In April 2024, it inked a five-year commercial contract with L3Harris Technologies, wherein Iridium Satellite Time and Location service will be leveraged in more than 36 L3Harris-operated communications network backbone nodes and Federal Aviation Administration facilities across the United States. Iridium Communications (IRDM) recently signed a five-year contract with the United States Space Force's Space Systems Command's Commercial Space Office. The multi-faceted contract is for Enhanced Mobile Satellite ...

MCLEAN, Va., June 4, 2024 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice and data satellite communications, today announced it has been awarded a new five- year contract by the United States Space Force's Space Systems Command's Commercial Space Office (COMSO) for Enhanced Mobile Satellite Services (EMSS) capabilities and security sustainment services (ECS3). In support of the Iridium EMSS program, the ECS3 contract will ensure continued optimal operations of ...

Iridium partner American Aerospace received FAA approval for BVLOS drone operations on behalf of a recently announced oil and gas industry customer, based on proven Detect and Avoid aircraft right of way capability MCLEAN, Va., May 15, 2024 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq: IRDM), a leading provider of global voice and data satellite communications, today announced a historic development for uncrewed aerial systems (UAS) operations beyond visual line of sight (BVLOS). Iridium partner Amer ...

Iridium Communications (IRDM) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Over the past month, shares of this satellite phone company have returned +18.3%, compared to the Zacks S&P 500 composite's -0.3% change. During this period, the Zacks Satellite and Communication industry, which Iridium falls in, has gained 13.7%. The key question now is: What could be the stock's futu ...

(Kitco News) - The industrial demand for iridium and ruthenium is outstripping mined supply, pushing the need for recycling, says Green Rush host Matt Watson.On April 24, Watson recorded an episode of Green Rush with Steven Hazelbaker, COO of Furuya Metals America, a PGM manufacturer and recycler. The topic was the platinum group metals - iridium and ruthenium - and the hydrogen economy. Watson kicked off the discussion with a chart showing that iridium and ruthenium represent a relatively small part of the ...

Iridium Communications, Inc. (NASDAQ:IRDM) Q1 2024 Earnings Conference Call April 18, 2024 8:30 AM ET Company Participants Kenneth Levy - VP, IR Matthew Desch - CEO Thomas Fitzpatrick - CFO Conference Call Participants Ric Prentiss - Raymond James Simon Flannery - Morgan Stanley Walter Piecyk - LightShed Chris Quilty - Quilty Space Hamed Khorsand - BWS Financial Louie DiPalma - William Blair Operator Good morning, and welcome to the Iridium Communications First Quarter 2024 Earnings Conference Call. All par ...

For the quarter ended March 2024, Iridium Communications (IRDM) reported revenue of $203.85 million, down 0.7% over the same period last year. EPS came in at $0.16, compared to $0.08 in the year-ago quarter.The reported revenue represents a surprise of +3.58% over the Zacks Consensus Estimate of $196.81 million. With the consensus EPS estimate being $0.16, the company has not delivered EPS surprise.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how th ...

Iridium Communications (IRDM) came out with quarterly earnings of $0.16 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this satellite phone company would post earnings of $0.03 per share when it actually produced earnings of $0.30, delivering a surprise of 900%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Iridium, w ...

Subscriber Growth - As of March 31, 2024, the company had approximately 2,333,000 billable subscribers, an increase of 282,000, or 14%, from 2,051,000 billable subscribers as of March 31, 2023[23]. - Commercial IoT revenue increased by $7.4 million, or 23%, for the three months ended March 31, 2024, driven by an 18% increase in billable subscribers[34]. - Commercial voice and data revenue increased by $2.6 million, or 5%, for the three months ended March 31, 2024, primarily due to an increase in billable subscribers and ARPU[34]. Revenue Performance - Total revenue for the three months ended March 31, 2024, was $203.853 million, a decrease of $1.420 million, or 1%, compared to $205.273 million for the same period in 2023[27]. - Revenue from services increased by $9.228 million, or 7%, to $148.577 million for the three months ended March 31, 2024, compared to $139.349 million in the prior year[27]. - Engineering and support services revenue rose by $6.160 million, or 25%, to $30.408 million for the three months ended March 31, 2024[27]. - Government services revenue remained unchanged at $26.5 million for the three months ended March 31, 2024, compared to the same period in 2023[36]. - Subscriber equipment revenue decreased by $16.8 million, or 40%, for the three months ended March 31, 2024, compared to the prior year period[38]. Income and Expenses - The company reported an operating income of $49.771 million for the three months ended March 31, 2024, an increase of $26.623 million, or 115%, from $23.148 million in the same period of 2023[27]. - The company’s net income for the three months ended March 31, 2024, was $19.653 million, an increase of $9.878 million, or 101%, from $9.775 million in the prior year[27]. - Research and development expenses increased by $3.320 million, or 86%, to $7.198 million for the three months ended March 31, 2024[27]. - Cost of services (exclusive of depreciation and amortization) increased by $9.8 million, or 27%, for the three months ended March 31, 2024, driven by increased government project work[40]. - Selling, general and administrative expenses decreased by $1.9 million, or 5%, for the three months ended March 31, 2024, primarily due to reduced stock appreciation rights expense[43]. - Depreciation and amortization expense decreased by $26.1 million, or 34%, for the quarter ended March 31, 2024, due to an extension of the estimated useful lives of satellites[45]. Cash and Debt - Total cash and cash equivalents balance was $174.0 million as of March 31, 2024, up from $71.9 million as of December 31, 2023[50]. - The Term Loan balance increased to $1,620.9 million as of March 31, 2024, following additional borrowings to fund the acquisition of Satelles, Inc.[51]. - Total dividends paid during the three months ended March 31, 2024, were $16.1 million, with future dividends subject to the discretion of the Board of Directors[54].

–        Completes acquisition of Satelles, Inc., its first ever acquisition, on April 1 MCLEAN, Va., April 18, 2024 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq:IRDM) ("Iridium"), a leading provider of global voice and data satellite communications, today reported financial results for the first quarter of 2024 and reiterated its full-year 2024 outlook. Net income was $19.7 million, or $0.16 per diluted share, for the first quarter of 2024, as compared to net income of $9.8 million, or $0.08 per dil ...