Iridium (Nasdaq:IRDM) reported financial results for the fourth quarter of 2010, affirming its outlook for the full-year 2011.
The firm listed fourth-quarter total revenue at $87.9 million, including $60.1 million of service revenue and $27.8 million of equipment and engineering and support revenue.
Iridium noted that “total revenue grew 16 percent versus the comparable period of 2009, while service revenue increased 13 percent from the year-ago period. Service revenue, which represents primarily recurring revenue from Iridium’s growing subscriber base, was 68 percent of total revenue for the fourth quarter of 2010.”
“Our success in 2010 showed once again that we have a high-growth subscriber base that drives long-term, sustainable revenue and cash flow,” CEO Matt Desch said. “With strong contributions from our commercial M2M business, which grew subscribers 60 percent year-over-year, and one of our best years ever in the government sector, we’re entering 2011 on a strong competitive footing in each of our vertical markets. Our large and growing ecosystem of partners also continues to tell us that Iridium is the first choice for many customers because of a superior network and innovative products. Nowhere is this leadership more significant than in the handheld voice and M2M markets.”