Company: IRDM
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001628280-25-035835
Chunk: 28

Company: Iridium Communications Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 28
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 end-user subscriber equipment and our ability to purchase component parts that are periodically subject to shortages resulting from surges in demand, natural disasters or other events, including global pandemics 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.

19

Comparison of Our Results of Operations for the Three Months Ended June 30, 2025 and 2024

Three Months Ended June 30,Change2025% of Total Revenue2024% of Total Revenue($ in thousands)DollarsPercentRevenue:Services$155,570 72 %$152,467 76 %$3,103 2 %Subscriber equipment19,455 9 %22,782 11 %(3,327)(15)%Engineering and support services41,881 19 %25,818 13 %16,063 62 %Total revenue216,906 100 %201,067 100 %15,839 8 %Operating expenses:Cost of services (exclusive of depreciationand amortization)53,603 25 %39,464 20 %14,139 36 %Cost of subscriber equipment11,302 5 %13,946 7 %(2,644)(19)%Research and development4,279 2 %6,512 3 %(2,233)(34)%Selling, general and administrative44,627 21 %46,723 23 %(2,096)(4)%Depreciation and amortization52,837 24 %50,776 25 %2,061 4 %Total operating expenses166,648 77 %157,421 78 %9,227 6 %Operating income50,258 23 %43,646 22 %6,612 15 %Other expense:Interest expense, net(22,752)(10)%(23,797)(12)%1,045 (4)%Other expense, net(871)— %(646)— %(225)35 %Total other expense, net(23,623)(10)%(24,443)(12)%820 (3)%Income before income taxes and gain (loss) on equity