Iridium Q2 net loss $30.7M on satellite write-off; record OEBITDA $115.8M, rev $193.1M up 10%

Iridium Communications Inc.

2024-Q2 EPS reported -$0.17 revenue$398,381,000

Net loss $30.7M ($0.24/share) vs net income $4.6M prior year; write-off of remaining ground spare satellite after May launch.
Record operational EBITDA $115.8M, up 9% YoY; total revenue $193.1M (+10%), service revenue $145.1M (+9%).
Total billable subscribers 2.14M, up 14% YoY; commercial IoT subscribers up 19% to 1.58M.
Reiterated FY2023 guidance: service revenue growth 9-11%, OEBITDA $455-465M; net leverage target 2.5-3.5x.
Paid $0.13 dividend in June; repurchased 1.1M shares for $66.1M in Q2; $60.4M remaining buyback.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Iridium Communications Inc. reported the second quarter of 2023 results: revenue $193.1 million, net income Net loss was $30.7 million, EPS $0.24 per diluted share. Guidance reaffirmed.

Period: the second quarter of 2023
Revenue: $193.1 million
Net income: Net loss was $30.7 million
EPS: $0.24 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”), a leading provider of global voice and data satellite communications, today reported financial results for the second quarter of 2023 and reiterated its full-year 2023 outlook. Net loss was $30.7 million, or $0.24 per diluted share, for the second quarter of 2023, as compared to net income of $4.6 million, or $0.04 per diluted share, for the second quarter of 2022. Operational EBITDA (“OEBITDA”) (1) for the second quarter was $115.8 million, as compared to $105.9 million for the prior-year period, representing a year-over-year increase of 9%. The net loss was primarily the result of the write-off of Iridium’s remaining ground spare satellite following the successful launch of five of its six ground spare satellites in May. This charge offset the benefits of strong revenue growth in Iridium’s Commercial Service lines and an increase in Engineering and Support revenue. Iridium reported second-quarter total revenue of $193.1 million,

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Source: SEC EDGAR

accession 0001628280-23-025519

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