Core Insights - Iridium Communications reported quarterly earnings of $0.20 per share, missing the Zacks Consensus Estimate of $0.23 per share, and down from $0.27 per share a year ago, representing an earnings surprise of -13.04% [1] - The company posted revenues of $216.91 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.08% and up from $201.07 million year-over-year [2] - Iridium has outperformed the S&P 500 with an 11.8% gain since the beginning of the year compared to the S&P 500's 8.1% gain [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.29 on revenues of $224.34 million, and for the current fiscal year, it is $1.04 on revenues of $876.34 million [7] - The estimate revisions trend for Iridium was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Satellite and Communication industry is currently in the top 39% of Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by a factor of more than 2 to 1 [8] - Another company in the same industry, Globalstar, is expected to report a quarterly loss of $0.09 per share, with revenues projected at $62.67 million, reflecting a year-over-year increase of 3.8% [9]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Financial%20Statements) Presents Iridium Communications Inc.'s unaudited condensed consolidated financial statements for Q2 and H1 2025, covering balance sheets, operations, cash flows, and notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$2.57 billion** by June 30, 2025, from **$2.67 billion** at year-end 2024, primarily due to reduced cash Balance Sheet Summary (as of June 30, 2025 vs. Dec 31, 2024) | Metric | June 30, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | **Total Assets** | **$2,568,111** | **$2,671,471** | | Cash and cash equivalents | $79,309 | $93,526 | | **Total Liabilities** | **$2,094,496** | **$2,094,834** | | Long-term secured debt, net | $1,809,169 | $1,757,767 | | **Total Stockholders' Equity** | **$473,615** | **$576,637** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Q2 2025 total revenue increased to **$216.9 million**, but net income decreased to **$22.0 million** due to a non-recurring prior-year gain Q2 2025 vs Q2 2024 Performance (Three Months Ended June 30) | Metric | Q2 2025 (In thousands) | Q2 2024 (In thousands) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $216,906 | $201,067 | +7.9% | | Operating Income | $50,258 | $43,646 | +15.1% | | Net Income | $21,968 | $32,336 | -32.1% | | Diluted EPS | $0.20 | $0.27 | -25.9% | H1 2025 vs H1 2024 Performance (Six Months Ended June 30) | Metric | H1 2025 (In thousands) | H1 2024 (In thousands) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $431,784 | $404,920 | +6.6% | | Operating Income | $110,646 | $93,417 | +18.4% | | Net Income | $52,380 | $51,989 | +0.7% | | Diluted EPS | $0.48 | $0.42 | +14.3% | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 operating cash flow increased to **$190.7 million**, while cash used in investing decreased and financing activities increased, driven by repurchases and dividends Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2025 (In thousands) | 2024 (In thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $190,696 | $152,540 | | Net cash used in investing activities | $(45,256) | $(137,719) | | Net cash used in financing activities | $(162,608) | $(22,845) | | **Net decrease in cash** | **$(14,217)** | **$(8,329)** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed information on accounting policies, financial instruments, debt, equity, revenue, and related party transactions - The company's Term Loan balance was **$1.77 billion** as of June 30, 2025, bearing interest at SOFR plus 2.25% with a 0.75% SOFR floor and maturing in September 2030[39](index=39&type=chunk)[41](index=41&type=chunk)[43](index=43&type=chunk) - The company repurchased **4.9 million shares** for **$135.0 million** in the first six months of 2025, with **$295.3 million** remaining available for repurchase under the current program[58](index=58&type=chunk)[60](index=60&type=chunk) - Total services revenue for H1 2025 was **$309.9 million**, with commercial services contributing **$256.4 million** and government services contributing **$53.5 million**[61](index=61&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2025 financial performance, including revenue, operating expenses, net income, liquidity, capital resources, debt, and cash flow [Overview of Our Business](index=18&type=section&id=Overview%20of%20Our%20Business) Iridium operates a 66-satellite LEO constellation for global mobile communications, expanded into PNT services, and grew billable subscribers to **2.48 million** by June 2025 - Iridium is the only commercial provider of communications services with true global coverage via its **66-satellite L-band constellation**[88](index=88&type=chunk)[89](index=89&type=chunk) - The company acquired Satelles, Inc. in Q2 2024 to enter the secure position, navigation, and timing (PNT) services market, which is expected to generate substantial growth[90](index=90&type=chunk) - Billable subscribers grew by **3% year-over-year** to approximately **2,483,000** as of June 30, 2025[92](index=92&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Q2 2025 total revenue grew **8%** to **$216.9 million**, driven by Engineering and Support services, while net income decreased **32%** due to a non-recurring gain Q2 2025 vs Q2 2024 Revenue Breakdown | Revenue Stream | Q2 2025 ($M) | Q2 2024 ($M) | Change (%) | | :--- | :--- | :--- | :--- | | Services | 155.6 | 152.5 | +2% | | Subscriber equipment | 19.5 | 22.8 | -15% | | Engineering and support | 41.9 | 25.8 | +62% | | **Total Revenue** | **216.9** | **201.1** | **+8%** | - The significant increase in Engineering and Support revenue and associated costs was primarily due to increased work under government contracts, predominantly the contract with the Space Development Agency (SDA)[97](index=97&type=chunk)[99](index=99&type=chunk) - The decrease in Q2 2025 net income was primarily caused by a **$19.8 million** gain on the equity method investment in Satelles recorded in Q2 2024 upon its acquisition, which did not recur[108](index=108&type=chunk)[109](index=109&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity sources include cash from operations, **$79.3 million** cash on hand, and a **$100 million** Revolving Facility, with H1 2025 cash used for repurchases and dividends - Cash and cash equivalents decreased to **$79.3 million** from **$93.5 million** at year-end 2024, primarily due to share repurchases and dividends[127](index=127&type=chunk) - The company has a Term Loan with a balance of **$1.77 billion** maturing in 2030 and a Revolving Facility with **$50 million** outstanding maturing in 2028[128](index=128&type=chunk)[131](index=131&type=chunk)[137](index=137&type=chunk) - A **$28.5 million** excess cash flow prepayment in Q2 2025 has suspended required quarterly principal payments until the fourth quarter of 2026[135](index=135&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on its **$1.77 billion** Term Loan and **$50 million** Revolving Facility, partially mitigated by an interest rate cap - The company has an outstanding Term Loan of **$1.77 billion** and a Revolving Facility of **$50.0 million**, both subject to variable interest rates based on SOFR[146](index=146&type=chunk)[147](index=147&type=chunk) - An interest rate cap is in place to manage exposure on a notional amount of **$1.0 billion** of the Term Loan, providing a hedge if one-month SOFR exceeds **1.436%**[146](index=146&type=chunk) [Controls and Procedures](index=28&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[151](index=151&type=chunk) - No material changes were made to the internal control over financial reporting during the quarter ended June 30, 2025[152](index=152&type=chunk) [Part II. Other Information](index=30&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=30&type=section&id=ITEM%201.%20Legal%20Proceedings) The company reports no material pending legal proceedings beyond routine litigation incidental to its business - There are no material pending legal proceedings against the company[155](index=155&type=chunk) [Risk Factors](index=30&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes have occurred in the risk factors since the Annual Report on Form 10-K for December 31, 2024 - No material changes have occurred in the risk factors since the last Annual Report[157](index=157&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2025, the company repurchased **2,553,517 shares** at **$25.45** per share, with **$295.3 million** remaining for future repurchases Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1-30 | 1,228,806 | $24.40 | | May 1-31 | 587,689 | $25.51 | | June 1-30 | 737,022 | $27.13 | | **Total** | **2,553,517** | **$25.45** | - The maximum value of shares that may yet be purchased under the plan is **$295.3 million** as of June 30, 2025[158](index=158&type=chunk) [Other Information](index=31&type=section&id=ITEM%205.%20Other%20Information) Timothy P. Kapalka, Chief Accounting Officer, adopted a Rule 10b5-1 trading plan for the potential sale of up to **5,833 shares** - Timothy P. Kapalka, Chief Accounting Officer, adopted a Rule 10b5-1 trading plan for the sale of up to **5,833 shares**[161](index=161&type=chunk)[162](index=162&type=chunk) [Exhibits](index=32&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32.1) and XBRL data files[166](index=166&type=chunk)

FOR RELEASE Thursday, July 24, 2025 Investor Contact: Press Contact: Kenneth Levy Iridium Communications Inc. +1 (703) 287-7570 ken.levy@iridium.com Jordan Hassin Iridium Communications Inc. +1 (703) 287-7421 jordan.hassin@iridium.com "We're making great progress on our direct-to-device service with testing now underway and are also finding exciting, innovative applications for our new PNT service," said Matt Desch, CEO, Iridium. Desch added, "I'm pleased that the Board approved an increase to our September ...

Core Insights - Iridium Communications Inc. reported a net income of $22.0 million for Q2 2025, down from $32.3 million in Q2 2024, primarily due to a one-time gain from the acquisition of Satelles, Inc. in the previous year [1][2] - Total revenue for Q2 2025 was $216.9 million, an 8% increase compared to the same period in 2024, with service revenue contributing $155.6 million and equipment sales generating $61.3 million [2][3] - The company ended the quarter with 2,483,000 total billable subscribers, reflecting a 3% year-over-year growth, driven mainly by the commercial IoT segment [3][4] Financial Performance - Operational EBITDA for Q2 2025 was $121.3 million, a 6% increase from $114.0 million in Q2 2024 [1][12] - The company’s commercial service revenue was $128.8 million, up 2% from the previous year, while government service revenue grew by 1% to $26.8 million [7][8] - Equipment revenue decreased by 15% to $19.5 million compared to $22.8 million in Q2 2024 [8] Subscriber Metrics - The total billable subscribers increased by 3% year-over-year, with commercial IoT data subscribers representing 82% of the commercial subscriber base [3][24] - Government voice and data subscribers decreased by 22% year-over-year to 49,000, while government IoT data subscribers remained flat [8][24] - Average revenue per user (ARPU) for commercial voice and data was $46, unchanged from the previous year, while IoT data ARPU increased to $7.83 from $7.70 [7][24] Business Highlights - Commercial services accounted for 59% of total revenue, with diverse markets including maritime, aviation, and emergency services [4][5] - The company is progressing on its direct-to-device service and exploring innovative applications for its new PNT service [4] - Iridium's Enhanced Mobile Satellite Services contract with the U.S. Space Force is valued at $738.5 million, providing satellite airtime services for federal government subscribers [6] Capital and Shareholder Returns - Capital expenditures for Q2 2025 were $20.7 million, with gross term loan debt at $1.8 billion [7][9] - The company declared a quarterly dividend of $0.15 per share for Q3 2025, marking a 5.5% increase from the previous year [9][10] - Iridium repurchased approximately 2.6 million shares for $65.0 million, with $295.3 million remaining authorized for repurchase through December 2027 [10] Outlook - The company updated its full-year 2025 service revenue growth outlook to between 3% and 5%, down from the previous guidance of 5% to 7% [11][15] - Full-year 2025 Operational EBITDA is expected to be between $490 million and $500 million [15] - The company aims to maintain net leverage below 4.0 times EBITDA through 2026, targeting a reduction to below 2.0 times by the end of the decade [15]

Core Viewpoint - Iridium Communications Inc. will host a conference call on July 24, 2025, to discuss its second-quarter 2025 financial results, with an earnings press release to be issued prior to the call [1][2]. Company Overview - Iridium Communications Inc. is a leading provider of global voice and data satellite communications, offering a unique mobile network that spans the entire globe [3]. - The company enables real-time connections between people, organizations, and assets, supported by a portfolio of reliable solutions for global communications [3]. - In 2024, Iridium acquired Satelles and announced the Iridium Satellite Time and Location® service, enhancing its service offerings [3]. Conference Call Details - The conference call is scheduled for July 24, 2025, at 8:30 a.m. Eastern Time, with participation available via a dedicated phone line [1]. - A replay of the webcast will be accessible approximately one hour after the call concludes, available on the investor relations section of the company's website [2].

Core Insights - AST SpaceMobile and Iridium Communications are leading satellite communications providers, with AST SpaceMobile developing a global cellular broadband network in space accessible by standard smartphones [1][4] - Iridium operates a large constellation of 66 LEO satellites, providing dedicated global voice and data communications services [2][10] AST SpaceMobile - AST SpaceMobile has launched its first five commercial satellites, named Bluebird, which feature the largest commercial communications arrays at 693 square feet [4] - The company holds over 3,650 patents related to its direct-to-cell satellite ecosystem, aiming to fill cellular coverage gaps [4][5] - Partnerships with major carriers like AT&T and Verizon enhance its market reach and funding for network development [5] - Despite significant growth, AST SpaceMobile faces challenges from macroeconomic conditions and competition from companies like SpaceX's Starlink [6][18] - ASTS has seen a 268% increase in stock price over the past year, with projected sales growth of 1314.6% in 2025 [8][15] Iridium Communications - Iridium's network utilizes a mesh architecture of 66 satellites, allowing for global service coverage and minimal ground infrastructure [2][10] - The company is expected to benefit from the introduction of new IoT transceivers and has a projected service revenue of over $100 million by 2030 [7][9] - Iridium's stock has increased by 14.6% over the past year, with a more modest sales growth projection of 5.4% for 2025 [8][15] - The company maintains a lower price-to-sales ratio of 3.57 compared to AST SpaceMobile's 68.13, indicating a more attractive valuation [16][18] Comparative Analysis - Both companies are expected to improve their sales in 2025, but Iridium has shown consistent revenue and EPS growth over the years [18] - AST SpaceMobile has outperformed Iridium in stock price growth, but Iridium's valuation metrics and earnings growth expectations make it a relatively better investment option [18]

Core Insights - Iridium Communications Inc. has appointed Monique Shivanandan to its Board of Directors, effective immediately [1][2] - Shivanandan brings extensive experience in cybersecurity and technology from her previous roles at HSBC, Chubb, Aviva, and Capital One [2][3] - She is recognized as an independent director and will serve on the Compensation Committee [3] Company Overview - Iridium Communications Inc. operates the only mobile voice and data satellite communications network that provides global coverage [3] - The company enables real-time connections for people, organizations, and assets worldwide [3] - In 2024, Iridium acquired Satelles and launched the Iridium Satellite Time and Location service [3]

The seed round was led by Radicle Growth, with strong ties to the U.S. corn and bio-ethanol industries, based on New Iridium being a finalist in the Corn Value Chain Challenge sponsored by U.S. corn farmers, with significant prior investment from CIRI Ventures, and participation from Evergreen Climate Innovations, and Climate Insiders. "This funding accelerates our mission to build a scalable platform for producing low-cost, sustainable alternatives to fossil-based chemicals," said Dr. Chern-Hooi Lim, Found ...

Core Insights - Iridium Communications Inc. has announced a partnership with Syniverse to support the rollout of Iridium NTN Direct service with mobile network operators (MNOs) globally [1][4] - The partnership aims to provide MNOs with a reliable solution for non-terrestrial network (NTN) services, integrating Iridium NTN Direct with Syniverse's global platform [1][4] Company Overview - Iridium Communications Inc. is a leading provider of global voice and data satellite communications, with a fully deployed satellite constellation and unmatched coverage [3][5] - The company has a history of providing reliable safety of life services and is headquartered in McLean, Virginia, trading on the Nasdaq under the ticker symbol IRDM [6] Industry Context - According to GSMA's 2025 Industry Survey, 85% of MNOs planning to pursue NTN services are looking for Low-Earth Orbit (LEO) solutions to extend their global coverage [2] - Iridium NTN Direct will offer direct-to-device (D2D) and narrow-band Internet of Things (NB-IoT) messaging for various applications, including consumer devices and industrial sectors [2][5] Partnership Details - The integration of Syniverse's system with Iridium's network is expected to simplify deployment for MNOs, ensuring consistency and security while accelerating access to non-terrestrial connectivity [4] - Syniverse has over 35 years of experience in mobile interoperability and serves approximately 600 carrier customers in 170 countries [4] Future Outlook - The first Iridium NTN Direct connected devices are planned to be available in 2026, with 3GPP Release 19 expected to be completed by the end of 2025 [5]

Core Viewpoint - Iridium Communications (IRDM) shares have increased by approximately 17.3% since the last earnings report, outperforming the S&P 500, raising questions about the sustainability of this positive trend leading up to the next earnings release [1]. Earnings Report Summary - The most recent earnings report is essential for understanding the key drivers behind the stock's performance [1]. Estimates Movement - Fresh estimates for Iridium have remained flat over the past month, indicating no significant changes in expectations [2]. VGM Scores - Iridium has a strong Growth Score of A, but a lower Momentum Score of D, and a middle-range Value Score of C, resulting in an aggregate VGM Score of B, which is relevant for investors not focused on a single strategy [3]. Outlook - The company holds a Zacks Rank of 3 (Hold), suggesting an expectation of an in-line return from the stock in the upcoming months [4].