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IRDM

Iridium Communications Inc.

IRDM

Iridium Communications Inc. • NASDAQ
$16.40 ▼ -0.24% (-0.04)
Market Cap $1.72 B
52w High $34.45
52w Low $15.65
Dividend Yield 0.57%
P/E 14.51
Volume 733.39K
Outstanding Shares 104.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $226.935M ▲ $40.452M ▼ $37.127M ▲ 16.36% ▲ $0.35 ▲ $125.06M ▲
Q2-2025 $216.906M ▲ $48.906M ▲ $21.968M ▼ 10.128% ▼ $0.2 ▼ $104.214M ▼
Q1-2025 $214.878M ▲ $41.169M ▼ $30.412M ▼ 14.153% ▼ $0.28 ▼ $112.803M ▲
Q4-2024 $212.991M ▲ $48.918M ▼ $36.341M ▲ 17.062% ▲ $0.32 ▲ $107.616M ▼
Q3-2024 $212.771M $49.742M $24.446M 11.489% $0.21 $109.875M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $88.533M ▲ $2.554B ▼ $2.104B ▲ $450.497M ▼
Q2-2025 $79.309M ▲ $2.568B ▼ $2.094B ▲ $473.615M ▼
Q1-2025 $50.899M ▼ $2.61B ▼ $2.092B ▼ $518.445M ▼
Q4-2024 $93.526M ▼ $2.671B ▼ $2.095B ▲ $576.637M ▼
Q3-2024 $159.588M $2.751B $2.087B $663.757M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $37.127M ▲ $100.782M ▼ $-21.535M ▼ $-69.82M ▲ $9.224M ▼ $79.247M ▼
Q2-2025 $21.968M ▼ $129.615M ▲ $-20.71M ▲ $-81.545M ▼ $28.41M ▲ $108.905M ▲
Q1-2025 $30.412M ▼ $61.081M ▼ $-24.546M ▼ $-81.063M ▲ $-42.627M ▲ $36.535M ▼
Q4-2024 $36.341M ▲ $104.789M ▼ $-24.268M ▼ $-144.326M ▼ $-66.062M ▼ $80.521M ▼
Q3-2024 $24.446M $118.626M $-18.616M $-3.31M $96.047M $100.01M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Engineering and Support Services
Engineering and Support Services
 $40.00M ▲$40.00M ▲$40.00M ▲$40.00M ▲
Service
Service
 $150.00M ▲$150.00M ▲$160.00M ▲$170.00M ▲
Subscription and Circulation
Subscription and Circulation
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Iridium’s income statement shows a clear move from a niche, barely-profitable business to a consistently profitable one. Revenue has increased every year over the last five years, and profits have grown faster than sales, which suggests improving efficiency and good operating leverage. The company has shifted from small losses to solid net income, with earnings per share now meaningfully higher than in earlier years. Profitability at the operating level and at the EBITDA level has been relatively strong and stable, indicating that the core service model is scaling well. The main risk is that growth is still gradual rather than explosive, so the story is more about steady compounding than rapid expansion.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive satellite business that has largely completed its big build‑out. Total assets have edged down from earlier peaks, which is typical as a satellite fleet ages and is depreciated. Debt remains high relative to equity, so the company is still meaningfully leveraged, but overall borrowing has been slowly drifting down over time. Cash on hand is modest, not especially large compared with the debt load, which means Iridium relies on its ongoing cash generation and access to capital markets. Shareholders’ equity has come down recently despite rising profits, likely reflecting capital returns or accounting effects, so the balance sheet is strong enough to operate but not overly conservative.

Cash Flow

Cash Flow Iridium’s cash flow profile is a key strength. The business consistently generates healthy cash from operations, and free cash flow has been solid and improving as major satellite investment has tapered off. Capital spending has become relatively modest compared with the past, now more about maintenance and incremental growth than full network replacement. This gives the company more flexibility for debt reduction, shareholder returns, or selective new initiatives. The main watchpoint is that the business still carries meaningful debt, so maintaining this strong cash generation is important, especially through any downturns or delays in new services.

Competitive Edge

Competitive Edge Iridium occupies a differentiated niche in satellite communications. Its low‑Earth‑orbit, cross‑linked L‑band constellation gives it reliable, truly global coverage, including oceans and polar regions, which many rivals cannot fully match. The network is optimized for mission‑critical, lower‑bandwidth services where reliability and coverage matter more than raw speed, such as maritime safety, aviation, government, and remote asset tracking. High upfront costs, spectrum rights, regulatory approvals, and a long‑standing base of defense and industrial customers create real barriers to entry. At the same time, competition in space‑based connectivity is intensifying, with players like Starlink and others targeting adjacent markets. Iridium’s strength lies in staying focused on its reliability‑driven niches and deep partner ecosystem rather than mass‑market broadband, but it must keep proving its value as new constellations come online.

Innovation and R&D

Innovation and R&D Iridium has already executed one major innovation cycle with its upgraded Iridium NEXT constellation and is now looking to layer new services on top of that platform. Offerings like Iridium Certus for broadband, the Aireon aircraft‑tracking payloads, and satellite IoT services show that the company is skilled at monetizing its network in multiple ways. The pipeline ahead—especially Project Stardust for direct‑to‑device messaging and SOS, and the secure timing and location (STL) service—targets growing needs in smartphone connectivity and resilient positioning and timing. These are promising but still early‑stage areas, so adoption, partner support, and standards will be critical. Overall, Iridium appears to be using R&D to extend the life and value of its existing constellation rather than betting on another huge hardware build‑out, which is a more asset‑light and potentially higher‑return innovation strategy, but also one that depends heavily on market acceptance of these new services.

Summary

Iridium today looks like a mature, capital‑intensive satellite operator that has successfully crossed the line into steady profitability and strong free cash flow after completing a massive network upgrade. Its financials show rising revenue, improving margins, and cash generation that now comfortably exceeds ongoing investment needs, although leverage remains notable and the balance sheet is not overly cushioned. Strategically, the company holds a defensible niche in global, highly reliable communications for mission‑critical users, underpinned by a hard‑to‑replicate LEO L‑band mesh constellation and deep relationships with governments and industrial customers. The next phase of the story is less about building satellites and more about monetizing them through new services like direct‑to‑device connectivity, secure timing and location, and expanded IoT and safety offerings. The opportunity is meaningful, but execution and competitive pressure from other satellite constellations will determine how much of that potential Iridium can actually capture.

NEWS

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November 4, 2025 · 4:01 PM UTC

Iridium to Participate in Investor Conferences

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November 4, 2025 · 3:01 AM UTC

Vodafone IoT Partners with Iridium to Provide its Customers with NTN NB-IoT Connectivity

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October 27, 2025 · 7:01 AM UTC

Iridium Unveils Revolutionary Global GPS Device Protection on a Chip

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October 23, 2025 · 7:00 AM UTC

Iridium Announces Third Quarter 2025 Results; Updates Full-Year Outlook

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