Company: IRDM
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001628280-25-018712
Chunk: 27

Company: Iridium Communications Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 8
Chunk 27
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 and the imposition of tariffs; and

•reliance on a few significant customers, particularly agencies of the U.S. government, for a substantial portion of our revenue, as a result of which the loss or decline in business with any of these customers may negatively impact our revenue and collectability of related accounts receivable.

20

Comparison of Our Results of Operations for the Three Months Ended March 31, 2025 and 2024

Three Months Ended March 31,Change2025% of Total Revenue2024% of Total Revenue($ in thousands)DollarsPercentRevenue:Services$154,292 72 %$148,577 73 %$5,715 4 %Subscriber equipment23,121 11 %24,868 12 %(1,747)(7)%Engineering and support services37,465 17 %30,408 15 %7,057 23 %Total revenue214,878 100 %203,853 100 %11,025 5 %Operating expenses:Cost of services (exclusive of depreciationand amortization)48,787 23 %46,449 23 %2,338 5 %Cost of subscriber equipment12,867 6 %13,880 7 %(1,013)(7)%Research and development5,417 3 %7,198 4 %(1,781)(25)%Selling, general and administrative35,752 16 %36,811 18 %(1,059)(3)%Depreciation and amortization51,667 24 %49,744 24 %1,923 4 %Total operating expenses154,490 72 %154,082 76 %408 — %Operating income60,388 28 %49,771 24 %10,617 21 %Other income (expense):Interest expense, net(21,824)(10)%(20,663)(10)%(1,161)6 %Other income (expense), net(1,685)(1)%43 — %(1,728)(4,019)%Total other expense, net(23,509)(11)%(20,620)(10)%(2,889)14 %Income before income taxes and loss on equity method investments36,879 17 %29,151 14 %7,728 27 %Income tax