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.

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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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