IRDMNasdaqCommunications Services, NECUS GAAP · USD

Iridium Communications Inc.

Iridium Communications Inc. operates a low-Earth-orbit satellite network that provides global voice, data, and positioning, navigation and timing (PNT) services. Its business is built around wholesale distribution to service providers, value-added resellers, and manufacturers that package Iridium connectivity into solutions for remote, mobile, and mission-critical users.

Kysy yhtiöstä
Liikevaihto872milj. USD
+4,9 %v/v
Liikevoitto (EBIT)236milj. USD
+17,8 %v/v
EBIT-marginaali27,1%
+2,9 %-yks.v/v
Nettotulos114milj. USD
+1,4 %v/v
Vapaa kassavirta300milj. USD
−2,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

02004006008001 000milj. USD2020: 583 milj. USD2020: EBIT 35 milj. USD20202021: 615 milj. USD2021: EBIT 46 milj. USD20212022: 721 milj. USD2022: EBIT 77 milj. USD20222023: 791 milj. USD2023: EBIT 82 milj. USD20232024: 831 milj. USD2024: EBIT 200 milj. USD20242025: 872 milj. USD2025: EBIT 236 milj. USD2025872236
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Voice and data services44 %

Global satellite voice and narrowband data used for remote communications and safety.

IoT data34 %

Machine-to-machine connectivity for fleet management, asset tracking, and telemetry.

Broadband services10 %

Iridium Certus and OpenPort broadband connectivity for maritime, land, aviation, and government users.

Hosted payload and other data12 %

Aireon hosted payload fees and related data delivery services, plus other data services.

Tuotteet

Raportoitu · osuus liikevaihdosta
72,7%18,0%9,3%FY2025100 %
  • Services72,7 %
  • Engineeringand Support Services18,0 %
  • Manufactured Product Other9,3 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Iridium sells primarily through a wholesale channel, so its direct customers are service providers, VARs, VAMs, and MNO partners that integrate its network into end-user solutions. End users span land mobile, IoT, maritime, aviation, government, utilities, oil and gas, mining, transportation, and emergency services, with demand driven by coverage gaps, mobility, and reliability needs.

Wholesale distributors

Service providers, VARs, and VAMs buy capacity and equipment to resell or embed Iridium services into vertical solutions.

Government

U.S. and foreign government agencies buy voice, data, and PNT services for secure, resilient communications and tracking.

IoT and fleet management

Customers buy low-power connectivity for asset tracking, telemetry, and fleet communications in remote areas.

Maritime and aviation

Operators buy broadband and voice services for mobile connectivity at sea and in the air.

Critical infrastructure and industrial

Energy, utilities, mining, and transportation users buy remote monitoring and backup communications.

Strategia

Iridium is expanding beyond legacy narrowband voice and data into higher-value broadband, IoT, and secure PNT services. It is also broadening distribution through service providers, VARs, VAMs, and MNOs while investing in new platforms such as Iridium NTN Direct and Satelles-based timing services.

Expand next-generation connectivity productsKeskipitkä aikaväli

New services can widen the addressable market beyond legacy narrowband and support higher-value use cases.

Grow secure PNT and timing revenueKeskipitkä aikaväli

Satelles adds a differentiated service that complements GPS and targets critical infrastructure customers.

Broaden distribution partnershipsLyhyt aikaväli

The wholesale model lowers customer acquisition cost and extends reach into niche vertical markets.

Maantiede

2025

Iridium describes itself as a global network business with coverage across remote land areas, oceans, airways, and polar regions, and it can sell in countries where it has no physical presence. The company’s revenue is not disclosed by country in the provided excerpts, but its customer base and distribution network are explicitly global, with service providers, VARs, and VAMs spanning many markets.

USA55 %
Other countries (US filing)35 %
Kanada9,6 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Iridium’s business depends on satellite uptime, spectrum, and a limited number of critical network assets, so service disruptions can quickly affect revenue and reputation. It also relies heavily on third-party distributors and a few large customers, especially U.S. government agencies, while facing competition from cellular, other satellite operators, and emerging direct-to-device offerings.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Satellite network performance failures1Distributor dependence2Government customer concentration3Supply-chain constraints4Competitive pressure5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Satellite network performance failuresVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company cannot physically repair satellites in orbit, so outages or degraded service can hurt customer trust and revenue.

    Kohdistuu: LEO constellation and ground infrastructure

  2. Distributor dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Most revenue flows through independent service providers, VARs, and VAMs that control local sales execution and pricing.

    Kohdistuu: Wholesale channel

  3. Government customer concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A meaningful share of revenue comes from U.S. government agencies, making funding delays or shutdowns material.

    Kohdistuu: Government contracts

  4. Supply-chain constraintsVaikutus: KeskitasoTodennäköisyys: Korkea

    Single-source suppliers and component shortages can affect subscriber equipment availability and timing.

    Kohdistuu: Subscriber equipment manufacturing

  5. Competitive pressureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Cellular expansion, other satellite operators, and new global D2D plans can reduce pricing power and share.

    KohdistuuVoiceDataIoTBroadband markets

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition and service mix

Service revenue, equipment revenue, and hosted payload fees are recognized differently and affect margin trends.

Vaikutus: Changes in subscriber mix and contract terms can shift reported revenue timing.

Seasonality

Commercial voice services and related equipment sales peak from March through October, affecting quarter-to-quarter comparability.

Vaikutus: Quarterly revenue and subscriber trends may not be linear.

Long-lived and intangible assets

Satellite assets, acquired intangibles, and goodwill require ongoing assessment for impairment and useful lives.

Vaikutus: Acquisition accounting and impairment charges can materially affect earnings.

Income taxes

Deferred tax assets and liabilities depend on estimates about future reversals and realizability.

Vaikutus: Tax expense can vary with judgment and jurisdictional mix.

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Päivitetty: 24.9.2026