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Iridium Communications Inc. - IRDM STOCK NEWS

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.

News

Iridium Signs Five-Year Contract with L3Harris to Protect FAA Critical Infrastructure

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Iridium Communications Inc. (IRDM) secures a new five-year commercial contract with L3Harris Technologies for the Iridium Satellite Time and Location service, providing timing sync to data center facilities across the U.S. The deployment includes Adtran's Oscilloquartz devices for network synchronization, ensuring reliable and resilient operations for critical infrastructure applications.
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Iridium Completes Satelles Acquisition; Introduces Iridium Satellite Time and Location (STL)

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Iridium Communications Inc. (IRDM) completes the acquisition of Satelles, Inc., becoming a leader in secure satellite-based time and location services. The new Iridium Satellite Time and Location (STL) service enhances GPS security for critical infrastructure, data centers, 5G base stations, and various sectors.
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Iridium Announces Release Date for First-Quarter 2024 Financial Results

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Iridium Communications Inc. (IRDM) will host a conference call on April 18, 2024, to discuss its first-quarter 2024 financial results. The earnings press release will be available on the company's website. Participants can dial in or join the webcast for the call.
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Cosco Shipping Enhances Safety with Iridium GMDSS

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Iridium Communications Inc. announces Cosco Shipping's installation of Iridium Global Maritime Distress and Safety System terminals on its vessels, enhancing safety and communication capabilities for the world's largest fleet. The partnership ensures reliable distress and safety communications for maritime transportation, benefiting the global economy.
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Iridium to Expand its Reach as a Global Alternative PNT Service with Acquisition of Market Leader Satelles

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Iridium Communications Inc. (IRDM) acquires Satelles, Inc. to enhance global PNT solutions, targeting critical infrastructure. The acquisition of Satellite Time and Location (STL) aims to protect against GNSS vulnerabilities and improve timing systems for digital infrastructure. The $3.5 billion PNT services market is shifting towards small-form-factor devices. Iridium plans to expand STL adoption in autonomous systems, consumer devices, and traditional markets like aviation and maritime. The acquisition is expected to generate over $100 million in service revenue by 2030.
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South Korean Military Adopts Iridium Connectivity

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Iridium Communications Inc. (IRDM) partners with the Republic of Korea Ministry of Defense to enhance military operations using Iridium connectivity. Arion Communication Co. Ltd. supports the implementation by providing over 1,000 Iridium Connected™ SAT-PRE devices. The partnership aims to improve data tracking, communication, and operational efficiency for the ROK Army.
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Iridium to Participate in Investor Conferences

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Iridium Communications Inc. (IRDM) executives will participate in two upcoming investor conferences in March 2024. The Raymond James 45th Annual Institutional Investors Conference on March 4th and the Deutsche Bank 32nd Annual Media, Internet & Telecom Conference on March 12th. Both presentations will be webcast on Iridium's Investor Relations website for seven days.
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Iridium Announces 2023 Results; Company Issues 2024 Outlook

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Iridium Communications Inc. extends the estimate of useful life of satellites by five years, reporting strong financial results for Q4 and full-year 2023. The company achieved a net income of $38.0 million in Q4 2023, compared to a net loss in Q4 2022, with Operational EBITDA reaching $114.1 million, a 7% increase year-over-year. Total revenue for Q4 was $194.7 million, with service revenue contributing $148.0 million. Iridium ended the year with 2,279,000 total billable subscribers, a 14% increase from the previous year. Full-year 2023 saw net income of $15.4 million, a 10% increase in total revenue to $790.7 million, and OEBITDA of $463.1 million, up by 9% from the prior year.
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Iridium Announces Release Date for Fourth-Quarter 2023 Financial Results

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Iridium Communications Inc. will host a conference call on February 15, 2024, to discuss its fourth-quarter 2023 financial results. The earnings press release will be available on the investor relations page of the company's website. Participants can join the teleconference by dialing 1-412-902-6740. The call will also be webcast on the events page of the company's website. A replay of the webcast will be available for those unable to participate in the live call.
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Iridium Unveils Project Stardust; Developing the Only Truly Global, Standards-Based IoT and Direct-to-Device Service

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Iridium Communications Inc. (NASDAQ: IRDM) announces Project Stardust, introducing NB-IoT NTN standards into its LEO constellation. The company aims to offer both proprietary and standardized D2D and IoT services to its customers, collaborating with smartphone companies, OEMs, chipmakers, and mobile network operators. Iridium is designing its initial NB-IoT offering to support 5G NTN messaging and SOS capabilities for various consumer applications, providing a superior low-latency LEO user experience.
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FAQ

What is the current stock price of Iridium Communications (IRDM)?

The current stock price of Iridium Communications (IRDM) is $28.31 as of November 15, 2024.

What is the market cap of Iridium Communications (IRDM)?

The market cap of Iridium Communications (IRDM) is approximately 3.3B.

What services does Iridium Communications Inc. provide?

Iridium offers global voice and data communications services through a constellation of low-earth orbiting satellites, serving industries such as maritime, aviation, government/defense, public safety, utilities, oil/gas, mining, forestry, heavy equipment, and transportation.

What is Iridium NEXT?

Iridium NEXT is Iridium's next-generation satellite constellation currently in the planning and development phase, which aims to enhance the company's satellite communication capabilities.

Who are Iridium's key customers?

Iridium serves a diverse range of customers, including the U.S. Department of Defense, other U.S. and international government agencies, and various commercial markets such as maritime, aeronautical, public safety, utilities, oil/gas, and more.

What recent achievements has Iridium made?

Recent achievements include a strategic contract with the Republic of Korea Ministry of Defense, the acquisition of Satelles Inc., and a partnership with Cosco Shipping to install Iridium GMDSS terminals.

How has Iridium performed financially recently?

In the first quarter of 2024, Iridium reported a net income of $19.7 million, up from $9.8 million in the same period of the previous year, with operational EBITDA growing by 3% year-over-year.

What industries rely on Iridium's services?

Industries such as maritime, aviation, government/defense, emergency services, mining, forestry, oil/gas, heavy equipment, and transportation rely on Iridium's voice and data communication services.

What is the Iridium Satellite Time and Location (STL) service?

The Iridium STL service provides highly secure, satellite-based time and location services that enhance the efficiency and reliability of timing systems for critical infrastructure and protect against GNSS vulnerabilities.

What are Iridium's recent strategic initiatives?

Iridium's recent strategic initiatives include the acquisition of Satelles Inc., a new five-year contract with L3Harris Technologies, and collaborations with partners like Blue Sky Network for BVLOS UAS operations.

How does Iridium support government and military operations?

Iridium's voice and data solutions improve situational awareness for military personnel and track critical assets globally. They provide secure and standard communication services under contracts like the Enhanced Mobile Satellite Services (EMSS) with the U.S. Space Force.

Where is Iridium Communications Inc. headquartered?

Iridium Communications Inc. is headquartered in McLean, Virginia, U.S.A.

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Iridium Communications Inc.

Nasdaq:IRDM

IRDM Rankings

#1599 Ranked by Market Cap
#1390 Ranked by Dividends

IRDM Stock Data

3.27B
113.85M
11.36%
88.69%
5.83%
Telecom Services
Communications Equipment, Nec
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United States of America
MCLEAN