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.
On March 16, 2022, Iridium Communications Inc. (NASDAQ: IRDM) announced a partnership with Sumitomo Construction Machinery Co., Ltd. (SCM) to integrate its satellite communication technology into SCM's Link-Belt RemoteCARE service. This deployment will initially support North American operations, with plans for global expansion. The collaboration aims to enhance monitoring and tracking of heavy machinery through Iridium's reliable two-way communication, improving operational oversight and asset management. Iridium's IoT subscriber base grew 24% year-over-year, indicating strong market demand and relevance in satellite connectivity.
Iridium Communications (Nasdaq: IRDM) has partnered with AnsuR Technologies to provide optimized video software solutions for its Iridium Certus service. AnsuR's technology can transmit high-precision video content using up to 99% less bandwidth. This collaboration enhances the capabilities of Iridium Certus terminals, crucial for emergency responders, military operations, and NGOs. The two companies showcased their technology during 'Operation Arctic Lynx', successfully transmitting live HD video in challenging conditions. This development signifies a substantial advancement in mission-critical communications.
Iridium Communications has authorized an additional $300 million stock repurchase program, effective through December 31, 2023. This marks the company's second $300 million buyback in two years, totaling $600 million available for stock repurchases over three years. The initiative aims to enhance shareholder returns while maintaining a target leverage range of 2.5x to 3.5x operational EBITDA by the end of 2023. Iridium's CEO emphasized the company's strong free cash flow and commitment to adding shareholder value.
Iridium Communications Inc. (Nasdaq: IRDM) announced participation in two upcoming investor conferences in March 2022. The first is the Raymond James 43rd Annual Institutional Investors Conference on March 8 at 4:35 p.m. ET, and the second is the Deutsche Bank 30th Annual Media, Internet & Telecom Conference on March 15 at 3:35 p.m. ET. Presentations will be webcast live and archived for seven days on Iridium's Investor Relations website. Iridium provides a global satellite communications network for real-time connections.
Iridium Communications Inc. (Nasdaq:IRDM) reported Q4 2021 results showing a net loss of $5.9 million, an improvement from $7.9 million in Q4 2020. Total revenue rose 6% to $155.9 million, with service revenue growing 8% to $126.7 million. OEBITDA increased 10% to $93.4 million, leading to a 60% OEBITDA margin. Full-year 2021 revenue reached a record $614.5 million, up 5% from 2020. The company ended Q4 with 1.723 million subscribers, reflecting a 17% year-over-year growth. Iridium anticipates service revenue growth of 5-7% and OEBITDA of $400-$410 million for 2022.
Iridium Communications Inc. has appointed Kathy Morgan as its new Chief Legal Officer effective January 1, 2022, succeeding Tom Hickey. Morgan, who joined Iridium in 2008, previously served as Vice President of Corporate Law, where she was instrumental in corporate development and SEC matters. CEO Matt Desch expressed confidence in Morgan's leadership abilities to enhance the company's legal operations. Hickey, who held the position for over a decade, highlighted his expertise in evolving the legal team and driving significant initiatives.
Iridium Communications Inc. (Nasdaq: IRDM) will hold a conference call on February 17, 2022 at 8:30 a.m. ET to discuss its fourth-quarter 2021 financial results. Prior to the call, the earnings press release will be available on the company’s investor relations page. Interested participants can join by dialing 1-412-902-6740 and should connect five minutes early. The call will also be webcast live. A replay will be accessible one hour after the call concludes.
Iridium provides a global mobile voice and data satellite communications network.
Iridium Communications announced its role in supporting the U.S. Army Reserve's reactivated Monuments Officers alongside the Virginia Museum of Natural History. This initiative aims to protect cultural heritage sites in Honduras, particularly post-Hurricanes Iota and Eta. Iridium's satellite connectivity was vital, enabling real-time communication and tracking for the archaeological team as they assessed Mayan sites. Dr. Hayden Bassett emphasized Iridium PTT's impact on mission efficiency. This project serves as a proof of concept for future Monuments Officer missions, integrating military and civilian expertise in cultural preservation.
Iridium Communications (NASDAQ: IRDM) has appointed Manjula Sriram as its new Vice President & Chief Information Officer. With over twelve years of experience, Sriram previously served as CIO at The Joint Chiropractic. She will lead Iridium's IT organization, focusing on enhancing information systems to support the company's growth following the successful launch of its second-generation satellite constellation. CFO Tom Fitzpatrick highlighted the importance of strong IT leadership during this phase of expansion.
On December 27, 2021, Iridium Communications Inc. (Nasdaq: IRDM) announced that CEO Matthew Desch will present at the 24th Annual Needham Virtual Growth Conference on January 10, 2022, at 2:45 p.m. ET. The presentation will be accessible via a live webcast on Iridium's investor relations website. A recorded replay will be available for 30 days post-conference. Iridium is a global leader in satellite communications, providing crucial voice and data services worldwide. For further details, visit Iridium's website.
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