditional positioning, navigation, and timing (PNT) solutions, providing a signal 1,000 times stronger than GPS and resilient to spoofing and jamming. This service is particularly important for critical infrastructures like transportation, energy grids, data centers, telecommunications, and financial services in regions experiencing heightened GPS interference. Iridium's STL can function indoors without rooftop antennas and can be integrated into existing GNSS systems or used as standalone units. The company plans further geographic expansions as it scales its partner network and support staff.

Positive

• Expanded availability of Iridium's STL service to Europe and Asia Pacific regions.
• Service offers a signal 1,000 times stronger than GPS, enhancing reliability.
• STL service is resilient to spoofing and jamming, important for protection.
• Iridium's STL can be used indoors without the need for rooftop antennas.
• Potential market expansion due to increasing demand and critical infrastructure protection.

Negative

• Increased GPS jamming and spoofing in Europe and parts of Asia pose significant threats.

Increased international demand from partners to accelerate market adoption worldwide

MCLEAN, Va., June 20, 2024 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq: IRDM), a leading provider of global voice and data satellite communications, today announced expanded commercial availability of its Satellite Time and Location (STL) service, the leading alternative positioning, navigation, and timing (PNT) solution. Driven by increased commercial demand, Iridium partners are now authorized to sell the service in parts of Europe and Asia Pacific, helping to protect locally relied upon GNSS systems, like GPS and Galileo, with a signal highly resilient to spoofing and jamming, that also helps ensure the fidelity of timing systems. Iridium STL is capable of service everywhere on the planet, and additional geographies are planned for commercial authorization as the company's partners scale and train sales and support staff.

Europe, specifically, has seen a dramatic rise in GPS jamming and spoofing, while parts of Asia are also seeing increased activity. These attacks pose a serious threat to critical infrastructure such as transportation systems, energy grids, data centers, telecommunications networks and financial services, which all stand to benefit from the adoption of more powerful PNT signals, like Iridium's STL service. Broadcasting a signal 1,000 times more powerful than GPS, the Iridium^® STL service is also uniquely suited for indoor use, with no need to install rooftop antennas, creating a more secure and cost-effective timing solution. 

"We're cognizant of the threats facing GNSS-reliant critical infrastructure around the world and our responsibility to deploy the antidote as quickly as possible," said Iridium CEO, Matt Desch. "The average person is more and more aware of how important systems like GPS are in our day-to-day lives, and when Iridium recently acquired Satelles, I pledged to step on the gas and expand market availability for this increasingly in demand solution. Today's announcement demonstrates that commitment."

Iridium STL solutions are small, cost-effective and easy to install. Brand name technology partners that manufacture and sell STL-capable user equipment are simultaneously increasing their focus on these expanded markets in Europe and Asia. Their STL solutions can be added to existing GNSS-reliant network systems or serve as stand-alone primary units.

With this expansion, Iridium STL can now be purchased by companies in North America and parts of Europe and Asia Pacific. Further sales support is expected in the future to meet customer demand.

For more information about the Iridium STL service and how your organization can increase its protection against disruptions to GPS and other GNSS systems, visit  https://www.iridium.com/satellite-time-location or email pnt@iridium.com

About Iridium Communications Inc.

Iridium^® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations, and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2024, Iridium acquired Satelles and announced the Iridium Satellite Time and Location service. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services, and partner solutions, visit www.iridium.com.

Forward-Looking Statements Disclosure

Statements in this presentation that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company has based these statements on its current expectations and the information currently available to us. Forward-looking statements in this press release include statements regarding the expansion of availability of the Iridium STL service. Forward-looking statements can be identified by the words "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely," "will," "to be" and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding the expansion of partner sales and support teams, and the company's ability to maintain the health, capacity and content of its satellite constellation, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the "SEC") on February 15, 2024, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium's expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium's underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium's forward-looking statements speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.

Press Contact:	Investor Contact:
Jordan Hassin	Kenneth Levy
Iridium Communications Inc.	Iridium Communications Inc.
Jordan.Hassin@Iridium.com	Ken.Levy@Iridium.com
X: @Iridiumcomm	+1 (703) 287-7570

 

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SOURCE Iridium Communications Inc.

FAQ

What is Iridium's stock symbol and where is the STL service available?

Iridium's stock symbol is IRDM. The STL service is available in North America and parts of Europe and Asia Pacific.

How does Iridium's STL service benefit critical infrastructure?

Iridium's STL service provides a strong, reliable signal that is resilient to spoofing and jamming, protecting critical infrastructures like transportation, energy grids, data centers, telecommunications, and financial services.

Why is Iridium expanding its STL service to Europe and Asia Pacific?

Iridium is expanding its STL service to address increased international demand and to protect critical infrastructure in regions experiencing heightened GPS jamming and spoofing.

What makes Iridium's STL service unique?

Iridium's STL service broadcasts a signal 1,000 times more powerful than GPS and can be used indoors without rooftop antennas, offering a secure and cost-effective timing solution.

What are the future plans for Iridium's STL service?

Iridium plans to further expand the geographic availability of its STL service as it scales its partner network and sales support staff.