Iridium Q2 revenue $174.9M (+17% YoY); raises FY22 service revenue and OEBITDA guidance; smartphone deal

Iridium Communications Inc.

2022-Q2 EPS reported $0.06 revenue$343,138,000

Q2 net income $4.6M ($0.04 diluted EPS) vs $3.8M ($0.03) YoY; total revenue $174.9M (+17%); OEBITDA record $105.9M (+12%).
Raised FY22 service revenue growth outlook to 7-9% from 5-7%; OEBITDA guidance raised to $410-420M from $400-410M.
Smartphone development agreement: contingent on successful development and service provider agreement by end of 2022; fees, royalties, network usage fees plus recoupment payments.
Commercial IoT subscribers 1.323M (+22% YoY); total billable subscribers 1.875M (+16% YoY).
Repurchased 1.0M shares for $35M; $267.5M still authorized under $600M buyback program.

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