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  • Wednesday, April 24, 2024

Iridium Reports 17% Increase in Q3 2018 Revenue; Matt Desch Quoted


Matt Desch

Iridium Communications (Nasdaq: IRDM) posted $136M in revenue for the third quarter of 2018, up 17 percent from the prior year period.

The company said Thursday the total number of subscribers grew to 1.09M in Q3 2018, reflecting a year-over-year increase of 15 percent associated with the rise in government and internet-of-things clients.

The McLean, Va.-based satellite communications firm saw its operational earnings before interest, tax, depreciation and amortization jump 11 percent to $79.4M driven by strong equipment sales and commercial service revenue.

“Iridium continued to enjoy significant subscriber and sales momentum into the third quarter, which drove double-digit growth in revenue and operational EBITDA,” said Iridium CEO Matt Desch.

The company’s government business ended Q3 2018 with $22M in service revenue and 113K subscribers with IoT data users accounting for 50 percent of the figure.

Desch, a four-time Wash100 awardee, noted that the company plans to launch on Dec. 30 the final batch of 10 Iridium NEXT satellites to complete the L-band network that will deliver Iridium Certus-backed broadband and IoT services to customers.

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