Iridium Q3 Revenue Up 7%; Raises EBITDA Guidance

Iridium Communications reported Q3 2025 GAAP EPS of $0.35, beating consensus by about $0.09, and revenue of $226.9 million, up 7% year‑over‑year. Service revenue rose 3% to $165.2 million and total billable subscribers increased 2% to 2,542,000, driven by commercial IoT, voice/data and Hosted Payload/PNT services. OEBITDA improved 10% to $136.6 million, operating margin widened to about 30.9%, and management set full‑year OEBITDA guidance with a $497.5 million midpoint — above Street estimates. Iridium raised its quarterly dividend 5%, repurchased roughly 1.9 million shares for $50 million then paused buybacks to prioritize strategic growth and deleveraging, and finished the quarter with about $88.5 million in cash and modest capital spending. Management emphasized execution, the Satelles PNT acquisition and focus on government and critical‑infrastructure markets as growth drivers, but the stock has underperformed year‑to‑date (~‑30% to ‑32%), leaving near‑term performance dependent on guidance and earnings‑call commentary.