• The Verizon or AT&T of global satellite communications, reaching wherever cell towers can't.
• Similar to Starlink, but focused on critical, low-bandwidth voice and data for government, maritime, and aviation, rather than consumer broadband internet.

• Global Satellite Voice and Data Services: Provides reliable, global voice and low-bandwidth data communication for mobile users and fixed remote locations.
• Iridium Certus Broadband Services: Offers a range of mid-band L-band satellite broadband services for applications requiring higher data speeds, such as maritime, aviation, and land mobile use.
• Satellite IoT (Internet of Things) / M2M Services: Delivers critical connectivity for remote asset tracking, monitoring, and control solutions across various industries globally.
• Iridium PNT (Positioning, Navigation, and Timing) Services: Offers resilient LEO-based positioning, navigation, and timing capabilities, serving as a backup or complement to traditional GNSS systems.
• Push-to-Talk (PTT) Services: Enables instant, secure group voice communication over the satellite network for mission-critical operations.

Iridium Communications (symbol: IRDM) primarily sells its services and equipment to **other companies and government entities (B2B and B2G)**, rather than directly to individuals.

Its single largest and most significant customer is the **U.S. Department of Defense (DoD)**, which consistently accounts for a substantial portion of Iridium's total revenues. The U.S. Department of Defense does not have a public stock symbol.

Beyond the U.S. Department of Defense, Iridium's commercial customer base consists of a broad network of approximately 400 commercial partners and direct enterprise customers globally. While specific major publicly traded customer companies are not individually named by Iridium in their financial disclosures (beyond the DoD), these commercial customers typically fall into the following categories:

• Value-Added Resellers (VARs) and Service Providers: These companies purchase Iridium's satellite services and hardware, then bundle them into specialized solutions for end-users across various industries (e.g., maritime, aviation, remote asset tracking). These VARs are direct customers of Iridium.
• Commercial Maritime Companies: Shipping lines, commercial fishing fleets, offshore energy platforms, and cruise operators utilize Iridium for critical communications, tracking, and crew welfare.
• Commercial Aviation Companies: Airlines and aircraft manufacturers integrate Iridium's solutions for flight deck communications, aircraft tracking, and connectivity.
• Industrial and IoT Enterprises: Companies in sectors such as mining, construction, utilities, and transportation use Iridium for remote asset monitoring, SCADA applications, and data transfer for their dispersed operations.
• Other International Government and Defense Agencies: Various government bodies and militaries around the world also contract for Iridium's global communication services.

• Thales S.A. (HO.PA)
• Leonardo S.p.A. (LDO)
• SpaceX

Matthew J. Desch, Chief Executive Officer

Matthew J. Desch has served as Chief Executive Officer of Iridium Communications Inc. since 2009, and previously as CEO of Iridium Holdings LLC from 2006 to 2009. He led Iridium through bankruptcy, took the company public on NASDAQ in 2009, and oversaw the financing and development of the $3 billion Iridium NEXT satellite constellation. Before joining Iridium, Mr. Desch was CEO of Telcordia Technologies, Inc., which was spun off to private equity from SAIC, Inc., and previously served as President of Nortel Networks' global wireless network business, growing it from $2 billion to over $4.5 billion in annual revenue. He began his career in software development at AT&T Bell Laboratories.

Vincent J. O'Neill, Chief Financial Officer

Vincent J. O'Neill is set to become Chief Financial Officer of Iridium Communications Inc. effective January 1, 2025. He joined Iridium in 2014, progressing through roles including Vice President of Financial Planning and Analysis and Senior Vice President of Finance. Prior to Iridium, Mr. O'Neill served as CFO of Mobilitie, a wireless infrastructure company, and held senior finance positions at Nextel Sprint and Celnet in the UK. He is a Chartered Management Accountant.

Suzanne E. McBride, Chief Operations Officer

Suzanne E. McBride has served as Chief Operations Officer and a Director of Iridium Communications Inc. since 2019. Before her current role, she was Chief Operating Officer and Senior Vice President at OneWeb, Ltd. from 2016 to 2019. She also held various managerial positions at Iridium Satellite LLC, including Vice President, Program Management Office and Launch Services from 2007 to 2016.

Timothy J. Last, Executive Vice President, Sales and Marketing

Timothy J. Last will assume the role of Executive Vice President, Sales and Marketing for Iridium Communications Inc. effective January 1, 2025. He joined Iridium in 2012 and has held key positions within the sales and marketing department, most recently as Senior Vice President of Sales, Product Management and Customer Care. Before his tenure at Iridium, Mr. Last gained business development experience at ORBCOMM and BT Group.

Kathleen A. Morgan, Chief Legal Officer & Corporate Secretary

Kathleen A. Morgan has served as Chief Legal Officer and Corporate Secretary of Iridium Communications Inc. since 2022. Previously, she was Vice President of Corporate Law at Iridium Satellite LLC. Her earlier career included roles as Assistant General Counsel and Plan Administrator at Teleglobe USA Inc. and Assistant Corporate Counsel at MCI Corporation.

The key risks to Iridium Communications (IRDM) are primarily driven by intensifying market competition, significant reliance on key government contracts, and the inherent challenges of rapid technological advancements within the satellite industry combined with the limited reparability of its orbital infrastructure.

1. Increased Competition: Iridium Communications faces escalating competition within the satellite communications market from emerging players like Starlink and OneWeb. This heightened competitive landscape could lead to reduced profit margins and hinder Iridium's revenue growth.
2. Reliance on Key Customers: A substantial portion of Iridium's financial stability and revenue is tied to a limited number of major customers, particularly agencies within the U.S. government. A reduction in business or loss of these significant customers could materially and adversely impact the company's financial performance. There has also been a noted decline in high-value government voice and data subscribers.
3. Rapid Technological Evolution and Limited Satellite Repair Capability: The satellite industry is characterized by swift and significant technological changes. While Iridium's satellite constellation has an estimated lifespan of 17.5 years, implying a long duration in orbit, its repair capabilities are limited once deployed. Furthermore, the data rates offered by Iridium's current satellites are relatively low compared to traditional cellular communications. A failure to continuously innovate and keep pace with technological advancements could result in obsolescence and a loss of competitive edge.

The clear emerging threat to Iridium Communications comes from the development and deployment of **direct-to-standard-smartphone satellite services from low-Earth orbit (LEO) constellations.**

Companies such as SpaceX (with its Starlink Direct to Cell service) and AST SpaceMobile are actively developing and testing technologies that allow standard, unmodified cellular smartphones to connect directly to LEO satellites. These services aim to provide voice, text, and eventually data connectivity in areas currently outside the reach of traditional terrestrial cellular networks.

This capability poses a direct threat to Iridium's core satellite phone market, which currently relies on proprietary hardware (specialized satellite phones). If these direct-to-smartphone services achieve widespread global coverage, reliability, and competitive pricing, they could significantly reduce the demand for Iridium's specialized devices and potentially impact its market share in land-mobile, maritime, and government segments, as well as certain low-bandwidth IoT applications that could transition to cellular-based satellite connectivity.

Iridium Communications (symbol: IRDM) operates in several addressable markets for its main products and services, primarily within the global satellite communications industry.

• Global Satellite Communications Market: This overall market is projected to reach $70.89 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 9.6% from 2024.
• Enterprise Internet of Things (IoT) Segment: The enterprise segment of the Internet of Things (excluding smart homes) is anticipated to reach $690 billion globally by 2030, with a projected CAGR of 15%. More specifically, the global IoT satellite communication market was valued at $2.1 billion in 2022 and is expected to grow to $5.3 billion by 2027.
• Positioning, Navigation, and Timing (PNT) Services: Iridium's PNT services are expected to generate over $100 million in annual service revenue by 2030, in addition to revenue from equipment and engineering. This market was entered following the acquisition of Satelles.
• Maritime Communications Market: The global maritime communication market was valued at $3.2 billion in 2023 and is projected to grow to $4.7 billion by 2028. Iridium's Certus Global Maritime Distress and Safety System (GMDSS) service is anticipated to further expand its addressable market in this sector.
• Aviation Communications Market: The global aviation communications market is projected to grow at a CAGR of 9.2%.
• Remote Industrial Services Market: The global remote industrial services market is projected to grow at a CAGR of 6.8%.

Iridium Communications (IRDM) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives and market trends:

1. Growth in Commercial Internet of Things (IoT) and Direct-to-Device (D2D) Services: Iridium anticipates continued double-digit growth in its commercial IoT sector, fueled by new product launches and an expanding network of partners. A significant driver is the Iridium NTN Direct service, a 3GPP 5G standards-based Non-Terrestrial Network (NB-NTN) solution, which is expected to commercially debut in 2026 and offer consumer-focused D2D capabilities for smartphones and wearables, thereby enabling global IoT roaming. The development of standard-based chipsets for D2D, facilitated by collaborations like that with GCT Semiconductor, is projected to reduce costs and broaden adoption across various industries.
2. Expansion of Position, Navigation, and Timing (PNT) Services: Iridium foresees substantial opportunities in its PNT services, especially in addressing the growing demand for resilient solutions to counter GPS jamming and spoofing for critical infrastructure. Following the acquisition of Satelles in Q2 2024, PNT is identified as a major pillar for long-term revenue growth. While some revenue recognition for PNT was initially delayed from 2025 to 2026, the company remains optimistic about its long-term potential, targeting over $100 million in annual service revenue from PNT by 2030.
3. Increased Government Contracts and Engineering & Support Services: Steady revenue growth is expected from Iridium's government sector, particularly through expanding engineering and support contracts and the long-standing Enhanced Mobile Satellite Services (EMSS) program with the U.S. government. Recent awards, including a new five-year, $94 million EMSS contract and an extended agreement with the Space Development Agency (SDA) in 2024, underscore a stable and growing revenue stream from government partnerships.
4. Strategic Price Increases and Average Revenue Per User (ARPU) Improvement: Iridium has implemented price actions that have already contributed to ARPU growth in segments like voice and data, with a 4% increase noted in Q3 2025. These strategic adjustments are expected to accelerate service revenue growth in the latter half of 2025. The company's confidence in its business opportunities and strong free cash flow generation, as indicated by planned dividend increases, further supports the expectation of enhanced ARPU contributing to overall revenue.
5. Further Adoption and Expansion of Iridium Certus Services: The Iridium Certus platform, offering broadband, midband, and narrowband data services, is projected to contribute to revenue growth through continued adoption and expansion into new markets. Efforts include broadening distribution partnerships for land-mobile applications and developing aviation safety services. Additionally, the introduction of new Iridium Certus Global Maritime Distress and Safety System (GMDSS) terminals aims to maintain a strong position in the maritime sector and help offset some transitional pressures in maritime broadband.

Share Repurchases

• Since February 2021, Iridium's Board of Directors has authorized a total of $1.5 billion for share repurchases.
• This includes authorizations of $300 million in February 2021, $300 million in March 2022, $400 million in July 2023, and an additional $500 million in September 2024, valid through December 31, 2027.
• As of September 30, 2025, Iridium had retired 36.7 million shares for an aggregate purchase price of $1.3 billion since the program began in February 2021.

Outbound Investments

• In April 2024, Iridium completed the acquisition of Satelles, Inc., enhancing its solution portfolio with advanced Satellite Time and Location (STL) services.
• This acquisition, now referred to as Iridium STL, is expected to generate over $100 million in service revenues per year by 2030.
• As of Q3 2025, Iridium announced a pause on its share repurchase program to prioritize bolt-on mergers and acquisitions in complementary markets and further deleverage the balance sheet.

Capital Expenditures

• Iridium's capital expenditures were approximately $38.7 million in 2020, $42.1 million in 2021, $71.3 million in 2022, $73.5 million in 2023, and $69.9 million in 2024.
• For 2025, capital expenditures are projected at approximately $90 million, primarily focused on investments in 3GPP standards and testing for Iridium's L-band waveform and 5G standards.
• The completion of the Iridium NEXT program significantly reduced capital expenditures, leading to increased free cash flow for shareholders, with expected average annual capital expenditures of $50 million to $60 million until 2029 (excluding the higher 2025 projection).