Page 1

iridium Iridium Announces Third - Quarter 2021 Results ; Raises 2021 Outlook Strong subscriber additions continue in the third quarter MCLEAN , Va . , Oct. 19 , 2021 / PRNewswire / -- Iridium Communications Inc. ( Nasdaq : IRDM ) ( " Iridium " ) today reported financial results for the third quarter of 2021 and updated its full - year 2021 outlook . Net loss was $ 2.1 million , or $ 0.02 per diluted share , for the third quarter of 2021 , as compared to net loss of $ 4.0 million , or $ 0.03 per diluted share , for the third quarter of 2020. This decrease in net loss was primarily the result of operating profit improvements and lower net interest expenses . Operational EBITDA ( " OEBITDA " ) ( 1 ) for the third quarter was a record breaking $ 100.2 million , as compared to $ 93.4 million for the prior - year period , representing a year - over - year increase of 7 % and an OEBITDA margin ( 1 ) of 62 % . OEBITDA benefitted from increases in revenue across the board . Iridium reported third - quarter total revenue of $ 162.2 million , which consisted of $ 127.8 million of service revenue and $ 34.4 million of revenue related to equipment sales and engineering and support projects . Total revenue increased 7 % versus the comparable period of 2020 , while service revenue grew by 9 % . Service revenue , which represents primarily recurring revenue from Iridium's growing subscriber base , was 79 % of total revenue for the third quarter of 2021 . The Company ended the quarter with 1,690,000 total billable subscribers , which compares to 1,429,000 for the year - ago period and is up from 1,616,000 for the quarter ended June 30 , 2021. Total billable subscribers grew 18 % year - over - year , driven by growth in commercial loT customers . " We feel really good about the momentum we're seeing in our business . It's broad - based and a function of strong top line growth , good execution and strong partner activity . Together , these factors provide Iridium a clear runway for long - term growth , " said Matt Desch , CEO , Iridium . Desch continued , " With the flood of new capital making its way into the space industry , Iridium continues to distinguish itself as a leader in satellite communications by leveraging its unique network and spectrum position to connect people , vehicles and assets on the move . We continue to generate stronger free cash flow as we attract new subscribers to our network , which sets us up well as we plan for 2022. " Commenting on its full - year outlook , Desch added , " In light of strong underlying demand and continued subscriber momentum , Iridium is raising its full - year guidance for 2021. We now expect total service revenue growth of between 5 % and 6 % and operational EBITDA of approximately $ 375 million this year . " Iridium Business Highlights Service - Commercial Commercial service remained the largest part of Iridium's business , representing 63 % of the Company's total revenue during the third quarter . The Company's commercial