Iridium provides its products and services through an ecosystem of 500-plus partner companies around the world. The company is transitioning from a legacy satellite voice/data provider to a multi-modal connectivity platform, with recent launch of the Iridium 9604, a compact, three-in-one IoT module that integrates Iridium Short Burst Data satellite service, LTE-M cellular connectivity, and GNSS positioning into a single platform.
Cyborg Score Rationale
Service revenue, which primarily represents recurring revenue from Iridium's growing subscriber base, was 75% of total revenue for the fourth quarter of 2025. Full-year 2025 revenue rose to $871.66 million and net income edged up to $114.37 million, with cautious 2026 guidance calling for flat to 2% total service revenue growth and Operational EBITDA of $480-490 million. Strong recurring revenue base offset by modest growth trajectory.
Top Insights
Commercial IoT data revenue grew 11% year-over-year with 1,998,000 subscribers, up 6% from the prior year.
Iridium announced successful on-air testing of Iridium NTN Direct including two-way message transmission over its LEO satellite network, with commercial availability planned for 2026.
Iridium secured a 5-year U.S. Space Force SITH contract worth up to $85.8 million in December 2025.
Beta testers reported 60% board-space savings with the Iridium 9604 module shipping in June 2026.
Named Competitors
Globalstar Satellite Communications — Regional satellite communications with SPOT and messengers
Intelsat Satellite Services — GEO satellite communications for enterprise and government
Starlink Direct Internet — LEO mega-constellation broadband with emerging IoT capabilities
Kuiper Broadband — LEO constellation in development for global broadband
Recent Developments
(Feb 24 2026) Launched Iridium 9604 hybrid IoT module combining satellite, LTE-M, and GNSS in single platform for commercial availability June 2026
(Feb 12 2026) Reported 2025 results with $871.66M revenue and issued flat to 2% 2026 service revenue guidance; Operational EBITDA guidance $480-490M
(Jan 21 2026) Announced successful on-air testing of NTN Direct service with 5G NB-IoT technology for 2026 commercial rollout
(Dec 2 2025) Secured 5-year U.S. Space Force SITH contract valued up to $85.8 million
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