Iridium Communications Q1 2022

In Q1 2022, operator Iridium Communications reported:

• 15% revenue growth in the first quarter of 2022, compared to the first quarter of 2021, with a Q1 total revenue of $168.2 million.
• Iridium’s total service revenue grew 9% YoY compared to 2021, reaching $126.1 million.
• 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.
• The company grew its subscriber count by 58,000 during the quarter, ending the quarter with 1,781,000 total billable subscribers, up 17% year-over-year, driven by growth in commercial IoT.
• The company maintains its full-year 2022 outlook of total service revenue growth between 5% and 7% for full-year 2022.