Iridium (NASDAQ:IRDM) reports strong Q1 with significant earnings
Iridium Communications (NASDAQ:IRDM) has released its financial results for the first quarter of 2024.
The company reported a net income of $19.7 million, or $0.16 per diluted share, nearly doubling the previous year's figures of $9.8 million, or $0.08 per diluted share.
Operational EBITDA saw a 3% year-over-year increase, reaching $115 million.
Service revenue, which makes up 73% of the total quarterly revenue, grew by 7% compared to last year, largely fueled by Iridium’s growing subscriber base.
On April 1, Iridium also marked a milestone by completing its first acquisition, purchasing Satelles, a provider of satellite-based time and location services.
This acquisition is a strategic move to enhance the company's offerings and tackle the emerging challenges associated with GPS jamming and location spoofing.
Interestingly, the company ended the quarter with a total of 2,333,000 billable subscribers, representing a 14% increase year-over-year, driven primarily by advances in commercial IoT services.
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