Iridium Communications Clocks 15% Revenue Growth In Q1

Iridium Communications Inc IRDM reported first-quarter FY22 revenue growth of 15% year-on-year to $168.2 million, beating the consensus of $157.2 million.
Service revenue rose 9% Y/Y to $126.1 million. Revenue from equipment sales and engineering and support projects was $42.1 million.
Commercial service revenue was $99.6 million, up 10% Y/Y. Commercial broadband revenue was up 22% Y/Y to $11.5 million.
Hosted payload and other data service revenue was consistent at $14.8 million.
Government service revenue was $26.5 million, up 3% Y/Y.
Operational EBITDA (OEBITDA) for the quarter was $103.2 million, up 15% Y/Y.
Total billable subscribers rose 17% Y/Y to 1.78 million, driven by growth in commercial IoT customers.
EPS was $0.02 versus a $(0.04) loss last year.
Iridium held $232 million in cash and equivalents.
"Iridium continued to see strong demand in the first quarter. I'm continually amazed at the innovative ways in which our technology and distribution partners utilize our unique satellite network to drive growth and serve their respective markets," said CEO Matt Desch.
Outlook: Iridium reiterated its full-year 2022 outlook, with 5% - 7% total service revenue growth.
Price Action: IRDM shares closed lower by 2.02% at $39.69 on Monday.