Company: IRDM
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001628280-25-018712
Chunk: 16

Company: Iridium Communications Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 8
Chunk 16
---
 are not separately disclosed on the condensed consolidated balance sheets. The commissions are recognized over the estimated usage period. The following table presents contract assets not separately disclosed:March 31, 2025December 31, 2024(In thousands)Contract Assets:Commissions$1,215 $1,058 Other contract costs$1,755 $1,798 

9. Leases

Lessor ArrangementsOperating leases in which the Company is a lessor consist primarily of hosting agreements with Aireon LLC (“Aireon”) (see Note 13) and L3Harris Technologies, Inc. (“L3Harris”) for space on the Company’s satellites. These agreements provide for a fee that will be recognized over the estimated useful lives of the satellites, currently estimated to be approximately 17.5 

13

years from their respective in-service dates. Lease income related to these agreements was $3.1 million for each of the three months ended March 31, 2025 and 2024, respectively. Lease income is recorded as hosted payload and other data service revenue within service revenue on the Company’s condensed consolidated statements of operations and comprehensive income.Aireon has made payments to the Company pursuant to its hosting agreement (the “Aireon Hosting Agreement”), and the Company expects Aireon will continue to do so. L3Harris has prepaid all amounts owed to the Company pursuant to its hosting arrangement. The following table presents future income with respect to the Company’s operating leases in which it is the lessor existing at March 31, 2025, exclusive of the $3.1 million recognized during the three months ended March 31, 2025, by year and in the aggregate:Year Ending December 31,Amount(In thousands)2025$9,293 202612,391 202712,391 202812,391 202912,391    Thereafter70,084 Total lease income$128,941 

10. Stock-Based Compensation

In May 2023, the Company’s stockholders approved the amendment and restatement of the Company’s 2015 Equity Incentive Plan (as so amended and restated, the “Amended 2015 Plan”). As of March 31, 2025, the remaining aggregate number of shares available for future grants under the Amended 2015 Plan was 5,073,000. The Amended 2015 Plan provides for the grant of stock-based awards