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Iridium Communications

No base rate yet — IRDM has 2 graded prints on the record, and the bar is 3.Website
Ticker
IRDM
Beat
space
Size
Public Company
Revenue
$225M
as of Jun 2026
Cash
$184M
as of Jun 2026
Researched · Fresh
10 days ago

A debt-levered, cash-machine LEO monopoly being re-rated on spectrum scarcity — own the durable EMSS/IoT/Aireon annuity, but the spectrum-takeout dream is now mostly in the price.

Orbit · who it trades with and competes with
3 on the rings · 0 trade · 3 rival
3 mentions across our dossiers
Focus · Space
Iridium Communications
IRDM · public
No published house view
Competes with
Next prints in its web
Links · 3 companies · 0 trade · 3 rival
“Iridium is the only profitable, free-cash-generative, dividend-paying name in a satellite peer set otherwise made of unprofitable spectrum-and-story bets — and it owns two assets the market is suddenly repricing: (1) globally-coordinated L…”Globalstar · RIVAL · from Iridium Communications’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

IRDM · weekly close
44.91 USD+1.1%
Friday 30 Oct 2026 · last 52 Fridays 16.05–53.75
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 48,569 sh · 2 filings, Form 4 · 22 Oct 2026
  2. Short interest: 3,368,663 sh · 2.46 days to cover, FINRA · settled 30 Sept 2026
  3. Insiders bought, 90 days: 1,555 sh · 9 filings, Form 4 · 30 Sept 2026
  4. Next print: in 107 days, Scheduled · 15 Feb 2027, scheduled
44.91USD+1.1%space +0.7%IRDM · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 22 Oct 2026
2 filings · 48,569 shares
Insiders bought, last 90 daysSEC Form 4 · newest 30 Sept 2026
9 filings · 1,555 shares
Shares sold shortFINRA · settled 30 Sept 2026
3,368,663 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
2.46
see the whole series
Financials

The reported figures

Revenue · quarterly
$225M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$225M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Iridium Communications, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$198M USD14.2% share of revenue$59.1M USD$12.0M USD$67.9M USD123.9M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$195M USD23.8% share of revenue$71.6M USD$16.2M USD$71.9M USD122.4M sharesFiled · primarysec.gov
Q1 ’2431 Mar 2024$204M USD24.4% share of revenue$56.9M USD$14.6M USD$174M USD121.4M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$201M USD21.7% share of revenue$68.7M USD$12.4M USD$63.5M USD118.4M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$213M USD25.8% share of revenue$100M USD$18.6M USD$160M USD113.8M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$213M USD24.5% share of revenue$80.5M USD$24.3M USD$93.5M USD108.8M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$215M USD28.1% share of revenue$36.5M USD$24.5M USD$50.9M USD108.2M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$217M USD23.2% share of revenue$109M USD$20.7M USD$79.3M USD106.1M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$227M USD30.9% share of revenue$79.2M USD$21.5M USD$88.5M USD104.7M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$213M USD25.9% share of revenue$75.1M USD$33.5M USD$96.5M USD105.0M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$219M USD23.2% share of revenue$41.7M USD$30.0M USD$112M USD105.7M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$225M USD15.1% share of revenue$92.3M USD$21.8M USD$184M USD106.0M sharesFiled · primarysec.gov

Iridium Communications’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$225M+3.8% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $198M, as of Sep 2023Revenue Q4 ’23: $195M, as of Dec 2023Revenue Q1 ’24: $204M, as of Mar 2024Revenue Q2 ’24: $201M, as of Jun 2024Revenue Q3 ’24: $213M, as of Sep 2024Revenue Q4 ’24: $213M, as of Dec 2024Revenue Q1 ’25: $215M, as of Mar 2025Revenue Q2 ’25: $217M, as of Jun 2025Revenue Q3 ’25: $227M, as of Sep 2025Revenue Q4 ’25: $213M, as of Dec 2025Revenue Q1 ’26: $219M, as of Mar 2026Revenue Q2 ’26: $225M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
15.1%-8.1 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 14.2%, as of Sep 2023Operating margin Q4 ’23: 23.8%, as of Dec 2023Operating margin Q1 ’24: 24.4%, as of Mar 2024Operating margin Q2 ’24: 21.7%, as of Jun 2024Operating margin Q3 ’24: 25.8%, as of Sep 2024Operating margin Q4 ’24: 24.5%, as of Dec 2024Operating margin Q1 ’25: 28.1%, as of Mar 2025Operating margin Q2 ’25: 23.2%, as of Jun 2025Operating margin Q3 ’25: 30.9%, as of Sep 2025Operating margin Q4 ’25: 25.9%, as of Dec 2025Operating margin Q1 ’26: 23.2%, as of Mar 2026Operating margin Q2 ’26: 15.1%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$92.3M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: $59.1M, as of Sep 2023Free cash flow Q4 ’23: $71.6M, as of Dec 2023Free cash flow Q1 ’24: $56.9M, as of Mar 2024Free cash flow Q2 ’24: $68.7M, as of Jun 2024Free cash flow Q3 ’24: $100M, as of Sep 2024Free cash flow Q4 ’24: $80.5M, as of Dec 2024Free cash flow Q1 ’25: $36.5M, as of Mar 2025Free cash flow Q2 ’25: $109M, as of Jun 2025Free cash flow Q3 ’25: $79.2M, as of Sep 2025Free cash flow Q4 ’25: $75.1M, as of Dec 2025Free cash flow Q1 ’26: $41.7M, as of Mar 2026Free cash flow Q2 ’26: $92.3M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$184M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $67.9M, as of Sep 2023Cash Q4 ’23: $71.9M, as of Dec 2023Cash Q1 ’24: $174M, as of Mar 2024Cash Q2 ’24: $63.5M, as of Jun 2024Cash Q3 ’24: $160M, as of Sep 2024Cash Q4 ’24: $93.5M, as of Dec 2024Cash Q1 ’25: $50.9M, as of Mar 2025Cash Q2 ’25: $79.3M, as of Jun 2025Cash Q3 ’25: $88.5M, as of Sep 2025Cash Q4 ’25: $96.5M, as of Dec 2025Cash Q1 ’26: $112M, as of Mar 2026Cash Q2 ’26: $184M, as of Jun 2026Debt Q4 ’23: $1.5B, as of Dec 2023Debt Q4 ’24: $1.8B, as of Dec 2024Debt Q4 ’25: $1.8B, as of Dec 2025

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
106.0M-14% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 123.9M, as of Sep 2023Shares outstanding Q4 ’23: 122.4M, as of Dec 2023Shares outstanding Q1 ’24: 121.4M, as of Mar 2024Shares outstanding Q2 ’24: 118.4M, as of Jun 2024Shares outstanding Q3 ’24: 113.8M, as of Sep 2024Shares outstanding Q4 ’24: 108.8M, as of Dec 2024Shares outstanding Q1 ’25: 108.2M, as of Mar 2025Shares outstanding Q2 ’25: 106.1M, as of Jun 2025Shares outstanding Q3 ’25: 104.7M, as of Sep 2025Shares outstanding Q4 ’25: 105.0M, as of Dec 2025Shares outstanding Q1 ’26: 105.7M, as of Mar 2026Shares outstanding Q2 ’26: 106.0M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-21editorial noteSources added: 0 → 11The dossier's cited-link count grew from 0 to 11 (deep-dive-2026-06-18.md → deep-dive-2026-10-21.md).dossier
2026-10-21editorial noteRevenue figure revised: $871.7M → 2%Revenue moved from $871.7M (deep-dive-2026-06-18.md) to 2% (deep-dive-2026-10-21.md).dossier
2026-10-20guidance8-K: Iridium Q3 2026 revenue $245.7M, net income $106.9M, OEBITDA $135.6MRelease 20 Oct 2026. Q3 total revenue $245.7M (+8%). Net income $106.9M ($0.98 diluted), including $103.9M gain on Aireon acquisition. OEBITDA $135.6M. Rocket Lab acquisition approved by stockholders 24 Sep 2026.agent:company-events · SEC EDGAR 8-K
2026-10-20filing10-Q: Iridium Communications quarter ended 30 Sep 2026Q3 revenue $245.7M; net income $106.9M; diluted EPS $0.98. Total assets $3,082.0M; gross debt ~$2.16bn. Aireon acquisition of remaining 60.5% closed 2 Jul 2026 (~$366.7M). Shares outstanding 106,158,479 as of 13 Oct 2026.agent:company-events · SEC EDGAR 10-Q
2026-09-24filing8-K Item 5.07: Iridium stockholders approve Rocket Lab mergerMerger adoption with Rocket Lab: 85,862,105 for, 318,415 against, 67,862 abstained. Advisory golden parachute: 74,461,703 for, 10,948,729 against, 837,950 abstained. Closing expected mid-2027.agent:company-events · SEC EDGAR 8-K
2026-09-18filing8-K Item 8.01: Iridium supplemental proxy disclosures on Rocket Lab mergerSupplements the 26 Aug 2026 proxy with Evercore valuation ranges and analyst price targets; discloses three New York state lawsuits and stockholder demand letters; company states the claims are without merit.agent:company-events · SEC EDGAR 8-K
2026-09-15contract8-K: Iridium Amendment No. 4 to credit agreement, tied to Rocket Lab mergerOn 15 Sep 2026 Iridium entered Amendment No. 4 to its credit agreement providing the Rocket Lab merger (agreement dated 28 Jun 2026) is not a change of control; 1.00% repricing premium post-closing.agent:company-events · SEC EDGAR 8-K
dossier age
10 days
researched 21 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 9 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 675 words, 9 filing mentions
  2. The dossier: What held, 63 words, no filing mention
Research

The Iridium Communications dossier

The verdict

A debt-levered, cash-machine LEO monopoly being re-rated on spectrum scarcity — own the durable EMSS/IoT/Aireon annuity, but the spectrum-takeout dream is now mostly in the price.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Pending acquisition by Rocket Lab. Merger agreement dated 2026-06-28: each Iridium share converts into $27.00 in cash plus Rocket Lab stock at an exchange ratio of 0.4000 if Rocket Lab's ten-day VWAP is at or below $67.50, $27.00 divided by the VWAP between $67.50 and $112.50, and 0.2400 at or above $112.50. The joint release states $54 per share and an Enterprise valueWhat it would cost to buy the whole company: its market value plus its debt, minus the cash you would get with it. Often very different from market cap. of about $8.0B. Termination fee payable by Iridium: $223.62M in specified cases. Directors holding about 1.6% of shares signed support agreements. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. 2026-06-29, https://www.sec.gov/Archives/edgar/data/1418819/000110465926078482/tm2619278d1_8k.htm and exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1418819/000110465926078482/tm2619278d1_ex99-1.htm; agreement dated 2026-06-28]
  2. Stockholder approval and timing. At the special meeting on 2026-09-24, 85,862,105 shares voted for adoption, 318,415 against and 67,862 abstained; 86,248,382 shares (81.38% of the 105,981,552 outstanding at the 2026-08-21 record date) were present. The 2026-10-20 release puts approval at 99.6% of votes cast. The merger is expected to close by mid-2027, subject to remaining regulatory approvals and closing conditions. [sec.gov: 8-K 2026-09-24, https://www.sec.gov/Archives/edgar/data/1418819/000095010326014464/dp253851_8k.htm; sec.gov: 8-K 2026-10-20 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1418819/000141881926000053/pressreleaseq32026.htm]
  3. Credit agreement consent. On 2026-09-15 Iridium and its lenders signed Amendment No. 4: the merger is not a "Change of Control" under the credit agreement, and the requisite lenders consent to it. [sec.gov: 8-K 2026-09-15, https://www.sec.gov/Archives/edgar/data/1418819/000095010326013945/dp253331_8k.htm]
  4. Guidance withdrawn from practice. Because of the pending transaction, Iridium does not intend to hold calls or to give or update financial guidance (Q2 release). The dossier's FY2026 guidance was service revenue flat to +2% and OEBITDA of $480–490M. [sec.gov: 8-K 2026-07-22 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1418819/000141881926000046/pressreleaseq22026.htm]
  5. Q2-2026 results (quarter ended 2026-06-30). Revenue $225.2M, up 4%; net income $9.7M, $0.09 per share (Q2-2025: $22.0M, $0.20), lower on transaction costs; OEBITDA $119.1M ($121.3M); subscribers 2,627,000; cash $184.2M; net debt about $1.6B; net leverage 3.3x. The dossier's Q1 revenue was $219.1M. [sec.gov: 8-K 2026-07-22 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1418819/000141881926000046/pressreleaseq22026.htm]
  6. Q3-2026 results (quarter ended 2026-09-30). Revenue $245.7M, up 8%; service revenue up 13%, mainly from Aireon, and 76% of revenue. Net income $106.9M, $0.98 per diluted share (Q3-2025: $37.1M, $0.35), including a $103.9M gain on the Aireon acquisition. OEBITDA $135.6M ($136.6M a year earlier). Subscribers 2,696,000 (2,542,000 a year earlier). Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. $27.4M. Cash $97.9M; gross debt about $2.2B; net debt about $2.1B; net leverage 4.2x trailing OEBITDA. A $100.0M revolver draw preceded the Aireon closing, with $50.0M outstanding at 2026-09-30. Dividend: $0.15 paid 2026-09-30 ($16.3M); the board plans $0.16 from Q4 2026. [sec.gov: 8-K 2026-10-20 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1418819/000141881926000053/pressreleaseq32026.htm]
  7. Aireon closed 2026-07-02. Iridium bought the remaining 61% of Aireon for about $366.7M, 50% in cash and 50% deferred as a $183.36M interest-free seller loan maturing one year after closing; it also took on Aireon's term loans ($154.7M outstanding, SOFR plus 6.25%, maturing 2028-10-10) with a parent guaranty. [sec.gov: 8-K 2026-07-07, https://www.sec.gov/Archives/edgar/data/1418819/000110465926081335/tm2619278d14_8k.htm]
  8. EMSS contract. On 2026-09-11 the U.S. Space Force exercised its option to extend the EMSS contract through March 2027 at the same contractual rate; Iridium says it still expects a renewal in 2027. Government service revenue was $27.6M in Q3, up 2%. [sec.gov: 8-K 2026-10-20 exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1418819/000141881926000053/pressreleaseq32026.htm]
  9. Ownership (merger proxy, as of 2026-08-18). Matthew Desch held 1,075,631 shares (1%); all directors and executive officers (16 people) held 2,254,252 shares (2.1%). Holders above 5%: BlackRock 12.3%, Baralonco Limited 9.4%, AQR 6.6%, Vanguard 5.8%. [sec.gov: DEFM14A 2026-08-26, https://www.sec.gov/Archives/edgar/data/1418819/000175392626001637/g085903_def14am.htm, Share Ownership table]

Bearing on the position seed (facts only; the seed is unchanged). The seed's price at analysis is about $45 with a base target of about $48; the merger terms give about $54 per share (item 1), with the stock portion moving with Rocket Lab's share price inside the collar. Its catalysts name the EMSS renewal (term to Sept 2026), the Aireon close (about July 2026) and the Q2-2026 print: the EMSS term is now extended to March 2027 (item 8), Aireon closed 2026-07-02 (item 7) and Q2 was reported 2026-07-22 (item 5). The seed's "credible sector takeout" bull-case phrase and its "sector spectrum M&A" catalyst are, as facts, overtaken by the signed merger. The seed's key risk of a "rising-rate refi (cap expires Nov 2026)" is not addressed in the filings read.

What held

  • Subscriber growth continued (2,696,000, up 6% year on year) and commercial IoT led it (item 6).
  • The U.S. government remains the largest single customer: 15% of service revenue (item 8, Q3 release).
  • OEBITDA was roughly flat year on year before Aireon's full contribution (item 6).
  • Leverage rose with the Aireon deal (4.2x against 3.3x at Q2) (items 5, 6).

How our view changed

2 dossiers

Every dossier we have written on Iridium Communications, newest first.

  1. current

    A debt-levered, cash-machine LEO monopoly being re-rated on spectrum scarcity

  2. A debt-levered, cash-machine LEO monopoly being re-rated on spectrum scarcity

Company details

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Others in space

5 names

Where Iridium Communications sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.