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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 Inc. (Nasdaq: IRDM) announced a virtual Investor Day on May 26, 2021, from 8:30 a.m. to 11:00 a.m. ET. Senior management, including CEO Matthew J. Desch and CFO Thomas J. Fitzpatrick, will present insights on the company's business and long-term outlook. The event will be streamed live on their Investor Relations website, with a replay available afterward. Founded in McLean, Va., Iridium operates a global mobile voice and data satellite communications network and launched the Iridium Certus broadband service in 2019.
Iridium Communications reported its Q1 2021 financial results, showing a net loss of $5.2 million, significantly improved from a $31.7 million loss in Q1 2020. Revenue totaled $146.5 million, with service revenue flat at $116.2 million. Total billable subscribers rose 14% year-over-year to 1.52 million, driven by IoT growth. Operational EBITDA was $89.8 million, down 2% year-over-year. The company reiterated its 2021 outlook, expecting service revenue growth of approximately 3% and OEBITDA between $365 million and $375 million. Iridium repurchased 1.6 million shares, reflecting confidence in future performance.
Iridium Communications Inc. (NASDAQ: IRDM) announced that the Indonesian government has deployed 500 Iridium Push-to-Talk (PTT) devices to enhance real-time satellite communications across its vast archipelago. This decision addresses the challenges posed by Indonesia's geography, enabling effective communication for emergency services, especially during natural disasters. The Icom IC-SAT100 devices utilized offer reliable one-to-many communication and are designed for rugged use, ensuring government personnel remain connected in remote areas. This deployment is a significant step in bridging connectivity gaps.
Iridium Communications Inc. (Nasdaq: IRDM) will host a conference call on April 20, 2021, at 8:30 a.m. ET to discuss its first-quarter 2021 financial results. The earnings press release will be available on the company’s website prior to the call. Interested participants can join the call by dialing 1-412-902-6740 or via the webcast. Iridium operates a global mobile voice and data satellite communications network, providing reliable solutions for various markets. The company recently completed a significant satellite network upgrade and launched the Iridium Certus® broadband service.
Iridium Communications has appointed Tony Frazier to its Board of Directors effective March 9, 2021. Frazier, currently Executive VP at Maxar Technologies, brings extensive experience in the satellite and data analytics sectors. His leadership roles at DigitalGlobe and Cisco Systems complement his skills in business development and services delivery. CEO Matt Desch emphasized the value of Frazier's expertise in guiding Iridium's growth and strategic direction, particularly as the company is positioned for strong cash flow generation following its financial transformation.
Iridium Communications Inc. (Nasdaq: IRDM) announced participation in two investor conferences in March 2021. The first is the Raymond James 42nd Annual Institutional Investors Conference on March 3, 2021, at 10:00 a.m. ET. The second event is the Deutsche Bank 29th Annual Media, Internet & Telecom Conference on March 8, 2021, at 2:00 p.m. ET. Both presentations will be webcast and archived on their Investor Relations website for seven days.
Iridium Communications (Nasdaq: IRDM) reported Q4 2020 results, showing a net loss of $7.9 million, a significant improvement from $107.9 million in Q4 2019. Total revenue was $146.5 million, a 5% increase year-over-year, with service revenue contributing $116.9 million. The company ended with 1.476 million subscribers, up 14% from the previous year. For 2021, Iridium projects 3% service revenue growth and estimates OEBITDA between $365 million and $375 million. A new share repurchase program of up to $300 million was also announced.
Iridium Communications Inc. (Nasdaq: IRDM) has authorized a share repurchase program for up to $300 million of its common stock, effective through December 31, 2022. This initiative aims to enhance shareholder value while adhering to long-term deleveraging targets. CEO Matt Desch highlighted a significant financial transformation, noting the shift from capital-intensive operations to strong free cash flow generation. The repurchases will be opportunistic, occurring in the open market or through negotiated transactions. Further details will be shared in the upcoming earnings conference call.
Iridium Communications (NASDAQ:IRDM) announced the addition of Kyoritsu Radio Service as an Iridium Certus service provider, with distribution support from Furuno Electric. This partnership aims to enhance connectivity solutions for maritime industries, providing global coverage and industry-leading L-band speeds. Kyoritsu, a long-standing Iridium partner, will expand its offerings to include Iridium Certus services, which are critical for cargo ships, fishing vessels, and more. The move reflects Iridium's ongoing commitment to delivering reliable satellite communication solutions.
Iridium Communications Inc. (Nasdaq: IRDM) will hold a conference call on February 11, 2021, at 8:30 a.m. ET to discuss its fourth-quarter 2020 financial results. A press release detailing these results will be issued prior to the call, available at www.iridium.com. Participants can join by calling 1-412-902-6740 and should dial in five minutes early. A webcast will also be available. Iridium operates a global satellite communications network, having completed a significant upgrade and launched the Iridium Certus broadband service in 2019.
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