Iridium Communications (IRDM) 47th Annual Raymond James Institutional Investor Conference summary

Business overview and network strengths

• Operates a global mobile satellite network with 66 satellites and 14 in-orbit spares, ensuring continuous, resilient coverage worldwide.

• L-band spectrum provides certified safety services for aviation and maritime, with only two global providers holding such certification.

• Financially robust, generating nearly $900 million in revenue, $650 million in service revenue, $500 million in EBITDA, and over $300 million in annual free cash flow.

Competitive landscape and market positioning

• Starlink's entry into S-band is expected to have limited near-term impact, with significant regulatory and technical hurdles for direct competition.

• Core customer base is mission-critical, with high ARPU and strong loyalty due to network reliability and redundancy.

• Anticipates Starlink may encroach on limited business areas, but expects moats in telephony and IoT to hold for several years.

Growth pillars and strategic focus areas

• Four insulated growth areas: PNT (GPS backup), standards-based Narrowband-IoT, national security (notably U.S. government), and aviation safety services.

• PNT product, leveraging Satelles technology, offers a GPS backup with a signal 1,000 times stronger than GPS, targeting government and commercial markets.

• Narrowband-IoT partnerships with major MNOs like Vodafone and Deutsche Telekom expected to drive revenue growth from 2027 onward.

• U.S. government contracts are sole-sourced, long-term, and supported by proprietary, secure gateways.

• Aviation safety services expected to gain significant market share, with potential for M&A to accelerate growth.