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16. Subsequent Events
On July 2, 2026, the Company, through its wholly owned subsidiary Iridium Monitor Holdings LLC (“Iridium Monitor Holdings”), completed its previously announced acquisition of the remaining 60.5% of equity interests in Aireon Holdings that the Company did not already own pursuant to a Securities Purchase Agreement with NAV CANADA, the Irish Air Navigation Service, ENAV S.P.A., Naviair Surveillance A/S, NATS (Services) Limited, and certain of their affiliated entities (collectively, the “Sellers”). The Company now indirectly owns all of the membership interests in Aireon Holdings and its subsidiary Aireon. The aggregate purchase price payable to the Sellers was approximately $366.7 million, of which 50% was paid in cash at the closing of the acquisition (the “Aireon Closing”) and the remaining 50% was deferred in the form of a loan by the Sellers, payable one year following the Aireon Closing pursuant to a Credit and Guaranty Agreement. Prior to the acquisition, on July 1, 2026, the Company drew down $100.0 million on its Revolving Facility as a source for cash paid at the Aireon Closing.
As a result of the acquisition, the Company's debt obligations have increased, incorporating a $183.4 million one-year, non-interest-bearing loan from the sellers and the consolidation of Aireon's existing term loans, which had an outstanding balance of $154.7 million at the closing 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2026
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission File Number 001-33963  
Iridium Communications Inc.
(Exact name of registrant as specified in its charter)
Delaware
26-1344998
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
1676 International Drive, Suite 1100,
McLean,
VA
22102
(Address of principal executive offices)
(Zip Code)
703-287-7400
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par valueIRDMThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large Accelerated FilerxAccelerated Filer¨
Non-Accelerated Filer¨Smaller Reporting Company¨
Emerging Growth Company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  x
The number of shares of the registrant’s common stock, par value $0.001 per share, outstanding as of October 13, 2026 was 106,158,479.


IRIDIUM COMMUNICATIONS INC.
TABLE OF CONTENTS
 
Item No.    Page
ITEM  1.
ITEM  2.
ITEM  3.
ITEM  4.
ITEM  1.
ITEM  1A.
ITEM  2.
ITEM  3.
ITEM  4.
ITEM  5.
ITEM  6.

2

PART I.
Iridium Communications Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
September 30,
2026		December 31, 2025
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$97,853 $96,501 
Accounts receivable, net118,830 93,772 
Inventory62,514 73,764 
Prepaid expenses and other current assets27,526 12,466 
Total current assets306,723 276,503 
Property and equipment, net2,061,704 1,978,153 
Equity method investments1,215 39,773 
Other assets84,431 50,710 
Intangible assets, net361,853 86,928 
Goodwill266,113 98,942 
Total assets$3,082,039 $2,531,009 
Liabilities and stockholders’ equity
Current liabilities:
Short-term secured debt$214,346 $3,402 
Accounts payable8,830 17,676 
Accrued expenses and other current liabilities83,129 49,465 
Deferred revenue31,037 41,127 
Total current liabilities337,342 111,670 
Long-term secured debt, net1,924,982 1,757,124 
Deferred income tax liabilities, net170,472 130,529 
Deferred revenue, net of current portion31,868 40,316 
Other long-term liabilities40,416 28,770 
Total liabilities2,505,080 2,068,409 
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 300,000 shares authorized, 106,154 and 104,918 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively106 105 
Additional paid-in capital865,256 880,643 
Accumulated deficit(280,385)(418,554)
Accumulated other comprehensive income (loss), net of tax(8,018)406 
Total stockholders’ equity576,959 462,600 
Total liabilities and stockholders’ equity$3,082,039 $2,531,009 









See notes to unaudited condensed consolidated financial statements.
3

Iridium Communications Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenue:
Services$187,498 $165,243 $506,855 $475,105 
Subscriber equipment19,045 21,507 60,031 64,083 
Engineering and support services39,190 40,185 123,141 119,531 
Total revenue245,733 226,935 690,027 658,719 
Operating expenses:
Cost of services (exclusive of depreciation and amortization)60,666 50,762 161,616 153,152 
Cost of subscriber equipment11,609 12,661 38,101 36,830 
Research and development4,810 4,944 16,514 14,640 
Selling, general and administrative74,936 35,508 187,759 115,887 
Depreciation and amortization62,094 52,975 169,698 157,479 
Total operating expenses214,115 156,850 573,688 477,988 
Operating income31,618 70,085 116,339 180,731 
Other expense, net:
Interest expense, net(26,788)(22,593)(65,400)(67,169)
Other income (expense), net384 372 (258)(2,184)
Total other expense, net(26,404)(22,221)(65,658)(69,353)
Income before income taxes and gain (loss) on equity method investments, net5,214 47,864 50,681 111,378 
Income tax expense
(2,186)(10,003)(14,138)(19,629)
Gain (loss) on equity method investments, net103,868 (734)101,626 (2,242)
Net income
$106,896 $37,127 $138,169 $89,507 
Weighted average shares outstanding - basic107,368 106,095 106,849 108,160 
Weighted average shares outstanding - diluted108,926 106,476 108,367 108,846 
Net income per share - basic$1.00 $0.35 $1.29 $0.83 
Net income per share - diluted$0.98 $0.35 $1.28 $0.82 
Comprehensive income:
Net income
$106,896 $37,127 $138,169 $89,507 
Foreign currency translation adjustments(758)(315)(325)2,933 
Unrealized loss on cash flow hedges, net of tax (see Note 6)
(2,579)(4,575)(8,099)(16,791)
Comprehensive income
$103,559 $32,237 $129,745 $75,649 














See notes to unaudited condensed consolidated financial statements.
4

Iridium Communications Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended September 30, 2026Three Months Ended September 30, 2025
Common StockAdditional Paid-In CapitalAccumulated DeficitAccumulated
Other Comprehensive Income		Total Stockholders’ EquityCommon StockAdditional Paid-In CapitalAccumulated DeficitAccumulated
Other Comprehensive Income		Total Stockholders’ Equity
SharesAmountSharesAmount
Balances at beginning of period105,956 $106 $864,367 $(387,281)$(4,681)$472,511 106,393 $106 $910,880 $(446,674)$9,303 $473,615 
Stock-based compensation— — 21,290 — — 21,290 — — 14,652 — — 14,652 
Stock options exercised and awards vested284 1 230 — — 231 380 1 223 — — 224 
Stock withheld to cover employee taxes(86)(1)(4,066)— — (4,067)(131)— (3,541)— — (3,541)
Repurchases and retirements of common stock— — — — — — (1,906)(2)(16,558)(33,872)— (50,432)
Dividends— — (16,565)— — (16,565)— — (16,258)— — (16,258)
Cumulative translation adjustments— — — — (758)(758)— — — — (315)(315)
Unrealized loss on cash flow hedges, net of tax
— — — — (2,579)(2,579)— — — — (4,575)(4,575)
Net income
— — — 106,896 — 106,896 — — — 37,127 — 37,127 
Balances at end of period106,154 $106 $865,256 $(280,385)$(8,018)$576,959 104,736 $105 $889,398 $(443,419)$4,413 $450,497 
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
Common StockAdditional Paid-In CapitalAccumulated DeficitAccumulated
Other Comprehensive Income		Total Stockholders’ EquityCommon StockAdditional Paid-In CapitalAccumulated DeficitAccumulated
Other Comprehensive Income		Total Stockholders’ Equity
SharesAmountSharesAmount
Balances at beginning of period104,918 $105 $880,643 $(418,554)$406 $462,600 110,357 $110 $964,348 $(406,092)$18,271 $576,637 
Stock-based compensation— — 52,103 — — 52,103 — — 48,250 — — 48,250 
Stock options exercised and awards vested1,847 2 770 — — 772 1,800 2 1,064 — — 1,066 
Stock withheld to cover employee taxes(611)(1)(18,830)— — (18,831)(588)— (17,100)— — (17,100)
Repurchases and retirements of common stock— — — — — — (6,833)(7)(59,664)(126,834)— (186,505)
Dividends— — (49,430)— — (49,430)— — (47,500)— — (47,500)
Cumulative translation adjustments— — — — (325)(325)— — — — 2,933 2,933 
Unrealized loss on cash flow hedges, net of tax
— — — — (8,099)(8,099)— — — — (16,791)(16,791)
Net income
— — — 138,169 — 138,169 — — — 89,507 — 89,507 
Balances at end of period106,154 $106 $865,256 $(280,385)$(8,018)$576,959 104,736 $105 $889,398 $(443,419)$4,413 $450,497 













See notes to unaudited condensed consolidated financial statements.
5

Iridium Communications Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended September 30,
20262025
Cash flows from operating activities:
Net income
$138,169 $89,507 
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes10,931 15,782 
Depreciation and amortization169,698 157,479 
Accretion of seller loan discount2,585 — 
Stock-based compensation (net of amounts capitalized)48,972 43,992 
Amortization of deferred financing fees2,087 2,080 
(Gain) loss on equity method investments, net(101,626)2,242 
All other items, net545 616 
Changes in operating assets and liabilities:
Accounts receivable(817)4,813 
Inventory11,297 5,342 
Prepaid expenses and other current assets(12,271)2,940 
Other assets4,888 5,172 
Accounts payable(9,707)(6,038)
Accrued expenses and other current liabilities20,513 (14,035)
Deferred revenue(1,083)(14,345)
Other long-term liabilities(2,475)(4,069)
Net cash provided by operating activities281,706 291,478 
Cash flows from investing activities:
Capital expenditures(79,238)(66,791)
Acquisition of Aireon, net of cash acquired(179,801)— 
Net cash used in investing activities(259,039)(66,791)
Cash flows from financing activities:
Payments on the Term Loan(3,281)(33,024)
Borrowings under the Revolving Credit Facility100,000 50,000 
Payments on the Revolving Credit Facility(50,000)— 
Repurchases of common stock— (186,505)
Proceeds from exercise of stock options772 1,066 
Tax payment upon settlement of stock awards(18,831)(17,100)
Payment of common stock dividends(48,962)(46,865)
Net cash used in financing activities
(20,302)(232,428)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash(1,013)2,748 
Net increase (decrease) in cash and cash equivalents, and restricted cash
1,352 (4,993)
Cash, cash equivalents, and restricted cash, beginning of period96,501 93,526 
Cash, cash equivalents, and restricted cash, end of period$97,853 $88,533 
Supplemental cash flow information:
Interest paid, net of amounts capitalized$65,117 $68,199 
Income taxes paid, net$6,553 $5,479 
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment received but not paid$8,737 $9,118 
Dividends accrued on common stock
$3,921 $3,170 
Capitalized stock-based compensation$3,131 $4,258 




See notes to unaudited condensed consolidated financial statements.
6

Iridium Communications Inc.
Notes to Condensed Consolidated Financial Statements
1. Basis of Presentation and Principles of Consolidation
Iridium Communications Inc. (the “Company”) prepared its condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company’s operations are primarily conducted through, and its operating assets are owned by, its principal operating subsidiary, Iridium Satellite LLC, Iridium Satellite LLC’s immediate parent, Iridium Holdings LLC, and their respective subsidiaries. The accompanying condensed consolidated financial statements include the accounts of (i) the Company, (ii) its wholly owned subsidiaries, and (iii) all less than wholly owned subsidiaries that the Company controls. All material intercompany transactions and balances have been eliminated.
In the opinion of management, the condensed consolidated financial statements reflect all normal recurring adjustments that the Company’s management considers necessary for the fair presentation of its results of operations and cash flows for the interim periods covered, and of the financial position of the Company at the date of the interim condensed consolidated balance sheet. The operating results for interim periods are not necessarily indicative of the operating results for the entire year. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules, and regulations prescribed by the U.S. Securities and Exchange Commission (the “SEC”). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025, as filed with the SEC on February 12, 2026.
2. Significant Accounting Policies
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the useful lives and recoverability of long-lived and intangible assets, goodwill, income taxes, stock-based compensation, the incremental borrowing rate for its leases, and contingencies, among others. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenues and expenses. Actual results could differ materially from those estimates.
Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). This guidance requires detailed disaggregation of certain expense captions presented on the face of the income statement, through enhanced disclosures about types of expenses within the footnotes to the financial statements. ASU 2024-03 is effective for public entities for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The ASU is required to be adopted prospectively; however, public entities are permitted to apply the ASU retrospectively. The Company is currently evaluating the effect ASU 2024-03 may have on its footnotes; however, the standard will not have an impact on the Company’s consolidated financial position, results of operations or cash flows.
Fair Value Measurements
The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework that prioritizes and ranks the level of observability of inputs used in measuring fair value.
7

The fair value hierarchy consists of the following tiers:
•Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;
•Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
•Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The fair value estimates are based upon certain market assumptions and information available to the Company. The carrying values of the following financial instruments approximated their fair values as of September 30, 2026 and December 31, 2025: (1) cash and cash equivalents, (2) prepaid expenses and other current assets, (3) accounts receivable, (4) accounts payable, and (5) accrued expenses and other current liabilities. Fair values approximate their carrying values because of their short-term nature. The Level 2 cash equivalents include money market funds, commercial paper and short-term U.S. agency securities. The Company also classifies its derivative financial instruments as Level 2. In determining fair value of Level 2 assets, the Company uses a market approach utilizing valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. The Company did not hold any Level 3 assets as of September 30, 2026 or December 31, 2025.
Leases
For new leases, the Company determines if an arrangement is or contains a lease at inception. Leases are included as right-of-use (“ROU”) assets within other assets and ROU liabilities within accrued expenses and other liabilities and within other long-term liabilities on the Company’s condensed consolidated balance sheets.
ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Certain leases contain variable contractual obligations as a result of future base rate escalations which are estimated based on observed trends and included within the measurement of present value. The Company’s leases do not provide an implicit rate. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU assets also include any lease payments made and exclude lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases, such as teleport network facilities, the Company elects the practical expedient to combine lease and non-lease components as a single lease component. Taxes assessed on leases in which the Company is either a lessor or lessee are excluded from contract consideration and variable payments when measuring new lease contracts or remeasuring existing lease contracts.
Inventory
Inventory consists primarily of finished goods and raw materials from third-party manufacturers. The Company outsources manufacturing of subscriber equipment to a third-party manufacturer and purchases accessories from third-party suppliers. The Company’s cost of inventory includes an allocation of overhead, including payroll and payroll-related costs of employees directly involved in bringing inventory to its existing condition, and freight. Inventories are valued using the average cost method and are carried at the lower of cost or net realizable value.
The Company has a manufacturing agreement with Benchmark Electronics Inc. (“Benchmark”) to manufacture most of its subscriber equipment. Pursuant to the agreement, the Company may be required to purchase excess materials at cost plus a contractual markup if the materials are not used in production within the periods specified in the agreement. Benchmark will then repurchase such materials from the Company at the same price paid by the Company, as required for the production of the subscriber equipment.
The following table summarizes the Company’s inventory balances:
September 30, 2026December 31, 2025
(In thousands)
Finished goods$39,665 $52,352 
Raw materials23,508 22,431 
Inventory valuation reserve(659)(1,019)
Total$62,514 $73,764 
Derivative Financial Instruments
The Company uses derivatives to manage its exposure to fluctuating interest rate risk on variable rate debt. Its derivatives are measured at fair value and are recorded on the condensed consolidated balance sheets within other assets and other current liabilities. When the Company’s derivatives are designated as cash flow hedges, the effective portion of the changes in fair
8

value of the derivatives are recorded in accumulated other comprehensive income within the Company’s condensed consolidated balance sheets and subsequently recognized in earnings when the hedged items impact earnings. Any ineffective portion of a derivative’s change in fair value will be recognized in earnings in the same period in which the hedged interest payments affect earnings. Within the condensed consolidated statements of operations and comprehensive income, the gains and losses related to cash flow hedges are recognized within interest income (expense), net, as this is the same financial statement line item used for any gains or losses associated with the hedged items. Cash flows from hedging activities are included in operating activities within the Company’s condensed consolidated statements of cash flows, which is the same category as the item being hedged. See Note 6 for further information.
Intangible Assets and Goodwill
The Company’s other intangible assets that have finite lives (e.g., customer relationships, patents, developed technology, the Aireon trade name and other intellectual property) are amortized over their useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any such indicators are present, the Company tests for recoverability by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. If those net undiscounted cash flows do not exceed the carrying amount (i.e., the asset is not recoverable), the Company would perform the next step, which is to determine the fair value of the asset and record an impairment loss, if any. The Company evaluates the useful lives for these intangible assets each reporting period to determine whether events and circumstances warrant a revision in their remaining useful lives.
The Company’s intangible assets with indefinite lives (spectrum, regulatory authorizations, and trade names) are not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicate the asset may be impaired. The Company’s trade names, spectrum and licenses are expected to generate cash flows indefinitely.
Goodwill is recorded when the cost of an acquired business exceeds the amounts assigned to the assets acquired and liabilities assumed. The net assets and results of operations of an acquired entity are included in the Company’s consolidated financial statements from the acquisition date. Goodwill is not amortized but is tested for impairment annually or upon the occurrence of certain events.
Business Combinations
The results of businesses acquired in a business combination are included in our consolidated financial statements from the closing date of the acquisition. The Company uses the acquisition method of accounting for business combinations and the purchase price for business combinations is allocated to the assets acquired, including tangible and intangible assets, and assumed liabilities, where applicable, based on their respective fair values at the acquisition date. Determining the fair value of assets acquired, and liabilities assumed requires us to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies. The Company engages the assistance of valuation specialists in concluding on fair value measurements in connection with assets acquired and liabilities assumed in a business combination. Acquisition-related costs are expensed as incurred. For acquisitions achieved in stages, the previously held equity interests are remeasured to fair value at the acquisition date, with any resulting gain or loss recognized in earnings.
3. Cash and Cash Equivalents
The following table presents the Company’s cash and cash equivalents:
September 30, 2026December 31, 2025Recurring Fair
Value Measurement
(In thousands)
Cash and cash equivalents:
Cash$28,710 $24,260 
Money market funds69,143 72,241 Level 2
Total cash and cash equivalents$97,853 $96,501 
9

4. Intangible Assets and Goodwill

Intangible Assets

The following tables present identifiable intangible assets:
September 30, 2026
Useful
Life		Gross
Carrying Value		Accumulated
Amortization		Net
Carrying Value
(In thousands)
Indefinite life intangible assets:
Trade namesIndefinite$21,195 $— $21,195 
Spectrum and licensesIndefinite14,030 — 14,030 
Total35,225 — 35,225 
Definite life intangible assets:
Intellectual property20 years16,439 (12,179)4,260 
Patents14 - 20 years587 (280)307 
Customer relationships12 - 13 years267,000 (17,272)249,728 
Developed technology10 years69,600 (2,423)67,177 
Aireon trade name4 years5,500 (344)5,156 
Total359,126 (32,498)326,628 
Total intangible assets$394,351 $(32,498)$361,853 

December 31, 2025
Useful
Life		Gross
Carrying Value		Accumulated
Amortization		Net
Carrying Value
(In thousands)
Indefinite life intangible assets:
Trade namesIndefinite$21,195 $— $21,195 
Spectrum and licensesIndefinite14,030 — 14,030 
Total35,225 — 35,225 
Definite life intangible assets:
Intellectual property20 years16,439 (11,854)4,585 
Patents14 - 20 years587 (249)338 
Customer relationships12 years57,000 (10,220)46,780 
Total74,026 (22,323)51,703 
Total intangible assets$109,251 $(22,323)$86,928 

Amortization expense was $6.0 million and $1.0 million for the three months ended September 30, 2026 and September 30, 2025, respectively, and $10.2 million and $3.0 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. The increases to amortization expense during the three and nine months ended September 30, 2026 were due to the acquisition of Aireon Holdings LLC (“Aireon Holdings”) (see Note 11), resulting in $285.1 million of definite life intangible assets.

Goodwill
During the nine months ended September 30, 2026, the Company acquired Aireon Holdings (see Note 11), resulting in additional goodwill of $167.2 million. The Company’s goodwill balance as of September 30, 2026 and December 31, 2025 was $266.1 million and $98.9 million, respectively.
5. Debt
Term Loan and Revolving Facility
Pursuant to the Amended and Restated Credit Agreement, dated as of September 20, 2023, by and among Iridium Holdings LLC, the Company solely with respect to Section 10.12 thereof, Iridium Satellite LLC, the lenders party thereto from time to
10

time and Deutsche Bank AG New York Branch, as the administrative agent and the collateral agent (as amended to date, the “Credit Agreement”) the Company obtained a term loan in an original aggregate principal amount equal to $1,500.0 million on September 20, 2023 (the “September 2023 Term Loan”), issued at a price equal to 99.75% of its face value. The Credit Agreement also provides for a $100.0 million revolving credit facility (the “Revolving Facility”). The Term Loan (as defined below) and the Revolving Facility mature in September 2030 and September 2028, respectively. During the year ended December 31, 2024, the Company borrowed an additional aggregate $325.0 million in term loans, comprised of $125.0 million on March 25, 2024 (the “March 2024 Term Loan”), issued at a price equal to 99.875% of its face value, and $200.0 million on July 30, 2024 (the “July 2024 Term Loan,” together with the September 2023 Term Loan and the March 2024 Term Loan, the “Term Loan”), issued at 99.0% of its face value. The additional amounts borrowed are fungible with the September 2023 Term Loan and have the same maturity date, interest rate, and other terms as the September 2023 Term Loan.
The proceeds from the March 2024 Term Loan were used for the acquisition of Satelles, Inc. on April 1, 2024. In March 2025 and April 2025, the Company drew down $20.0 million and $30.0 million on its Revolving Facility, respectively, for general corporate purposes, all of which was repaid prior to December 31, 2025. On July 1, 2026, the Company drew down $100.0 million on its Revolving Facility, the proceeds of which were used for the acquisition of Aireon Holdings (see Note 11). During the third quarter of 2026, the Company repaid $50.0 million on the Revolving Facility and $50.0 million remained outstanding as of September 30, 2026.
The Term Loan has been repriced on several occasions, most recently in June 2024, and currently bears interest at an annual rate equal to the Secured Overnight Financing Rate (“SOFR”) plus 2.25%, with a 0.75% SOFR floor. If the Transaction (as defined in Note 15) closes, solely from and after the closing of the Transaction, the Term Loan will again be repriced, as further described below. The Company typically selects a one-month interest period, with the result that interest is calculated using one-month SOFR. Interest is paid monthly on the last business day of the month. Principal payments, payable quarterly, equal approximately $18.3 million per annum (one percent of the full principal amount of the Term Loan following the additional Term Loan amounts borrowed in 2024), with the remaining principal due upon maturity. As further detailed below, no quarterly principal payment has been made after the first quarter in 2025 as a result of the excess cash flow payment made in May 2025.
The Revolving Facility bears interest at an annual rate of SOFR plus 2.5% (but without a SOFR floor) if and as drawn, with no original issue discount, and a commitment fee of 0.5% per year on the undrawn amount, which was reduced to 0.375% in the first quarter of 2026 because the Company had a consolidated first lien net leverage ratio (as defined in the Credit Agreement) of less than 3.5 to 1.0.
The Credit Agreement restricts the Company’s ability to incur liens, engage in mergers or asset sales, pay dividends, repay subordinated indebtedness, incur indebtedness, make investments and loans, and engage in other transactions as specified in the Credit Agreement. The Credit Agreement provides for specified exceptions, including baskets measured as a percentage of trailing twelve months of earnings before interest, taxes, depreciation and amortization, and unlimited exceptions in the case of incurring indebtedness and liens and making investments, dividend payments, and payments of subordinated indebtedness, based on achievement and maintenance of specified leverage ratios. The Credit Agreement also contains customary representations and warranties, affirmative covenants and events of default. Additionally, the Credit Agreement contains an annual mandatory prepayment sweep mechanism with respect to a portion of the Company’s excess cash flow (as defined in the Credit Agreement) in the event the Company’s net leverage ratio rises above 3.5 to 1.0. The Company’s mandatory excess cash flow prepayment, as specified in the Credit Agreement, was $28.6 million as of December 31, 2024. This amount was paid in May 2025. As a result, no quarterly principal payment was required for the quarters ended March 31, 2026, June 30, 2026, and September 30, 2026, and no quarterly principal payment will be required until the fourth quarter of 2026. As of December 31, 2025, the Company was below the specified leverage ratio and therefore the mandatory prepayment sweep was not required.
The Credit Agreement contains no financial maintenance covenants with respect to the Term Loan. With respect to the Revolving Facility, the Credit Agreement requires the Company to maintain a consolidated first lien net leverage ratio (as defined in the Credit Agreement) of no greater than 6.25 to 1.00 if more than 35% of the Revolving Facility has been drawn, which was the case as of September 30, 2026. As of September 30, 2026, the Company was in compliance with all covenants.
On September 15, 2026, the Company entered into an amendment (the “Fourth Amendment”) to the Credit Agreement that, among other things, (i) provides that the Transaction (as defined in Note 15) shall not constitute a change of control under the Credit Agreement, (ii) provides for a downstream guarantee of the obligations under the Credit Agreement by Rocket Lab USA, Inc. at the closing of the Transaction, (iii) solely from and after the closing of the Transaction, increases the interest rate applicable to the term loans outstanding under the Credit Agreement to a per annum rate of (a) SOFR plus an interest rate margin that ranges from 2.50% to 3.00% or (b) base rate plus an interest rate margin that ranges from 1.50% to 2.00%, in each case, based on the Company’s credit ratings, (iv) solely from and after the closing of the Transaction, provides for a prepayment premium, applicable only in the case of a repricing transaction (and in any event, not in the case of a change of control or transformative transaction), in an amount equal to 1.00% of the Term Loan subject to such repricing transaction, (v) solely from and after the closing of the Transaction, provides for an exit fee, which applies after the first anniversary of the closing of the Transaction, in an amount equal to 1.00% of Term Loan prepaid, and (vi) makes certain other amendments that shall only take effect after the consummation of the Transaction. The Term Loan and the Revolving Facility are permitted to remain outstanding after the closing of the Transaction. Rocket Lab (as defined below) has stated that through a combination of equity
11

raised through an at-the-market offering, available liquidity and assumption of the Term Loan, it has sufficient cash to fully fund the Transaction.
Aireon Term Loan and Credit and Guaranty Agreement
On May 13, 2026, the Company entered into a Securities Purchase Agreement with NAV CANADA, the Irish Air Navigation Service, ENAV S.P.A., Naviair Surveillance A/S, NATS (Services) Limited, and certain of their affiliated entities (the “Sellers”), pursuant to which, on July 2, 2026 (the “Aireon Closing Date”), the Company, through its wholly owned subsidiary, Iridium Monitor Holdings LLC (“Iridium Monitor Holdings”), closed its acquisition of Aireon Holdings, acquiring the remaining 60.5% of equity interests in Aireon Holdings that the Company did not already own (the “Aireon Closing”).
In connection with the Aireon Closing, on July 2, 2026, the Company entered into a Parent Guaranty Agreement (the “Parent Guaranty”), pursuant to which the Company provided an unsecured guarantee of the repayment of Aireon’s obligations under the Credit and Guaranty Agreement, dated as of October 10, 2023, by and among Aireon as borrower, Aireon Holdings and other subsidiaries of Aireon Holdings from time to time party thereto as guarantors, GLAS USA LLC, as administrative agent, GLAS Americas LLC, as collateral agent, and the lenders from time to time party thereto (as amended to date, the “Aireon Credit Agreement”). The Aireon Credit Agreement provides for a term loan in an aggregate original principal amount equal to $175 million (the “Aireon Term Loan”), which bears interest at a per annum rate equal to, at Aireon’s option, either (i) SOFR plus a margin of 6.25% or (ii) base rate plus a margin of 5.25%. In the event of a prepayment of all or a portion of the Aireon Term Loan, subject to certain exceptions, Aireon is required to pay a prepayment premium equal to (x) 3.00% of the aggregate principal amount of Aireon Term Loan so prepaid, if such prepayment is made on or prior to October 10, 2026, and (y) 1.00% of the aggregate principal amount of Aireon Term Loan so prepaid, if such prepayment is made after October 10, 2026 and on or prior to October 10, 2027. The Aireon Credit Agreement currently requires quarterly amortization payments equal to 1.875% of the original principal amount of the Aireon Term Loan, with such quarterly amortization payments increasing to 3.125% of the original principal amount of the Aireon Term Loan beginning with the quarter ending December 31, 2026 and each quarter thereafter until maturity on October 10, 2028 with the balance due.
The Aireon Credit Agreement contains customary representations and warranties, events of default and affirmative and negative covenants applicable to Aireon Holdings and its subsidiaries, including limitations on the ability of Aireon Holdings and its subsidiaries to incur debt, permit additional liens, make investments and acquisitions, merge or consolidate with others, dispose of assets, pay dividends and distributions, pay junior indebtedness and enter into affiliate transactions, in each case, subject to certain exceptions. In addition, the Aireon Credit Agreement contains a financial covenant requiring Aireon Holdings and its subsidiaries to maintain, on a consolidated basis as of the last day of each quarterly period, a consolidated total leverage ratio, as defined in the Aireon Credit Agreement, of not more than 5.00 to 1.00.
Additionally, in connection with the Aireon Closing, the aggregate purchase price payable to the Sellers was approximately $366.7 million, paid in two installments: (i) 50% in cash at the Aireon Closing; and (ii) 50% deferred and in the form of a loan by the Sellers. In connection with the deferred portion of the purchase price, on the Aireon Closing Date, Iridium Monitor Holdings, as borrower, and the Sellers entered into a Credit and Guaranty Agreement (the “Credit and Guaranty Agreement”) pursuant to which the Sellers provided Iridium Monitor Holdings with a $183.4 million term loan (the “Aireon Closing Loan” and together with the Aireon Term Loan, the “Aireon Loans”), bearing no interest, and maturing one year following the Aireon Closing Date, to fund the deferred portion of the purchase price. The Aireon Closing Loan is secured by a first priority lien on the equity interests of Aireon Holdings and other intermediate holding company entities. The Aireon Closing Loan was recorded at $172.8 million, net of $10.6 million of original issue discount to be amortized through the maturity date.
As of each of September 30, 2026 and December 31, 2025, the Company reported an aggregate of $2,109.5 million and $1,774.7 million, respectively, in borrowings under the Term Loan and the Aireon Loans. This amount does not include $20.1 million and $14.2 million of net unamortized deferred financing costs as of September 30, 2026 and December 31, 2025, respectively. The net principal balance in borrowings in the accompanying consolidated balance sheets as of September 30, 2026 and December 31, 2025 amounted to $2,089.3 million and $1,760.6 million, respectively. As of September 30, 2026 and December 31, 2025, based upon recent trading prices (Level 2 - market approach), the fair value of the Company’s borrowings under the Term Loan was $1,771.4 million and $1,734.8 million, respectively.
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Interest on Debt
Total interest incurred includes amortization of deferred financing fees and capitalized interest. The following table presents the interest and amortization of deferred financing fees related to the Term Loan and Aireon Loans:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(In thousands)(In thousands)
Total interest incurred$28,271 $24,955 $73,182 $73,954 
Amortization of deferred financing fees$770 $739 $2,245 $2,175 
Capitalized interest$2,274 $1,108 $5,326 $3,174 
Accretion of seller loan discount$2,585 $— $2,585 $— 
At each of September 30, 2026 and December 31, 2025, accrued interest on the Term Loan was $0.3 million.
6. Derivative Financial Instruments
The Company is exposed to interest rate fluctuations related to the Term Loan and Aireon Term Loan. The Company has reduced its exposure to fluctuations in the cash flows associated with changes in the variable interest rate by entering into offsetting positions through the use of interest rate hedges. This will reduce the negative impact of increases in the variable rate over the term of the derivative contracts. These contracts are not used for trading or other speculative purposes. The Company has not incurred, and does not expect to incur, any losses as a result of counterparty default.
Interest Rate Cap
In July 2021, the Company entered into an interest rate cap contract (the “Cap”), which had an effective date of December 2021. The Cap manages the Company’s exposure to interest rate movements on a portion of the Term Loan through November 2026. The Cap, as modified to date, currently provides the Company with the right to receive payment from the counterparty if one-month SOFR exceeds 1.436%. The Company pays a fixed monthly premium based on an annual rate of 0.31% for the Cap. The Cap carried a notional amount of $1.0 billion as of September 30, 2026 and December 31, 2025.
The Cap, which was not affected by the expansion or the repricing of the Term Loan, is designed to mirror the terms of the Term Loan and to offset the cash flows being hedged. The Company designated the Cap as a cash flow hedge of the variability of the SOFR-based interest payments on the Term Loan. The effective portion of the Cap’s change in fair value is recorded in accumulated other comprehensive income. Any ineffective portion of the Cap’s change in fair value will be recorded in current earnings as interest expense.
Fair Value of Derivative Instruments
As of September 30, 2026 and December 31, 2025, the Company had an asset balance of $4.3 million and $17.0 million, respectively, for the fair value of the Cap and a liability balance of $0.6 million and $2.6 million, respectively, for the fair value of the Cap premium. Both the Cap and the Cap premium are recorded net within other assets on the condensed consolidated balance sheet.
During each of the three months ended September 30, 2026 and 2025, the Company incurred $0.8 million in interest expense for the Cap premium, and during each of the nine months ended September 30, 2026 and 2025, the Company incurred $2.5 million in interest expense for the Cap premium. Interest expense was reduced by $5.8 million and $7.4 million for the three months ended September 30, 2026 and 2025, respectively, and $17.0 million and $21.9 million for the nine months ended September 30, 2026 and 2025, respectively, for payments received related to the Cap.
Gains and losses resulting from fair value adjustments to the Cap are recorded within accumulated other comprehensive income within the Company’s condensed consolidated balance sheets and reclassified to interest expense on the dates that interest payments become due. Cash flows related to the derivative contracts are included in cash flows from operating activities on the condensed consolidated statements of cash flows. Over the next 12 months, the Company expects any gains or losses for cash flow hedges amortized from accumulated other comprehensive income into earnings to have an immaterial impact on the Company’s consolidated financial statements.
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The following table presents the amount of unrealized gain or loss and related tax impact associated with the derivative instruments that the Company recorded in its condensed consolidated statements of operations and comprehensive income:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(In thousands)(In thousands)
Unrealized loss, net of tax
$(2,579)$(4,575)$(8,099)$(16,791)
Tax benefit
$772 $1,377 $2,427 $5,061 
7. Equity Transactions
Preferred Stock
The Company is authorized to issue 2.0 million shares of preferred stock with a par value of $0.0001 per share. The Company previously issued 1.5 million shares of preferred stock, all of which have been converted to common stock. The remaining 0.5 million authorized shares of preferred stock remained undesignated and unissued as of September 30, 2026 and December 31, 2025. As of September 30, 2026 and December 31, 2025, there were no outstanding shares of preferred stock, as all previously designated and issued preferred stock was converted into common stock in prior periods.
Dividends
Stockholders are entitled to receive, when and if declared by the Company’s Board of Directors from time to time, dividends and other distributions in cash, stock or property from the Company’s assets or funds legally and contractually available for such purposes. In December 2022, the Company’s Board of Directors initiated a quarterly dividend. The Company paid dividends of $0.15 per share of common stock for each of the three months ended March 31, June 30 and September 30, 2026, resulting in total payments to stockholders of $49.0 million for the nine months ended September 30, 2026. The Company paid dividends of $0.14 per share of common stock for each of the three months ended March 31 and June 30, 2025, and a dividend of $0.15 per share of common stock for the three months ended September 30, 2025, resulting in total dividend payments for the nine months ended September 30, 2025 of $46.9 million. The Company’s liability related to dividends on common shares underlying unvested restricted stock units (“RSUs”) was $3.9 million and $3.5 million as of September 30, 2026 and December 31, 2025, respectively.
Share Repurchase Program
Since February 2021, the Company’s Board of Directors has authorized the repurchase of up to $1,500.0 million of the Company’s common stock. The most recent share repurchase program for $500.0 million through December 31, 2027, was approved in September 2024. On June 28, 2026, the Company’s Board of Directors terminated this share repurchase program in connection with entering into the Agreement and Plan of Merger with Rocket Lab (see Note 15).
The Company repurchased and subsequently retired 1.9 million and 6.8 million shares of its common stock during the three and nine months ended September 30, 2025, respectively, for a total purchase price of $50.0 million and $185.0 million, respectively, exclusive of $0.4 million and $1.5 million, respectively, of excise taxes incurred. The Company made no share repurchases in the nine months ended September 30, 2026, and, following the June 28, 2026 termination of the most recent program, does not have an active share repurchase program in place.
8. Revenue
The following table summarizes the Company’s services revenue:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(In thousands)(In thousands)
Commercial services revenue:
Voice and data $58,002 $59,930 $173,822 $172,682 
IoT data48,669 46,707 141,706 135,303 
Broadband11,822 12,970 35,718 38,570 
Hosted payload and other data41,432 18,726 72,786 48,140 
Total commercial services revenue159,925 138,333 424,032 394,695 
Government services revenue27,573 26,910 82,823 80,410 
Total services revenue$187,498 $165,243 $506,855 $475,105 
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The following table summarizes the Company’s engineering and support services revenue:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(In thousands)(In thousands)
Commercial$317 $1,852 $3,348 $5,893 
Government38,873 38,333 119,793 113,638 
Total engineering and support services revenue$39,190 $40,185 $123,141 $119,531 
Approximately 36% and 46% of the Company’s accounts receivable balance at September 30, 2026 and December 31, 2025, respectively, were due from prime contracts or subcontracts with agencies of the U.S. government.
The Company’s contracts with customers generally do not contain performance obligations with terms in excess of one year. As such, the Company does not disclose details related to the value of performance obligations that are unsatisfied as of the end of the reporting period. The total value of any performance obligations that extend beyond one year is immaterial to the financial statements.
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the condensed consolidated balance sheets. The Company bills amounts under its agreed-upon contractual terms at periodic intervals (for services), upon shipment (for equipment), or upon achievement of contractual milestones or as work progresses (for engineering and support services). Billing may occur subsequent to revenue recognition, resulting in unbilled accounts receivable (contract assets). The Company may also receive payments from customers before revenue is recognized, resulting in deferred revenue (contract liabilities). The Company recognized revenue that was previously recorded as deferred revenue in the amounts of $5.4 million and $15.4 million for the three months ended September 30, 2026 and 2025, respectively, and $32.2 million and $45.5 million for the nine months ended September 30, 2026 and 2025, respectively. The decreases to previously deferred revenue recognized during the three and nine months ended September 30, 2026 were due to the acquisition of Aireon Holdings (see Note 11).
As of September 30, 2026, contract assets were $27.8 million, included within other assets on the consolidated balance sheets. The increase in contract assets was primarily due to contract assets acquired as part of the Aireon acquisition. The Company has also recorded costs of obtaining contracts expected to be recovered in prepaid expenses and other current assets (contract assets or commissions), that are not separately disclosed on the condensed consolidated balance sheets. The commissions are recognized over the estimated usage period. The following table presents contract assets not separately disclosed:
September 30, 2026December 31, 2025
(In thousands)
Contract Assets:
Commissions$1,465 $1,603 
Other contract costs$1,497 $1,626 
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9. Leases
Operating leases in which the Company was a lessor as of September 30, 2026 consisted primarily of hosting agreements with Aireon LLC (“Aireon”), through the Aireon Closing Date, and L3Harris Technologies, Inc. (“L3Harris”) for space on the Company’s satellites. These agreements provide for a fee that will be recognized over the estimated useful lives of the satellites, currently estimated to be approximately 17.5 years from their respective in-service dates. Lease income related to these agreements was $0.8 million and $3.1 million for each of the three months ended September 30, 2026 and 2025, respectively, and $7.0 million and $9.3 million for each of the nine months ended September 30, 2026 and 2025, respectively. The lease income decreased by $2.3 million in both the three and nine months ended September 30, 2026 due to the acquisition of Aireon. Lease income is recorded as hosted payload and other data service revenue within service revenue on the Company’s condensed consolidated statements of operations and comprehensive income.
L3Harris has prepaid all amounts owed to the Company pursuant to its hosting arrangement. The following table presents future income with respect to the Company’s operating lease with L3Harris in which it is the lessor existing at September 30, 2026, exclusive of the $2.3 million recognized during the nine months ended September 30, 2026, by year and in the aggregate, assuming that the lease continues:
Year Ending December 31,Amount
(In thousands)
2026$779 
20273,115 
20283,115 
20293,115 
20303,115 
   Thereafter15,123 
Total lease income$28,362 
10. Stock-Based Compensation
In May 2025, the Company’s stockholders approved the amendment and restatement of the Company’s 2015 Equity Incentive Plan (as so amended and restated, the “Amended 2015 Plan”). As of September 30, 2026, the aggregate number of shares remaining available for future grants under the Amended 2015 Plan was 10,288,264. The Amended 2015 Plan provides for the grant of stock-based awards, including nonqualified stock options, incentive stock options, restricted stock, RSUs, stock appreciation rights, and other equity securities to employees, consultants, and non-employee directors of the Company and its affiliated entities. The number of shares of common stock available for issuance under the Amended 2015 Plan is reduced by (i) one share for each share of common stock issued pursuant to an appreciation award, such as a stock option or stock appreciation right with an exercise or strike price of at least 100% of the fair market value of the underlying common stock on the date of grant, and (ii) 1.8 shares for each share of common stock issued pursuant to any stock award that is not an appreciation award, also known as a “full value award.” The Amended 2015 Plan allows the Company to utilize a broad array of equity incentives and performance cash incentives in order to secure and retain the services of its employees, directors and consultants, and to provide long-term incentives that align the interests of its employees, directors and consultants with the interests of the Company’s stockholders. The Company accounts for stock-based compensation at fair value.
Restricted Stock Units
The Company’s RSUs are classified as equity awards because the RSUs will be settled in the Company’s common stock upon vesting. The fair value of the RSUs is determined at the grant date based on the closing price of the Company’s common stock on the date of grant. The related compensation expense is recognized over the service period, or shorter periods based on the retirement eligibility of certain grantees, based on the grant date fair value of the Company’s common stock and the number of shares expected to vest. The fair value of the awards is not remeasured at the end of each reporting period. RSUs do not carry voting rights until the RSUs are vested, although certain unvested RSUs and vested but unsettled RSUs granted to non-employee directors are entitled to accrue dividend equivalent rights, and shares (including additional shares issuable upon satisfaction of any accrued dividend equivalent rights) are issued upon settlement in accordance with the terms of the award.
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The following tables summarize the Company’s RSU activity:
Shares Underlying RSUsWeighted-
Average
Grant Date
Fair Value
Per RSU
(In thousands)
Outstanding at December 31, 20254,049 $29.45 
Granted2,272 26.55 
Forfeited(255)28.01 
Released(1,784)33.14 
Outstanding at September 30, 20264,282 $26.44 
Vested and unreleased at September 30, 2026 (1)
612 

Shares Underlying RSUsWeighted-
Average
Grant Date
Fair Value
Per RSU
(In thousands)
Outstanding at December 31, 20243,870 $32.56 
Granted2,163 30.89 
Forfeited(188)37.20 
Released(1,690)35.09 
Outstanding at September 30, 20254,155 $30.45 
Vested and unreleased at September 30, 2025 (1)
560 
(1)     These RSUs were granted to the members of the Company’s Board of Directors as a part of their compensation for board and committee service and had vested but had not yet settled, meaning that the underlying shares of common stock had not been issued and released.
Service-Based RSUs
The majority of the annual compensation the Company provides to non-employee members of its Board of Directors is paid in the form of RSUs. In addition, some members of the Company’s Board of Directors may elect to receive their cash retainers, or a portion thereof, in the form of RSUs. An aggregate amount of approximately 131,000 and 81,000 service-based RSUs were granted to the non-employee members of the Company’s Board of Directors as a result of these payments and elections during the nine months ended September 30, 2026 and 2025, respectively, with an estimated grant date fair value of $2.6 million and $2.4 million, respectively.
During the nine months ended September 30, 2026 and 2025, the Company granted approximately 2,130,000 and 1,272,000 service-based RSUs, respectively, to its employees, with an estimated aggregate grant date fair value of $57.3 million and $38.9 million, respectively. The increase in service-based RSUs to employees resulted primarily from a change in executive compensation, a portion of which was previously granted in performance-based RSUs.
In 2026, the RSUs granted to executives were entirely for service and vest over five years, with 20% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment. Since 2024, the RSUs granted to employees for service, except for executive employees in 2026, generally vest over three years, with 34% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment. RSUs granted prior to March 2024 generally vest over four years, with 25% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment. The RSUs granted to non-employee members of the Board of Directors generally vest in full on the first anniversary of the grant date. The RSUs granted to non-employee consultants generally vest 50% on the first anniversary of the grant date, with the remaining 50% vesting quarterly thereafter through the second anniversary of the grant date.
Performance-Based RSUs
In March 2025, the Company granted approximately 534,000 annual incentive, performance-based RSUs to the Company’s executives and employees (the “Bonus RSUs”), with an estimated grant date fair value of $16.9 million. Vesting of the Bonus RSUs was dependent upon the Company’s achievement of defined performance goals over the fiscal year. The Company records stock-based compensation expense related to performance-based RSUs when it is considered probable that the performance conditions will be met. The level of achievement of performance goals was determined by the compensation
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committee of the Company’s Board of Directors and substantially all of the Bonus RSUs granted in March 2025 vested in March 2026.
Additionally, in March 2025, the Company granted approximately 269,000 long-term, performance-based RSUs to the Company’s executives (the “Executive RSUs”), with an estimated aggregate grant date fair value of $8.5 million. Vesting of the Executive RSUs is dependent upon the Company’s achievement of defined performance goals over a two-year period (the year of grant and the following year). The vesting of the Executive RSUs granted in March 2025 will range from 0% to 200% of the number of shares underlying the Executive RSUs granted based on the level of achievement of the performance goals. If the Company achieves the performance goals for the Executive RSUs at the end of the two-year performance period, 50% of the number of Executive RSUs earned based on performance will then vest on the second anniversary of the grant date, and the remaining 50% will then vest on the third anniversary of the grant date, subject to the executive’s continued service as of the vesting date, which may be accelerated based on the retirement eligibility of the grantees. In March 2026 and 2025, approximately 52,000 and 23,000 shares underlying Executive RSUs granted in March 2024 and 2023, respectively, were forfeited as a result of performance targets not being fully achieved for the performance periods ended December 31, 2025 and 2024, respectively.
11. Acquisition of Aireon
On July 2, 2026, the Company acquired the 60.5% equity interest in Aireon Holdings that it did not previously own, resulting in the Company obtaining 100% ownership of Aireon. Aireon is the operator of the world’s only space-based Automatic Dependent Surveillance-Broadcast (“ADS-B”) air traffic surveillance system.
The acquisition date fair value of the business at the acquisition date was $523.8 million. The purchase price for the remaining 60.5% equity interest was $352.2 million. The transaction was accounted for as a business combination under the acquisition method of accounting in accordance with Accounting Standards Codification 805, Business Combinations. Since the Company held a 39.5% equity interest in Aireon immediately prior to the acquisition date and accounted for that investment under the equity method, the Company remeasured its previously held equity interest to its estimated fair value of $171.6 million as of the acquisition date and recognized a gain of $103.9 million in gain (loss) from equity method investments, net in the condensed consolidated statement of operations and comprehensive income for the three and nine months ended September 30, 2026.
The following table summarizes the acquisition date fair value of the business:
July 2, 2026
(In thousands)
Cash consideration$183,362 
Seller note172,789 
Seller transaction costs paid by the Company11,284 
Settlement of pre-existing relationships(15,212)
Total consideration transferred352,223 
Fair value of previously held 39.5% equity interest171,600 
Total acquisition date fair value$523,823 
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The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
July 2, 2026
Fair Value
(In thousands)
Cash$14,848 
Accounts Receivable, net25,212 
Prepaid expenses and other current assets8,507 
Property and equipment, net161,935 
Intangible assets, net285,100 
Other non-current assets43,665 
Accounts payable(3,709)
Accrued expenses and other current liabilities(11,295)
Short-term secured debt(19,688)
Deferred revenue(1,717)
Long-term secured debt(134,969)
Other long-term liabilities(11,238)
Total fair value of net assets acquired$356,651 
Goodwill$167,172 
Total purchase price$523,823 
The purchase price allocation is preliminary as the Company is continuing to finalize the valuation of certain acquired intangible assets and other assets and liabilities assumed. The Company expects to finalize the purchase price allocation within the measurement period, which will not exceed one year from the acquisition date.
The following is a summary of preliminary identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets:
TypeUseful lifeFair Value
(In thousands)
Customer relationships13 years$210,000 
Developed technology10 years69,600 
Trade name4 years5,500 
Total identifiable intangible assets acquired$285,100 
Goodwill of $167.2 million was recorded in connection with the Aireon acquisition, representing the excess of the purchase price over the fair value of the identifiable net assets acquired. Goodwill primarily represents Aireon’s future revenue and earnings potential, expected synergies, and the assembled workforce of Aireon. None of the goodwill is expected to be deductible for income tax purposes.
The Company incurred $14.9 million of acquisition-related costs that were expensed in the three and nine months ended September 30, 2026. These costs are included within selling, general, and administrative expenses in the condensed consolidated statements of operations and comprehensive income.
The amounts of revenue and earnings of Aireon included in the Company’s condensed consolidated statements of operations and comprehensive income (loss), including the effects of purchase accounting and excluding the impact of the Company’s remeasurement of its prior equity interest in Aireon Holdings, are as follows:
Three Months Ended
September 30, 2026
(In thousands)
Revenue$34,492 
Net loss(55)
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Supplemental Pro Forma Information (Unaudited)
The following unaudited pro forma data summarizes the results of operations for the periods indicated as if the acquisition of Aireon had occurred on January 1, 2025.
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(In thousands)(In thousands)
Revenue$245,733 $249,317 $733,779 $726,365 
Net income2,068 29,384 19,388 164,623 

The unaudited pro forma financial information includes adjustments to reflect incremental amortization of acquired identifiable intangible assets, incremental depreciation resulting from fair value adjustments to property and equipment, related income tax effects, the acquisition-date remeasurement of the previously held equity interest, acquisition-related transaction costs and the elimination of intercompany transactions. The pro forma financial information does not reflect potential synergies or integration costs and is not necessarily indicative of the results that would have occurred or of future results.
12. Income Taxes
Income before income taxes and gain (loss) on equity method investments was $5.2 million and $50.7 million for the three and nine months ended September 30, 2026, respectively, while the income tax expense was $2.2 million and $14.1 million, respectively. The effective tax rate was 41.9% and 27.9% for the three and nine months ended September 30, 2026, respectively, which differed from the federal statutory rate of 21%, primarily due to acquisition costs, discrete tax expense associated with stock compensation and nondeductible executive compensation, partially offset by tax benefit from the deduction for foreign derived deduction eligible income and U.S. tax credits.
Income before income taxes and gain (loss) on equity method investments was $47.9 million and $111.4 million for the three and nine months ended September 30, 2025, respectively, while the income tax expense was $10.0 million and $19.6 million, respectively. The effective tax rate was 20.9% and 17.6% for the three and nine months ended September 30, 2025, respectively, which differed from the federal statutory rate of 21%, primarily due to a tax benefit from the deduction for foreign derived intangible income and U.S. tax credits, partially offset by discrete tax expense associated with stock compensation and nondeductible executive compensation.
13. Related Party Transactions
Prior to July 2, 2026, the Company held an approximate 39.5% equity interest in Aireon Holdings LLC (“Aireon Holdings”), which owns Aireon LLC (“Aireon”), and accounted for its investment under the equity method. On July 2, 2026, the Company acquired the remaining equity interests in Aireon Holdings, which became a wholly owned subsidiary of the Company (see Note 11).

Prior to the acquisition, the Company provided satellite hosting, power and data services, and administrative and support services to Aireon under various agreements. The Company recognized hosting fee revenue of zero and $2.3 million for the three months ended September 30, 2026, and 2025, respectively, and $4.6 million and $6.9 million for the nine months ended September 30, 2026 and 2025, respectively. Power and data service revenue was zero and $5.9 million for the three months ended September 30, 2026, and 2025, respectively, and $11.7 million and $17.6 million for the nine months ended September 30, 2026 and 2025, respectively. Amounts for 2026 reflect only transactions prior to the acquisition date.

As of December 31, 2025, receivables due from Aireon for power and data services and administrative and support services totaled $2.0 million and $0.3 million, respectively. Following the closing of the acquisition on July 2, 2026, transactions and balances between the Company and Aireon are eliminated in consolidation.
14. Net Income Per Share
The Company calculates basic net income per share by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. In periods of net income, diluted net income per share takes into account the effect of potentially dilutive common shares when the effect is dilutive. Potentially dilutive common shares include (i) shares of common stock issuable upon exercise of outstanding stock options and (ii) shares underlying RSUs that are contingently issuable upon achievement of certain service and performance requirements. The effect of potentially dilutive common shares is computed using the treasury stock method.
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The following table summarizes the computations of basic and diluted net income per share:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(In thousands, except per share amounts)
Numerator:
Net income - basic and diluted
$106,896 $37,127 138,169 89,507 
Denominator:
Weighted average common shares — basic107,368 106,095 106,849 108,160 
Dilutive effect of stock options78 77 83 95 
Dilutive effect of RSUs1,480 304 1,435 591 
Weighted average common shares — diluted108,926 106,476 108,367 108,846 
Net income per share - basic$1.00 $0.35 $1.29 $0.83 
Net income per share - diluted$0.98 $0.35 $1.28 $0.82 
15. Merger Agreement with Rocket Lab Corporation
On June 28, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Rocket Lab Corporation (“Rocket Lab”) pursuant to which the Company agreed to be acquired by Rocket Lab (the “Transaction”).
Subject to the terms and conditions set forth in the Merger Agreement, each issued and outstanding share of the Company’s common stock, other than as specified in the Merger Agreement, will be converted into the right to receive (i) $27.00 in cash and (ii) a number of shares of Rocket Lab’s common stock equal to the Exchange Ratio (as defined below). The “Exchange Ratio” will be the following: (i) if the Rocket Lab Common Stock Price (as defined below) is equal to or less than $67.50, then the Exchange Ratio will be 0.4000; (ii) if the Rocket Lab Common Stock Price is greater than $67.50 but less than $112.50, then the Exchange Ratio will be the quotient obtained by dividing $27.00 by the Rocket Lab Common Stock Price, rounded to four decimal places; and (iii) if the Rocket Lab Common Stock Price is equal to or greater than $112.50, then the Exchange Ratio will be 0.2400. “Rocket Lab Common Stock Price” is defined as the volume weighted average price per share of Rocket Lab’s common stock on the Nasdaq Global Select Market for the period of the ten consecutive trading days ending on and including the second full trading day prior to the First Effective Time (as defined in the Merger Agreement).
The Merger Agreement provides each of the Company and Rocket Lab with certain termination rights and, under certain circumstances, may require the Company to pay a $223.6 million termination fee.
The Transaction is expected to be completed by mid-2027, subject to the satisfaction of remaining customary closing conditions and interim operating covenants, including covenants that generally require the Company to conduct its business in the ordinary course consistent with past practice and subject the Company to restrictions on certain actions pending consummation of the Transaction.

21

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
You should read the following discussion along with our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed on February 12, 2026 (our “2025 Form 10-K”) with the SEC, as well as our condensed consolidated financial statements included in this Form 10-Q.
This Form 10-Q 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, strategies, goals, targets or future developments, market trends, expected competition or otherwise are not statements of historical fact. Without limiting the foregoing, the words “believe,” “anticipate,” “plan,” “expect,” “intend” 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 described under the caption “Risk Factors” in our 2025 Form 10-K, as updated and supplemented by this Form 10-Q, 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.
Overview of Our Business
We are a leading provider of global voice, data and positioning, navigation and timing (“PNT”) satellite services and are 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 specialized, 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. In addition, our satellites have other payloads that facilitate specific additional services for customers, such as our subsidiary Aireon LLC’s (“Aireon’s”) space-based air traffic surveillance system. We also utilize our long history operating a commercial LEO satellite system to provide a growing array of engineering and operational services to government customers and government network operators such as the U.S. Space Force.
Our primary business is to provide voice and data communications services to businesses, 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 the satellite constellation using radio frequency crosslinks between satellites. This architecture minimizes the need for 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.
We primarily sell our products and services to commercial end users by recruiting and expanding a global wholesale distribution network, currently encompassing approximately 130 service providers, approximately 300 value-added resellers (“VARs”), and approximately 100 value-added manufacturers, which create and sell technology that uses the Iridium network either directly to the end user or indirectly through other service providers, VARs or dealers. These distributors often integrate our products and services with other complementary hardware and software and have developed a broad suite of applications using our products and services to target specific industries or business areas. We expect that demand for our services will increase as more applications are developed and deployed that utilize our technology.
As of September 30, 2026, we had approximately 2,696,000 billable subscribers worldwide, an increase of 154,000, or 6%, from approximately 2,542,000 billable subscribers as of September 30, 2025. We have a diverse customer base, including end users in land mobile, Internet of Things (“IoT”), maritime, aviation and government.
Aireon Acquisition
On May 13, 2026, we entered into a Securities Purchase Agreement with NAV CANADA, the Irish Air Navigation Service, ENAV S.P.A., Naviair Surveillance A/S, NATS (Services) Limited, and certain of their affiliated entities (the “Sellers”), pursuant to which, on July 2, 2026 (the “Aireon Closing Date”), we, through our wholly owned subsidiary, Iridium Monitor Holdings LLC (“Iridium Monitor Holdings”), closed our acquisition of Aireon Holdings LLC (“Aireon Holdings”), acquiring the remaining 60.5% of equity interests in Aireon Holdings that we did not already own (the “Aireon Closing”).
We now indirectly own all of the membership interests in Aireon Holdings and Aireon, which is the operator of the world’s only space-based ADS-B air traffic surveillance system. We acquired the additional equity interest for an aggregate contractual purchase price of approximately $366.7 million, 50% in cash and 50% deferred and in the form of a loan by the Sellers, payable one year following the Aireon Closing pursuant to a Credit and Guaranty Agreement. We view this acquisition as a defining step toward achieving our long-term business objective to provide the foundational architecture for global aviation safety, bringing space-based surveillance, safety communications, PNT, and operational data together on a single network.
22

Anticipated Merger with Rocket Lab Corporation
On June 28, 2026, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Rocket Lab Corporation (“Rocket Lab”), pursuant to which we agreed to be acquired by Rocket Lab (the “Transaction”).
Subject to the terms and conditions set forth in the Merger Agreement, each issued and outstanding share of our common stock, other than as specified in the Merger Agreement, will be converted into the right to receive (i) $27.00 in cash and (ii) a number of shares of Rocket Lab’s common stock equal to the Exchange Ratio (as defined below). The “Exchange Ratio” will be the following: (i) if the Rocket Lab Common Stock Price (as defined below) is equal to or less than $67.50, then the Exchange Ratio will be 0.4000; (ii) if the Rocket Lab Common Stock Price is greater than $67.50 but less than $112.50, then the Exchange Ratio will be the quotient obtained by dividing $27.00 by the Rocket Lab Common Stock Price, rounded to four decimal places; and (iii) if the Rocket Lab Common Stock Price is equal to or greater than $112.50, then the Exchange Ratio will be 0.2400. “Rocket Lab Common Stock Price” is defined as the volume weighted average price per share of Rocket Lab’s common stock on the Nasdaq Global Select Market for the period of the ten consecutive trading days ending on and including the second full trading day prior to the First Effective Time (as defined in the Merger Agreement).
The Merger Agreement provides each of us and Rocket Lab with certain termination rights and, under certain circumstances, may require us to pay a $223.6 million termination fee.
Our Board of Directors unanimously approved the Merger Agreement and resolved to recommend that our stockholders approve the adoption of the Merger Agreement and the Transaction. In addition, each of our directors holding shares of our common stock has entered into a voting agreement to support the Transaction.
The Transaction is expected to be completed by mid-2027, subject to the satisfaction of remaining customary closing conditions, including (i) consent of the U.S. Federal Communications Commission to the transfer of control of certain of our telecommunication authorizations; (ii) receipt of clearances or approvals under other specified foreign investment and satellite and telecommunications laws; (iii) the absence of any order or law issued, enforced or enacted by a governmental authority in certain specified jurisdictions that prevents, makes illegal or enjoins the consummation of the Transaction; (iv) there having not occurred a Company Material Adverse Effect or a Parent Material Adverse Effect, each as defined in the Merger Agreement; and (v) the continued effectiveness of a registration statement on Form S-4 with respect to shares of Rocket Lab Common Stock to be issued in the Transaction and approval of such shares for listing on the Nasdaq Global Select Market.
The waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), related to the Transaction expired on August 12, 2026 and, on September 24, 2026, our stockholders approved the Transaction at a special meeting of stockholders (the “Special Meeting”). The expiration of the HSR waiting period and stockholder approval were each closing conditions to the Transaction.
On September 15, 2026, we entered into the fourth amendment to the credit agreement (the “Fourth Amendment”), which, among other things, provides that the Transaction shall not constitute a change of control under the credit agreement. The term loan in an original aggregate principal amount equal to $1,500.0 million (the “September 2023 Term Loan”), an additional aggregate $325.0 million in term loans, comprised of $125.0 million on March 25, 2024 (the “March 2024 Term Loan”), and $200.0 million on July 30, 2024 (the “July 2024 Term Loan” together with the September 2023 Term Loan and March 2024 Term Loan, the “Term Loan”) and the $100.0 million revolving credit facility (the “Revolving Facility”) are permitted to remain outstanding after the closing of the Transaction. Rocket Lab has stated that through a combination of equity raised through an at-the-market offering, available liquidity and assumption of the Term Loan, that it has sufficient cash to fully fund the Transaction.
The Merger Agreement also subjects us to interim operating covenants that generally require us to conduct our business in the ordinary course consistent with past practice and preserve our business organization, key personnel, customer and business relationships, and material assets, and restrict us from or limit us in taking certain actions, including amending our organizational documents; issuing or repurchasing equity securities; declaring dividends or distributions; pursuing acquisitions, dispositions or significant investments; incurring material indebtedness or capital expenditures; entering into, terminating or materially modifying certain significant contracts; taking certain actions with respect to employee compensation and benefit arrangements, accounting, and tax matters; settling material litigation; and taking certain actions affecting our satellite operations, telecommunications permits, or other material assets.
For more information regarding the Transaction and related arrangements, see the definitive merger proxy statement related to the Special Meeting that we filed on August 26, 2026 and the Current Reports on Form 8-K that we filed on June 29, 2026, September 15, 2026, September 18, 2026, and September 24, 2026.

23

Material Trends and Uncertainties
Our industry and customer base have historically grown as a result of:
•demand for remote and reliable mobile communications services;
•a growing number of new products and services and related applications;
•a broad wholesale distribution network with access to diverse and geographically dispersed niche markets;
•increased demand for communications services by disaster and relief agencies, emergency first responders, businesses and consumers;
•improved data transmission speeds for mobile satellite service offerings;
•regulatory mandates requiring the use of mobile satellite services;
•a general reduction in prices of mobile satellite services and subscriber equipment; and
•geographic market expansion through the ability to offer our services in additional countries.
Nonetheless, we face a number of challenges and uncertainties in operating our business, including:
•our ability to maintain the health, capacity, control, and level of service of our satellites;
•our ability to develop and launch new and innovative products and services;
•changes in general economic, business, and industry conditions, including the effects of currency exchange rates;
•our reliance on a single primary commercial gateway and a primary satellite network operations center;
•increased competition or potential competition from other satellite service providers, including SpaceX following its announced plans to acquire a significant amount of spectrum enabling global direct-to-device (“D2D”) services, and, to a lesser extent, from the expansion of terrestrial-based cellular phone systems and related pricing pressures;
•market acceptance of our products;
•regulatory requirements in existing and new geographic markets;
•challenges associated with global operations, including as a result of conflicts in or affecting markets in which we operate;
•rapid and significant technological changes in the telecommunications industry, including global satellite D2D broadband services;
•our ability to generate sufficient internal cash flows to repay our debt;
•reliance on our wholesale distribution network to market and sell our products, services, and applications effectively;
•reliance on a global supply chain, including single-source suppliers for the manufacture of most of our subscriber equipment and for some of the components required in the manufacture of our end-user subscriber equipment and our ability to purchase component parts that are periodically subject to shortages resulting from surges in demand, natural disasters or other events, such as a global pandemic and the imposition of tariffs;
•reliance on a few significant customers, particularly agencies of the U.S. government, for a substantial portion of our revenue, as a result of which the loss or decline in business with any of these customers may negatively impact our revenue and collectability of related accounts receivable, including as a result of an extended government shutdown or the use of continuing resolutions;
•our ability to realize the expected benefits of our acquisition of Aireon Holdings and effectively integrate Aireon and its personnel with our existing operations;
•our ability to complete the Transaction on the anticipated timeline or at all;
•the occurrence of any event, change or other circumstance that could give rise to the right of one or both of Rocket Lab or us to terminate the Merger Agreement;
•disruption to our business as a result of the announcement and pendency of the Transaction, including due to diversion of management’s attention and time and restrictions in the Merger Agreement that could affect our ability to pursue business opportunities or execute business strategies; and
•the possibility that the Transaction may be more expensive to complete than anticipated; and the reputational risk and adverse reactions of customers, suppliers, employees, or other business partners resulting from the announcement of the Transaction.

24

Comparison of Our Results of Operations for the Three Months Ended September 30, 2026 and 2025
Three Months Ended September 30,Change
2026% of Total Revenue2025% of Total Revenue
($ in thousands)DollarsPercent
Revenue:
Services$187,498 76 %$165,243 73 %$22,255 13 %
Subscriber equipment19,045 8 %21,507 9 %(2,462)(11)%
Engineering and support services39,190 16 %40,185 18 %(995)(2)%
Total revenue245,733 100 %226,935 100 %18,798 8 %
Operating expenses:
Cost of services (exclusive of depreciation
and amortization)60,666 25 %50,762 22 %9,904 20 %
Cost of subscriber equipment11,609 5 %12,661 6 %(1,052)(8)%
Research and development4,810 2 %4,944 2 %(134)(3)%
Selling, general and administrative74,936 30 %35,508 16 %39,428 111 %
Depreciation and amortization62,094 25 %52,975 23 %9,119 17 %
Total operating expenses214,115 87 %156,850 69 %57,265 37 %
Operating income
31,618 13 %70,085 31 %(38,467)(55)%
Other expense:
Interest expense, net(26,788)(11)%(22,593)(10)%(4,195)19 %
Other income, net
384 — %372 — %12 3 %
Total other expense, net(26,404)(11)%(22,221)(10)%(4,183)19 %
Income before income taxes and gain (loss) on equity method investments, net5,214 2 %47,864 21 %(42,650)(89)%
Income tax expense
(2,186)(1)%(10,003)(4)%7,817 (78)%
Gain (loss) on equity method investments, net103,868 42 %(734)— %104,602 (14,251)%
Net income
$106,896 44 %$37,127 17 %$69,769 188 %


25

Revenue
Commercial Service Revenue 
Three Months Ended September 30,
20262025Change
Revenue
Billable
Subscribers (1)
ARPU (2)
Revenue
Billable
Subscribers (1)
ARPU (2)
RevenueBillable
Subscribers		ARPU
(Revenue in millions and subscribers in thousands)
Commercial services:
Voice and data$58.0 396 $48 $59.9 411 $48 $(1.9)(15)$— 
IoT data 48.7 2,163 7.63 46.7 1,991 7.95 2.0 172 (0.32)
Broadband (3)
11.8 16.0 246 13.0 16.3 265 (1.2)(0.3)(19)
Hosted payload and other data41.4 N/A18.7 N/A22.7 N/A
Total commercial services$159.9 2,575 $138.3 2,418$21.6 157 
(1)Billable subscriber numbers shown are at the end of the respective period.
(2)Average monthly revenue per unit (“ARPU”) is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period. Billable subscriber and ARPU data is not applicable for hosted payload and other data service revenue items.
(3)Commercial broadband service consists of Iridium OpenPort and Iridium Certus broadband services.
For the three months ended September 30, 2026, total commercial services revenue increased $21.6 million, or 16%, from the prior year period primarily as a result of increases in hosted payload and other data services and IoT data. Hosted payload and other data service revenue increased $22.7 million, or 121%, compared to the prior year period, primarily due to the inclusion of Aireon revenue totaling $26.3 million, partially offset by decreases in PNT revenue including non-recurring revenue recognition in the prior year period. Commercial IoT revenue increased $2.0 million, or 4%, for the three months ended September 30, 2026, compared to the same period of the prior year, driven by a 9% increase in billable subscribers, offset in part by a decline in ARPU. The increases in commercial services were partially offset by decreases in voice and data and broadband. Commercial voice and data revenue decreased $1.9 million, or 3%, for the three months ended September 30, 2026, compared to the same period of the prior year, primarily due to decreased billable subscribers. Commercial broadband revenue decreased $1.2 million, or 9%, for the three months ended September 30, 2026, compared to the prior year period, due primarily to the decline in ARPU to $246 in the third quarter of 2026, as compared to $265 in the prior year period, reflecting the increased prevalence of use of lower-priced companion plans in the current year period.
Government Service Revenue 
Three Months Ended September 30,
20262025Change
Revenue
Billable
Subscribers (1)
Revenue
Billable
Subscribers (1)
RevenueBillable
Subscribers
(Revenue in millions and subscribers in thousands)
Government services$27.6 121$26.9 124$0.7 (3)
(1)Billable subscriber numbers shown are at the end of the respective period.
We provide airtime and airtime support to U.S. government and other authorized customers pursuant to our Enhanced Mobile Satellite Services (“EMSS”) contract. Under the terms of this EMSS contract, which we entered into in September 2019, authorized customers utilize specified Iridium airtime services provided through the U.S. government’s dedicated gateway. The service fee under the EMSS contract is fixed at $110.5 million per year for the remainder of the term and is not based on subscribers or usage, allowing an unlimited number of users access to these services. Revenue for the three months ended September 30, 2026 increased slightly reflecting the contractual step ups in the EMSS contract. On September 11, 2026, the U.S. Space Force exercised its option to extend the EMSS Contract with us through March 2027, at the same contractual rate. We continue to expect a renewal of the EMSS Contract in 2027. For more on risks associated with the EMSS contract expiration, see the risk factor captioned “—Our agreements with U.S. government customers, particularly the Department of War (the “DoW”), which represent a significant portion of our revenue, are subject to termination and renewal” in our 2025 Form 10-K.

26

Subscriber Equipment Revenue
Subscriber equipment revenue decreased by $2.5 million, or 11%, for the three months ended September 30, 2026, compared to the prior year period, primarily as a result of a decrease in volume of handset and L-band transceiver device sales offset in part by an increase in volume of Short Burst Data® device sales. We continue to expect equipment revenue in 2026 to be in line with 2025.
Engineering and Support Service Revenue
Three Months Ended September 30,
20262025Change
(In millions)
Commercial engineering and support services$0.3 $1.9 $(1.6)
Government engineering and support services38.9 38.3 0.6 
Total engineering and support services$39.2 $40.2 $(1.0)
Engineering and support service revenue decreased by $1.0 million, or 2%, for the three months ended September 30, 2026, compared to the prior year period, primarily due to the Aireon acquisition. We expect engineering and support service revenue to be higher in 2026 than in 2025.
Operating Expenses
Cost of Services (exclusive of depreciation and amortization)
Cost of services (exclusive of depreciation and amortization) includes the cost of network engineering and operations staff, including contractors, software maintenance, product support services and cost of services for government and commercial engineering and support service revenue.
Cost of services (exclusive of depreciation and amortization) increased by $9.9 million, or 20%, for the three months ended September 30, 2026 from the prior year period, primarily as a result of $10.1 million in costs due to the Aireon acquisition.
Cost of Subscriber Equipment
Cost of subscriber equipment includes the direct costs of equipment sold, which consist of manufacturing costs, allocation of overhead, and warranty costs.
Cost of subscriber equipment decreased by $1.1 million, or 8%, for the three months ended September 30, 2026, compared to the prior year period, primarily due to the net decrease in volume of device sales, as noted above.
Research and Development
Research and development expenses remained relatively flat compared to the prior year period.
Selling, General and Administrative
Selling, general and administrative expenses that are not directly attributable to the sale of services or products include sales and marketing costs, as well as employee-related expenses (such as salaries, wages, and benefits), legal, finance, information technology, facilities, billing and customer care expenses.
Selling, general and administrative expenses increased by $39.4 million, or 111%, for the three months ended September 30, 2026, compared to the prior year period, primarily due to increases in transaction costs totaling $21.3 million associated with the Transaction and the Aireon acquisition. The increase was also due to $10.6 million higher employee costs, including stock-based compensation expenses, $4.8 million in costs due to the Aireon acquisition, $2.1 million in professional fees, and $1.2 million of stock appreciation rights expense.
We expect our selling, general and administrative expenses to moderate from the current quarter as we expect transaction costs to decrease during the pendency of the Transaction and in connection with the closing.
Depreciation and Amortization
Depreciation and amortization expense increased by $9.1 million, or 17%, for the quarter ended September 30, 2026, compared to the prior year period, primarily related to a $4.5 million increase in depreciation due to the Aireon acquisition and a $3.8 million increase in amortization of intangible assets recognized related to the Aireon acquisition.
27

Other Income (Expense), net
Interest Expense, Net
Interest expense, net increased $4.2 million, or 19%, for the three months ended September 30, 2026, compared to the same period of the prior year. The increase was primarily due to $6.5 million in interest expense associated with the Aireon Loans, partially offset by lower interest rates compared to the prior year period.
Other Income, net
Other income, net, was $0.4 million for the three months ended September 30, 2026, and September 30, 2025, respectively, primarily driven by foreign currency exchange rates.
Income Tax Expense
For the three months ended September 30, 2026, our income tax expense was $2.2 million, compared to $10.0 million for the prior year period. The decrease in income tax expense is primarily related to decreased pre-tax book income in 2026 compared to 2025 and decreased tax expense associated with stock compensation and nondeductible executive compensation, partially offset by decreased tax benefit from the deduction for foreign derived deduction eligible income and tax expense from acquisition costs.
The Organisation for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenue and profits above certain thresholds (referred to as Pillar 2). Although the U.S. has not enacted legislation to implement Pillar 2, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. Pillar 2 is applicable to us beginning in 2026. However, based on the guidance issued to date, we do not expect it to have a material impact on our effective tax rate or our results of operation and financial position.
Gain (Loss) on Equity Method Investments, Net of Tax
For the three months ended September 30, 2026, our after tax gain on equity method investments was $103.9 million compared to a loss of $0.7 million in the prior year period. Prior to our acquisition of Aireon in July 2026, we held a 39.5% equity interest in Aireon Holdings, which was classified as an equity method investment. Upon the closing of the acquisition of Aireon, we recorded a gain of $135.3 million, equal to the difference between the fair value and net book value of the equity method investment. The impact of this gain on net income was partially offset by $31.4 million in taxes related to the remeasurement.
Net Income
Net income was $106.9 million for the three months ended September 30, 2026, compared to net income of $37.1 million for the prior year period. The $69.8 million increase in net income was primarily the result of the gain related to the acquisition of Aireon as described above.
28

Comparison of Our Results of Operations for the Nine Months Ended September 30, 2026 and 2025
Nine Months Ended September 30,Change
2026% of Total Revenue2025% of Total Revenue
($ in thousands)DollarsPercent
Revenue:
Services$506,855 73 %$475,105 72 %$31,750 7 %
Subscriber equipment60,031 9 %64,083 10 %(4,052)(6)%
Engineering and support services123,141 18 %119,531 18 %3,610 3 %
Total revenue690,027 100 %658,719 100 %31,308 5 %
Operating expenses:
Cost of services (exclusive of depreciation
and amortization)161,616 23 %153,152 23 %8,464 6 %
Cost of subscriber equipment38,101 6 %36,830 6 %1,271 3 %
Research and development16,514 2 %14,640 2 %1,874 13 %
Selling, general and administrative187,759 27 %115,887 18 %71,872 62 %
Depreciation and amortization169,698 25 %157,479 24 %12,219 8 %
Total operating expenses573,688 83 %477,988 73 %95,700 20 %
Operating income116,339 17 %180,731 27 %(64,392)(36)%
Other expense:
Interest expense, net(65,400)(9)%(67,169)(10)%1,769 (3)%
Other expense, net
(258)— %(2,184)— %1,926 (88)%
Total other expense, net(65,658)(9)%(69,353)(10)%3,695 (5)%
Income before income taxes and gain (loss) on equity method investments, net50,681 7 %111,378 17 %(60,697)(54)%
Income tax expense
(14,138)(2)%(19,629)(3)%5,491 (28)%
Gain (loss) on equity method investments, net101,626 15 %(2,242)— %103,868 (4,633)%
Net income
$138,169 19 %$89,507 14 %$48,662 54 %
29

Revenue
Commercial Service Revenue 
Nine Months Ended September 30,
20262025Change
Revenue
Billable
Subscribers (1)
ARPU (2)
Revenue
Billable
Subscribers (1)
ARPU (2)
RevenueBillable
Subscribers		ARPU
(Revenue in millions and subscribers in thousands)
Commercial services:
Voice and data$173.8 396 $48 $172.7 411 $46 $1.1 (15)$2 
IoT data 141.7 2,163 7.57 135.3 1,991 7.75 6.4 172 (0.18)
Broadband (3)
35.7 16.0 248 38.6 16.3 261 (2.9)(0.3)(13)
Hosted payload and other data72.8 N/A48.1 N/A24.7 N/A
Total commercial services$424.0 2,575 $394.7 2,418$29.3 157 
(1)Billable subscriber numbers shown are at the end of the respective period.
(2)ARPU is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period. Billable subscriber and ARPU data is not applicable for hosted payload and other data service revenue items.
(3)Commercial broadband service consists of Iridium OpenPort and Iridium Certus broadband services.
For the nine months ended September 30, 2026, total commercial services revenue increased $29.3 million, or 7%, from the prior year period primarily driven by increases in hosted payload and other data services, IoT data, and voice and data revenue. Hosted payload and other data service revenue increased $24.7 million, or 51%, compared to the prior year period, primarily due to the inclusion of Aireon revenue totaling $26.3 million, partially offset by decreases in PNT revenue, including non-recurring revenue recognition in the prior year. Commercial IoT revenue increased $6.4 million, or 5%, for the nine months ended September 30, 2026, compared to the prior year period, driven by a 9% increase in IoT billable subscribers, offset in part by a decline in ARPU. Commercial voice and data revenue increased $1.1 million, or 1%, from the prior year period, primarily due to increased ARPU from price increases implemented during the second half of the prior year. Commercial broadband revenue decreased $2.9 million, or 8%, for the nine months ended September 30, 2026, compared to the prior year period, primarily due to a decrease in ARPU to $248 in the third quarter of 2026, as compared to $261 in the prior year period, reflecting the increased prevalence of use of lower-priced companion plans in the current year period.
Government Service Revenue 
Nine Months Ended September 30,
20262025Change
Revenue
Billable
Subscribers (1)
Revenue
Billable
Subscribers (1)
RevenueBillable
Subscribers
(Revenue in millions and subscribers in thousands)
Government services$82.8 121$80.4 124$2.4 (3)
(1)Billable subscriber numbers shown are at the end of the respective period.
We provide airtime and airtime support to the U.S. government and other authorized customers pursuant to our EMSS contract. Under the terms of this agreement, which we entered into in September 2019, authorized customers utilize specified Iridium airtime services provided through the U.S. government’s dedicated gateway. The service fee under the EMSS contract is fixed at $110.5 million per year for the remainder of the term and is not based on subscribers or usage, allowing an unlimited number of users access to these services. Revenue for the nine months ended September 30, 2026 increased $2.4 million reflecting the contractual step ups in the EMSS contract. On September 11, 2026, the U.S. Space Force exercised its option to extend the EMSS Contract with us through March 2027, at the same contractual rate. We continue to expect a renewal of the EMSS Contract in 2027. For more on risks associated with the EMSS contract expiration, see the risk factor captioned “—Our agreements with U.S. government customers, particularly the DoW, which represent a significant portion of our revenue, are subject to termination and renewal” in our 2025 Form 10-K.

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Subscriber Equipment Revenue
Subscriber equipment revenue decreased $4.1 million, or 6%, for the nine months ended September 30, 2026, compared to the prior year period, primarily as a result of a decrease in volume of handset and L-band transceiver device sales, offset in part by an increase in the volume of Certus device sales. We continue to expect equipment revenue in 2026 to be in line with 2025.
Engineering and Support Service Revenue
Nine Months Ended September 30,
20262025Change
(In millions)
Commercial engineering and support services$3.3 $5.9 $(2.6)
Government engineering and support services119.8 113.6 6.2 
Total engineering and support services$123.1 $119.5 $3.6 
Engineering and support service revenue increased $3.6 million, or 3%, for the nine months ended September 30, 2026 compared to the prior year period due to increased work under certain government projects, predominantly the contract with the Space Development Agency (“SDA”). We expect engineering and support service revenue to be higher in 2026 than in 2025.
Operating Expenses
Cost of Services (exclusive of depreciation and amortization)
Cost of services (exclusive of depreciation and amortization) increased by $8.5 million, or 6%, for the nine months ended September 30, 2026 from the prior year period, primarily as a result of $10.1 million in costs due to the Aireon acquisition, offset in part by decreased costs for network and satellite operations, maintenance and product support, as well as a decrease in work under commercial engineering contracts.
Cost of Subscriber Equipment
Cost of subscriber equipment increased $1.3 million, or 3%, for the nine months ended September 30, 2026, compared to the prior year period, primarily due to an increase in inventory component costs and product mix. The increase in equipment costs was partially offset by the decrease in equipment volume for the same period, as noted above.
Research and Development
Research and development expenses increased by $1.9 million, or 13%, for the nine months ended September 30, 2026 compared to the prior year period based on increased spending on device-related features and technology for our network.
Selling, General and Administrative
Selling, general and administrative expenses increased by $71.9 million, or 62%, for the nine months ended September 30, 2026 compared to the prior year period, primarily due to increases in transaction costs totaling $36.3 million associated with the Transaction and the Aireon acquisition. The increase was also due to $16.1 million higher employee costs including stock-based compensation expenses, $6.3 million of stock appreciation rights expense in the current year resulting from changes in our stock valuation between the years, including changes resulting from the announcement of the Transaction, $4.8 million in costs due to the Aireon acquisition, and $4.0 million in professional fees.
We expect our selling, general and administrative expenses to increase due to increases in professional and advisory fees during the pendency of the Transaction and in connection with the closing and integration of Aireon.
Depreciation and Amortization
Depreciation and amortization expense increased by $12.2 million, or 8%, for the nine months ended September 30, 2026, compared to the prior year period, primarily related to a $4.5 million increase in depreciation due to the Aireon acquisition, $3.8 million in amortization of intangible assets recognized related to the Aireon acquisition, amortization of customer relationships related to the Satelles acquisition in 2024 and depreciation on satellites placed into service in 2025.
Other Expense
Interest Expense, Net
Interest expense, net decreased $1.8 million for the nine months ended September 30, 2026 compared to the prior year period. The decrease was primarily due to lower interest expense related to lower average debt levels, excluding the Aireon Loans, and interest rates and higher capitalized interest, offset by $6.5 million in interest expense associated with the Aireon Loans.
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Other Expense, net
Other expense, net, was $0.3 million for the nine months ended September 30, 2026, compared to $2.2 million for the prior year period, primarily as the result of changes in foreign currency exchange rates.
Income Tax Expense
For the nine months ended September 30, 2026, our income tax expense was $14.1 million, compared to $19.6 million for the prior year period. The decrease in income tax expense is primarily related to decreased pre-tax book income in 2026 compared to 2025 and decreased tax expense associated with stock compensation and nondeductible executive compensation, partially offset by decreased tax benefit from the deduction for foreign derived deduction eligible income and tax expense from acquisition costs.
The Organisation for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenue and profits above certain thresholds (referred to as Pillar 2). Although the U.S. has not enacted legislation to implement Pillar 2, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. Pillar 2 is applicable to us beginning in 2026. However, based on the guidance issued to date, we do not expect it to have a material impact on our effective tax rate or our results of operation and financial position.
Gain (Loss) on Equity Method Investments, Net of Tax
For the nine months ended September 30, 2026, our after tax gain on equity method investments was $101.6 million, primarily as a result of the acquisition of Aireon, upon which we recorded a $135.3 million gain on our previously held equity method investment, as noted above. The impact of this gain on net income was partially offset by $31.4 million in taxes related to the remeasurement. For the nine months ended September 30, 2025 our loss on equity method investments was $2.2 million, reflecting the portion of losses recorded on equity method investments, including Aireon, during the period.
Net Income
Net income was $138.2 million for the nine months ended September 30, 2026, compared to $89.5 million for the prior year period. The change primarily resulted from the gain related to the acquisition of Aireon, as described above.
Liquidity and Capital Resources
Our primary sources of liquidity are cash provided by operations, cash and cash equivalents and our Revolving Facility. As of September 30, 2026, we had approximately $2.1 billion of indebtedness, consisting of the Term Loan, and the term loan that we assumed in connection with the acquisition of Aireon in an aggregate original principal amount equal to $175 million (the “Aireon Term Loan”), and amounts outstanding under the Credit and Guaranty Agreement related to the Aireon Closing (the “Aireon Closing Loan” and together with the Aireon Term Loan, the “Aireon Loans”), the terms of which are described below. On July 1, 2026, we drew down $100.0 million on our Revolving Facility to fund the acquisition of Aireon Holdings. During the quarter ended September 30, 2026, we repaid $50.0 million and $50.0 million remained outstanding as of September 30, 2026. These sources are expected to meet our short-term and long-term liquidity needs, including annual payments for (i) required principal and interest on the Term Loan and Aireon Loans in the next 12 months, (ii) capital expenditures, (iii) working capital, and (iv) anticipated cash dividend payments to holders of our common stock.
As of September 30, 2026, our total cash and cash equivalents balance was $97.9 million, up from $96.5 million as of December 31, 2025. While we generated cash flows from operations and used less for share repurchases in 2026 than in 2025, these factors were offset by our acquisition of Aireon in the third quarter of 2026.
The Merger Agreement provides for the payment of a termination fee of $223.6 million by us to Rocket Lab upon termination of the Merger Agreement under specified circumstances, including if the Merger Agreement is terminated (i) by us to enter into a definitive agreement for an alternative acquisition proposal that constitutes a Superior Proposal (as defined in the Merger Agreement) or (ii) by Rocket Lab because we materially and intentionally breach the “no-shop” restrictions in the Merger Agreement. The termination fee is also payable by us to Rocket Lab if the Merger Agreement is terminated in specified circumstances and we either consummate an alternative acquisition transaction or enter into a definitive agreement providing for an alternative acquisition transaction within one year of such termination.
In addition, we have incurred and expect to continue to incur significant costs, expenses and fees for professional services and other transaction costs in connection with the Transaction. The substantial majority of these costs will be non-recurring expenses relating to the Transaction. Many of these costs are payable regardless of whether or not the Transaction is consummated.
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Term Loan and Revolving Facility
Pursuant to the Amended and Restated Credit Agreement, dated as of September 20, 2023, by and among Iridium Holdings LLC, we solely with respect to Section 10.12 thereof, Iridium Satellite LLC, the lenders party thereto from time to time, and Deutsche Bank AG New York Branch, as the administrative agent and the collateral agent (as amended to date, the “Credit Agreement”), we borrowed the Term Loan and obtained the Revolving Credit Facility. The maturities of the Term Loan and Revolving Facility are in September 2030 and September 2028, respectively.
The Term Loan has been repriced on several occasions, most recently in June 2024, and currently bears interest at an annual rate equal to SOFR, plus 2.25%, with a 0.75% SOFR floor. If the Transaction closes, solely from and after the closing of the Transaction, the Term Loan will again be repriced, as further described below. We typically select a one-month interest period, with the result that interest is calculated using one-month SOFR. Interest is paid monthly on the last business day of the month. Principal payments, payable quarterly, equal $18.3 million per annum (one percent of the full principal amount of the Term Loan), with the remaining principal due upon maturity. As further detailed below, no quarterly principal payment has been made after the first quarter in 2025 as a result of the excess cash flow payment made in May 2025.
The Revolving Facility bears interest at an annual rate of SOFR plus 2.5% (but without a SOFR floor) if and as drawn, with no original issue discount, and a commitment fee of 0.5% per year on the undrawn amount, which was reduced to 0.375% in the first quarter of 2026 because we had a consolidated first lien net leverage ratio (as defined in the Credit Agreement) of less than 3.5 to 1.0.
The Credit Agreement restricts our ability to incur liens, engage in mergers or asset sales, pay dividends, repay subordinated indebtedness, incur indebtedness, make investments and loans, and engage in other transactions as specified in the Credit Agreement. The Credit Agreement provides for specified exceptions, including baskets measured as a percentage of trailing twelve months of earnings before interest, taxes, depreciation and amortization, and unlimited exceptions in the case of incurring indebtedness and liens and making investments, dividend payments, and payments of subordinated indebtedness, based on achievement and maintenance of specified leverage ratios. The Credit Agreement also contains customary representations and warranties, affirmative covenants and events of default. Additionally, the Credit Agreement contains an annual mandatory prepayment sweep mechanism with respect to a portion of our excess cash flow (as defined in the Credit Agreement) in the event our net leverage ratio rises above 3.5 to 1.0. Our mandatory excess cash flow prepayment, as specified in the Credit Agreement, was $28.6 million as of December 31, 2024. This amount was paid in May 2025. As a result, no quarterly principal payment was required for the quarters ended March 31, 2026, June 30, 2026, and September 30, 2026, and no quarterly principal payment will be required until the fourth quarter of 2026. As of December 31, 2025, we were below the specified leverage ratio and therefore the mandatory prepayment sweep was not required.
The Credit Agreement contains no financial maintenance covenants with respect to the Term Loan. With respect to the Revolving Facility, the Credit Agreement requires us to maintain a consolidated first lien net leverage ratio (as defined in the Credit Agreement) of no greater than 6.25 to 1.0 if more than 35% of the Revolving Facility has been drawn, which was the case as of September 30, 2026. As of September 30, 2026, we were in compliance with all covenants.
On September 15, 2026, we entered into the Fourth Amendment that, among other things, (i) provides that the Transaction shall not constitute a change of control under the Credit Agreement, (ii) provides for a downstream guarantee of the obligations under the Credit Agreement by Rocket Lab USA, Inc., at the closing of the Transaction, (iii) solely from and after the closing of the Transaction, increases the interest rate applicable to the Term Loan to a per annum rate of (a) SOFR plus an interest rate margin that ranges from 2.50% to 3.00% or (b) base rate plus an interest rate margin that ranges from 1.50% to 2.00%, in each case, based on our credit ratings, (iv) solely from and after the closing of the Transaction, provides for a prepayment premium, applicable only in the case of a repricing transaction (and in any event, not in the case of a change of control or transformative transaction), in an amount equal to 1.00% of the Term Loan subject to such repricing transaction, (v) solely from and after the closing of the Transaction, provides for an exit fee, which applies after the first anniversary of the closing of the Transaction, in an amount equal to 1.00% of the Term Loan prepaid and (vi) makes certain other amendments, which other amendments shall only take effect after the consummation of the Transaction. The Term Loan and the Revolving Facility are permitted to remain outstanding after the closing of the Transaction. Rocket Lab has stated that through a combination of equity raised through an at-the-market offering, available liquidity and assumption of the Term Loan, it has sufficient cash to fully fund the Transaction.

Credit and Guaranty Agreement
In connection with the Aireon Closing, the aggregate purchase price payable to the Sellers was approximately $366.7 million, paid in two installments: (i) 50% in cash at the Aireon Closing; and (ii) 50% deferred and in the form of a loan by the Sellers. In connection with the deferred portion of the purchase price, on the Aireon Closing Date, Iridium Monitor Holdings, as borrower, and the Sellers entered into the Credit and Guaranty Agreement, pursuant to which the Sellers provided Iridium Monitor Holdings the Aireon Closing Loan, bearing no interest, and maturing one year following the Aireon Closing Date, to fund the deferred portion of the purchase price. The loan is secured by a first priority lien on the equity interests of Aireon Holdings and other intermediate holding company entities.
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The Credit and Guaranty Agreement contains no financial maintenance covenants, and contains customary representations and warranties, affirmative and negative covenants (including limitations on indebtedness, liens, restricted payments, investments and affiliate transactions), and events of default (including payment defaults, breaches of covenants, cross-defaults, bankruptcy and change of control). Upon the occurrence of an event of default, the lenders may accelerate the obligations under the Credit and Guaranty Agreement, subject to mandatory acceleration for certain bankruptcy events. The loan is subject to voluntary prepayment at any time subject to prior written notice, and mandatory repayment out of the net cash proceeds of new indebtedness or the issuance or sale of equity interests or in the event of a change of control.

Aireon Term Loan and Credit Facility
As a result of the Aireon Closing, the Parent Guaranty Agreement (the “Parent Guaranty”), pursuant to which we provided an unsecured guarantee of the repayment of Aireon’s obligations under the Credit and Guaranty Agreement, dated as of October 10, 2023, by and among Aireon as borrower, Aireon Holdings and other subsidiaries of Aireon Holdings from time to time party thereto as guarantors, GLAS USA LLC, as administrative agent, GLAS Americas LLC, as collateral agent, and the lenders from time to time party thereto (as amended to date, the “Aireon Credit Agreement”) is consolidated with our financial position and results of operations. The Aireon Term Loan has a scheduled maturity date of October 10, 2028, and is reflected in the Aireon Credit Agreement.
In connection with the Aireon Closing, on July 2, 2026, we entered into the Parent Guaranty, pursuant to which we provided an unsecured guarantee of the repayment of Aireon’s obligations under the Aireon Credit Agreement.
The Aireon Term Loan bears interest at a per annum rate equal to, at Aireon’s option, either (i) a SOFR-based rate plus a margin of 6.25% or (ii) a base rate plus a margin of 5.25%. In the event of a prepayment of all or a portion of the Aireon Term Loan, subject to certain exceptions, Aireon is required to pay a prepayment premium equal to 1.00% of the aggregate principal amount of Aireon Term Loan so prepaid if such prepayment is made on or prior to October 10, 2027. The Aireon Credit Agreement currently requires quarterly amortization payments equal to 1.875% of the original principal amount of the Aireon Term Loan, with such quarterly amortization payments increasing to 3.125% of the original principal amount of the Aireon Term Loan beginning with the quarter ending December 31, 2026 and each quarter thereafter until maturity.
The Aireon Credit Agreement contains customary representations and warranties, events of default and affirmative and negative covenants applicable to Aireon Holdings and its subsidiaries, including limitations on the ability of Aireon Holdings and its subsidiaries to incur debt, permit additional liens, make investments and acquisitions, merge or consolidate with others, dispose of assets, pay dividends and distributions, pay junior indebtedness and enter into affiliate transactions, in each case, subject to certain exceptions. In addition, the Aireon Credit Agreement contains a financial covenant requiring Aireon Holdings and its subsidiaries to maintain, on a consolidated basis as of the last day of each quarterly period, a consolidated total leverage ratio, as defined in the Aireon Credit Agreement, of not more than 5.00 to 1.00.

U.S. Government
A significant portion of our revenues and cash flow are derived from U.S. government contracts. During 2025, we did not experience delays in receiving payments from U.S. government agencies despite the U.S. government shutdown during the fourth quarter. While none of our contracts were impacted as a result, an extended government shutdown could result in a delay or suspension of funding for our U.S. government contracts and disrupt our cash flows and delay new contract awards.
Contractual Obligations
As of September 30, 2026, we had non-cancelable purchase obligations of approximately $14.3 million for inventory purchases with Benchmark, our primary third-party equipment supplier. Our purchase obligations, all of which are due during the next twelve months, did not change materially from the end of 2025.
As of September 30, 2026, we also had contractual obligations in the short and long term related to the Term Loan (see Note 5) and leases.
Dividends
In December 2022, our Board of Directors initiated a quarterly dividend. Total dividends paid during the nine months ended September 30, 2026 and September 30, 2025 were $49.0 million and $46.9 million, respectively. We currently expect that comparable cash dividends will continue to be paid in the future, although future dividends will depend on our earnings, capital requirements, financial conditions and other factors that our Board of Directors deems relevant.
Share Repurchases
On June 28, 2026, in connection with the Transaction with Rocket Lab, our Board of Directors terminated our share repurchase program.
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Cash Flows
The following table summarizes our cash flows:
Nine Months Ended September 30,
20262025Change
(In thousands)
Cash provided by operating activities$281,706 $291,478 $(9,772)
Cash used in investing activities$(259,039)$(66,791)$(192,248)
Cash used in financing activities
$(20,302)$(232,428)$212,126 
Cash Flows Provided by Operating Activities
Net cash provided by operating activities for the nine months ended September 30, 2026 decreased by $9.8 million from the prior year period. The changes in operating cash relate primarily to decreases in net income adjusted for non-cash items of $40.4 million, including the effects of acquisition costs offset in part by a $30.6 million increase in net working capital primarily due to the change to pay annual incentive compensation solely in cash versus the prior year mix of cash and equity, the recognition of deferred revenue associated with the timing of contractual payments, and the timing of customer and vendor payments.
Cash Flows Used in Investing Activities
Net cash used in investing activities for the nine months ended September 30, 2026 increased by $192.2 million as compared to the prior year period, primarily due to the Aireon acquisition as well as increased capital expenditures.
Cash Flows Used in Financing Activities
Net cash used in financing activities for the nine months ended September 30, 2026 decreased by $212.1 million compared to the prior year period. Cash flows used in the prior year were higher primarily due to share repurchases and the mandatory excess cash flow payment.
U.S. Tax Regulation Update
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA permanently extends certain expiring provisions of the Tax Cuts and Jobs Act, modifies the international tax framework, and restores certain favorable business tax provisions, among other changes. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. We have incorporated the impact of the new legislation into our year-to-date effective tax rate and continue to assess the impact on our consolidated financial statements.
Seasonality
Our results of operations have been subject to seasonal usage changes for commercial customers, and we expect that our results will be affected by similar seasonality going forward. March through October are typically the peak months for commercial voice services revenue and related subscriber equipment sales. U.S. government revenue and commercial IoT revenue have been less subject to seasonal usage changes.
Critical Accounting Policies and Estimates
The discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, income taxes, useful lives of property and equipment, loss contingencies, and other estimates. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.
In connection with the Aireon acquisition, we applied the acquisition method of accounting, which requires significant estimates and judgments in determining the fair values of assets acquired, liabilities assumed and our previously held equity interest. Significant estimates primarily relate to the valuation of acquired intangible assets, including projected future cash flows, growth rates and discount rates. The purchase price allocation remains preliminary and is subject to adjustment during the measurement period. See Note 11 to the financial statements for additional information.
There have been no changes to our critical accounting policies and estimates from those described in our 2025 Form 10-K.
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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We had an outstanding aggregate balance of $2,109.5 million under the Term Loan and Aireon Loans as of September 30, 2026. Under the Term Loan, we pay interest at an annual rate equal to SOFR, plus 2.25%, with a 0.75% SOFR floor. Accordingly, we have been and continue to be subject to interest rate fluctuations. The interest rate contract that manages our exposure to interest rate movements on a portion of the Term Loan through November 2026 (the “Cap”) began in December 2021 and manages our exposure to interest rate movements on a notional amount of $1.0 billion of the Term Loan through November 2026. The Cap provides the right for us to receive payment from the counterparty if one-month SOFR exceeds 1.436%. The interest rate was above the level of the Cap during each of the nine months ended September 30, 2026 and for the full year 2025. For every SOFR increase of 25 basis points above the level of the Cap, we expect our annual interest expense to increase by an additional $1.9 million related to the unhedged portion of the Term Loan. Upon expiration of the Cap in November 2026, we expect our annual interest expense to increase by approximately $23.3 million and that for every SOFR increase of 25 basis points, we would expect our annual interest expense to increase by an additional $4.4 million. We are evaluating options to hedge our exposure to interest rate movements; however, we expect overall interest rate expense to increase upon the expiration of the Cap.
As of September 30, 2026, $50.0 million of the Revolving Facility was drawn. The Revolving Facility bears interest at SOFR plus 2.5%, without a SOFR floor.
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, as well as accounts receivable. We maintain our cash and cash equivalents with financial institutions with high credit ratings and maintain deposits in excess of federally insured limits. The majority of our cash is invested into a money market fund invested in U.S. treasuries, agency mortgage-backed securities and/or U.S. government-guaranteed debt. Accounts receivable are due from both domestic and international customers. We perform credit evaluations of our customers’ financial condition and record reserves to provide for estimated credit losses. Accounts payable are owed to both domestic and international vendors.
ITEM 4.    CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our chief executive officer, who is our principal executive officer, and our chief financial officer, who is our principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Form 10-Q. In evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a control system, misstatements due to error or fraud may occur and not be detected.
Based on this evaluation, our chief executive officer and our chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms, and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.
Changes in Internal Control Over Financial Reporting
During the quarter ended September 30, 2026, there were no changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II.
OTHER INFORMATION 
ITEM 1.    LEGAL PROCEEDINGS.
There are no material pending legal proceedings, other than routine litigation incidental to our business.

ITEM 1A.     RISK FACTORS.
Our business is subject to risks and events that, if they occur, could adversely affect our financial condition and results of operations and the trading price of our securities. In addition to the other information set forth in this report, you should carefully consider the factors described in “Part I, Item 1A. Risk Factors” of our 2025 Form 10-K, as supplemented by the risk factors below.
Risks Related to the Anticipated Merger with Rocket Lab Corporation (the “Merger”)
We may fail to consummate the Merger on the anticipated timeline or at all, and uncertainties related to the consummation of the Merger may have a material adverse effect on our business, results of operations and financial condition and negatively impact the trading price of our common stock.
The Merger is subject to the satisfaction of a number of conditions beyond our control, including customary closing conditions. Failure to satisfy the conditions to the Merger could prevent or delay the completion of the Merger. Further, regulators may impose conditions, obligations or restrictions on the Merger that may have the effect of delaying or preventing its completion. If the Merger does not close, we may suffer other consequences that could adversely affect our business, financial condition, operating results, and stock price, and our stockholders would be exposed to additional risks, including, but not limited to:
•to the extent that the trading price of our common stock reflects an assumption that the Merger will be completed, the trading price of our common stock could decrease if the Merger is not completed;
•investor confidence in us could decline, stockholder litigation could be brought against us, relationships with existing and prospective customers, service providers, investors and other business partners may be adversely impacted, we may be unable to retain key personnel, and our operating results may be adversely impacted due to costs incurred in connection with the Merger;
•we have incurred, and will continue to incur, significant expenses for professional services in connection with the Merger for which we will have received little or no benefit if the Merger is not consummated;
•any disruptions to our business resulting from the announcement and pendency of the Merger, including adverse changes in our relationships with customers, suppliers, partners and employees, may continue or intensify in the event the Merger is not consummated or is significantly delayed; and
•the requirement that we pay a termination fee under certain circumstances.
The pendency of the Merger may disrupt our business and divert management’s attention from ongoing operations.
The efforts and costs to satisfy the closing conditions of the Merger may place a significant burden on management and internal resources, and the Merger and related transactions, whether or not consummated, may result in a diversion of management’s attention from day-to-day operations. Any significant diversion of management’s attention away from ongoing business and difficulties encountered in the Merger process could have a material adverse effect on our business, results of operations and financial condition. Uncertainty as to our future could adversely affect our business and our relationship with existing and potential customers, suppliers and other third parties. For example, customers, suppliers and other third parties may defer decisions concerning working with us or seek to change existing business relationships with us. Changes to, or termination of, existing business relationships could adversely affect our revenue, earnings and financial condition, as well as the market price of our common stock. The adverse effects of the pendency of the Merger could be exacerbated by any delays in completion of the Merger or termination of the Merger Agreement.
If the conditions to the Merger are not satisfied or waived, the Merger will not occur.
Certain specified conditions set forth in the Merger Agreement must be satisfied, to the extent permitted by applicable law, or waived to complete the Merger. We cannot assure you that all of the conditions will be satisfied or waived. If the conditions are not satisfied or waived, the Merger will not occur or will be delayed, and we may lose some or all of the intended benefits of the Merger.
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Expenses related to the pending Merger are significant and will adversely affect our operating results.
We have incurred and expect to continue to incur significant expenses in connection with the pending Merger, including legal and investment banking fees. We expect these costs to have an adverse effect on our operating results. If the Merger is not consummated, we may under certain circumstances be required to pay to Rocket Lab a termination fee of $223.6 million. Our financial position and results of operations would be adversely affected if we were required to pay the termination fee.
While the Merger Agreement is in effect, we are subject to certain interim covenants.
The Merger Agreement generally requires us to operate our business in the ordinary course, subject to certain exceptions, including as required by applicable law, pending consummation of the Merger, and subjects us to customary interim operating covenants that restrict us from taking certain specified actions until the Merger is completed or the Merger Agreement is terminated in accordance with its terms. These restrictions could prevent us from pursuing certain business opportunities that may arise prior to the consummation of the Merger and may affect our ability to execute our business strategies and attain financial and other goals and may impact our financial condition, results of operations and cash flows.
We may not be able to enter into a business combination with another party on more favorable terms or at all because of restrictions in the Merger Agreement, which could adversely affect our business prospects.
While the Merger Agreement is in effect, we are generally prohibited from soliciting, initiating or knowingly encouraging, inducing or facilitating any inquiries, indications of interest, proposals or offers that constitute or may reasonably be expected to lead to certain transactions involving a third party, including a merger, sale of assets or other business combination, subject to specified exceptions. Any such transactions could be favorable to our stockholders, but we may be unable to pursue them. If the Merger Agreement is terminated and we decide to seek another business combination thereafter, we may not be able to negotiate or consummate a transaction with another party on terms comparable to, or better than, the terms of the Merger Agreement. In addition, covenants in the Merger Agreement impede our ability to make acquisitions during the pendency of the Merger, subject to specified exceptions. As a result, if the Merger is not completed, we may be at a disadvantage to our competitors during such period.
We and our directors and officers have been and may continue to be subject to lawsuits relating to the Merger.
Litigation is very common in connection with the sale of public companies, regardless of whether the claims have any merit. One of the conditions to consummating the Merger is that no order preventing the consummation of the Merger shall have been issued by any court. Consequently, if any such lawsuit challenging the Merger is successful in obtaining an order preventing the consummation of the Merger, that order may delay or prevent the Merger from being completed. While we are evaluating and defending against lawsuits and will evaluate and defend against any additional lawsuits, the time and costs of defending against litigation relating to the Merger may adversely affect our business.
Risks Related to Aireon’s Business
Aireon’s aviation surveillance and data services business is subject to operational, regulatory, commercial and liability risks that could adversely affect our business, financial condition and results of operations.
Aireon provides space-based aircraft surveillance and related aviation data services to air navigation service providers, aviation regulatory authorities, airlines and other aviation industry participants. Aireon’s services rely on the continued availability and operation of the Iridium satellite constellation, which also supports Iridium’s other services, including the Aireon payload hosted on each Iridium space vehicle, as well as related ground, software, communications, data processing, cybersecurity and customer-interface systems. Any failure, degradation, interruption, latency, signal interference, data corruption, cybersecurity incident, GPS jamming or spoofing event, or other performance issue affecting these systems could impair Aireon’s ability to provide its services and could result in contractual claims, service credits, breach payments, termination rights, regulatory scrutiny, customer disputes, reputational harm, reduced adoption of Aireon’s services, or claims that Aireon’s services caused or contributed to airspace restrictions, aircraft delays, operational disruptions, safety events, aircraft incidents, economic losses or other damages.
Aireon’s business is also subject to evolving aviation regulatory requirements, certification expectations, governmental procurement processes, anti-corruption and sanctions compliance obligations, data-transfer and sovereignty rules, and customer budgetary constraints. In addition, Aireon’s revenue and growth depend on air traffic volumes, flight activity and customer usage, and therefore may be adversely affected if air traffic declines, grows more slowly than expected, or if customers reduce usage, fail to renew or adopt alternative technologies. Air traffic volumes, flight activity and customer usage have been, and may in the future be, adversely affected by factors outside of Aireon’s control, including geopolitical events, military conflicts, airspace closures or restrictions, public health crises, pandemics or other events that reduce, restrict or disrupt flight activity in customer airspace.
Insurance coverage for these and related and other aerospace, aviation, satellite, cyber, errors and omissions, professional liability and contractual indemnity risks may be limited, subject to exclusions or insufficient to cover all losses. Realization of any of these risks could materially and adversely affect our business, financial condition and results of operations.
38


ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
Issuer Purchases of Equity Securities
There were no repurchases during the fiscal quarter ended September 30, 2026.
ITEM 3.     DEFAULTS UPON SENIOR SECURITIES.
None. 
ITEM 4.     MINE SAFETY DISCLOSURES.
Not applicable.
ITEM 5.     OTHER INFORMATION.
Insider trading arrangements and policies
During the three months ended September 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K, other than as follows:
NamePositionActionAdoption Date of 10b5-1 Trading Plan
Total Shares of Common Stock to Be Sold (1)
Expiration / Termination Date
Kathleen MorganChief Legal OfficerAdoptionAugust 17, 2026
(2)
October 1, 2027
Eric T. OlsonDirectorAdoptionAugust 17, 20268,000July 1, 2027
Vincent O’Neill
Chief Financial OfficerAdoptionAugust 17, 202624,290August 17, 2027
Suzanne McBrideChief Operating OfficerAdoptionAugust 19, 2026
(3)
December 16, 2027
L. Anthony FrazierDirectorAdoptionAugust 20, 202612,640May 20, 2027
Timothy J. LastEVP, Sales & MarketingAdoption / TerminationAugust 25, 20265,600
September 3, 2026 (4)
Matthew Desch; Matt and Ann Desch Foundation(5)
Chief Executive Officer & DirectorAdoptionSeptember 3, 2026546,274December 10, 2027
(1) Represents the maximum number of shares of Iridium common stock that may be sold pursuant to the Rule 10b5-1 arrangement (the “arrangement”). The actual number of shares sold will be dependent on the satisfaction of certain conditions as set forth in the written plan.
(2) The total actual number of shares that may be sold under the trading arrangement is not currently determinable. In addition to 21,358 shares of common stock, the arrangement covers all shares issuable upon vesting of 61,786 RSUs scheduled to vest during the term of the arrangement, net of shares withheld to satisfy tax withholding obligations. The actual number of shares that may be sold under the arrangement cannot be determined at this time because the number of shares withheld for taxes will depend on applicable withholding rates and the market value of our common stock on the applicable vesting dates.
(3) The total actual number of shares that may be sold under the trading arrangement is not currently determinable. The arrangement covers all shares issuable upon vesting of 125,397 RSUs scheduled to vest during the term of the arrangement, net of shares withheld to satisfy tax withholding obligations. The actual number of shares that may be sold under the arrangement cannot be determined at this time because the number of shares withheld for taxes will depend on applicable withholding rates and the market value of our common stock on the applicable vesting dates.
(4) Upon adoption, the plan’s expiration date was August 25, 2028, however, the plan was terminated on September 3, 2026. No shares were traded under the plan.
(5) Includes 46,274 shares held by the Matt and Ann Desch Foundation, a charitable foundation, over which the reporting person has voting and investment power.
39

ITEM 6.     EXHIBITS.
The following list of exhibits includes exhibits submitted with this Form 10-Q as filed with the Securities and Exchange Commission.
ExhibitDescription
3.1
10.1#
10.2#
10.3#
10.4
10.5#
10.6*
31.1
31.2
32.1**
101.INS
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document).
101.SCHInline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*Denotes management contract or compensatory plan or arrangement.
**These certifications are being furnished solely to accompany this quarterly report pursuant to 18 U.S.C. Section 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
#Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted exhibit or schedule will be furnished supplementally to the U.S. Securities and Exchange Commission upon request; provided, however that the parties may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any document so furnished.
40

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
IRIDIUM COMMUNICATIONS INC.
By:
/s/ Vincent J. O’Neill
Vincent J. O’Neill
Chief Financial Officer
 Date: October 20, 2026
41
ATTACHMENTS / EXHIBITS

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