Iridium Communications Inc. has recently released its 10-Q report, revealing its diverse business operations that provide mobile voice and data communications services and products to businesses, governments, non-governmental organizations, and consumers globally. The company offers an array of services, including mobile voice and data satellite communications, push-to-talk, broadband data, and Internet of Things (IoT) services, among others. Iridium Communications Inc. also engages in the sale of satellite handsets, voice and data modems, and various accessories through a wholesale distribution network.
In the 10-Q report, Iridium Communications Inc. discusses the management’s discussion and analysis of financial condition and results of operations. The company highlights its engagement in providing mobile voice and data communications services using a constellation of orbiting satellites, offering true global coverage and connecting people, organizations, and assets in real time. The report also mentions the completion of the acquisition of Satelles, Inc., a provider of satellite-based time and location services, on April 1, 2024, which is intended to support the company's long-term business objectives.
The report further delves into the company's financial performance, revealing that as of June 30, 2024, Iridium Communications Inc. had approximately 2,413,000 billable subscribers worldwide, representing an increase of 273,000, or 13%, from the previous year. The company's revenue for the three months ended June 30, 2024, totaled $201,067,000, marking a 4% increase from the same period in 2023.
The 10-Q report also provides a detailed comparison of the company's results of operations for the three months ended June 30, 2024, and 2023. It highlights the revenue breakdown, commercial service revenue, government service revenue, subscriber equipment revenue, and engineering and support service revenue. The report also discusses the company's operating expenses, including cost of services, research and development expenses, selling, general and administrative expenses, and depreciation and amortization expenses, providing insights into the company's financial performance.
As a result of these announcements, the company's shares have moved 0.4% on the market, and are now trading at a price of $25.92. Check out the company's full 10-Q submission here.
