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Inmarsat Posts 7% Growth in the Third Quarter 

By | November 28, 2022
Inmarsat's London Headquarters. Photo: Inmarsat

Inmarsat’s London Headquarters. Photo: Inmarsat

Inmarsat reported $366.6 million in revenue for the third quarter of 2022, up 7% compared to the same time period last year. The satellite operator released third quarter financial results on Monday. Inmarsat is not publicly traded, but the company is in the midst of a deal to be acquired by Viasat

Government is the company’s highest-earning segment, with $132.1 million in revenue in Q3, up 4% from last year. Revenue growth came from customers outside of the U.S., as international customer revenue was up 13% from increased Global Xpress (GX) connections and high hardware sales to one customer. 

Maritime follows, with $128.1 million in revenue in Q3, up 2.4% compared to the same period last year. Inmarsat reported sustained momentum in the second half of the year, and VSAT growth exceeded FleetBroadband decline. There are now 13,100 vessels installed with FX VSAT services. Inmarsat said this was the seventh quarter of sequential year-on-year growth for the Maritime segment. 

Aviation comprised $77.7 million in revenue. Aviation was up 33% year-over-year with aircraft returning to service and rising passenger numbers. Inmarsat also reported that its three Aviation segments — IFC, business aviation, and cockpit services — all expanded year-on-year.

Enterprise, with $25.2 million in revenue, was down 13% with lower satellite phone revenues due to global supply chain issues. Inmarsat expects global supply chain challenges to persist for the remainder of the year.  

“The results demonstrate robust demand for global mobility communications services and solid execution amid geopolitical and supply chain uncertainties. We will continue to invest in innovative capabilities to drive future growth, and have six satellites in various stages of development, which is the most extensive pipeline in Inmarsat’s history,” CEO Rajeev Suri commented. 

Overall, Inmarsat expects  2022 to be a year of growth in revenue and EBITDA, excluding Viasat transaction costs.