Iridium Communications Inc. - IRDM STOCK NEWS

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.

Iridium Communications (NASDAQ: IRDM) announced on Aug. 2, 2021, that Japan's Ministry of Internal Affairs and Communications approved regulatory amendments for the adoption of Iridium Certus broadband, Iridium CPDLC, and Global Maritime Distress and Safety System (GMDSS) services. This approval allows Japanese flagged aircraft and ships to utilize these services, enhancing global connectivity. Iridium Certus provides advanced L-band broadband solutions tailored for maritime, land mobile, and aviation applications. The company is set to benefit from expanded market access in Japan.

Iridium Communications reported a net income of $3.8 million, or $0.03 per diluted share, for Q2 2021, reversing a loss of $12.4 million in Q2 2020. Total revenue increased 7% year-over-year to $149.9 million, driven by a 19% rise in billable subscribers totaling 1.62 million. Service revenue, which accounts for 81% of total revenue, grew 7%, reflecting strong demand in IoT and commercial sectors. Iridium raised its full-year service revenue growth outlook to 4-5%. Operational EBITDA reached $94.8 million, up 11%, with a margin of 63%.

Iridium Communications (Nasdaq: IRDM) will hold a conference call on July 20, 2021, at 8:30 a.m. ET to discuss its Q2 2021 financial results. A press release will precede this call, available on the investor relations page. Participants can join by dialing 1-412-902-6740 or via webcast on the company's events page. A replay will be accessible afterwards. Iridium is renowned for its global satellite communications network, providing voice and data services worldwide.