Iridium Communications Inc.

iridium.com

What Do They Do?

Provides satellite voice and data communications and positioning services to businesses, governments, and consumers.

How Do They Make Money?

Service providers pay monthly access fees in advance or usage charges after use; U.S. government airtime is paid in equal monthly installments. Equipment is billed when shipped, while engineering work is billed at milestones or as work progresses.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Services	73% FY2022: 74%
Subscriber equipment Sold outright	9.3% FY2022: 19%	Sold outright
Engineering and support services Recurring	18% FY2022: 7.2%	Recurring

Who Are Their Customers?

Commercial end users across industrial, maritime, aviation and consumer markets generally buy through service providers and resellers, which may sell directly or through other distributors or dealers. Iridium also sells airtime directly to the U.S. government.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 25% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 34 cents into free cash flow.

Operating income, FY2025

27% of revenue

▲ +18% vs FY2024 ($200.4M, 24%)

Net income, FY2025

13% of revenue

▲ +1% vs FY2024 ($112.8M, 14%)

Free cash flow, FY2025

34% of revenue

▼ −2% vs FY2024 ($306.1M, 37%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +8%; vs $226.9M in Q3 FY2025
Net income: ▲ +188%; vs $37.1M in Q3 FY2025

Services share of revenue vs 72.8% in Q3 FY2025

Jul 22, 2026 Rocket Lab agreed to acquire Iridium The deal is expected to close in mid-2027, subject to stockholder approval and other closing conditions.
Jul 7, 2026 Iridium completed its acquisition of Aireon Iridium now indirectly owns all membership interests in Aireon and its subsidiary.

Growing. Revenue grew 42% in 4 years, from $614.5M in FY2021 to $871.7M in FY2025, about 9% a year.

Positioning and timing services The older report centers on satellite communications, while the latest includes satellite positioning, navigation and timing services through Satelles.

Revenue over time

Services Subscriber equipment Engineering and support services

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Eutelsat, SES, SpaceX, OneWeb Holdings, Globalstar, ORBCOMM, Viasat, and Inmarsat Global

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