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Iridium Communications Q2 2022

July 26, 2022

      In Q2 2022, satellite operator Iridium Communications reported:

      • Another strong quarter of growth, adding to an already extended period of growth.
      • Net income grew 17% YoY. The company reported $4.6 million in net income for the second quarter of 2022, as compared to net income of $3.8 million, for the second quarter of 2021.
      • Iridium grew its revenues across the board. Revenue in the second quarter of $174.9 million, including $132.9 million of service revenue and $42 million in equipment sales and engineering and support projects.
      • Commercial voice and data revenue was $48.5 million, up 12%; commercial IoT data revenue was $30.6 million, up 13%; and commercial broadband revenue was $12.1 million, up 14%.
      • The company ended the quarter with 1,875,000 total billable subscribers, up 259,000 from the year ago period, and up 94,000 from the prior quarter (Q1).
      • Iridium increased its 2022 guidance, increasing total service revenue growth between 7% and 9% for full-year 2022, when the previous outlook projected growth between 5% and 7%.
      • CEO Matt Desch: 2022 is set to be a “blockbuster year” for the company. This comes after the company reported record revenues last year.