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Iridium (IRDM): 2026 Q2 Earnings Review & Financial Analysis

Rocket Lab Acquisition Remains on Track Q2 results on track. Service revenues grew 3.7%, outperforming full-year guidance of 0% to 2%, while OEBITDA improved 1.4% excluding the change in incentive compensation. Management effectively withdrew guidance due to the pending acquisition by Rocket Lab. IoT bounces back. Iridium added 72k subs in Q2, up nearly 2x y/y and well above our forecast of 45k. In late-June, Iridium officially launched its Iridium 9604 tri-mode module (SBD, LTE, PNT) that is being targeted at high-volume applications like automotive, smart meters, agriculture, and drones.

Company Earnings Review

Industry Insight: NGSO Downlinks Win the FCC's Spectrum Abundance Draft on Points

On Sept. 30, the FCC will vote on a draft package that would hand satellite operators another 1,050 MHz of spectrum while teeing up two follow-on proceedings to open even more. It puts 550 MHz of Ku-band spectrum at 12.7-13.25 GHz into play for non-geostationary (NGSO) satellites transmitting to user terminals, plus 500 MHz of V-band at 42-42.5 GHz for gateways. SpaceX helped make the case, telling the FCC the Ku-band addition would boost downlink throughput by about 25%.

Industry Insight

Satellogic (SATL): 2026 Q2 Earnings Review & Financial Analysis

Company Earnings Review

Planet Labs (PL): 2027 Q2 Earnings Review & Financial Analysis

This is not another C-band auction. The ORBIT Act bars the FCC from auctioning spectrum used for international satellite services, so NGSO operators will sort out access through processing rounds.

Company Earnings Review

Spire (SPIR): Q2 2026 Earnings Review & Financial Analysis

Company Earnings Review

HawkEye 360 (HAWK): Q2 2026 Earnings Review & Financial Analysis

NGSO operators such as SpaceX and Amazon Leo get a 2,550 MHz contiguous downlink path from 10.7 to 13.25 GHz. Their user terminals must accept interference from gateways, aircraft and ships transmitting in the band, plus existing TV, cable and microwave links until about 2036. Geostationary (GSO) operators such as SES win something they have sought for years: the right to uplink U.S. traffic in 12.75-13.25 GHz from gateways, aircraft and ships. But they lose the fight to box out NGSO downlinks.

Company Earnings Review

Market Monitor: 2026-08

Market Monitor

Megaconstellation Monthly: 2026-08

At 42 GHz, the FCC keeps the guest list short: individually licensed gateways and feeder-link sites only, no user terminals. Wireless carriers mostly struck out, losing CTIA's bid to hold 12.7 GHz as a relocation band.

Megaconstellation Monthly

BlackSky (BKSY): 2026 Q2 Earnings Review & Financial Analysis

Company Earnings Review

KVH Industries (KVHI): Q2 2026 Earnings Review & Financial Analysis

Read the full Industry Insight for a complete walkthrough of the FCC's spectrum package, from the new sharing rules to the cost-benefit analysis behind them.

Company Earnings Review