Iridium Boosts Revenue 15% in the First Quarter of 2022 

Iridium’s Satellite Network Operating Center (SNOC). Photo: Iridium

Iridium Communications reported 15% revenue growth in the first quarter of 2022, compared to the first quarter of 2021. The satellite operator on Tuesday reported Q1 total revenue of $168.2 million. Total revenue increased 15% from the comparable period of 2021, while service revenue grew 9% compared to 2021.

Iridium ended the quarter with 1,781,000 total billable subscribers, up 17% year-over-year, driven by growth in commercial IoT. The company grew its subscriber count 58,000 during the quarter. 

The company continues its streak of growth, after closing out 2021 with 5% revenue growth and 17% subscriber growth compared to 2020. 

Iridium reported $126.1 million of service revenue and $42.1 million of revenue related to equipment sales and engineering and support projects. 

In Q1 2022, Iridium’s commercial service revenue was $99.6 million, up 10% from last year’s comparable period due to increased revenues from IoT, voice and data, and broadband services. Government service revenue was $26.5 million in the first quarter and reflected increased revenue from a contractual step up in the Enhanced Mobile Satellite Services (EMSS) contract on Sept. 15, 2021.

Equipment revenue of $33.7 million during the quarter was up 41% from the prior-year period. Iridium expects considerably higher equipment sales than in 2021.

The company maintained its full-year 2022 outlook of total service revenue growth between 5% and 7% for full-year 2022.

“Iridium continued to see strong demand in the first quarter. I’m continually amazed at the innovative ways in which our technology and distribution partners utilize our unique satellite network to drive growth and serve their respective markets,” said CEO Matt Desch.