Iridium Communications Files 2024 10-K
Ticker: IRDM · Form: 10-K · Filed: Feb 13, 2025 · CIK: 1418819
Sentiment: neutral
Topics: 10-K, annual-report, financials
TL;DR
IRDM 2024 10-K is in. Full financials out.
AI Summary
Iridium Communications Inc. filed its 2024 10-K on February 13, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The company, formerly GHL Acquisition Corp., is based in McLean, VA, and operates in the communications equipment sector. Key financial figures and operational details for 2024 are presented in this annual report.
Why It Matters
This filing provides investors and stakeholders with a comprehensive overview of Iridium's financial health and operational performance for the past fiscal year, crucial for investment decisions.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.
Key Numbers
- 300,000,000 — Authorized Shares (Represents the total number of shares authorized by the company.)
- 110,357,000 — Common Stock Issued (2024) (Number of common shares issued as of December 31, 2024.)
- 122,775,823 — Common Stock Issued (2023) (Number of common shares issued as of December 31, 2023.)
Key Players & Entities
- Iridium Communications Inc. (company) — Filer of the 10-K
- GHL Acquisition Corp. (company) — Former name of Iridium Communications Inc.
- McLean, VA (location) — Business and mailing address of Iridium Communications Inc.
- February 13, 2025 (date) — Filing date of the 10-K
- December 31, 2024 (date) — Fiscal year end for the reported period
FAQ
What was Iridium Communications Inc.'s total revenue for the fiscal year ending December 31, 2024?
The provided text does not explicitly state the total revenue figure for the fiscal year ending December 31, 2024. It focuses on share information and company identifiers.
What is the company's primary business as described in the 10-K?
The company is classified under Standard Industrial Classification code 3669, 'COMMUNICATIONS EQUIPMENT, NEC', indicating its primary business is in communications equipment.
When did GHL Acquisition Corp. change its name to Iridium Communications Inc.?
The date of the name change from GHL Acquisition Corp. to Iridium Communications Inc. was November 19, 2007.
What is the SEC file number for Iridium Communications Inc.'s filings?
The SEC file number for Iridium Communications Inc. is 001-33963.
What is the business address of Iridium Communications Inc.?
The business address is 1750 Tysons Boulevard, Suite 1400, McLean, VA 22102.
Filing Stats: 4,283 words · 17 min read · ~14 pages · Grade level 14.1 · Accepted 2025-02-13 07:01:54
Key Financial Figures
- $0.001 — ange on Which Registered Common Stock, $0.001 par value IRDM The Nasdaq Stock Market
- $223.3 million — our largest single customer, generating $223.3 million in service and engineering and support
- $738.5 million — in September 2019, has a total value of $738.5 million over its seven-year term, through Septe
- $100 million — mber 2026, with annual revenues between $100 million and $110.5 million over the term. We pr
- $110.5 million — nnual revenues between $100 million and $110.5 million over the term. We provide other service
- $790.7 million — 31, 2023. Total revenue increased from $790.7 million in 2023 to $830.7 million in 2024, repr
- $830.7 million — ncreased from $790.7 million in 2023 to $830.7 million in 2024, representing a 5% increase.
Filing Documents
- irdm-20241231.htm (10-K) — 1872KB
- ex421231202410k.htm (EX-4.2) — 12KB
- ex1015vincentoneillemploym.htm (EX-10.15) — 90KB
- ex1022amendedandrestatedpe.htm (EX-10.22) — 41KB
- ex1026directorcompplan2025.htm (EX-10.26) — 98KB
- ex191insidertradingpolicy.htm (EX-19.1) — 104KB
- ex2111231202410k.htm (EX-21.1) — 10KB
- ex2311231202410k.htm (EX-23.1) — 3KB
- ex311-1231202410k.htm (EX-31.1) — 16KB
- ex3121231202410k.htm (EX-31.2) — 16KB
- ex3211231202410k.htm (EX-32.1) — 7KB
- image_0a.jpg (GRAPHIC) — 74KB
- irdm-20241231_g1.jpg (GRAPHIC) — 105KB
- 0001628280-25-005302.txt ( ) — 10617KB
- irdm-20241231.xsd (EX-101.SCH) — 57KB
- irdm-20241231_cal.xml (EX-101.CAL) — 70KB
- irdm-20241231_def.xml (EX-101.DEF) — 372KB
- irdm-20241231_lab.xml (EX-101.LAB) — 856KB
- irdm-20241231_pre.xml (EX-101.PRE) — 608KB
- irdm-20241231_htm.xml (XML) — 1366KB
Risk Factors
Item 1A. Risk Factors 24
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 39 Item 1C. Cybersecurity 39
Properties
Item 2. Properties 41
Legal Proceedings
Item 3. Legal Proceedings 41
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 41 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42
[Reserved]
Item 6. [Reserved] 44
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 44
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 54
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 55
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 87
Controls and Procedures
Item 9A. Controls and Procedures 87
Other Information
Item 9B. Other Information 90
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 91
Executive Compensation
Item 11. Executive Compensation 91
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91
Certain Relationships and Related Party Transactions, and Director Independence
Item 13. Certain Relationships and Related Party Transactions, and Director Independence 91
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 91 PART IV
Exhibits, Financial Statement Schedules
Item 15. Exhibits, Financial Statement Schedules 92
Form 10-K Summary
Item 16. Form 10-K Summary 94
Forward-Looking Statements
Forward-Looking Statements This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements include those that express plans, anticipation, intent, contingencies, goals, targets or future developments or otherwise are not statements of historical fact. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on our current expectations and projections about future events, and they are subject to risks and uncertainties, known and unknown, that could cause actual results and developments to differ materially from those expressed or implied in such statements. The important factors discussed under the caption "Risk Factors" in this Form 10-K could cause actual results to differ materially from those indicated by forward-looking statements made herein. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 1 PART I
Business
Item 1. Business Business Overview Iridium Communications Inc. ("we," "us," or "Iridium") is the only commercial provider of communications services offering true global coverage, connecting people, organizations and assets to and from anywhere, in real time. Our low-earth orbit (LEO), L-band network provides reliable, weather-resilient communications services to regions of the world where terrestrial wireless or wireline networks do not exist or are limited, including remote land areas, open ocean, airways, the polar regions, and regions where the telecommunications infrastructure has been affected by political conflicts or natural disasters. We provide voice and data communications services to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers via our satellite network, which has an architecture of 66 operational satellites with in-orbit spares and related ground infrastructure. We utilize an interlinked mesh architecture to route traffic across our satellite constellation using radio frequency crosslinks between satellites. This unique architecture minimizes the need for local ground facilities to support the constellation, which facilitates the global reach of our services and allows us to offer services in countries and regions where we have no physical presence. The current Iridium constellation was completed in 2019, fully replacing our first-generation system. In addition to supporting new products with higher data speeds, it hosts the Aireon system, which provides a global air traffic surveillance service through a series of automatic dependent surveillance-broadcast, or ADS-B, receivers on our satellites. We formed Aireon LLC in 2011, with subsequent investments from several air navigation service providers, or ANSPs, to develop and market this service. Aireon has contracted to provide surveillance and other services to ANSPs and other customers around the world. Aireon has also contracted to pay us a fee to