secwatch.observer — SEC 8-K summary
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Issuer:     Iridium Communications Inc. (IRDM)
CIK:        0001418819
Form:       8-K
Filed at:   2023-07-25T23:59:59+00:00
Accession:  0001628280-23-025519
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1418819/000162828023025519/0001628280-23-025519-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1418819/000162828023025519/irdm-20230725.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-025519

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