Iridium Announces 2021 Results; Company Issues 2022 Outlook

Iridium Communications Inc. (Nasdaq:IRDM) ("Iridium") today reported financial results for the fourth quarter and full-year 2021 and issued its full-year 2022 guidance. Net loss was $5.9 million, or $0.04 per diluted share, for the fourth quarter of 2021, as compared to net loss of $7.9 million, or $0.06 per diluted share, for the fourth quarter of 2020. This improvement was primarily the result of higher commercial service revenue and lower interest expense. Operational EBITDA ("OEBITDA")(1) for the fourth quarter was $93.4 million, as compared to $84.8 million for the prior-year period, representing a year-over-year increase of 10% and an OEBITDA margin(1) of 60%.

Iridium reported fourth-quarter total revenue of $155.9 million, which consisted of $126.7 million of service revenue and $29.1 million of revenue related to equipment sales and engineering and support projects. Total revenue increased 6% versus the comparable period of 2020, while service revenue grew 8% from the year-ago period. Service revenue, which represents primarily recurring revenue from Iridium's growing subscriber base, was 81% of total revenue for the fourth quarter of 2021.

The Company ended the quarter with 1,723,000 total billable subscribers, which compares to 1,476,000 for the year-ago period and is up from 1,690,000 for the quarter ended September 30, 2021. Total billable subscribers grew 17% year-over-year, driven by growth in commercial IoT.