Hello, Guest!
  • Sunday, December 22, 2024

Iridium Reports 17% Increase in Q3 2018 Revenue; Matt Desch Quoted


Matt Desch

Iridium Communications (Nasdaq: IRDM) posted $136M in revenue for the third quarter of 2018, up 17 percent from the prior year period.

The company said Thursday the total number of subscribers grew to 1.09M in Q3 2018, reflecting a year-over-year increase of 15 percent associated with the rise in government and internet-of-things clients.

The McLean, Va.-based satellite communications firm saw its operational earnings before interest, tax, depreciation and amortization jump 11 percent to $79.4M driven by strong equipment sales and commercial service revenue.

“Iridium continued to enjoy significant subscriber and sales momentum into the third quarter, which drove double-digit growth in revenue and operational EBITDA,” said Iridium CEO Matt Desch.

The company™s government business ended Q3 2018 with $22M in service revenue and 113K subscribers with IoT data users accounting for 50 percent of the figure.

Desch, a four-time Wash100 awardee, noted that the company plans to launch on Dec. 30 the final batch of 10 Iridium NEXT satellites to complete the L-band network that will deliver Iridium Certus-backed broadband and IoT services to customers.

Video of the Day

Related Articles

Iridium Reports Q1 2024 Results, Completes 1st Ever Acquisition; Matt Desch Quoted Financial Reports

Iridium Reports Q1 2024 Results, Completes 1st Ever Acquisition; Matt Desch Quoted

Iridium Communications (Nasdaq: IRDM) presented its Q1 2024 financial results, in which total revenue reacched $203.9 million, although slightly lower by 0.7 percent from a year ago. Notably, the voice and data satellite communications provider’s net income increased 101.1 percent year-over-year to $19.65 million, while the subscriber base grew 7 percent compared to Q1 2023, Iridium said

Iridium Unveils Satellite Time & Location Service, Closes Satelle Purchase; Matt Desch Quoted M&A Activity

Iridium Unveils Satellite Time & Location Service, Closes Satelle Purchase; Matt Desch Quoted

McLean, Virginia-based Iridium Communications (Nasdaq: IRDM) has closed its purchase of Satelles and launched a satellite-based time and location service as part of its portfolio of offerings. The Iridium Satellite Time and Location service works indoors and is designed to safeguard GPS and other Global Navigation Satellite Systems-reliant platforms from jamming, spoofing and other vulnerabilities

Iridium to Buy Satelles in Assured PNT Service Expansion Push; Matt Desch Quoted M&A Activity

Iridium to Buy Satelles in Assured PNT Service Expansion Push; Matt Desch Quoted

McLean, Virginia-based Iridium Communications (Nasdaq: IRDM) has agreed to purchase Satelles for approximately $115 million as part of efforts to expand its portfolio of assured positioning navigation and timing services. Satelles is a Reston, Virginia-based provider of satellite-based time and location services that work to complement and safeguard GPS and other Global Navigation Satellite Systems-reliant