Compelling Growth Narrative Taking Hold;Spectrum Speculation Grows
 
No Q1 surprises. Iridium’s Q1 results were a non-event.  Revenues and OEBITDA were within expectations and subscriber growth was ~15k better than our forecast (commercial IoT normalization). Management affirmed its full-year financial guidance.
 
Amazon's Globalstar acquisition — and resulting speculation that Iridium is next in the DTD spectrum wars — drove IRDM's recent outperformance (up 35% since April 1). We wouldn't discount the rumors
 
Coming in June 2026. The Iridium 9604, which combines IoT, cellular, and GNSS in a single chip, is showing better-than-expected promise, including high-volume applications like automotive, smart meters, agriculture, and drones.