MCLEAN, Va., Jan. 23, 2025 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq: IRDM) ("Iridium"), a leading provider of global voice and data satellite communications, will host a conference call on Thursday, February 13, 2025 at 8:30 a.m. Eastern Time (ET) to discuss the Company's fourth-quarter and full year 2024 financial results. In advance of the call on February 13, 2025, Iridium will issue its fourth-quarter 2024 earnings press release, which will be available on the investor relations page of the C ...

MCLEAN, Va., Jan. 2, 2025 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq: IRDM) ("Iridium"), a leading provider of global voice and data satellite communications, today announced that Company executives would participate at the 27th Annual Needham Growth Conference on Tuesday, January 14, 2025 at 4:30 p.m. ET. A presentation from the conference will be webcast on the Investor Relations section of Iridium's website at http://investor.iridium.com/events. The webcast will be archived at the same location ...

The global demand for seamless connectivity is soaring, fueling a multi-billion dollar boom in the satellite communication sector, which is projected to grow from $220 billion to $630 billion over the next seven years. This unprecedented growth is driven by the need for reliable communication access to even the most remote locations, and it presents a unique opportunity for investors. But with multiple companies employing a diverse range of technologies and strategies, how can investors effectively navigate ...

MIAMI, Dec. 12, 2024 /PRNewswire/ -- Blynk, the leading Low-Code IoT SaaS platform, has partnered with Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice and data satellite communications, in support of the new Iridium Certus™ 9704 Development Kit, an end-to-end product evaluation tool for the Iridium Certus 9704 module. This partnership allows engineering teams to jumpstart their projects with Iridium's new hardware using Blynk's powerful IoT platform, creating an ideal environm ...

The new module is supported by the Iridium Certus 9704 Development Kit, and is ideal for data, audio messages and image transfers, while positioning companies as more future ready in anticipation of Satellite AIoTMCLEAN, Va., Dec. 12, 2024 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice and data satellite communications, today launched the Iridium Certus™9704, its newest  IoT module, and Iridium Certus 9704 Development Kit. This transformational new module, fea ...

Core Insights - Iridium Communications Inc. (IRDM) has partnered with Eutelsat Group's subsidiary Eutelsat America Corp. and OneWeb Technologies Inc. to provide Iridium Certus and Iridium Satellite Time and Location (STL) services to U.S. government clients [1] - The partnership aims to enhance government services with a GNSS-resilient LEO Ku-Band/L-band solution, improving connectivity and remote terminal management capabilities [2] - Iridium's acquisition of Satelles, Inc. has strengthened its STL service offerings, which are crucial in areas lacking GPS or GNSS signals, with a target of achieving $1 billion in annual service revenues by 2030 [3] Group 1: Partnership and Services - EACOWT will deliver Iridium Certus and STL services to U.S. government clients through contracts with the U.S. Space Force [1] - The combination of OneWeb Technologies' satellite network and Iridium's services provides a strong alternative for positioning, navigation, and timing (PNT) information [2] Group 2: Financial Performance and Projections - In Q3 2024, IRDM's total service revenues increased by 5% year over year to $159.9 million, driven by a growing subscriber base [3] - The Iridium STL business is projected to generate over $100 million in service revenue annually by 2030 [3]

Core Viewpoint - Iridium Communications (IRDM) reported a significant improvement in earnings for Q3 2024, with earnings per share (EPS) of 21 cents, surpassing the Zacks Consensus Estimate by 5% and recovering from a loss of 1 cent per share in the same quarter last year [1][2]. Financial Performance - Quarterly revenues reached $212.8 million, reflecting an 8% increase year-over-year, driven by growth in the Commercial service segment and Government Engineering and support services [2][4]. - Total service revenues rose 5% year-over-year to $159.9 million, contributing 75% to total revenues, supported by strong recurring revenues from increased subscriber engagements [3][6]. - Subscriber Equipment revenues increased by 9% to $22.2 million, while Engineering and support revenue surged 22% to $30.7 million due to heightened activity with the U.S. government [4][6]. Operational Metrics - Total operating expenses decreased to $157.9 million from $169.5 million in the prior-year quarter, primarily due to lower depreciation and amortization costs [6]. - Operational EBITDA (OEBITDA) increased by 2.5% year-over-year to $124.4 million, with operating income rising to $54.9 million from $28.2 million in the previous year [6]. Subscriber Growth - As of September 30, 2024, the company had 2,482,000 billable subscribers, an 11% increase from 2,236,000 in the prior-year quarter, with commercial IoT data subscribers growing 14% to 1.9 million [6]. - The commercial sector contributed significantly to subscriber growth, with 2,341,000 billable commercial subscribers, up from 2,094,000 in the previous quarter [6]. Liquidity and Share Repurchase - As of September 30, 2024, total cash and cash equivalents were $159.6 million, with net debt of $1.7 billion [6]. - In Q3 2024, the company repurchased 4.7 million shares worth $128.6 million and announced an additional $500 million share repurchase program through December 31, 2027 [7]. 2024 Outlook - Based on the strong Q3 performance, Iridium revised its full-year 2024 outlook, now expecting total service revenue growth of about 5%, up from the previous guidance of 4-6% [8]. - The company anticipates full-year OEBITDA to be between $465 million and $470 million, an increase from the previous range of $460 million to $470 million [8].

Core Insights - Iridium Communications reported revenue of $212.77 million for Q3 2024, reflecting a 7.7% increase year-over-year and a surprise of +3.45% over the Zacks Consensus Estimate of $205.68 million [1] - Earnings per share (EPS) for the quarter was $0.21, compared to -$0.01 in the same quarter last year, resulting in an EPS surprise of +5.00% against the consensus estimate of $0.20 [1] Revenue Performance - Total revenue from subscriber equipment was $22.17 million, slightly below the estimated $22.54 million, but showing an 8.6% increase year-over-year [1] - Service revenue reached $159.86 million, exceeding the average estimate of $157.10 million, with a year-over-year growth of 5.2% [1] - Engineering and support service revenue was $30.75 million, surpassing the estimate of $25.96 million, marking a significant year-over-year increase of 21.9% [1] Subscriber Metrics - Average Revenue Per User (ARPU) for commercial voice and data was $46, slightly below the estimate of $46.31 [1] - ARPU for commercial IoT data was $7.79, exceeding the estimate of $7.56 [1] - ARPU for commercial broadband was $309, significantly higher than the estimated $280.57 [1] - Total net billable subscriber additions were 69 thousand, below the average estimate of 99.82 thousand [1] Service Revenue Breakdown - Commercial service revenue was $133.31 million, above the estimate of $130.46 million, with a year-over-year increase of 6.3% [1] - Government service revenue was $26.55 million, slightly above the estimate of $26.51 million, reflecting a minimal year-over-year change of 0.2% [1] - Hosted payload and other data service revenue was $16.37 million, exceeding the estimate of $14.67 million, with a year-over-year growth of 9% [1] Stock Performance - Iridium's shares have returned +10.1% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [1] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [1]

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 ...

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 ...