Company: IRDM
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001628280-25-018712
Chunk: 1

Company: Iridium Communications Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 8
Chunk 1
---
 except per share amounts)

(Unaudited)

Three Months Ended March 31, 20252024Revenue:Services$154,292 $148,577 Subscriber equipment23,121 24,868 Engineering and support services37,465 30,408 Total revenue214,878 203,853 Operating expenses:  Cost of services (exclusive of depreciation and amortization)48,787 46,449 Cost of subscriber equipment12,867 13,880 Research and development5,417 7,198 Selling, general and administrative35,752 36,811 Depreciation and amortization51,667 49,744 Total operating expenses154,490 154,082 Operating income60,388 49,771 Other income (expense), net:  Interest expense, net(21,824)(20,663)Other income (expense), net(1,685)43 Total other expense, net(23,509)(20,620)Income before income taxes and loss on equity method investments36,879 29,151 Income tax expense(5,819)(7,931)Loss on equity method investments(648)(1,567)Net income$30,412 $19,653 Weighted average shares outstanding - basic109,759 123,151 Weighted average shares outstanding - diluted110,671 123,993 Net income per share - basic$0.28 $0.16 Net income per share - diluted$0.27 $0.16 Comprehensive income:Net income$30,412 $19,653 Foreign currency translation adjustments2,219 (396)Unrealized gain (loss) on cash flow hedges, net of tax (see Note 6)(7,241)6,733 Comprehensive income$25,390 $25,990 

See notes to unaudited condensed consolidated financial statements.

4

Iridium Communications Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended March 31, 2025Three Months Ended March 31, 2024Common StockAdditional Paid-In CapitalAccumulated DeficitAccumulatedOther Comprehensive IncomeTotal Stockholders’ EquityCommon StockAdditional Paid-In CapitalAccumulated DeficitAccumulatedOther Comprehensive IncomeTotal Stockholders’ EquitySharesAmountSharesAmountBalances at