---
schema_version: "secwatch.filing_event.v1"
accession: "0001418819-24-000022"
form_type: "8-K"
ticker: "IRDM"
cik: "0001418819"
company_name: "Iridium Communications Inc."
filed_at: "2024-04-18T23:59:59+00:00"
generated_at: "2026-06-03T18:37:55.401832+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Iridium Q1 net income $19.7M; OEBITDA $115M; completes Satelles acquisition; raises dividend

## Summary
- Net income $19.7M ($0.16 diluted EPS) vs $9.8M ($0.08) YoY; OEBITDA $115M up 3%.
- Total revenue $203.9M, down 1% YoY; service revenue $148.6M up 7%.
- Commercial IoT revenue $39.4M (+23% YoY); subscribers up 18% to 1.77M.
- Completed acquisition of Satelles on April 1; funded with $125M from term loan increase.
- Board raises quarterly dividend to $0.14 (5.8% increase) from $0.13; $56.6M spent on 1.9M share repurchases in Q1.

## SEC filing metadata
- accession: 0001418819-24-000022
- form_type: 8-K
- ticker: IRDM
- cik: 0001418819
- company_name: Iridium Communications Inc.
- filed_at: 2024-04-18T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1418819/000141881924000022/0001418819-24-000022-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1418819/000141881924000022/irdm-20240418.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001418819-24-000022
- JSON: https://secwatch.observer/filing/0001418819-24-000022.json
- Plain text: https://secwatch.observer/filing/0001418819-24-000022.txt

## Key facts
- Earnings Releases
  Iridium Communications Inc. reported first quarter ended March 31, 2024 results: revenue $203.9 million, net income $19.7 million, EPS $0.16 per diluted share. Guidance reaffirmed.
  - Period: first quarter ended March 31, 2024
  - Revenue: $203.9 million
  - Net income: $19.7 million
  - EPS: $0.16 per diluted share
  - Guidance: reaffirmed
  - Result: reported results
  source text: Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”), a leading provider of global voice and data satellite communications, today reported financial results for the first quarter of 2024 and reiterated its full-year 2024 outlook. Net income was $19.7 million, or $0.16 per diluted share, for the first quarter of 2024, as compared to net income of $9.8 million, or $0.08 per diluted share, for the first quarter of 2023. Operational EBITDA (“OEBITDA”) (1) for the first quarter was $115.0 million, as compared to $111.9 million for the prior-year period, representing a year-over-year increase of 3%. Net income benefitted from a year-over-year decrease in depreciation expense associated with the extension of the estimated useful lives of the Company’s satellites and continued growth in total commercial services revenue. Iridium reported first-quarter total revenue of $203.9 million, which consisted of $148.6 million of service revenue and $55.3 million of revenue related to equipment sales a
  evidence_url: https://www.sec.gov/Archives/edgar/data/1418819/000141881924000022/0001418819-24-000022-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.