Iridium’s satellite network. Photo: Iridium

Iridium met its 2025 guidance, hitting service revenue growth of 3%. CEO Matt Desch on Thursday highlighted four growth areas for Iridium’s future, looking to IoT expansion, PNT capabilities, national security work, and aviation systems, and addressed “buzz” around Iridium’s L-band spectrum position.

Desch previewed Iridium’s work to grow in these areas in a Thursday call with investors, to clarify Iridum’s growth markets. 

“Valuations in the satellite industry are increasingly being driven by future narratives rather than by current operating results,” Desch cautioned. 

“Our market leadership and growth are largely due to our highly reliable services, our valuable L-band spectrum and the extensive and growing ecosystem of technology and distribution partners who count on our network for their many unique applications,” he said. 

There’s been interest in the value of Iridium’s spectrum position, particularly after EchoStar’s spectrum sale to SpaceX. Desch was vague about specific moves, but said there are a “lot of discussions” that “could go in a lot of different directions.” 

“It is clear that our spectrum in and of itself has great value,” Desch said. “We will continuously consider our spectrum assets with the view of maximizing shareholder value. Therefore, we will not rule out future business alliances that leverage our unique spectrum real estate, particularly if they offer incremental value to shareholders.” 

Previewing future growth opportunities, Desch said Iridium will soon introduce a new IoT device that “sets new standards for size, cost and flexibility,” and confirmed that Iridium NTN Direct is set to enter service in 2026. 

In the area of PNT, Iridium is working towards its PNT services being directly embedded in smartphone and other consumer device processors, as well as being used in cybersecurity and data networks. 

Desch also expects Iridium to play a larger role in the aviation safety market, with satellite becoming a more efficient way to send safety and operational data compared to ground-based VHF towers. 

2025 Revenue 

Iridium reported total revenue of $872 million in 2025, up 5% compared to 2024. Iridium continues to have free cash flow, reporting pro forma free cash flow of almost $300 million in 2025. 

Service revenue growth was in line with the company’s recent guidance. Total service revenue of $634 million was up 3% over 2024. 

Voice and data is the largest category in Iridium’s service revenue, and this segment was up 3% in 2025 to $232 million. 

IoT data continues to be the fastest-growing part of Iridium services, with revenue, up 9% to $181 million. Desch noted that Iridium added 40 new IoT partners in 2025. 

Broadband revenue declined 10% to $51 million. Leadership noted that Iridium broadband is being used in lower-priced companion plans, and is trending toward more of a backup option than primary service. 

Looking to 2026, the company is projecting flat to 2% service revenue growth.