Iridium Communications (IRDM) came out with quarterly earnings of $0.21 per share, beating the Zacks Consensus Estimate of $0.20 per share. This compares to loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 5%. A quarter ago, it was expected that this satellite phone company would post earnings of $0.19 per share when it actually produced earnings of $0.27, delivering a surprise of 42.11%. Over the last four quart ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-33963 Iridium Communications Inc. (Exact name of registrant as specified in its charter) DE 26-1344998 (State or other jurisdiction of incorporation or organi ...

Financial Performance - Net income for Q3 2024 was $24.4 million, compared to a net loss of $1.6 million in Q3 2023, driven by increased service revenue, engineering and support revenue, and equipment sales[1] - Total revenue for Q3 2024 reached a record $212.8 million, with service revenue accounting for $159.9 million (75% of total revenue), up 5% year-over-year[1] - Total service revenue for Q3 2024 increased by 5% to $159.855 million compared to $151.950 million in Q3 2023[16] - Operational EBITDA for Q3 2024 increased by 3% to $124.412 million compared to $121.266 million in Q3 2023[18] - Net income for Q3 2024 was $24.446 million, a significant improvement from a net loss of $1.642 million in Q3 2023[16] - Total revenue for the first nine months of 2024 grew by 4% to $617.691 million compared to $595.983 million in the same period of 2023[17] - Full-year 2024 OEBITDA guidance was updated to $465-$470 million, up from $463.1 million in 2023, with total service revenue growth expected at 5%[11] Revenue Breakdown - Commercial service revenue was $133.3 million, up 6% year-over-year, with IoT data revenue growing 14% to $43.7 million[3][4] - Government service revenue remained stable at $26.5 million, with the EMSS Contract annual rate increasing to $107 million starting September 15, 2024[7] - Equipment revenue increased 9% year-over-year to $22.2 million, while engineering and support revenue rose 22% to $30.7 million[8][9] - Commercial service revenue grew by 6% to $133.309 million in Q3 2024, driven by a 14% increase in IoT data revenue[18] - Government service revenue remained flat at $26.546 million in Q3 2024 compared to Q3 2023[18] - Subscriber equipment revenue increased by 9% to $22.169 million in Q3 2024[18] - Engineering and support service revenue rose by 22% to $30.747 million in Q3 2024, with government segment growing 24%[18] Subscriber Metrics - Total billable subscribers grew 11% year-over-year to 2,482,000, with commercial IoT data subscribers increasing 14% to 1,902,000[2][4] - Total billable subscribers increased by 11% to 2,482,000 as of September 30, 2024, compared to 2,236,000 in 2023[19] - Commercial IoT data subscribers grew by 14% to 1,902,000, up from 1,667,000 in 2023[19] - Government IoT data subscribers decreased by 4% to 78,000, down from 81,000 in 2023[19] - Commercial broadband subscribers increased by 1% to 16.7 million, up from 16.5 million in 2023[19] - Total net billable subscriber additions for commercial services decreased by 26% to 70,000 in Q3 2024, compared to 94,000 in Q3 2023[19] - Total government voice and data and IoT data service subscribers decreased by 1% to 141,000, down from 142,000 in 2023[19] - Net billable subscriber additions for government services decreased by 200% to -1,000 in Q3 2024, compared to 1,000 in Q3 2023[19] ARPU (Average Revenue Per User) - ARPU for commercial IoT data decreased by 1% to $7.79 in Q3 2024, compared to $7.90 in Q3 2023[19] - ARPU for commercial broadband decreased by 4% to $309 in Q3 2024, compared to $322 in Q3 2023[19] - ARPU for commercial voice and data remained flat at $46 in Q3 2024, unchanged from Q3 2023[19] Capital and Debt Management - The company repurchased 4.7 million shares (4% of outstanding shares) for $128.6 million in Q3 2024, with $552.2 million remaining authorized for repurchase[10] - Net leverage stood at 3.5x trailing twelve months OEBITDA, with a target to reduce it below 2.0x by the end of the decade[11] - Capital expenditures for Q3 2024 increased to $18.616 million from $11.998 million in Q3 2023[18] - Net debt as of Q3 2024 stood at $1.652 billion, up from $1.432 billion in Q3 2023[18]

MCLEAN, Va., Oct. 17, 2024 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq:IRDM) ("Iridium"), a leading provider of global voice and data satellite communications, today reported financial results for the third quarter of 2024 and updated its full-year 2024 outlook. Net income was $24.4 million, or $0.21 per diluted share, for the third quarter of 2024, as compared to net loss of $1.6 million, or $0.01 per diluted share, for the third quarter of 2023. Operational EBITDA ("OEBITDA")(1) for the third quar ...

MCLEAN, Va., Oct. 15, 2024 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq: IRDM), a leading provider of global voice and data satellite communications, today announced the Space Development Agency (SDA) has awarded the General Dynamics Mission Systems (GDMS) and Iridium team a $491.6 million contract modification in support of its Ground Management and Integration (GMI) program for the Proliferated Warfighter Space Architecture (PWSA). Of this amount, Iridium's share has a value of $239 million over fi ...

Iridium Communications (IRDM) is slated to release third-quarter 2024 earnings on Oct. 17, before market open. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. The Zacks Consensus estimate for revenues is pegged at $205.7 million, indicating an increase of 4.1% from the year-ago level. The consensus estimate for earnings per share is pegged at 20 cents, unchanged in the past 60 days. In the year-ago quarter, the company reported a loss of 1 cent. IRDM's earnings beat the Zacks Conse ...

Wall Street analysts expect Iridium Communications (IRDM) to post quarterly earnings of $0.20 per share in its upcoming report, which indicates a year-over-year increase of 2100%. Revenues are expected to be $205.68 million, up 4.1% from the year-ago quarter. The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period. Ahead of a compa ...

MCLEAN, Va., Oct. 9, 2024 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice and data satellite communications, today announced its collaboration with Nordic Semiconductor for early integration of its Iridium NTN Direct℠ service into Nordic's LTE-M/NB-IoT modules and chipsets. Nordic Semiconductor is a global leader in low power wireless connectivity solutions including cellular IoT (LTE-M, NB-IoT), Wi-Fi, Bluetooth LE, and Thread and is trusted by world leading b ...

One company that I have a really solid track record with is satellite owner and operator Iridium Communications (NASDAQ: IRDM ). For the most part, from my first article about the company in July of 2015 Crude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential. Subscribers get to use a 50+ stock model account, in-depth cash flow analyses of E&P firms, ...

Iridium Communications Inc (IRDM) stock has gained 21% in the past six months compared with the S&P 500 composite's growth of 9.9%. IRDM stock gained 1.9% in the last trading session and closed at $31.02. IRDM is trading 31.2% below its 52-week high of $45.07, reached on Oct. 5, 2023. The stock had a dreary run on the trading front for most of the year. Recent developments, including a new stock buyback program and the launch of new services like Iridium NTN Direct, along with improving quarterly numbers, h ...