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Iridium Communications Inc (IRDM-2.90%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $830.7 million for 2024, a 5% increase from $790.7 million in 2023. Service revenue, which represents 74% of total revenue, rose to $614.9 million, up from $584.5 million the previous year.
Commercial service revenue increased by 6% to $508.6 million, driven by growth in IoT and voice and data services. Government service revenue remained stable at $106.3 million.
Subscriber equipment revenue decreased by 13% to $91.4 million, attributed to a decline in the volume of handset sales.
Engineering and support service revenue increased by 23% to $124.4 million, primarily due to increased work under certain government projects.
Operating expenses totaled $630.3 million, a decrease from $709.1 million in 2023, mainly due to a reduction in depreciation and amortization expenses following a change in the estimated useful lives of satellites.
Net income for 2024 was $112.8 million, a significant increase from $15.4 million in 2023, reflecting higher revenue and lower operating expenses.
The company reported cash and cash equivalents of $93.5 million as of December 31, 2024, up from $71.9 million at the end of 2023.
Iridium completed the acquisition of Satelles, Inc. in April 2024 for $125.5 million, aiming to expand its service offerings in satellite-based position, navigation, and timing services.
The company repurchased 14.0 million shares of its common stock during 2024, resulting in a total purchase price of $403.8 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Iridium Communications Inc annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.