Iridium Communications Inc (IRDM)

Iridium reported revenue of $245.7 million for the quarter ended September 30, 2026, up 8 percent from a year earlier 2.

Net income was $106.9 million, mostly because buying the rest of Aireon, a company it already part-owned, produced an after-tax gain of $103.9 million 2.

On June 28, 2026, Iridium agreed to be acquired by Rocket Lab, and its stockholders approved the deal on September 24 34.

Each Iridium share is to become $27.00 in cash plus a number of Rocket Lab shares set by an exchange ratio 3.

The companies expect the deal to close in mid-2027, once regulators have approved it 4.

Iridium runs a network of 66 operational satellites in low-Earth orbit, which lets its phones, trackers and sensors work almost anywhere on the planet 1.

In the fourth quarter of 2023, the company extended its estimate of how long its satellites will last from 12.5 years to 17.5 years, citing the health of the constellation 1.

In 2024 it bought Satelles, which sells satellite-based timing and location services that complement and protect GPS 1.

Revenue rose 5 percent in 2025, to $871.7 million from $830.7 million in 2024 1.

Most of the gain came from engineering and support services, up 26 percent to $156.6 million, mainly from government work on a Space Development Agency contract 1.

Service revenue, the airtime and data customers pay for, grew 3 percent to $634.0 million, and IoT data revenue rose 9 percent on a 6 percent rise in IoT subscribers 1.

Equipment sales fell 11 percent to $81.1 million because fewer handsets and Short Burst Data devices were sold 1.

Net income was $114.4 million, about level with the year before 1.

What it sells

Iridium sells voice, data and location-timing services over its satellites, mostly through about 120 service providers, 310 resellers and 90 manufacturers that build products on the network 1.

Commercial services brought in $525.9 million in 2025, 60 percent of revenue, and government airtime $108.0 million 1.

IoT data, which links trackers and sensors, reached 2,163 thousand subscribers by September 30, 2026, up from 1,991 thousand a year earlier 2.

In that quarter voice and data revenue fell 3 percent on fewer subscribers, and broadband fell 9 percent as customers chose lower-priced companion plans 2.

Government and engineering work

The U.S. government, directly and indirectly, is the largest single customer, at $257.0 million or 29 percent of 2025 revenue 1.

Its Enhanced Mobile Satellite Services contract with the government pays a fixed $110.5 million a year 2.

On September 11, 2026, the U.S. Space Force extended it through March 2027 at the same rate 2.

People, sites and rivals

Iridium had about 975 full-time employees at the end of 2025 1.

It owns its satellite network operations center in Leesburg, Virginia, and a gateway and teleport in Tempe, Arizona 1.

The annual report names SpaceX, with its plans to acquire spectrum for global direct-to-device services, as a competitor 1.

The umbrella, in words

Iridium Communications Inc. sells under the Iridium name, with product lines such as Iridium Certus for broadband and midband data 1.

Until July 2, 2026, it owned an approximate 39.5 percent equity interest in Aireon Holdings, which owns Aireon LLC 2.

It then bought the remaining 60.5 percent, and Aireon Holdings became a wholly owned subsidiary 2.

Iridium also gave an unsecured guarantee of Aireon's term loan, originally $175 million 2.

The companies expect the Rocket Lab merger to close in mid-2027, subject to remaining closing conditions and regulatory approvals 4.

Closing needs, among other things, the Federal Communications Commission's consent to transfer control of Iridium's licences and the end of antitrust waiting periods 3.

Either company may end the agreement if it is not completed by June 28, 2027, a date that can be extended 3.

In some cases Iridium may owe Rocket Lab a $223.6 million termination fee 2.

Iridium says it is developing Iridium NTN Direct, a standards-based service for connecting devices directly, which it expects to launch commercially in 2026 1.

It also expects 2026 equipment revenue in line with 2025, and engineering and support revenue higher than in 2025 2.

The company expects a renewal of the Space Force airtime contract in 2027 2.

No clue on file points to a new direction yet.