Iridium Clocks 24% Revenue Growth In Q4 Backed By Subscriber Strength

Iridium Communications Inc IRDM reported fourth-quarter FY22 revenue growth of 24% year-on-year to $193.84 million, beating the consensus of $174.3 million.
Service revenue rose 8% Y/Y to $136.8 million. Revenue from equipment sales and engineering and support projects was $57.1 million.
Commercial service revenue was $110.3 million, up 10% Y/Y. Commercial broadband revenue was up 22% Y/Y to $13.9 million.
Hosted payload and other data service revenue was $14.7 million, flat Y/Y.
Government service revenue was $26.5 million, flat Y/Y.
Operational EBITDA (OEBITDA) for the quarter was $107 million, up 15% Y/Y. These results benefitted from gains in subscriber equipment, engineering, and support, in addition to broad-based growth in commercial service revenues.
Total billable subscribers rose 16% Y/Y to 1.999 million, driven by growth in commercial IoT customers.
EPS loss was $(0.01). Iridium held $168.8 million in cash and equivalents.
"2022 was another strong year for Iridium, driven by continued strong subscriber growth and revenue gains across all business lines," said Matt Desch, CEO, Iridium.
FY23 Outlook: Iridium expects FY23 service revenue growth of 9% - 11%.
Price Action: IRDM shares traded higher by 0.88% at $57.59 in premarket on the last check Thursday.

Earnings Calendar