Beam’s key partner Iridium delivers strong quarterly results
Beam’s key partner Iridium delivers strong quarterly results
Iridium released its March Quarter results last night and reported strong earnings growth that’s driven by further increasing demand for satellite devices and services. This bodes well for Beam’s outlook and the markets that Beam operates in.
You can read Iridium’s results announcement below for more details:
Iridium Announces First Quarter 2023 Results
Iridium today reported financial results for the first quarter of 2023 and reiterated its full-year 2023 outlook. Net income was $9.8 million, or $0.08 per diluted share,
for the first quarter of 2023, as compared to net income of $2.8 million, or $0.02 per diluted share, for the first quarter of 2022. Operational EBITDA ("OEBITDA")(1) for
the first quarter was $111.9 million, as compared to $103.2 million for the prior-year period, representing a year-over-year increase of 8%. These results benefitted
from growth in all business areas.
Iridium reported first-quarter total revenue of $205.3 million, which consisted of $139.3 million of service revenue and $66.0 million of revenue related to equipment
sales and engineering and support projects. Total revenue increased 22% versus the comparable period of 2022, while service revenue grew 10% from the year-ago period.
Service revenue, which represents primarily recurring revenue from Iridium's growing subscriber base, was 68% of total revenue for the first quarter of 2023.
The Company ended the quarter with 2,051,000 total billable subscribers, which compares to 1,781,000 for the year-ago period and is up from 1,999,000 for the quarter
ended December 31, 2022. Total billable subscribers grew 15% year-over-year, driven by growth in commercial IoT.
"2023 is off to a strong start, as we continued to enjoy double-digit sales growth in our Commercial Business and saw another record quarter of equipment sales,"
said Matt Desch, CEO, Iridium. Desch added, "We continue to see strong demand for equipment from our partner community and believe that new product and service
rollouts this year will drive strong subscriber growth and service revenue gains."
(1) Non-GAAP Financial Measures & Definitions