MCLEAN,
Va., Nov. 1, 2023 /PRNewswire/ -- Iridium
Communications Inc. (NASDAQ: IRDM), a leading provider of global
personal satellite communications, marked a historic moment in the
world of satellite communications, celebrating the 25th
anniversary of truly global services provided by the
Iridium® network with events held in Arizona and Virginia. The festivities brought together
Iridium employees, the original founders and early investors,
partners, distinguished guests, and the global community that has
been pivotal to Iridium's journey. The 25th anniversary
represents a significant milestone for Iridium, showcasing its
legacy of innovation and the integral role it has played in
transforming satellite connectivity.
Iridium was founded with the vision of revolutionizing and
making personal communications globally accessible. Over the past
25 years, Iridium has expanded this vision, evolving into a company
that has kept assets and people safe, connected, and informed, no
matter where they are on Earth.
Since its rocky beginnings, the network has not only survived
but thrived. With initial commercial service launching on
November 1, 1998, it took the bankruptcy of the original
company, a new business plan and relaunch to reach 1 million
subscribers in 2018. However, less than five years later, the
company surpassed 2 million subscribers and has a five-year
subscriber compound annual growth rate (CAGR) of over 15.5%. As the
company completed it's $3 billion
dollar, next-generation replacement constellation in 2019,
its investors have been rewarded as capital was returned with a
share buyback program totaling $1
billion authorized through 2025 and a quarterly dividend
that started in 2023.
"Since Iridium was founded, the world's expectations for
connectivity have grown enormously. The need for satellite
communication continues to grow and is going to become part of our
everyday experience, making our planet even smaller. As we look
forward, Iridium remains committed to innovation, global
connectivity, and supporting the ever-growing communication
expectations of our world," says Matt
Desch, CEO, Iridium. "We are excited to celebrate and
reflect on the past 25 years while looking toward the future and
leading new innovations in satellite communications. While our
technology is still groundbreaking, it's been the people in and
around Iridium that have made the company the success that it is
today."
Staying true to its business model, Iridium goes to market
through an ecosystem of approximately 500 partner companies around
the world that create and sell Iridium and Iridium
Connected® products and service. Iridium helped make
global IoT accessible and cost-effective, enabling various
industries to expand their reach and capabilities and has
positively impacted industries such as maritime, aviation, public
safety, scientific research, autonomous systems, transportation,
and personal communications.
Many of these sectors have evolved from sporadic use of
satellite communication to making it an essential part of their
daily operations. The company has proudly served the U.S.
government since its beginning and continues to expand its services
and support to provide robust and reliable global connectivity to
service members and many other departments and agencies that is
second to none.
Iridium has inspired and served as an example for countless new
entrants into the satellite industry, driving investments and
innovations into other networks in Low Earth Orbit (LEO).
Twenty-five years ago, the concept of satellite communications was
often associated with large, costly dishes that couldn't scale down
to accommodate smaller, remote, and highly mobile assets. Even
today, while other satellite networks are focusing on higher
bandwidth and faster speeds that require larger terminals, Iridium
has stayed in its lane, focusing on providing critical connectivity
to the smallest devices and applications that can even fit in the
hand or pocket. The Iridium network's unique location in LEO
provides highly reliable, weather-resilient L-band connectivity
everywhere on the planet, making it essential when other satellite
and cellular networks don't work.
To learn more about Iridium, visit: www.iridium.com
To learn more about Iridium's history, visit:
www.iridiummuseum.com
About Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite
communications network that spans the entire globe. Iridium enables
connections between people, organizations and assets to and from
anywhere, in real time. Together with its ecosystem of partner
companies, Iridium delivers an innovative and rich portfolio of
reliable solutions for markets that require truly global
communications. In 2019, the company completed a generational
upgrade of its satellite network and launched its specialty
broadband service, Iridium Certus®. Iridium
Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock
trades on the Nasdaq Global Select Market under the ticker symbol
IRDM. For more information about Iridium products, services and
partner solutions, visit www.iridium.com.
Forward-Looking Statements
Statements in this press release that are not purely
historical facts may constitute forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements regarding the amount
and timing of share repurchases. Forward-looking statements can be
identified by the words "anticipates," "may," "can," "believes,"
"expects," "projects," "intends," "likely," "will," "to be" and
other expressions that are predictions or indicate future events,
trends or prospects. These forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the actual results, performance or achievements of Iridium to
differ materially from any future results, performance or
achievements expressed or implied by such forward-looking
statements. These risks and uncertainties include, but are not
limited to, uncertainties regarding customer demand for Iridium's
products and services; Iridium's ability to maintain the health,
capacity and content of its satellite constellation, and the
development of and market for Iridium's products and services, as
well as general industry and economic conditions, and competitive,
legal, governmental and technological factors. Other factors that
could cause actual results to differ materially from those
indicated by the forward-looking statements include those factors
listed under the caption "Risk Factors" in the Company's Form 10-K
for the year ended December 31, 2022,
filed with the Securities and Exchange Commission ("SEC") on
February 16, 2023, as well as other
filings Iridium makes with the SEC from time to time. There is no
assurance that Iridium's expectations will be realized. If one or
more of these risks or uncertainties materialize, or if Iridium's
underlying assumptions prove incorrect, actual results may vary
materially from those expected, estimated or projected. Iridium's
forward-looking statements are based on information available to it
as of the date of this press release and speak only as of the date
of this press release, and Iridium undertakes no obligation to
update forward-looking statements.
Press Contact:
Jordan
Hassin
Iridium Communications Inc.
Jordan.Hassin@Iridium.com
+1 (703) 287-7421
Twitter: @Iridiumcomm
Investor Contact:
Kenneth Levy
Iridium Communications Inc.
Ken.Levy@Iridium.com
+1 (703) 287-7570
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SOURCE Iridium Communications Inc.