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Sep 30, 2020
Iridium Q3 2020 Earnings Report
Iridium reported a net loss of $4.0 million and total revenue of $151.5 million, driven by record net subscriber additions.
Key Takeaways
Iridium Communications Inc. reported financial results for the third quarter of 2020, featuring a net loss of $4.0 million, total revenue of $151.5 million, and a record 67,000 net subscriber additions. The company also updated its full-year 2020 outlook, raising guidance for operational EBITDA to approximately $355 million.
Iridium delivered a record 67,000 net subscriber additions during the quarter.
Subscriber equipment sales increased by 18% year-over-year.
Iridium is raising its full-year guidance for 2020 and now expects to generate approximately $355 million in operational EBITDA.
Company ended the quarter with 1,429,000 total billable subscribers.
Iridium
Iridium
Iridium Revenue by Segment
Revenue by Segment
Commercial Voice & Data Revenue
CapyFin.comCommercial IoT Data Revenue
CapyFin.comHosted Payload & Other Revenue
CapyFin.comGovernment Services Revenue
CapyFin.comSubscriber Equipment Revenue
CapyFin.comEngineering & Support Revenue
CapyFin.com Forward Guidance
Iridium updated its full-year 2020 outlook for total service revenue, OEBITDA and net leverage.
Positive Outlook
- Total service revenue growth of approximately 3% for full-year 2020.
- Full-year 2020 OEBITDA of approximately $355 million.
- Negligible cash taxes in 2020.
- Cash taxes are expected to be negligible through approximately 2023.
- Net leverage of approximately 4.0 times OEBITDA at the end of 2020.