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Dec 31, 2022
Iridium Q4 2022 Earnings Report
Iridium reported Q4 2022 results, with revenue increasing and subscriber growth driven by commercial IoT.
Key Takeaways
Iridium Communications Inc. reported a net loss of $0.8 million for Q4 2022, compared to a net loss of $5.9 million for the same period in 2021. Total revenue increased by 24% to $193.8 million, with service revenue growing by 8% to $136.8 million. The company ended the quarter with 1,999,000 total billable subscribers, a 16% increase year-over-year.
Total revenue increased by 24% year-over-year, reaching $193.8 million.
Service revenue grew by 8% year-over-year, amounting to $136.8 million.
Commercial service revenue increased by 10% year-over-year, totaling $110.3 million.
Total billable subscribers increased by 16% year-over-year, reaching 1,999,000.
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 issued its full-year 2023 outlook, anticipating total service revenue growth between 9% and 11% and OEBITDA between $455 million and $465 million.
Positive Outlook
- Total service revenue growth between 9% and 11% for full-year 2023.
- Full-year 2023 OEBITDA between $455 million and $465 million.
- Negligible cash taxes in 2023.
- Cash taxes are expected to be negligible through approximately 2024.
- Net leverage of between 2.5 and 3.5 times OEBITDA at the end of 2023.