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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 Launches GMDSS Academy

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Iridium Communications Inc. (NASDAQ: IRDM) has launched the Iridium Global Maritime Distress and Safety System Academy (GMDSS Academy), offering free curricula specific to GMDSS and related safety services. The Academy aims to ensure maritime students receive the required Iridium GMDSS safety instruction for working aboard SOLAS class vessels, providing a truly global, real-time maritime emergency service with its weather-resilient L-band spectrum. The training packs are available to anyone free-of-charge and can be easily integrated with existing coursework.
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Iridium Announces New D2D Direction

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Iridium Communications Inc. (NASDAQ: IRDM) announces the termination of its agreements with Qualcomm Technologies, Inc. regarding satellite messaging and emergency services in smartphones. Despite the technical success, smartphone manufacturers have not included the technology in their devices, leading to Qualcomm's decision to terminate the agreements. Iridium will now engage directly with smartphone OEMs, chipmakers, and developers for its existing and future service plans.
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Iridium Celebrates 25 Years of Innovation, Transformation and Global Connectivity

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Iridium Communications Inc. celebrates its 25th anniversary, highlighting its legacy of innovation and global satellite connectivity. The company has surpassed 2 million subscribers with a five-year compound annual growth rate (CAGR) of over 15.5%. Investors have been rewarded with a $1 billion share buyback program and quarterly dividends. Iridium remains committed to innovation and global connectivity.
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Iridium Announces Third-Quarter 2023 Results; Reports Record Operational EBITDA; Updates Guidance

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Iridium Communications Inc. reports Q3 2023 financial results, with a net loss of $1.6 million. Operational EBITDA for the quarter was $121.3 million, a 12% YoY increase. Total revenue increased 7% YoY to $197.6 million. The company ended the quarter with 2,236,000 total billable subscribers, a 13% YoY growth. Full-year 2023 outlook includes total service revenue growth of approximately 10% and OEBITDA of $460 million to $465 million.
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Iridium to Participate in Fall Investor Conferences

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Iridium Communications Inc. executives to participate in fall investor conferences.
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Iridium Announces Release Date for Third-Quarter 2023 Financial Results

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Iridium Communications Inc. will host a conference call on October 19, 2023, to discuss its third-quarter 2023 financial results.
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DISA and U.S. Space Force Award Iridium PLEO Satellite-Based Services Contract

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Iridium Communications awarded 5-year contract by U.S. Space Force for Iridium Certus services, including terminals and broadband capabilities.
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Iridium Provides Global Connectivity for XCMG Heavy Equipment

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Iridium Communications Inc. announced that Xuzhou Construction Machinery Group (XCMG) will deploy Iridium IoT services on its global fleet of heavy equipment. XCMG will use Iridium Edge, a satellite IoT terminal, to maintain connectivity in strategic locations. As of Q2 2023, Iridium's commercial IoT subscribers grew by 19% from the previous year.
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Iridium Board of Directors Approves Additional $400 Million Share Repurchase Program; Authorizations Now Total $1 Billion

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Iridium Announces Second-Quarter 2023 Results; Reports Record Operational EBITDA

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Iridium Communications Inc. (IRDM) reported a net loss of $30.7 million for Q2 2023, driven by a write-off of ground spare satellites. Despite this, operational EBITDA increased by 9% to $115.8 million, with total revenue reaching $193.1 million, representing a 10% increase from the prior year. The company's total billable subscribers grew by 14% year-over-year to 2,140,000, primarily driven by growth in commercial IoT.
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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
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