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.
Iridium Communications announced its role in supporting the U.S. Army Reserve's reactivated Monuments Officers alongside the Virginia Museum of Natural History. This initiative aims to protect cultural heritage sites in Honduras, particularly post-Hurricanes Iota and Eta. Iridium's satellite connectivity was vital, enabling real-time communication and tracking for the archaeological team as they assessed Mayan sites. Dr. Hayden Bassett emphasized Iridium PTT's impact on mission efficiency. This project serves as a proof of concept for future Monuments Officer missions, integrating military and civilian expertise in cultural preservation.
Iridium Communications (NASDAQ: IRDM) has appointed Manjula Sriram as its new Vice President & Chief Information Officer. With over twelve years of experience, Sriram previously served as CIO at The Joint Chiropractic. She will lead Iridium's IT organization, focusing on enhancing information systems to support the company's growth following the successful launch of its second-generation satellite constellation. CFO Tom Fitzpatrick highlighted the importance of strong IT leadership during this phase of expansion.
On December 27, 2021, Iridium Communications Inc. (Nasdaq: IRDM) announced that CEO Matthew Desch will present at the 24th Annual Needham Virtual Growth Conference on January 10, 2022, at 2:45 p.m. ET. The presentation will be accessible via a live webcast on Iridium's investor relations website. A recorded replay will be available for 30 days post-conference. Iridium is a global leader in satellite communications, providing crucial voice and data services worldwide. For further details, visit Iridium's website.
Iridium Communications Inc. (Nasdaq: IRDM) announced that CFO Thomas Fitzpatrick will present virtually at the Barclays Global Technology, Media and Telecommunications Conference on December 8, 2021, at 9:10 a.m. ET. The presentation will be accessible live through a webcast on Iridium's investor relations website, with a replay available for 30 days after the event. Iridium operates a global satellite communications network, providing reliable connectivity for various markets.
Iridium Communications announces the launch of its Iridium Certus 100 service, offering midband satellite connectivity for maritime, aviation, IoT, and government applications. This service supports small, low-profile antennas and delivers data speeds up to 88 Kbps, enabling two-way communication and high-quality voice services. Over a dozen new partner products are now certified, catering to various markets including autonomous vehicles and remote monitoring. The service provides essential capabilities that have not been previously addressed by other satellite operators.
Iridium Communications reported a net loss of $2.1 million for Q3 2021, an improvement from a $4.0 million loss in Q3 2020. Fiscal highlights include a record Operational EBITDA of $100.2 million, up 7% year-over-year, with total revenue of $162.2 million, reflecting a 7% increase. The company completed Q3 with 1.69 million subscribers, marking an 18% rise from the prior year. Iridium raised its full-year service revenue growth outlook to 5%-6%, anticipating OEBITDA of approximately $375 million. Commercial service remains robust, driven by IoT subscriber growth.
Iridium Communications Inc. (Nasdaq: IRDM) is scheduled to hold a conference call on October 19, 2021, at 8:30 a.m. ET, to discuss its third-quarter 2021 financial results. The earnings press release will be available prior to the call on its investor relations webpage. Participants can join the call by dialing 1-412-902-6740 or through a live webcast via the company's website. A replay will also be accessible shortly after the call concludes.
Iridium operates a global satellite communications network, providing reliable solutions for various markets.
Iridium Communications announced that CFO Thomas Fitzpatrick will present virtually at Deutsche Bank's 29th Annual Leverage Finance Conference on October 4, 2021, at 1:15 p.m. ET. A live webcast will be accessible on their investor relations website, with a replay available for 30 days post-event. Iridium's network offers global mobile voice and data communications, crucial for various markets, supported by their recent satellite network upgrade and the Iridium Certus broadband service. More information can be found at www.iridium.com.
Iridium Communications Inc. (NASDAQ: IRDM) has been awarded the prestigious 2021 Cogswell Award by the Defense Counterintelligence and Security Agency (DCSA) at the NCMS seminar. This recognition is granted to less than 1% of eligible defense contractors that excel in maintaining security standards. Iridium's Tempe facility was honored for its superior security programs and practices exceeding industry requirements. The award underscores Iridium's commitment to excellence in Industrial Security as a DoD contractor, showcasing its dedication to maintaining high security standards.
Iridium Communications announced a partnership with the Canadian Coast Guard on August 4, 2021, for the Iridium Certus connectivity service.
The Coast Guard deployed Thales VesseLINK 700 terminals on its vessels, enhancing internet connectivity in remote Arctic waters.
This development is crucial for operational efficiency, as it allows for constant communication and access to vital navigational data and weather reports.
Iridium's technology, providing unparalleled global coverage, supports marine safety and environmental protection efforts in Canada.
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