- Iridium Communications Inc (NASDAQ:IRDM) reported fourth-quarter FY21 revenue growth of 6% year-on-year to $155.9 million, beating the consensus of $152.1 million.
- Service revenue rose 8% Y/Y to $126.7 million. Revenue from equipment sales and engineering and support projects was $29.1 million.
- Commercial service revenue was $100.2 million, up 10% Y/Y. Commercial broadband revenue was up 19% Y/Y to $11.5 million. Hosted payload and other data service revenue were $14.7 million. Government service revenue was $26.5 million.
- Operational EBITDA (OEBITDA) margin expanded by 205 bps to 59.9%.
- Total billable subscribers rose 17% Y/Y to 1.72 million, driven by growth in commercial IoT customers.
- The EPS loss of $(0.04) missed the consensus loss of $(0.03).
- Iridium held $320.9 million in cash and equivalents.
- "Iridium had another strong year in 2021 on the back of the best subscriber growth in Company history," said CEO Matt Desch. "We achieved this growth even in the face of supply chain issues while continuing to expand our product portfolio."
- Outlook: Iridium sees FY22 total service revenue growth of 5% - 7%.
- Price Action: IRDM shares traded higher by 0.14% at $35.61 on the last check Thursday.
