Company: IRDM
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001628280-25-035835
Chunk: 17

Company: Iridium Communications Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 17
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3 million remained available and authorized for repurchase under this program. 

8. Revenue

The following table summarizes the Company’s services revenue: Three Months Ended June 30,Six Months Ended June 30, 2025202420252024 (In thousands)(In thousands)Commercial services revenue:Voice and data $56,810 $56,455 $112,752 $111,432 IoT data44,741 41,609 88,596 81,064 Broadband12,724 13,478 25,600 27,170 Hosted payload and other data14,545 14,425 29,414 28,378 Total commercial services revenue128,820 125,967 256,362 248,044 Government services revenue26,750 26,500 53,500 53,000 Total services revenue$155,570 $152,467 $309,862 $301,044 The following table summarizes the Company’s engineering and support services revenue: Three Months Ended June 30,Six Months Ended June 30, 2025202420252024 (In thousands)(In thousands)Commercial$2,404 $1,520 $4,041 $2,673 Government39,477 24,298 75,305 53,553 Total engineering and support services revenue$41,881 $25,818 $79,346 $56,226 Approximately 28% and 51% of the Company’s accounts receivable balance at June 30, 2025 and December 31, 2024, respectively, were due from prime contracts or subcontracts with agencies of the U.S. government. The Company’s contracts with customers generally do not contain performance obligations with terms in excess of one year. As such, the Company does not disclose details related to the value of performance obligations that are unsatisfied as of the end of the reporting period. The total value of any performance obligations that extend beyond one year is immaterial to the financial statements. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the condensed consolidated balance sheets. The Company bills amounts under its agreed-upon contractual terms at periodic intervals (for services), upon shipment (for equipment), or upon achievement of contractual milestones or as work progresses (for engineering and