Core Viewpoint - Iridium Communications Inc. reported stable financial performance for Q4 2025 and full-year 2025, with a total revenue of $212.9 million in Q4 and $871.7 million for the year, reflecting a 5% year-over-year growth driven by demand for IoT services and a diverse commercial customer base [1][2][4]. Financial Performance - Q4 2025 total revenue was $212.9 million, comprising $158.9 million in service revenue and $54.0 million from equipment sales and engineering projects, consistent with the previous year [1][2]. - Full-year 2025 revenue reached $871.7 million, a 5% increase from 2024, with service revenue accounting for $634.0 million [1][4]. - Net income for Q4 2025 was $24.9 million ($0.24 per diluted share), down from $36.3 million ($0.32 per diluted share) in Q4 2024 [1][4]. - Full-year net income was $114.4 million, up from $112.8 million in 2024, with net income per diluted share increasing by 13% to $1.06 [1][4]. Subscriber Growth - Total billable subscribers reached 2,537,000 by the end of Q4 2025, a 3% increase from 2,460,000 in the previous year [1][2]. - The commercial subscriber base grew to 2,416,000, with IoT data subscribers representing 83% of this total [2][4]. Revenue Breakdown - Commercial service revenue in Q4 2025 was $131.2 million, a 3% increase year-over-year, driven by IoT data and voice services [1][4]. - Government service revenue grew by 3% to $27.6 million in Q4 2025, reflecting a contractual rate increase [2][4]. - Equipment revenue for 2025 totaled $81.1 million, down from $91.4 million in 2024, with expectations for 2026 to align with 2025 levels [2][4]. Operational Metrics - Operational EBITDA for Q4 2025 was $115.3 million, a slight decrease of 2% from the previous year [1][4]. - Full-year Operational EBITDA was $495.3 million, representing a 5% increase from 2024 [1][4]. Capital Allocation - Capital expenditures for Q4 2025 were $33.5 million, with a total of $100.3 million for the year [2][4]. - The company ended Q4 2025 with gross debt of $1.8 billion and a cash balance of $96.5 million, resulting in a net debt of $1.7 billion [2][4]. 2026 Outlook - Iridium expects total service revenue growth to be flat to 2% for full-year 2026, with projected Operational EBITDA of $480 million to $490 million [2][4]. - The company aims to reduce net leverage to at or below 3.0 times OEBITDA by the end of 2026 [2][4].