Iridium Communications Inc. - IRDM STOCK NEWS

Iridium Communications Inc. (Nasdaq: IRDM) launched the Iridium Messaging Transport (IMT), a two-way cloud-native data service designed for satellite IoT applications. IMT simplifies the addition of satellite connections to IoT solutions, optimizing communication over the Iridium Certus network. The service integrates with Iridium CloudConnect and Amazon Web Services, significantly reducing development costs and time to market for new devices. IMT is currently available for Iridium Certus 100, with plans to expand to other services in 2023. Notable products utilizing IMT include Ground Control's RockREMOTE and MetOcean's STREAM+.

Iridium Communications has launched a groundbreaking program supporting the Smithsonian's Movement of Life Initiative, enhancing conservation efforts through advanced animal tracking.

This collaboration utilizes Iridium's satellite network to monitor wildlife in hard-to-reach areas, allowing real-time data transmission to aid conservationists in protecting endangered species like elephants and giraffes. The initiative features partnerships with collar manufacturing firms to facilitate effective data collection and communication in the field.

Iridium Communications Inc. (Nasdaq: IRDM) announced its first cash dividend of $0.13 per share, payable on March 30, 2023, to stockholders of record by March 15, 2023. This marks the launch of a quarterly dividend program as part of its commitment to reward shareholders. The company has also executed approximately $413 million of share repurchases from a total authorized program of $600 million. Iridium anticipates maintaining a stable leverage range of 2.5 to 3.5 times operational EBITDA by the end of 2023.

Iridium Communications Inc. (Nasdaq: IRDM) announced its participation in several investor conferences in November and December 2022. Key events include the Deutsche Bank Global Space Summit on November 9, the Southwest IDEAS Investor Conference on November 16, the Raymond James Technology Investors Conference on December 5, the Morgan Stanley Space Summit on December 6, and the Barclays Global Conference on December 7. Presentations will be webcast on Iridium's investor relations website, with archives available for seven days.

Iridium Communications reported third-quarter 2022 financial results, showing a net income of $2.1 million, a turnaround from a loss of $2.1 million in Q3 2021. Revenue increased by 14% to $184.1 million, with service revenue up 9% at $139 million. The company ended the quarter with 1,973,000 subscribers, a 17% year-over-year increase. OEBITDA reached a record $107.8 million, an 8% increase from Q3 2021. Iridium's full-year outlook for service revenue growth is projected between 8% and 9%, improving prior estimates.

On October 12, 2022, Iridium Communications announced partnerships with MetOcean Telematics, NAL Research, and Trace Systems as new service providers of Iridium Certus® for U.S. government customers. This initiative extends Iridium's secure satellite broadband services, enhancing military communications capabilities globally. The partnership aims to ensure reliable connectivity in various environments, including combat zones. Iridium Certus provides low-profile, resilient terminals, allowing secure data and voice services for the Department of Defense.

Iridium Communications Inc. (Nasdaq: IRDM) will host a conference call on October 20, 2022, at 8:30 a.m. ET to discuss its third-quarter 2022 financial results. The earnings press release will be available on the investor relations page. Participants can join via phone or webcast. Iridium is the only global mobile voice and data satellite communications network, offering innovative solutions for various markets. For more information, visit www.iridium.com.

Iridium Communications Inc. (Nasdaq: IRDM) is launching Operation Pacific Waves (OPW), a series of field exercises in the Indo-Pacific from September 28-30, 2022. This initiative aims to showcase Iridium's global communication capabilities through live demonstrations involving over 20 organizations, including the U.S. Department of Defense. The focus will be on Beyond Line of Sight (BLOS) communication needs, utilizing Iridium's Enhanced Mobile Satellite Services (EMSS) contract. The operation emphasizes interoperability, command and control across various locations, reinforcing the strategic significance of the Indo-Pacific region.

Iridium Communications has announced an agreement with SpaceX to launch up to five spare satellites from its NEXT program on a Falcon 9 rocket, with the Iridium-9 launch scheduled for mid-2023 at Vandenberg Space Force Base. This follows a successful series of eight launches between January 2017 and January 2019, totaling 75 satellites. Currently, Iridium operates 66 satellites and has seen subscriber growth exceeding 1.8 million since 2019, aided by new product offerings, including the Iridium Certus broadband platform.