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Core Viewpoint - Iridium Communications Inc. has appointed Louis Alterman to its Board of Directors, expanding the board to twelve members, with nine being independent [1]. Group 1: Appointment Details - Louis Alterman's appointment is effective immediately and aligns with Iridium's strategic vision for innovative communication services globally [2]. - The CEO, Matt Desch, highlighted Alterman's experience in guiding companies through transformation and growth as a significant asset for Iridium [2]. - Robert H. Niehaus, Chairman of the Board, emphasized Alterman's operational leadership and financial expertise in the communications and technology sectors [2]. Group 2: Background of Louis Alterman - Alterman has been the president and CEO of Stratix Corporation since 2019, which is the largest pure-play enterprise mobility specialist in North America [3]. - He served as CFO of Rackspace from 2017 to 2019 and held various roles at EarthLink from 2003 to 2017, including CFO from 2015 to 2017 [3]. - His board experience includes serving on the board of Diversified and previously on the board of CareerBuilder from 2018 to 2022 [4]. Group 3: Educational Background - Alterman holds a bachelor's degree in business administration from the University of Georgia and an MBA from Emory University's Goizueta Business School [4]. - He has completed executive education at Harvard University [4]. Group 4: Company Overview - Iridium Communications Inc. is the only mobile voice and data satellite communications network that provides global coverage [5]. - The company enables real-time connections for people, organizations, and assets worldwide [5]. - In 2024, Iridium acquired Satelles, enhancing its positioning, navigation, and timing (PNT) services [5].

Core Insights - Iridium Communications Inc. has been awarded a 5-year indefinite delivery/indefinite quantity (IDIQ) contract from the U.S. Space Force with a potential value of up to $85.8 million [1] - The contract, named System Infrastructure Transformation and Hybridization (SITH), focuses on technological upgrades and security enhancements for the Enhanced Mobile Satellite Services (EMSS) Service Center and related facilities [1] - This contract follows the Gateway Evolution Contract awarded to Iridium in 2019 and is part of a series of core EMSS contracts with the U.S. Space Force [1] Company Overview - Iridium is recognized as the only mobile voice and data satellite communications network that provides global coverage, enabling real-time connections across various sectors [3] - The company has expanded its capabilities by acquiring Satelles in 2024, enhancing its positioning, navigation, and timing (PNT) services [3] - Iridium's stock is traded on the Nasdaq Global Select Market under the ticker symbol IRDM [3] Technological Capabilities - The Iridium network offers resilient and mission-critical communications, essential for military operations in challenging environments [2] - The company's low-Earth orbit (LEO) network enhances situational awareness and asset tracking for military forces [2] - Iridium is also involved in establishing the ground Operations and Integration segment for the Proliferated Warfighter Space Architecture (PWSA) [2]

Core Insights - NextNav Inc. reported its financial results and operational updates for Q3 2025, highlighting progress in technology and advocacy for FCC actions despite a government shutdown [1][2]. Financial Highlights - As of September 30, 2025, NextNav had $167.6 million in cash and cash equivalents, with a net long-term debt of $230.1 million, which includes a derivative liability of $75.1 million [4]. - Revenue for Q3 2025 was $887 million, a decrease from $1.607 billion in Q3 2024, while total operating expenses increased to $20.752 million from $15.459 million year-over-year [15][16]. - The net loss for Q3 2025 was $483 million, compared to a loss of $13.609 million in Q3 2024 [16]. Operational Highlights - The company is focused on enabling a widescale, future-proof complement and backup to GPS, leveraging its unique position as the largest license holder in a spectrum band designated for terrestrial positioning services [2][8]. - Recent milestones include the successful integration of 5G-based timing for critical infrastructure applications and showcasing vertical location capabilities at Mobile World Congress 2025 [11]. Upcoming Events - NextNav will host a conference call for analysts and investors on November 6, 2025, to discuss its financial results [5][19].

Core Insights - Laughing Water Capital reported a decline of approximately -1% in Q3 2025, resulting in year-to-date returns of approximately -2.7%, while the SP500TR and R2000 returned 12.4% and 8.1% respectively for the quarter [1] - The fund's top holdings can be reviewed to identify its best investment picks for 2025 [1] Company Focus: NextNav Inc. (NASDAQ:NN) - NextNav Inc. provides next-generation positioning, navigation, and timing (PNT) solutions, with a one-month return of -6.29% and a 52-week gain of 15.32% [2] - As of October 29, 2025, NextNav Inc. stock closed at $13.40 per share, with a market capitalization of $1.804 billion [2] - The investment thesis for NextNav is based on the need for a terrestrial backup to the GPS system, with expectations that the FCC will allow NextNav to repurpose its spectrum for 5G, significantly increasing the value of its stock [3]

Financial Data and Key Metrics Changes - Net revenue for Q1 2026 was $299.1 million, exceeding guidance of $290 million to $298 million, representing a 3% sequential increase and a 25.6% year-over-year increase [4] - Operating margin for Q1 was 15.7%, above guidance of 14.6% to 15.4%, and increased by 130 basis points sequentially and 570 basis points year-over-year [4] - EPS for the quarter was $0.15, above guidance of $0.13 to $0.14, and increased by $0.02 sequentially and $0.09 year-over-year [4] Business Segment Data and Key Metrics Changes - NSC revenue was $216 million, above guidance of $208 million to $214 million, with a year-over-year increase of 35.5% driven by strong demand from the data center ecosystem and the acquisition of Inertia Labs [5] - OSB revenue was $83.1 million, in line with guidance of $82 million to $84 million, and up 5.5% year-over-year, primarily due to strength in anti-counterfeiting products [6] Market Data and Key Metrics Changes - Total cash and short-term investments at the end of Q1 were $549.1 million, compared to $429 million in the previous quarter [7] - Cash flow from operating activities for the quarter was $31 million, up from $13.5 million in the same period last year [7] Company Strategy and Development Direction - The company expects continued strong demand in NSC driven by the data center ecosystem and aerospace and defense customers, with a focus on integrating the recently acquired Spirent Communications product lines [9][10] - The company plans to report NSC as one business segment going forward, leveraging complementary product portfolios [10] Management's Comments on Operating Environment and Future Outlook - Management noted strong momentum from Q4 2025, with expectations for continued growth in NSC driven by data center demand and aerospace and defense [11][12] - The service providers' business was stable, with gradual recovery in fiber offset by soft demand for wireless products [13] Other Important Information - The company successfully refinanced $250 million in convertible notes and repurchased approximately 2.7 million shares for about $30 million [7] - The acquisition of Spirent Communications is expected to add about $200 million in annual revenue run rate, higher than the previous estimate of $188 million [8][44] Q&A Session Summary Question: Update on revenue mix between core telecom service provider and new products - Management indicated a shift in revenue mix to approximately 45% service provider, 40% data center ecosystem, and 15% aerospace and defense, with data center revenue approaching service provider levels [18][19] Question: Growth breakdown in core NSC business - Management noted strong demand from data center and aerospace and defense sectors, with traditional field instruments seeing increased demand from hyperscalers [20][22] Question: Operating margin guidance for NSC - Management expects operating margins to improve with Spirent's contribution, projecting around $165 million in quarterly revenue from Spirent [24][25] Question: Impact of wireless business recovery on earnings - Management acknowledged that recovery in the wireless segment could significantly enhance earnings, with potential for EPS to approach $1 if trends continue positively [27][28] Question: Margin profile of Spirent Communications business - Management stated that Spirent has a higher gross margin than the average NSC and is expected to be accretive post-integration [51][52]

Core Insights - NextNav Inc. reported financial results for the quarter ended March 31, 2025, highlighting a focus on positioning, navigation, and timing (PNT) solutions, particularly in relation to national security needs for GPS backups [2][7]. Financial Highlights - Revenue for the quarter was $1.5 million, an increase from $1.0 million in the prior year, driven by service revenue from technology and services contracts with government and commercial customers [7]. - Operating loss was $17.0 million, compared to a loss of $16.2 million in the prior year, primarily due to higher professional fees and consulting expenses [7]. - Net loss was $58.6 million, which included a $24.5 million loss on the change in the fair value of derivative liability and a $14.4 million debt extinguishment loss, compared to a net loss of $31.6 million in the prior year [7][14]. - As of March 31, 2025, the company had $150.4 million in cash and cash equivalents and $38.0 million in short-term investments, with net long-term debt of $213.1 million [7][12]. Operational Updates - The FCC unanimously voted to approve a Notice of Inquiry (NOI) to explore PNT solutions, emphasizing the importance of developing terrestrial alternatives to GPS [7]. - NextNav appointed Retired Rear Admirals H. Wyman Howard and Lorin Selby to its Board of Directors, effective May 1, 2025, to strengthen its leadership [7]. Cash Flow and Investments - The company reported a net cash used in operating activities of $12.2 million for the quarter, compared to $7.0 million in the prior year [16]. - Net cash provided by financing activities was $120.2 million, primarily from proceeds of senior convertible notes [17]. Market Position - NextNav is positioned as a leader in next-generation PNT technologies, aiming to provide accurate and resilient 3D PNT solutions for critical infrastructure and commercial applications [8].