Iridium Q3 revenue $226.9M, net income $37.1M; updates FY2025 outlook

Iridium Communications Inc.

2025-Q3 EPS reported $0.82 vs consensus $0.26 ▲ beat (+210.5%)

Total revenue $226.9M (+7% YoY); service revenue $165.2M (+3%); equipment $21.5M, engineering $40.2M.
Net income $37.1M ($0.35 diluted EPS) vs $24.4M ($0.21) in Q3 2024; OEBITDA $136.6M (+10% YoY).
Total billable subscribers 2,542,000 (+2% YoY); commercial IoT subscribers up 5% to 1,991,000.
FY2025 guidance: service revenue growth ~3% (prev 3-5%); OEBITDA $495-500M (prev $490-500M).
Cash taxes <$10M/yr through 2027 (prev through 2026); net leverage target <3.5x in 2025, <2.0x by decade end.

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