$IRDM

Iridium Communications Inc.

CIK:0001418819|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 225,237	$ 216,906	$ 444,294	$ 431,784
Operating expenses:
Research and development	5,530	4,279	11,704	9,696
Selling, general and administrative	67,044	44,627	112,823	80,380
Depreciation and amortization	53,863	52,837	107,604	104,504
Total operating expenses	191,229	166,648	359,573	321,138
Operating income	34,008	50,258	84,721	110,646
Other expense, net:
Interest expense, net	(19,246)	(22,752)	(38,612)	(44,576)
Other expense, net	(448)	(871)	(642)	(2,556)
Total other expense, net	(19,694)	(23,623)	(39,254)	(47,132)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	14,314	26,635	45,467	63,514
Income tax expense	(3,125)	(3,807)	(11,952)	(9,626)
Loss on equity method investments	(1,510)	(860)	(2,242)	(1,508)
Net income	$ 9,679	$ 21,968	$ 31,273	$ 52,380
Weighted Average Number of Shares Outstanding, Basic	106,969	107,813	106,648	108,779
Weighted Average Number of Shares Outstanding, Diluted	108,468	108,184	107,956	109,498
Earnings Per Share, Basic	$ 0.09	$ 0.20	$ 0.29	$ 0.48
Earnings Per Share, Diluted	$ 0.09	$ 0.20	$ 0.29	$ 0.48
Comprehensive income:
Net income	$ 9,679	$ 21,968	$ 31,273	$ 52,380
Foreign currency translation adjustments	393	1,029	433	3,248
Unrealized gain (loss) on cash flow hedges, net of tax [Line Items]	(3,362)	(4,975)	(5,520)	(12,216)
Comprehensive income	6,710	18,022	26,186	43,412
Services
Revenue:
Total revenue	161,328	155,570	319,357	309,862
Operating expenses:
Cost of Product and Service Sold	51,314	53,603	100,950	102,389
Subscriber equipment
Revenue:
Total revenue	20,767	19,455	40,986	42,576
Operating expenses:
Cost of Product and Service Sold	13,478	11,302	26,492	24,169
Engineering and support services
Revenue:
Total revenue	$ 43,142	$ 41,881	$ 83,951	$ 79,346

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 31,273	$ 52,380
Deferred income taxes	9,550	6,741
Depreciation and amortization	107,604	104,504
Stock-based compensation (net of amounts capitalized)	28,740	30,837
Amortization of deferred financing fees	1,375	1,375
Loss on equity method investments	2,242	1,508
All other items, net	414	431
Accounts receivable	(10,622)	18,188
Inventory	10,315	4,090
Prepaid expenses and other current assets	(12,304)	2,092
Other assets	1,521	2,638
Accounts payable	(6,437)	(6,406)
Accrued expenses and other current liabilities	26,931	(16,408)
Deferred revenue	(2,490)	(7,204)
Other long-term liabilities	(2,350)	(4,070)
Net cash provided by operating activities	185,762	190,696
Cash flows from investing activities:
Capital expenditures	(51,791)	(45,256)
Net cash used in investing activities	(51,791)	(45,256)
Cash flows from financing activities:
Payments on the Term Loan	0	(33,024)
Proceeds from Lines of Credit	0	50,000
Repurchases of common stock	0	(136,073)
Proceeds from exercise of stock options	541	842
Tax payment upon settlement of stock awards	14,764	13,559
Payments of Ordinary Dividends, Common Stock	(32,728)	(30,794)
Net cash used in financing activities	(46,951)	(162,608)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	693	2,951
Net increase (decrease) in cash and cash equivalents, and restricted cash	87,713	(14,217)
Cash, cash equivalents, and restricted cash, beginning of period	96,501	93,526
Cash, cash equivalents, and restricted cash, end of period	184,214	79,309
Supplemental cash flow information:
Interest paid, net of amounts capitalized	40,185	45,156
Income taxes paid, net	4,904	3,994
Supplemental disclosure of non-cash investing activities:
Property and equipment received but not paid	7,921	6,064
Dividends accrued on common stock	3,591	2,983
Capitalized stock-based compensation	$ 2,073	$ 2,761

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 184,214	$ 96,501
Accounts receivable, net	104,515	93,772
Inventory	63,470	73,764
Prepaid expenses and other current assets	24,867	12,466
Total current assets	377,066	276,503
Property and equipment, net	1,927,018	1,978,153
Equity Method Investments	37,511	39,773
Other assets	41,890	50,710
Intangible assets, net	82,666	86,928
Goodwill	98,942	98,942
Total assets	2,565,093	2,531,009
Current liabilities:
Short-term secured debt	12,532	3,402
Accounts payable	11,521	17,676
Accrued expenses and other current liabilities	74,260	49,465
Deferred revenue	37,222	41,127
Total current liabilities	135,535	111,670
Long-term secured debt, net	1,749,342	1,757,124
Deferred income tax liabilities, net	138,424	130,529
Deferred revenue, net of current portion	41,959	40,316
Other long-term liabilities	27,322	28,770
Total liabilities	2,092,582	2,068,409
Commitments and contingencies
Stockholders’ equity:
Additional paid-in capital	864,367	880,643
Accumulated deficit	(387,281)	(418,554)
Accumulated other comprehensive income (loss), net of tax	(4,681)	406
Total stockholders’ equity	472,511	462,600
Total liabilities and stockholders’ equity	2,565,093	2,531,009
Common Stock, Shares [Member]
Stockholders’ equity:
Common stock, $0.001 par value, 300,000 shares authorized, 105,956 and 104,918 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	$ 106	$ 105