[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","fnewr93ibt4fbtif3i7h5l1f8","revision",2,"title","Iridium Communications公布截至2026年9月30日九个月未经审计业绩：营收6.900亿美元，净利润1.382亿美元","originalTitle","Iridium Communications Inc. (0001418819) (Filer)","summary","Iridium Communications公布截至2026年9月30日九个月未经审计业绩，总营收为6.90027亿美元，净利润为1.38169亿美元，上年同期净利润为8950.7万美元。","reason","材料披露了截至2026年9月30日的九个月业绩及Aireon收购影响，也列出与Rocket Lab合并交易和债务相关的风险。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-20T11:01:14.000Z","discoveredAt","2026-10-20T11:26:32.538Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",80,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fn0RBQoXznFE",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","2c2cffbc-47b6-405a-9cd5-65d4932015f6","Iridium Communications 2026 年第二季度财报披露",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表格

(选择一项)


x	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或


☐	根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的过渡报告

从 ____ 到 ____ 的过渡期

委员会文件编号 001-33963

Iridium Communications Inc.

（注册人章程中规定的准确名称）

特拉华州

26-1344998

（州或其他司法管辖区
成立或组织）

（美国国税局雇主
识别号）

1676 国际大道，1100 号套房，

麦克莱恩，

弗吉尼亚州

22102

（主要执行办公室地址）

（邮政编码）

703-287-7400

（注册人的电话号码，包括区号）

根据《法案》第 12(b) 条注册的证券：

每类证券的名称

交易符号

每种证券的注册交易所

普通股，面值 0.001 美元

IRDM

纳斯达克股票市场有限责任公司

通过勾选方框表明注册人（1）是否已提交根据《证券交易法》第 13 条或第 15(d) 条在前 12 个月（或注册人需要提交此类报告的较短期间）内应提交的所有报告，以及（2）是否在过去 90 天内受到此类提交要求的约束。是 x 否 ☐

通过勾选方框表明注册人是否在前 12 个月内（或注册人需要提交此类文件的较短期间）已提交根据规则 405 提交的每个交互式数据文件（第 232.405 条）。是 x 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第 12b-2 条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速提交者

加速提交者

非加速提交者

较小的报告公司

新兴成长公司

如果是一家新兴成长公司，请通过勾选方框表明注册人是否已选择不使用《交易法》第 13(a) 条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司（根据《交易法》第 12b-2 条定义）。是 ☐ 否 x

截至 2026 年 10 月 13 日，注册人每股面值 0.001 美元的普通股流通股数为 106,158,479 股。

IRIDIUM COMMUNICATIONS INC.

项目编号

页码

项目 1。

项目 2。

项目 3。

项目 4。

项目 1。

项目 1A。

项目 2。

项目 3。

项目 4。

项目 5。

项目 6。

第一部分。

Iridium Communications Inc.

合并资产负债表

（千美元，每股金额除外）


	2026年9月30日		2025年12月31日
	（未经审计）
资产
流动资产：
现金及现金等价物	$	97,853			$	96,501
应收账款，净额	118,830			93,772
存货	62,514			73,764
预付费用和其他流动资产	27,526			12,466
流动资产合计	306,723			276,503
固定资产，净额	2,061,704			1,978,153
权益法投资	1,215			39,773
其他资产	84,431			50,710
无形资产，净额	361,853			86,928
商誉	266,113			98,942
资产总计	$	3,082,039			$	2,531,009
负债和股东权益
流动负债：
短期担保债务	$	214,346			$	3,402
应付账款	8,830			17,676
应计费用和其他流动负债	83,129			49,465
递延收入	31,037			41,127
流动负债合计	337,342			111,670
长期担保债务，净额	1,924,982			1,757,124
递延所得税负债，净额	170,472			130,529
递延收入，扣除流动部分后的净额	31,868			40,316
其他长期负债	40,416			28,770
负债合计	2,505,080			2,068,409
承诺和或有事项
股东权益：
普通股，面值0.001美元，授权300,000股，截至2026年9月30日和2025年12月31日分别发行并流通106,154股和104,918股	106			105
额外 paid-in 资本	865,256			880,643
累计亏损	(280,385)			(418,554)
累计其他综合收益（亏损），税后	(8,018)			406
股东权益合计	576,959			462,600
负债和股东权益合计	$	3,082,039			$	2,531,009

参见未经审计的合并财务报表附注。

Iridium Communications Inc.

合并损益表和综合收益表

(以千为单位，每股金额除外)

(未经审计)


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
收入：
服务	$	187,498			$	165,243		$	506,855	$	475,105
订阅设备	19,045			21,507			60,031		64,083
工程和支持服务	39,190			40,185			123,141		119,531
总收入	245,733			226,935			690,027		658,719

运营费用：
服务成本（不含折旧和摊销）	60,666			50,762			161,616		153,152
订阅设备成本	11,609			12,661			38,101		36,830
研究与开发	4,810			4,944			16,514		14,640
销售、一般及行政费用	74,936			35,508			187,759		115,887
折旧和摊销	62,094			52,975			169,698		157,479
总运营费用	214,115			156,850			573,688		477,988
运营收入	31,618			70,085			116,339		180,731
其他净支出：
净利息支出	(26,788)			(22,593)			(65,400)		(67,169)

其他净收入（支出）	384			372			(258)		(2,184)
其他净支出总额	(26,404)			(22,221)			(65,658)		(69,353)
税前收入及按权益法投资的净收益（损失）	5,214			47,864			50,681		111,378
所得税费用	(2,186)			(10,003)			(14,138)		(19,629)
按权益法投资的净收益（损失）	103,868			(734)			101,626		(2,242)
净收入	$	106,896			$	37,127		$	138,169	$	89,507
基本加权平均股数	107,368			106,095			106,849		108,160
稀释加权平均股数	108,926			106,476			108,367		108,846
基本每股净收入	$	1.00			$	0.35		$	1.29	$	0.83
稀释每股净收入	$	0.98			$	0.35		$	1.28	$	0.82
综合收益：
净收入	$	106,896			$	37,127		$	138,169	$	89,507
外币折算调整	(758)			(315)			(325)		2,933
现金流量对冲的未实现损失，税后（见第6号附注）	(2,579)			(4,575)			(8,099)		(16,791)
综合收益	$	103,559			$	32,237		$	129,745	$	75,649

参见未经审计的合并财务报表附注。

Iridium Communications Inc.

合并股东权益变动表

(以千为单位，每股金额除外)

(未经审计)


	截至2026年9月30日的三个月	截至2025年9月30日的三个月
	普通股	额外实收资本		累计亏损	累计其他综合收益		股东权益总额		普通股		额外实收资本	累计亏损		累计其他综合收益	股东权益总额

	股数	金额					股数		金额
期初余额	105,956		$	106		$	864,367			$	(387,281)		$	(4,681)		$	472,511		106,393		$	106	$	910,880		$	(446,674)	$	9,303	$	473,615
基于股票的薪酬	—		—		21,290			—			—		21,290		—			—		14,652		—	—		14,652
股票期权行权及奖励归属	284		1		230			—			—		231		380			1		223		—	—		224
扣留股票以支付员工税款	(86)		(1)		(4,066)			—			—		(4,067)		(131)			—		(3,541)		—	—		(3,541)
回购和注销普通股	—		—		—			—			—		—		(1,906)			(2)		(16,558)		(33,872)	—		(50,432)
股息	—		—		(16,565)			—			—		(16,565)		—			—		(16,258)		—	—		(16,258)
累计汇率调整	—		—		—			—			(758)		(758)		—			—		—		—	(315)		(315)
现金流量对冲的未实现损失，税后	—		—		—			—			(2,579)		(2,579)		—			—		—		—	(4,575)		(4,575)
净收入	—		—		—			106,896			—		106,896		—			—		—		37,127	—		37,127
期末余额	106,154		$	106		$	865,256			$	(280,385)		$	(8,018)		$	576,959		104,736		$	105	$	889,398		$	(443,419)	$	4,413	$	450,497


	截至2026年9月30日的九个月	截至2025年9月30日的九个月
	普通股	额外实收资本		累计亏损	累计其他综合收益		股东权益总额		普通股		额外实收资本	累计亏损		累计其他综合收益	股东权益总额

	股数	金额					股数		金额
期初余额	104,918		$	105		$	880,643			$	(418,554)		$	406		$	462,600		110,357		$	110	$	964,348		$	(406,092)	$	18,271	$	576,637
基于股票的薪酬	—		—		52,103			—			—		52,103		—			—		48,250		—	—		48,250
股票期权行权及奖励归属	1,847		2		770			—			—		772		1,800			2		1,064		—	—		1,066
扣留股票以支付员工税款	(611)		(1)		(18,830)			—			—		(18,831)		(588)			—		(17,100)		—	—		(17,100)
普通股回购和注销	—		—		—			—			—		—		(6,833)			(7)		(59,664)		(126,834)	—		(186,505)
股息	—		—		(49,430)			—			—		(49,430)		—			—		(47,500)		—	—		(47,500)
累计折算调整	—		—		—			—			(325)		(325)		—			—		—		—	2,933		2,933
现金流量对冲未实现损失，税后	—		—		—			—			(8,099)		(8,099)		—			—		—		—	(16,791)		(16,791)
净利润	—		—		—			138,169			—		138,169		—			—		—		89,507	—		89,507
期末余额	106,154		$	106		$	865,256			$	(280,385)		$	(8,018)		$	576,959		104,736		$	105	$	889,398		$	(443,419)	$	4,413	$	450,497

参见未审合并财务报表附注。

Iridium Communications Inc.

合并现金流量表

（以千为单位）

（未审）


	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量：
净利润	$	138,169			$	89,507
调整项目以将净利润调节为经营活动产生的净现金：
递延所得税	10,931			15,782
折旧和摊销	169,698			157,479
卖方贷款折扣的摊销	2,585			—
股票薪酬（扣除已资本化的金额）	48,972			43,992
递延融资费用的摊销	2,087			2,080
权益法投资的（收益）损失，净额	(101,626)			2,242
其他项目净额	545			616
经营性资产和负债的变化：
应收账款	(817)			4,813
存货	11,297			5,342
预付费用和其他流动资产	(12,271)			2,940
其他资产	4,888			5,172
应付账款	(9,707)			(6,038)
应计费用和其他流动负债	20,513			(14,035)

递延收入	(1,083)			(14,345)
其他长期负债	(2,475)			(4,069)
经营活动产生的净现金	281,706			291,478

投资活动产生的现金流量：
资本支出	(79,238)			(66,791)
收购Aireon，扣除所获现金	(179,801)			—


投资活动使用的净现金	(259,039)			(66,791)

筹资活动产生的现金流量：


偿还定期贷款	(3,281)			(33,024)
循环信用额度下的借款	100,000			50,000
偿还循环信用额度	(50,000)			—
回购普通股	—			(186,505)

股票期权行权所得	772			1,066
股票奖励结算时的税款支付	(18,831)			(17,100)
普通股股息支付	(48,962)			(46,865)
筹资活动使用的净现金	(20,302)			(232,428)

汇率变动对现金及现金等价物和受限现金的影响	(1,013)			2,748
现金及现金等价物和受限现金的净增加（减少）	1,352			(4,993)
期初现金、现金等价物和受限现金	96,501			93,526
期末现金、现金等价物和受限现金	$	97,853			$	88,533

补充现金流量信息：
支付的利息，扣除资本化的金额	$	65,117			$	68,199
支付的所得税，净额	$	6,553			$	5,479

非现金投资和筹资活动的补充披露：
已收到但未支付的固定资产和设备	$	8,737			$	9,118
普通股应付股息	$	3,921			$	3,170
资本化的股票薪酬	$	3,131			$	4,258

参见未审合并财务报表附注。

Iridium Communications Inc.

合并财务报表附注

1. 编制基础和合并原则

Iridium Communications Inc. (以下简称“公司”) 按照美国通用会计原则 (“U.S. GAAP”) 编制了其合并财务报表。公司的主要业务通过其主要运营子公司 Iridium Satellite LLC 进行，其运营资产也由 Iridium Satellite LLC 及其直接母公司 Iridium Holdings LLC 及其各自子公司拥有。附带的合并财务报表包括 (i) 公司、(ii) 全资子公司以及 (iii) 公司控制的全部非全资子公司。所有重大的内部交易和余额均已抵消。

管理层认为，合并财务报表已反映了公司管理层认为对公允列报其截至中期财务报表日期的财务状况以及所涵盖中期期间的经营成果和现金流量所必要的所有正常持续调整。中期期间的经营成果不一定代表全年经营成果。根据美国证券交易委员会 (“SEC”) 规定的指示、规则和法规，某些通常包含在按照 U.S. GAAP 编制的合并财务报表中的信息和附注披露已被简化或省略。应结合公司于 2025 年 12 月 31 日止年度的年度报告 10-K 表格中包含的经审计的合并财务报表及附注阅读这些合并财务报表，该报告已于 2026 年 2 月 12 日向 SEC 提交。

2. 重要会计政策

估计的使用

按照 U.S. GAAP 编制财务报表需要管理层做出影响财务报表中资产和负债的报告金额以及财务报表日或有资产和负债的披露的估计和假设。公司持续评估其估计和假设，包括与收入确认、长期和无形资产的使用寿命和可回收性、商誉、所得税、股票薪酬、租赁的增量借款利率以及或有事项等相关的估计和假设。公司基于历史和预期结果、趋势以及它认为合理的各种假设来做出这些估计，包括对未来事件的假设。这些估计是关于资产和负债的账面价值以及记录的收入和费用的判断基础。实际结果可能与这些估计有重大差异。

最近发布的会计准则

2024年11月，财务会计准则委员会（“FASB”）发布了ASU No. 2024-03，收入表 - 报告综合收益 - 费用分解披露（子主题220-40）（“ASU 2024-03”）。该指南要求对收入表表面临时呈现的某些费用标题进行详细分解，通过增强对财务报表附注中费用类型的披露。ASU 2024-03适用于公开交易实体在2026年12月15日之后开始的年度期间以及2027年12月15日之后开始的中期期间。允许提前采用。该ASU要求前瞻性采用；但是，公开交易实体可以追溯应用该ASU。公司目前正在评估ASU 2024-03对其附注可能产生的影响；然而，该标准不会对公司的合并财务状况、经营成果或现金流量产生影响。

公允价值计量

公司对受公允价值计量影响的资产和负债进行定期和非定期评估，以确定每个报告期间应分类的适当级别。公允价值是指在计量日，在最有利的市场中，假设有序交易下出售资产所获得的价格或转移负债所支付的价格。美国通用会计准则（U.S. GAAP）建立了一个分层的披露框架，该框架对用于计量公允价值的输入值的可观测性进行优先排序和排序。

公允价值层级包括以下层级：

•第一层级，定义为在活跃市场中相同资产或负债的报价等可观测输入值；

•第二层级，定义为除第一层级价格以外的可观测输入值，如类似资产或负债的报价；不活跃市场的报价；或对于资产或负债的大部分期限而言，可观测或可通过可观测市场数据验证的其他输入值；以及

•第三层级，定义为几乎没有或没有市场数据的不可观测输入值，因此需要实体自行开发其假设。

公允价值估计基于某些市场假设和公司可获得的信息。截至2026年9月30日和2025年12月31日，以下金融工具的账面价值近似于其公允价值：（1）现金及现金等价物，（2）预付费用和其他流动资产，（3）应收账款，（4）应付账款，以及（5）应计费用和其他流动负债。由于这些工具的短期性质，公允价值近似于其账面价值。第二层级的现金等价物包括货币市场基金、商业票据和短期美国政府机构证券。公司还将衍生金融工具归类为第二层级。在确定第二层级资产的公允价值时，公司使用市场方法，利用包含可观测输入值（如利率、债券收益率和类似资产的报价）的估值模型。截至2026年9月30日和2025年12月31日，公司未持有任何第三层级资产。

租赁

对于新租赁，公司在租赁开始时确定该安排是否为租赁或包含租赁。租赁作为其他资产中的“使用权”（“ROU”）资产和应计费用和其他负债以及公司简要合并资产负债表上的其他长期负债中的ROU负债进行核算。

ROU资产和负债在租赁开始日根据租赁期内租赁付款的现值进行确认。某些租赁由于未来基础利率的上涨而包含可变合同义务，这些义务基于观察到的趋势进行估计，并包含在现值的计量中。公司的租赁不提供隐含利率。公司根据租赁开始日可获得的信息使用其增量借款利率来确定租赁付款的现值。ROU资产还包括已支付的租赁付款，并排除租赁激励。

公司有包含租赁和非租赁组成部分的租赁协议，这些通常分别进行会计处理。对于某些租赁，例如电信网络设施，公司选择实用方法将租赁和非租赁组成部分合并为一个租赁组成部分。在公司作为出租人或承租人的租赁中，所征收的税款在计量新租赁合同或重新计量现有租赁合同时，从合同对价和可变付款中排除。

库存

库存主要包括第三方制造商的成品和原材料。公司将订阅设备的制造外包给第三方制造商，并从第三方供应商处采购配件。公司的库存成本包括对间接费用的分摊，包括直接将库存带入现有状态的员工的工资和工资相关成本，以及运费。库存采用平均成本法计价，并按成本或可变现净值的较低者列示。

公司与Benchmark Electronics Inc.（“Benchmark”）签订制造协议，由Benchmark制造其大部分订阅设备。根据协议，如果材料在协议规定的期限内未用于生产，公司可能需要按成本加合同溢价购买多余的材料。然后，Benchmark将按照公司支付的相同价格从公司回购这些材料，以用于订阅设备的生产。

下表总结了公司的库存余额：


	2026年9月30日		2025年12月31日
	（以千为单位）
产成品	$	39,665			$	52,352
原材料	23,508			22,431
库存估值准备金	(659)			(1,019)
总计	$	62,514			$	73,764

衍生金融工具

公司使用衍生工具来管理其在可变利率债务上的利率波动风险。其衍生工具按公允价值计量，并在简要合并资产负债表上的其他资产和其他流动负债中记录。当公司的衍生工具被指定为现金流量对冲时，公允价值变动的有效部分

衍生品的价值记录在公司合并资产负债表中的其他综合收益中，并在被对冲项目影响收益时随后确认收益。衍生品公允价值变动中任何无效部分将在被对冲利息支付影响收益的同一期间确认为收益。在合并损益表和综合收益表中，与现金流量对冲相关的收益和损失计入利息收入（费用），净额，因为这是用于任何与被对冲项目相关的收益或损失的同一财务报表项目。对冲活动的现金流量包含在公司合并现金流量表的经营活动部分，这与被对冲项目所属的类别相同。详见第6号注释以获取更多信息。

无形资产和商誉

公司具有有限寿命的其他无形资产（例如，客户关系、专利、开发技术、Aireon商标和其他知识产权）在其使用寿命内进行摊销，并在发生事件或情况变化表明资产的账面价值可能无法收回时进行减值测试。如果存在任何此类迹象，公司将通过将资产的账面价值与预期从该资产中产生的净未折现现金流量进行比较来进行可收回性测试。如果这些净未折现现金流量不超过账面价值（即资产不可收回），公司将进行下一步，即确定该资产的公允价值并记录减值损失（如有）。公司会在每个报告期间评估这些无形资产的使用寿命，以确定是否发生事件和情况需要修订其剩余使用寿命。

公司具有无限寿命的无形资产（频谱、监管授权和商标）不进行摊销，但每年进行减值测试，或在发生事件或情况变化表明资产可能减值时更频繁地进行测试。公司的商标、频谱和许可证预计会无限期地产生现金流量。

当收购企业的成本超过所确认的收购资产和承担的负债金额时，会确认商誉。被收购实体的净资产和经营成果自收购日起包含在公司的合并财务报表中。商誉不进行摊销，但每年或在发生特定事件时进行减值测试。

企业合并

通过企业合并收购的业务结果自收购完成日起包含在我们的合并财务报表中。公司对企业的合并采用购买法进行会计处理，企业合并的购买价格根据各自在收购日的公允价值，分配到所收购的资产（包括有形和无形资产）和所承担的负债（如适用）。确定所收购资产和所承担负债的公允价值需要我们运用重大判断和估计，包括估值方法的选择、对未来收入、成本和现金流的估计、折现率的选择以及可比公司的选择。公司在与企业合并中所收购资产和所承担负债的公允价值计量方面，会寻求估值专家的帮助。与收购相关的成本在发生时予以费用化。对于分阶段实现的收购，先前持有的股权在收购日按公允价值重新计量，任何产生的收益或损失在收益中确认。

3. 现金及现金等价物

下表列示了公司的现金及现金等价物：


	2026年9月30日		2025年12月31日		持续公允价值计量
	（以千为单位）
现金及现金等价物：
现金	$	28,710			$	24,260
货币市场基金	69,143			72,241			第二层级

现金及现金等价物总额	$	97,853			$	96,501

4. 无形资产和商誉

无形资产

下表列示了可辨认的无形资产：


	2026年9月30日
	有用寿命	总账面价值		累计摊销		净账面价值
	（以千为单位）
无期限无形资产：
商标	无期限	$	21,195			$	—		$	21,195
频谱和许可	无期限	14,030			—			14,030
总计		35,225			—			35,225
有期限无形资产：
知识产权	20年	16,439			(12,179)			4,260
专利	14 - 20年	587			(280)			307
客户关系	12 - 13年	267,000			(17,272)			249,728
开发技术	10年	69,600			(2,423)			67,177
Aireon商标	4年	5,500			(344)			5,156
总计		359,126			(32,498)			326,628
无形资产总计		$	394,351			$	(32,498)		$	361,853


	2025年12月31日
	有用寿命	总账面价值		累计摊销		净账面价值
	（以千为单位）
无期限无形资产：
商标	无期限	$	21,195			$	—		$	21,195
频谱和许可	无期限	14,030			—			14,030
总计		35,225			—			35,225
有期限无形资产：
知识产权	20年	16,439			(11,854)			4,585
专利	14 - 20年	587			(249)			338
客户关系	12年	57,000			(10,220)			46,780
总计		74,026			(22,323)			51,703
无形资产总计		$	109,251			$	(22,323)		$	86,928

Amortization expense was $6.0 million and $1.0 million for the three months ended September 30, 2026 and September 30, 2025, respectively, and $10.2 million and $3.0 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. The increases to amortization expense during the three and nine months ended September 30, 2026 were due to the acquisition of Aireon Holdings LLC (“Aireon Holdings”) (see Note 11), resulting in $285.1 million of definite life intangible assets.

Goodwill

During the nine months ended September 30, 2026, the Company acquired Aireon Holdings (see Note 11), resulting in additional goodwill of $167.2 million. The Company’s goodwill balance as of September 30, 2026 and December 31, 2025 was $266.1 million and $98.9 million, respectively.

5. Debt

Term Loan and Revolving Facility

Pursuant to the Amended and Restated Credit Agreement, dated as of September 20, 2023, by and among Iridium Holdings LLC, the Company solely with respect to Section 10.12 thereof, Iridium Satellite LLC, the lenders party thereto from time to

time and Deutsche Bank AG New York Branch, as the administrative agent and the collateral agent (as amended to date, the “Credit Agreement”) the Company obtained a term loan in an original aggregate principal amount equal to $1,500.0 million on September 20, 2023 (the “September 2023 Term Loan”), issued at a price equal to 99.75% of its face value. The Credit Agreement also provides for a $100.0 million revolving credit facility (the “Revolving Facility”). The Term Loan (as defined below) and the Revolving Facility mature in September 2030 and September 2028, respectively. During the year ended December 31, 2024, the Company borrowed an additional aggregate $325.0 million in term loans, comprised of $125.0 million on March 25, 2024 (the “March 2024 Term Loan”), issued at a price equal to 99.875% of its face value, and $200.0 million on July 30, 2024 (the “July 2024 Term Loan,” together with the September 2023 Term Loan and the March 2024 Term Loan, the “Term Loan”), issued at 99.0% of its face value. The additional amounts borrowed are fungible with the September 2023 Term Loan and have the same maturity date, interest rate, and other terms as the September 2023 Term Loan.

The proceeds from the March 2024 Term Loan were used for the acquisition of Satelles, Inc. on April 1, 2024. In March 2025 and April 2025, the Company drew down $20.0 million and $30.0 million on its Revolving Facility, respectively, for general corporate purposes, all of which was repaid prior to December 31, 2025. On July 1, 2026, the Company drew down $100.0 million on its Revolving Facility, the proceeds of which were used for the acquisition of Aireon Holdings (see Note 11). During the third quarter of 2026, the Company repaid $50.0 million on the Revolving Facility and $50.0 million remained outstanding as of September 30, 2026.

定期贷款已多次重新定价，最近一次是在2024年6月，目前年利率等于有担保隔夜融资利率（“SOFR”）加2.25%，并设有0.75%的SOFR下限。如果交易（如第15号注释中定义）完成，仅从交易完成之日起，定期贷款将再次重新定价，如下文进一步所述。公司通常选择一个月的利息期间，因此利息是根据一个月期的SOFR计算的。利息在每月最后一个工作日支付。本金支付每季度一次，约为每年1830万美元（定期贷款在2024年额外借款后的全部本金金额的1%），剩余本金在到期时支付。如下面进一步详细说明的那样，由于2025年5月支付的超额现金流，自2025年第一季度之后没有进行季度本金支付。

如果使用循环信贷额度，其年利率为SOFR加2.5%（但没有SOFR下限），且没有原始发行折扣，对未使用的金额收取每年0.5%的承诺费，由于公司在2026年第一季度的合并第一优先级净杠杆率（如信贷协议中定义）低于3.5比1.0，该费用已减少至0.375%。

信贷协议限制了公司承担抵押品、参与并购或资产出售、支付股息、偿还次级债务、承担债务、进行投资和贷款，以及进行信贷协议中规定的其他交易的能力。信贷协议规定了特定的例外情况，包括以过去十二个月息税折旧及摊销前利润的百分比衡量的额度，以及在承担债务和抵押品、进行投资、股息支付和偿还次级债务的情况下，基于达到和维持特定杠杆率的情况，有无限的例外情况。信贷协议还包含常规的陈述与保证、积极承诺和违约事件。此外，如果公司的净杠杆率超过3.5比1.0，信贷协议包含一项年度强制提前还款机制，针对公司部分超额现金流（如信贷协议中定义）。根据信贷协议规定，截至2024年12月31日，公司的强制性超额现金流提前还款金额为2860万美元。该金额于2025年5月支付。因此，截至2026年3月31日、2026年6月30日和2026年9月30日的季度无需进行季度本金支付，直到2026年第四季度才需要进行季度本金支付。截至2025年12月31日，公司低于规定的杠杆率，因此不需要进行强制性提前还款。

信用协议中不包含与定期贷款相关的财务维持担保条款。关于循环贷款设施，信用协议要求公司保持合并第一优先级净杠杆比率（在信用协议中定义）不超过6.25比1.00，如果循环贷款设施的使用超过35%，则适用此规定，截至2026年9月30日，情况正是如此。截至2026年9月30日，公司已遵守所有担保条款。

2026年9月15日，公司与信用协议达成修订（“第四修订案”），其中包含以下内容：（i）规定（在第15号注释中定义的）交易在信用协议下不构成控制权变更，（ii）规定在交易交割时，Rocket Lab USA, Inc.将对信用协议下的义务提供下游担保，（iii）仅在交易交割后，信用协议项下的定期贷款适用的利率将提高至年利率（a）SOFR加上2.50%至3.00%的利率溢价，或（b）基础利率加上1.50%至2.00%的利率溢价，具体取决于公司的信用评级，（iv）仅在交易交割后，规定在再定价交易情况下（且无论如何，不适用于控制权变更或转型交易）需支付预付款溢价，金额等于被再定价交易涉及的定期贷款的1.00%，（v）仅在交易交割后，规定在交易交割后满一年时收取退出费，金额等于被提前偿还的定期贷款的1.00%，（vi）作出其他某些修订，这些修订仅在交易完成之后生效。定期贷款和循环贷款设施在交易交割后仍可继续存在。Rocket Lab（如下文定义）表示，通过结合通过市价发行筹集的股权、现有流动性以及承担定期贷款，其拥有足够的现金来完全资助该交易。

通过市价发行筹集的股权、现有流动性以及承担定期贷款，其拥有足够的现金来完全资助该交易。

Aireon定期贷款和信用及担保协议

2026年5月13日，公司与NAV CANADA、爱尔兰航空导航服务、ENAV S.P.A.、Naviair Surveillance A/S、NATS（Services）Limited及其某些关联实体（“卖方”）签订了一份证券购买协议，根据该协议，2026年7月2日（“Aireon交割日”），公司通过其全资子公司Iridium Monitor Holdings LLC（“Iridium Monitor Holdings”）完成了对Aireon Holdings的收购，收购了公司尚未拥有的Aireon Holdings的剩余60.5%的股权权益（“Aireon交割”）。

在Aireon交易完成之际，公司于2026年7月2日签订了一份母公司担保协议（“母公司担保”），根据该协议，公司为Aireon在2023年10月10日签订的信贷和担保协议（以下简称“Aireon信贷协议”）下的义务提供了无担保担保。该协议由Aireon作为借款人，Aireon Holdings及其不时作为担保人的其他子公司，GLAS USA LLC作为管理代理，GLAS美洲公司作为担保代理，以及不时作为贷款人的贷款人签订（截至当前的修订版本，以下简称“Aireon信贷协议”）。Aireon信贷协议规定了一笔总额为1.75亿美元的定期贷款（“Aireon定期贷款”），该贷款年利率根据Aireon的选择，为（i）SOFR加上6.25%的利差，或（ii）基准利率加上5.25%的利差。如果Aireon提前偿还全部或部分Aireon定期贷款，除特定例外情况外，Aireon需支付相当于提前偿还的Aireon定期贷款总额的（x）3.00%的提前还款溢价，如果在2026年10月10日或之前进行提前还款，或（y）1.00%的提前还款溢价，如果在2026年10月10日之后且在2027年10月10日或之前进行提前还款。目前，Aireon信贷协议要求按季度支付摊销款，金额为Aireon定期贷款原始本金的1.875%，自2026年12月31日结束的季度起，此类季度摊销款将增加至Aireon定期贷款原始本金的3.125%，并在2028年10月10日到期时支付剩余金额。

Aireon信贷协议包含常规的陈述和保证、违约事件以及适用于Aireon Holdings及其子公司的积极和消极契约，包括限制Aireon Holdings及其子公司承担债务、允许额外抵押品、进行投资和收购、与其他公司合并或合并、处置资产、支付股息和分配、支付次级债务以及进行关联方交易，上述每项均受特定例外情况的限制。此外，Aireon信贷协议还包含一项财务契约，要求Aireon Holdings及其子公司在每个季度最后一天，按合并基础维持不超过5.00比1.00的合并总杠杆率（根据Aireon信贷协议定义）。

此外，与Aireon交易完成相关，卖方应获得的总购买价格约为3.667亿美元，分两笔支付：(i) 50%在Aireon交易完成时以现金支付；(ii) 50%延期支付，并以卖方提供的贷款形式支付。与购买价格的延期部分相关，在Aireon交易完成日，Iridium Monitor Holdings作为借款人，与卖方签订了《信贷和担保协议》（“信贷和担保协议”），根据该协议，卖方为Iridium Monitor Holdings提供了1.834亿美元的定期贷款（“Aireon交易完成贷款”，与Aireon定期贷款一起，统称为“Aireon贷款”），该贷款不计利息，于Aireon交易完成日后一年到期，用于支付购买价格的延期部分。Aireon交易完成贷款以Aireon Holdings及其他中间控股公司实体的股权权益的优先抵押权作为担保。Aireon交易完成贷款按1.728亿美元入账，扣除1,060万美元的原始发行折扣，将在到期日摊销。

截至2026年9月30日和2025年12月31日，公司分别报告了21.095亿美元和17.747亿美元的定期贷款和Aireon贷款的借款额。该金额不包括截至2026年9月30日和2025年12月31日分别2,010万美元和1,420万美元的净未摊销融资费用。截至2026年9月30日和2025年12月31日，附带的合并资产负债表中的借款净本金余额分别为20.893亿美元和17.606亿美元。截至2026年9月30日和2025年12月31日，根据最近的交易价格（二级市场方法），公司定期贷款的公允价值分别为17.714亿美元和17.348亿美元。

债务利息

总利息支出包括递延融资费用的摊销和资本化的利息。下表列示了与定期贷款和Aireon贷款相关的利息和递延融资费用摊销：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025	2026		2025
	（以千美元计）		（以千美元计）
总利息支出	$	28,271		$	24,955		$	73,182	$	73,954
递延融资费用摊销	$	770		$	739		$	2,245	$	2,175
资本化利息	$	2,274		$	1,108		$	5,326	$	3,174
卖方贷款折扣的溢价摊销	$	2,585		$	—		$	2,585	$	—

截至2026年9月30日和2025年12月31日，定期贷款的应计利息分别为0.3百万美元。

6. 衍生金融工具

公司面临与定期贷款和Aireon定期贷款相关的利率波动风险。公司通过使用利率对冲工具建立对冲头寸，减少了与变动利率相关现金流波动的暴露。这将减少衍生合约期限内变动利率上升的负面影响。这些合约不用于交易或其他投机目的。公司未发生，也不预期因交易对手违约而发生任何损失。

利率上限

2021年7月，该公司签订了一项利率上限协议（“上限”），生效日期为2021年12月。该上限通过2026年11月，管理公司对部分定期贷款利率波动的敞口。截至目前，该上限规定，如果一个月SOFR超过1.436%，该公司有权从交易对手方获得付款。该公司根据年利率0.31%支付固定的月度保费以获得该上限。截至2026年9月30日和2025年12月31日，该上限的名义金额为10亿美元。

该上限未受到定期贷款扩展或重新定价的影响，其设计目的是与定期贷款条款保持一致，并抵消被对冲的现金流。该公司将该上限指定为对定期贷款基于SOFR利息支付波动性的现金流对冲。该上限公允价值变动的有效部分记录在累计其他综合收益中。该上限公允价值变动的无效部分将作为利息费用记录在当期收益中。

衍生金融工具的公允价值

截至2026年9月30日和2025年12月31日，公司因上限的公允价值而拥有430万美元和1700万美元的资产余额，以及因上限保费的公允价值而拥有60万美元和260万美元的负债余额。上限和上限保费均在合并资产负债表的其他资产中以净额记录。

在截至2026年9月30日和2025年9月30日的每个三个月期间，公司因上限保费产生了0.8百万美元的利息费用；在截至2026年9月30日和2025年9月30日的每个九个月期间，公司因上限保费产生了250万美元的利息费用。对于与上限相关的付款，截至2026年9月30日和2025年9月30日的每个三个月期间，利息费用分别减少了580万美元和740万美元；截至2026年9月30日和2025年9月30日的每个九个月期间，利息费用分别减少了1700万美元和2190万美元。

与上限公允价值调整相关的收益和损失记录在公司合并资产负债表的累计其他综合收益中，并在利息支付到期的日期重新分类至利息费用。与衍生合同相关的现金流包含在合并现金流量表的经营活动产生的现金流中。在未来12个月内，公司预计从累计其他综合收益中摊销至收益的现金流量对冲的任何收益或损失对公司合并财务报表的影响将微不足道。

下表列示了公司记录在其合并损益表和综合收益表中的衍生工具的未实现损益及其相关税务影响的金额：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025	2026		2025
	（以千为单位）		（以千为单位）
未实现损失，税后	$	(2,579)		$	(4,575)		$	(8,099)	$	(16,791)
税务收益	$	772		$	1,377		$	2,427	$	5,061

7. 股权交易

优先股

公司被授权发行200万股优先股，每股面值为0.0001美元。公司此前已发行150万股优先股，所有这些优先股均已转换为普通股。截至2026年9月30日和2025年12月31日，剩余的50万股已授权但未指定和未发行的优先股仍处于未指定和未发行状态。截至2026年9月30日和2025年12月31日，没有未发行的优先股，因为此前指定和发行的所有优先股已在前期转换为普通股。

股息

股东有权在公司董事会不时决定的情况下，从公司可用于此类目的的资产或资金中获得现金、股票或财产形式的股息和其他分配。2022年12月，公司董事会启动了季度股息。公司于2026年3月31日、6月30日和9月30日的三个月内，每普通股支付0.15美元的股息，导致截至2026年9月30日的九个月内向股东支付总额为4900万美元。公司于2025年3月31日和6月30日的三个月内，每普通股支付0.14美元的股息，以及于2025年9月30日的三个月内，每普通股支付0.15美元的股息，导致截至2025年9月30日的九个月内股息支付总额为4690万美元。截至2026年9月30日和2025年12月31日，公司与未兑现的限制性股票单位（“RSUs”）相关的普通股股息负债分别为390万美元和350万美元。

股票回购计划

自2021年2月起，公司董事会授权回购最多15亿美元的公司普通股。最近一项于2027年12月31日前进行的5亿美元股票回购计划于2024年9月获得批准。2026年6月28日，公司董事会在与Rocket Lab签订合并协议（见第15号注释）的同时终止了该股票回购计划。

公司在截至2025年9月30日的三个月内回购并随后注销了190万股普通股，而在截至2025年9月30日的九个月内回购并注销了680万股普通股，总购买价格分别为5000万美元和1.85亿美元，分别不包括0.4万美元和150万美元的消费税。公司在截至2026年9月30日的九个月内没有进行股票回购，并且在2026年6月28日终止最近的计划后，没有实施任何活跃的股票回购计划。

8. 收入

以下表格总结了公司的服务收入：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
	（以千为单位）		（以千为单位）
商业服务收入：
语音和数据	$	58,002			$	59,930		$	173,822	$	172,682
物联网数据	48,669			46,707			141,706		135,303
宽带	11,822			12,970			35,718		38,570
托管有效载荷和其他数据	41,432			18,726			72,786		48,140
总商业服务收入	159,925			138,333			424,032		394,695
政府服务收入	27,573			26,910			82,823		80,410
总服务收入	$	187,498			$	165,243		$	506,855	$	475,105

下表总结了公司的工程和支持服务收入：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
	（以千为单位）		（以千为单位）
商业	$	317			$	1,852		$	3,348	$	5,893
政府	38,873			38,333			119,793		113,638
总工程和支持服务收入	$	39,190			$	40,185		$	123,141	$	119,531

截至2026年9月30日和2025年12月31日，公司应收账款余额中约36%和46%来自美国政府机构的主合同或分包合同。

公司与客户的合同通常不包含期限超过一年的履约义务。因此，公司不披露截至报告期末未履行的履约义务的价值细节。任何超过一年的履约义务的总价值对财务报表而言是不重要的。

收入确认、计费和现金收款的时间导致了在合并资产负债表上出现已计费应收账款、未计费应收账款（合同资产）和递延收入（合同负债）。公司根据约定的合同条款在定期间隔（对于服务）、发货时（对于设备）或在达成合同里程碑或工作进展时（对于工程和支持服务）计费。计费可能在收入确认之后发生，从而产生未计费应收账款（合同资产）。公司也可能在收入确认之前收到客户的付款，从而产生递延收入（合同负债）。公司于截至2026年9月30日和2025年9月30日的三个月内分别确认了540万美元和1540万美元 previously recorded as deferred revenue 的收入，于截至2026年9月30日和2025年9月30日的九个月内分别确认了3220万美元和4550万美元 previously recorded as deferred revenue 的收入。截至2026年9月30日的三个月和九个月内已确认的先前递延收入减少是由于收购了Aireon Holdings（参见第11号注释）。

截至2026年9月30日，合同资产为2780万美元，包含在合并资产负债表的其他资产中。合同资产的增加主要是由于收购Aireon所获得的合同资产。公司还记录了预计可收回的合同获取成本，这些成本记录在预付费用和其他流动资产（合同资产或佣金）中，未在合并资产负债表中单独披露。佣金在预计使用期内确认。下表展示了未单独披露的合同资产：


	2026年9月30日		2025年12月31日
	（以千为单位）
合同资产：
佣金	$	1,465		$	1,603
其他合同成本	$	1,497		$	1,626

9. 租赁

截至2026年9月30日，该公司作为出租人的经营性租赁主要包括与Aireon LLC（“Aireon”）在Aireon交割日之前的托管协议，以及与L3Harris Technologies, Inc.（“L3Harris”）关于公司卫星空间的协议。这些协议规定了费用，将在卫星预计使用寿命内确认，目前预计从各自的投入使用日期起约为17.5年。截至2026年9月30日和2025年9月30日的三个月内，与这些协议相关的租赁收入分别为0.8百万美元和3.1百万美元，截至2026年9月30日和2025年9月30日的九个月内分别为7.0百万美元和9.3百万美元。由于收购了Aireon，截至2026年9月30日的三个月和九个月内租赁收入减少了2.3百万美元。租赁收入作为托管有效载荷和其他数据服务收入记入公司合并资产负债表中的服务收入和综合收益。

L3Harris已根据其托管安排向公司支付了所有应付金额。下表显示了截至2026年9月30日，公司作为出租人的经营性租赁中，不包括截至2026年9月30日九个月内确认的2.3百万美元，按年份和总计显示的未来收入，假设租赁继续：


截至12月31日的年度	金额
	（以千为单位）
2026	$	779
2027	3,115
2028	3,115
2029	3,115
2030	3,115
之后	15,123
总租赁收入	$	28,362

10. 股票薪酬

In May 2025, the Company’s stockholders approved the amendment and restatement of the Company’s 2015 Equity Incentive Plan (as so amended and restated, the “Amended 2015 Plan”). As of September 30, 2026, the aggregate number of shares remaining available for future grants under the Amended 2015 Plan was 10,288,264. The Amended 2015 Plan provides for the grant of stock-based awards, including nonqualified stock options, incentive stock options, restricted stock, RSUs, stock appreciation rights, and other equity securities to employees, consultants, and non-employee directors of the Company and its affiliated entities. The number of shares of common stock available for issuance under the Amended 2015 Plan is reduced by (i) one share for each share of common stock issued pursuant to an appreciation award, such as a stock option or stock appreciation right with an exercise or strike price of at least 100% of the fair market value of the underlying common stock on the date of grant, and (ii) 1.8 shares for each share of common stock issued pursuant to any stock award that is not an appreciation award, also known as a “full value award.” The Amended 2015 Plan allows the Company to utilize a broad array of equity incentives and performance cash incentives in order to secure and retain the services of its employees, directors and consultants, and to provide long-term incentives that align the interests of its employees, directors and consultants with the interests of the Company’s stockholders. The Company accounts for stock-based compensation at fair value.

Restricted Stock Units

The Company’s RSUs are classified as equity awards because the RSUs will be settled in the Company’s common stock upon vesting. The fair value of the RSUs is determined at the grant date based on the closing price of the Company’s common stock on the date of grant. The related compensation expense is recognized over the service period, or shorter periods based on the retirement eligibility of certain grantees, based on the grant date fair value of the Company’s common stock and the number of shares expected to vest. The fair value of the awards is not remeasured at the end of each reporting period. RSUs do not carry voting rights until the RSUs are vested, although certain unvested RSUs and vested but unsettled RSUs granted to non-employee directors are entitled to accrue dividend equivalent rights, and shares (including additional shares issuable upon satisfaction of any accrued dividend equivalent rights) are issued upon settlement in accordance with the terms of the award.

The following tables summarize the Company’s RSU activity:


	Shares Underlying RSUs	Weighted- Average Grant Date Fair Value Per RSU
	(In thousands)
Outstanding at December 31, 2025	4,049		$	29.45
Granted	2,272		26.55
Forfeited	(255)		28.01
Released	(1,784)		33.14
Outstanding at September 30, 2026	4,282		$	26.44
Vested and unreleased at September 30, 2026 (1)	612


	Shares Underlying RSUs	Weighted- Average Grant Date Fair Value Per RSU
	(In thousands)
Outstanding at December 31, 2024	3,870		$	32.56
Granted	2,163		30.89
Forfeited	(188)		37.20
Released	(1,690)		35.09
Outstanding at September 30, 2025	4,155		$	30.45
Vested and unreleased at September 30, 2025 (1)	560

(1) These RSUs were granted to the members of the Company’s Board of Directors as a part of their compensation for board and committee service and had vested but had not yet settled, meaning that the underlying shares of common stock had not been issued and released.

Service-Based RSUs

The majority of the annual compensation the Company provides to non-employee members of its Board of Directors is paid in the form of RSUs. In addition, some members of the Company’s Board of Directors may elect to receive their cash retainers, or a portion thereof, in the form of RSUs. An aggregate amount of approximately 131,000 and 81,000 service-based RSUs were granted to the non-employee members of the Company’s Board of Directors as a result of these payments and elections during the nine months ended September 30, 2026 and 2025, respectively, with an estimated grant date fair value of $2.6 million and $2.4 million, respectively.

During the nine months ended September 30, 2026 and 2025, the Company granted approximately 2,130,000 and 1,272,000 service-based RSUs, respectively, to its employees, with an estimated aggregate grant date fair value of $57.3 million and $38.9 million, respectively. The increase in service-based RSUs to employees resulted primarily from a change in executive compensation, a portion of which was previously granted in performance-based RSUs.

In 2026, the RSUs granted to executives were entirely for service and vest over five years, with 20% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment. Since 2024, the RSUs granted to employees for service, except for executive employees in 2026, generally vest over three years, with 34% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment. RSUs granted prior to March 2024 generally vest over four years, with 25% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment. The RSUs granted to non-employee members of the Board of Directors generally vest in full on the first anniversary of the grant date. The RSUs granted to non-employee consultants generally vest 50% on the first anniversary of the grant date, with the remaining 50% vesting quarterly thereafter through the second anniversary of the grant date.

Performance-Based RSUs

In March 2025, the Company granted approximately 534,000 annual incentive, performance-based RSUs to the Company’s executives and employees (the “Bonus RSUs”), with an estimated grant date fair value of $16.9 million. Vesting of the Bonus RSUs was dependent upon the Company’s achievement of defined performance goals over the fiscal year. The Company records stock-based compensation expense related to performance-based RSUs when it is considered probable that the performance conditions will be met. The level of achievement of performance goals was determined by the compensation

committee of the Company’s Board of Directors and substantially all of the Bonus RSUs granted in March 2025 vested in March 2026.

Additionally, in March 2025, the Company granted approximately 269,000 long-term, performance-based RSUs to the Company’s executives (the “Executive RSUs”), with an estimated aggregate grant date fair value of $8.5 million. Vesting of the Executive RSUs is dependent upon the Company’s achievement of defined performance goals over a two-year period (the year of grant and the following year). The vesting of the Executive RSUs granted in March 2025 will range from 0% to 200% of the number of shares underlying the Executive RSUs granted based on the level of achievement of the performance goals. If the Company achieves the performance goals for the Executive RSUs at the end of the two-year performance period, 50% of the number of Executive RSUs earned based on performance will then vest on the second anniversary of the grant date, and the remaining 50% will then vest on the third anniversary of the grant date, subject to the executive’s continued service as of the vesting date, which may be accelerated based on the retirement eligibility of the grantees. In March 2026 and 2025, approximately 52,000 and 23,000 shares underlying Executive RSUs granted in March 2024 and 2023, respectively, were forfeited as a result of performance targets not being fully achieved for the performance periods ended December 31, 2025 and 2024, respectively.

11. Acquisition of Aireon

On July 2, 2026, the Company acquired the 60.5% equity interest in Aireon Holdings that it did not previously own, resulting in the Company obtaining 100% ownership of Aireon. Aireon is the operator of the world’s only space-based Automatic Dependent Surveillance-Broadcast (“ADS-B”) air traffic surveillance system.

The acquisition date fair value of the business at the acquisition date was $523.8 million. The purchase price for the remaining 60.5% equity interest was $352.2 million. The transaction was accounted for as a business combination under the acquisition method of accounting in accordance with Accounting Standards Codification 805, Business Combinations. Since the Company held a 39.5% equity interest in Aireon immediately prior to the acquisition date and accounted for that investment under the equity method, the Company remeasured its previously held equity interest to its estimated fair value of $171.6 million as of the acquisition date and recognized a gain of $103.9 million in gain (loss) from equity method investments, net in the condensed consolidated statement of operations and comprehensive income for the three and nine months ended September 30, 2026.

The following table summarizes the acquisition date fair value of the business:


	July 2, 2026
	(In thousands)
Cash consideration	$	183,362
Seller note	172,789
Seller transaction costs paid by the Company	11,284
Settlement of pre-existing relationships	(15,212)
Total consideration transferred	352,223
Fair value of previously held 39.5% equity interest	171,600
Total acquisition date fair value	$	523,823

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:


	July 2, 2026
	Fair Value
	(In thousands)
Cash	$	14,848
Accounts Receivable, net	25,212
Prepaid expenses and other current assets	8,507
Property and equipment, net	161,935
Intangible assets, net	285,100
Other non-current assets	43,665
Accounts payable	(3,709)
Accrued expenses and other current liabilities	(11,295)
Short-term secured debt	(19,688)
Deferred revenue	(1,717)
Long-term secured debt	(134,969)
Other long-term liabilities	(11,238)
Total fair value of net assets acquired	$	356,651
Goodwill	$	167,172
Total purchase price	$	523,823

The purchase price allocation is preliminary as the Company is continuing to finalize the valuation of certain acquired intangible assets and other assets and liabilities assumed. The Company expects to finalize the purchase price allocation within the measurement period, which will not exceed one year from the acquisition date.

The following is a summary of preliminary identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets:

Type

Useful life

Fair Value

(In thousands)

Customer relationships

13 years

210,000

Developed technology

10 years

69,600

Trade name

4 years

5,500

Total identifiable intangible assets acquired

285,100

Goodwill of $167.2 million was recorded in connection with the Aireon acquisition, representing the excess of the purchase price over the fair value of the identifiable net assets acquired. Goodwill primarily represents Aireon’s future revenue and earnings potential, expected synergies, and the assembled workforce of Aireon. None of the goodwill is expected to be deductible for income tax purposes.

The Company incurred $14.9 million of acquisition-related costs that were expensed in the three and nine months ended September 30, 2026. These costs are included within selling, general, and administrative expenses in the condensed consolidated statements of operations and comprehensive income.

The amounts of revenue and earnings of Aireon included in the Company’s condensed consolidated statements of operations and comprehensive income (loss), including the effects of purchase accounting and excluding the impact of the Company’s remeasurement of its prior equity interest in Aireon Holdings, are as follows:


	Three Months Ended September 30, 2026
	(In thousands)
Revenue	$	34,492
Net loss	(55)

Supplemental Pro Forma Information (Unaudited)

The following unaudited pro forma data summarizes the results of operations for the periods indicated as if the acquisition of Aireon had occurred on January 1, 2025.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In thousands)		(In thousands)
Revenue	$	245,733			$	249,317		$	733,779	$	726,365
Net income	2,068			29,384			19,388		164,623

The unaudited pro forma financial information includes adjustments to reflect incremental amortization of acquired identifiable intangible assets, incremental depreciation resulting from fair value adjustments to property and equipment, related income tax effects, the acquisition-date remeasurement of the previously held equity interest, acquisition-related transaction costs and the elimination of intercompany transactions. The pro forma financial information does not reflect potential synergies or integration costs and is not necessarily indicative of the results that would have occurred or of future results.

12. Income Taxes

Income before income taxes and gain (loss) on equity method investments was $5.2 million and $50.7 million for the three and nine months ended September 30, 2026, respectively, while the income tax expense was $2.2 million and $14.1 million, respectively. The effective tax rate was 41.9% and 27.9% for the three and nine months ended September 30, 2026, respectively, which differed from the federal statutory rate of 21%, primarily due to acquisition costs, discrete tax expense associated with stock compensation and nondeductible executive compensation, partially offset by tax benefit from the deduction for foreign derived deduction eligible income and U.S. tax credits.

Income before income taxes and gain (loss) on equity method investments was $47.9 million and $111.4 million for the three and nine months ended September 30, 2025, respectively, while the income tax expense was $10.0 million and $19.6 million, respectively. The effective tax rate was 20.9% and 17.6% for the three and nine months ended September 30, 2025, respectively, which differed from the federal statutory rate of 21%, primarily due to a tax benefit from the deduction for foreign derived intangible income and U.S. tax credits, partially offset by discrete tax expense associated with stock compensation and nondeductible executive compensation.

13. Related Party Transactions

Prior to July 2, 2026, the Company held an approximate 39.5% equity interest in Aireon Holdings LLC (“Aireon Holdings”), which owns Aireon LLC (“Aireon”), and accounted for its investment under the equity method. On July 2, 2026, the Company acquired the remaining equity interests in Aireon Holdings, which became a wholly owned subsidiary of the Company (see Note 11).

Prior to the acquisition, the Company provided satellite hosting, power and data services, and administrative and support services to Aireon under various agreements. The Company recognized hosting fee revenue of zero and $2.3 million for the three months ended September 30, 2026, and 2025, respectively, and $4.6 million and $6.9 million for the nine months ended September 30, 2026 and 2025, respectively. Power and data service revenue was zero and $5.9 million for the three months ended September 30, 2026, and 2025, respectively, and $11.7 million and $17.6 million for the nine months ended September 30, 2026 and 2025, respectively. Amounts for 2026 reflect only transactions prior to the acquisition date.

As of December 31, 2025, receivables due from Aireon for power and data services and administrative and support services totaled $2.0 million and $0.3 million, respectively. Following the closing of the acquisition on July 2, 2026, transactions and balances between the Company and Aireon are eliminated in consolidation.

14. Net Income Per Share

The Company calculates basic net income per share by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. In periods of net income, diluted net income per share takes into account the effect of potentially dilutive common shares when the effect is dilutive. Potentially dilutive common shares include (i) shares of common stock issuable upon exercise of outstanding stock options and (ii) shares underlying RSUs that are contingently issuable upon achievement of certain service and performance requirements. The effect of potentially dilutive common shares is computed using the treasury stock method.

The following table summarizes the computations of basic and diluted net income per share:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(In thousands, except per share amounts)
Numerator:
Net income - basic and diluted	$	106,896			$	37,127		138,169		89,507



Denominator:
Weighted average common shares — basic	107,368			106,095			106,849		108,160
Dilutive effect of stock options	78			77			83		95
Dilutive effect of RSUs	1,480			304			1,435		591
Weighted average common shares — diluted	108,926			106,476			108,367		108,846

Net income per share - basic	$	1.00			$	0.35		$	1.29		$	0.83
Net income per share - diluted	$	0.98			$	0.35		$	1.28		$	0.82

15. Merger Agreement with Rocket Lab Corporation

On June 28, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Rocket Lab Corporation (“Rocket Lab”) pursuant to which the Company agreed to be acquired by Rocket Lab (the “Transaction”).

Subject to the terms and conditions set forth in the Merger Agreement, each issued and outstanding share of the Company’s common stock, other than as specified in the Merger Agreement, will be converted into the right to receive (i) $27.00 in cash and (ii) a number of shares of Rocket Lab’s common stock equal to the Exchange Ratio (as defined below). The “Exchange Ratio” will be the following: (i) if the Rocket Lab Common Stock Price (as defined below) is equal to or less than $67.50, then the Exchange Ratio will be 0.4000; (ii) if the Rocket Lab Common Stock Price is greater than $67.50 but less than $112.50, then the Exchange Ratio will be the quotient obtained by dividing $27.00 by the Rocket Lab Common Stock Price, rounded to four decimal places; and (iii) if the Rocket Lab Common Stock Price is equal to or greater than $112.50, then the Exchange Ratio will be 0.2400. “Rocket Lab Common Stock Price” is defined as the volume weighted average price per share of Rocket Lab’s common stock on the Nasdaq Global Select Market for the period of the ten consecutive trading days ending on and including the second full trading day prior to the First Effective Time (as defined in the Merger Agreement).

The Merger Agreement provides each of the Company and Rocket Lab with certain termination rights and, under certain circumstances, may require the Company to pay a $223.6 million termination fee.

The Transaction is expected to be completed by mid-2027, subject to the satisfaction of remaining customary closing conditions and interim operating covenants, including covenants that generally require the Company to conduct its business in the ordinary course consistent with past practice and subject the Company to restrictions on certain actions pending consummation of the Transaction.


ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

You should read the following discussion along with our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed on February 12, 2026 (our “2025 Form 10-K”) with the SEC, as well as our condensed consolidated financial statements included in this Form 10-Q.

This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements include those that express plans, anticipation, intent, contingencies, strategies, goals, targets or future developments, market trends, expected competition or otherwise are not statements of historical fact. Without limiting the foregoing, the words “believe,” “anticipate,” “plan,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on our current expectations and projections about future events, and they are subject to risks and uncertainties, known and unknown, that could cause actual results and developments to differ materially from those expressed or implied in such statements. The important factors described under the caption “Risk Factors” in our 2025 Form 10-K, as updated and supplemented by this Form 10-Q, could cause actual results to differ materially from those indicated by forward-looking statements made herein. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Overview of Our Business

We are a leading provider of global voice, data and positioning, navigation and timing (“PNT”) satellite services and are the only commercial provider of communications services offering true global coverage, connecting people, organizations, and assets to and from anywhere, in real time. Our low-Earth orbit (“LEO”), L-band network provides specialized, reliable, weather-resilient communications services to regions of the world where terrestrial wireless or wireline networks do not exist or are limited, including remote land areas, open ocean, airways, the polar regions and regions where the telecommunications infrastructure has been affected by political conflicts or natural disasters. In addition, our satellites have other payloads that facilitate specific additional services for customers, such as our subsidiary Aireon LLC’s (“Aireon’s”) space-based air traffic surveillance system. We also utilize our long history operating a commercial LEO satellite system to provide a growing array of engineering and operational services to government customers and government network operators such as the U.S. Space Force.

Our primary business is to provide voice and data communications services to businesses, U.S. and foreign governments, non-governmental organizations and consumers via our satellite network, which has an architecture of 66 operational satellites with in-orbit spares and related ground infrastructure. We utilize an interlinked mesh architecture to route traffic across the satellite constellation using radio frequency crosslinks between satellites. This architecture minimizes the need for ground facilities to support the constellation, which facilitates the global reach of our services and allows us to offer services in countries and regions where we have no physical presence.

We primarily sell our products and services to commercial end users by recruiting and expanding a global wholesale distribution network, currently encompassing approximately 130 service providers, approximately 300 value-added resellers (“VARs”), and approximately 100 value-added manufacturers, which create and sell technology that uses the Iridium network either directly to the end user or indirectly through other service providers, VARs or dealers. These distributors often integrate our products and services with other complementary hardware and software and have developed a broad suite of applications using our products and services to target specific industries or business areas. We expect that demand for our services will increase as more applications are developed and deployed that utilize our technology.

As of September 30, 2026, we had approximately 2,696,000 billable subscribers worldwide, an increase of 154,000, or 6%, from approximately 2,542,000 billable subscribers as of September 30, 2025. We have a diverse customer base, including end users in land mobile, Internet of Things (“IoT”), maritime, aviation and government.

Aireon Acquisition

On May 13, 2026, we entered into a Securities Purchase Agreement with NAV CANADA, the Irish Air Navigation Service, ENAV S.P.A., Naviair Surveillance A/S, NATS (Services) Limited, and certain of their affiliated entities (the “Sellers”), pursuant to which, on July 2, 2026 (the “Aireon Closing Date”), we, through our wholly owned subsidiary, Iridium Monitor Holdings LLC (“Iridium Monitor Holdings”), closed our acquisition of Aireon Holdings LLC (“Aireon Holdings”), acquiring the remaining 60.5% of equity interests in Aireon Holdings that we did not already own (the “Aireon Closing”).

We now indirectly own all of the membership interests in Aireon Holdings and Aireon, which is the operator of the world’s only space-based ADS-B air traffic surveillance system. We acquired the additional equity interest for an aggregate contractual purchase price of approximately $366.7 million, 50% in cash and 50% deferred and in the form of a loan by the Sellers, payable one year following the Aireon Closing pursuant to a Credit and Guaranty Agreement. We view this acquisition as a defining step toward achieving our long-term business objective to provide the foundational architecture for global aviation safety, bringing space-based surveillance, safety communications, PNT, and operational data together on a single network.

Anticipated Merger with Rocket Lab Corporation

On June 28, 2026, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Rocket Lab Corporation (“Rocket Lab”), pursuant to which we agreed to be acquired by Rocket Lab (the “Transaction”).

Subject to the terms and conditions set forth in the Merger Agreement, each issued and outstanding share of our common stock, other than as specified in the Merger Agreement, will be converted into the right to receive (i) $27.00 in cash and (ii) a number of shares of Rocket Lab’s common stock equal to the Exchange Ratio (as defined below). The “Exchange Ratio” will be the following: (i) if the Rocket Lab Common Stock Price (as defined below) is equal to or less than $67.50, then the Exchange Ratio will be 0.4000; (ii) if the Rocket Lab Common Stock Price is greater than $67.50 but less than $112.50, then the Exchange Ratio will be the quotient obtained by dividing $27.00 by the Rocket Lab Common Stock Price, rounded to four decimal places; and (iii) if the Rocket Lab Common Stock Price is equal to or greater than $112.50, then the Exchange Ratio will be 0.2400. “Rocket Lab Common Stock Price” is defined as the volume weighted average price per share of Rocket Lab’s common stock on the Nasdaq Global Select Market for the period of the ten consecutive trading days ending on and including the second full trading day prior to the First Effective Time (as defined in the Merger Agreement).

The Merger Agreement provides each of us and Rocket Lab with certain termination rights and, under certain circumstances, may require us to pay a $223.6 million termination fee.

Our Board of Directors unanimously approved the Merger Agreement and resolved to recommend that our stockholders approve the adoption of the Merger Agreement and the Transaction. In addition, each of our directors holding shares of our common stock has entered into a voting agreement to support the Transaction.

The Transaction is expected to be completed by mid-2027, subject to the satisfaction of remaining customary closing conditions, including (i) consent of the U.S. Federal Communications Commission to the transfer of control of certain of our telecommunication authorizations; (ii) receipt of clearances or approvals under other specified foreign investment and satellite and telecommunications laws; (iii) the absence of any order or law issued, enforced or enacted by a governmental authority in certain specified jurisdictions that prevents, makes illegal or enjoins the consummation of the Transaction; (iv) there having not occurred a Company Material Adverse Effect or a Parent Material Adverse Effect, each as defined in the Merger Agreement; and (v) the continued effectiveness of a registration statement on Form S-4 with respect to shares of Rocket Lab Common Stock to be issued in the Transaction and approval of such shares for listing on the Nasdaq Global Select Market.

The waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), related to the Transaction expired on August 12, 2026 and, on September 24, 2026, our stockholders approved the Transaction at a special meeting of stockholders (the “Special Meeting”). The expiration of the HSR waiting period and stockholder approval were each closing conditions to the Transaction.

On September 15, 2026, we entered into the fourth amendment to the credit agreement (the “Fourth Amendment”), which, among other things, provides that the Transaction shall not constitute a change of control under the credit agreement. The term loan in an original aggregate principal amount equal to $1,500.0 million (the “September 2023 Term Loan”), an additional aggregate $325.0 million in term loans, comprised of $125.0 million on March 25, 2024 (the “March 2024 Term Loan”), and $200.0 million on July 30, 2024 (the “July 2024 Term Loan” together with the September 2023 Term Loan and March 2024 Term Loan, the “Term Loan”) and the $100.0 million revolving credit facility (the “Revolving Facility”) are permitted to remain outstanding after the closing of the Transaction. Rocket Lab has stated that through a combination of equity raised through an at-the-market offering, available liquidity and assumption of the Term Loan, that it has sufficient cash to fully fund the Transaction.

The Merger Agreement also subjects us to interim operating covenants that generally require us to conduct our business in the ordinary course consistent with past practice and preserve our business organization, key personnel, customer and business relationships, and material assets, and restrict us from or limit us in taking certain actions, including amending our organizational documents; issuing or repurchasing equity securities; declaring dividends or distributions; pursuing acquisitions, dispositions or significant investments; incurring material indebtedness or capital expenditures; entering into, terminating or materially modifying certain significant contracts; taking certain actions with respect to employee compensation and benefit arrangements, accounting, and tax matters; settling material litigation; and taking certain actions affecting our satellite operations, telecommunications permits, or other material assets.

For more information regarding the Transaction and related arrangements, see the definitive merger proxy statement related to the Special Meeting that we filed on August 26, 2026 and the Current Reports on Form 8-K that we filed on June 29, 2026, September 15, 2026, September 18, 2026, and September 24, 2026.

Material Trends and Uncertainties

Our industry and customer base have historically grown as a result of:

•demand for remote and reliable mobile communications services;

•a growing number of new products and services and related applications;

•a broad wholesale distribution network with access to diverse and geographically dispersed niche markets;

•increased demand for communications services by disaster and relief agencies, emergency first responders, businesses and consumers;

•improved data transmission speeds for mobile satellite service offerings;

•regulatory mandates requiring the use of mobile satellite services;

•a general reduction in prices of mobile satellite services and subscriber equipment; and

•geographic market expansion through the ability to offer our services in additional countries.

Nonetheless, we face a number of challenges and uncertainties in operating our business, including:

•our ability to maintain the health, capacity, control, and level of service of our satellites;

•our ability to develop and launch new and innovative products and services;

•changes in general economic, business, and industry conditions, including the effects of currency exchange rates;

•our reliance on a single primary commercial gateway and a primary satellite network operations center;

•increased competition or potential competition from other satellite service providers, including SpaceX following its announced plans to acquire a significant amount of spectrum enabling global direct-to-device (“D2D”) services, and, to a lesser extent, from the expansion of terrestrial-based cellular phone systems and related pricing pressures;

•market acceptance of our products;

•regulatory requirements in existing and new geographic markets;

•challenges associated with global operations, including as a result of conflicts in or affecting markets in which we operate;

•rapid and significant technological changes in the telecommunications industry, including global satellite D2D broadband services;

•our ability to generate sufficient internal cash flows to repay our debt;

•reliance on our wholesale distribution network to market and sell our products, services, and applications effectively;

•reliance on a global supply chain, including single-source suppliers for the manufacture of most of our subscriber equipment and for some of the components required in the manufacture of our end-user subscriber equipment and our ability to purchase component parts that are periodically subject to shortages resulting from surges in demand, natural disasters or other events, such as a global pandemic and the imposition of tariffs;

•reliance on a few significant customers, particularly agencies of the U.S. government, for a substantial portion of our revenue, as a result of which the loss or decline in business with any of these customers may negatively impact our revenue and collectability of related accounts receivable, including as a result of an extended government shutdown or the use of continuing resolutions;

•our ability to realize the expected benefits of our acquisition of Aireon Holdings and effectively integrate Aireon and its personnel with our existing operations;

•our ability to complete the Transaction on the anticipated timeline or at all;

•the occurrence of any event, change or other circumstance that could give rise to the right of one or both of Rocket Lab or us to terminate the Merger Agreement;

•disruption to our business as a result of the announcement and pendency of the Transaction, including due to diversion of management’s attention and time and restrictions in the Merger Agreement that could affect our ability to pursue business opportunities or execute business strategies; and

•the possibility that the Transaction may be more expensive to complete than anticipated; and the reputational risk and adverse reactions of customers, suppliers, employees, or other business partners resulting from the announcement of the Transaction.

Comparison of Our Results of Operations for the Three Months Ended September 30, 2026 and 2025


	Three Months Ended September 30,		Change
	2026		% of Total Revenue		2025		% of Total Revenue
($ in thousands)					Dollars		Percent
Revenue:
Services	$	187,498			76	%		$	165,243			73	%	$	22,255		13	%
Subscriber equipment	19,045			8	%		21,507			9	%		(2,462)		(11)	%
Engineering and support services	39,190			16	%		40,185			18	%		(995)		(2)	%
Total revenue	245,733			100	%		226,935			100	%		18,798		8	%

Operating expenses:
Cost of services (exclusive of depreciation
and amortization)	60,666			25	%		50,762			22	%		9,904		20	%
Cost of subscriber equipment	11,609			5	%		12,661			6	%		(1,052)		(8)	%
Research and development	4,810			2	%		4,944			2	%		(134)		(3)	%
Selling, general and administrative	74,936			30	%		35,508			16	%		39,428		111	%
Depreciation and amortization	62,094			25	%		52,975			23	%		9,119		17	%
Total operating expenses	214,115			87	%		156,850			69	%		57,265		37	%
Operating income	31,618			13	%		70,085			31	%		(38,467)		(55)	%

Other expense:
Interest expense, net	(26,788)			(11)	%		(22,593)			(10)	%		(4,195)		19	%

Other income, net	384			—	%		372			—	%		12		3	%
Total other expense, net	(26,404)			(11)	%		(22,221)			(10)	%		(4,183)		19	%
Income before income taxes and gain (loss) on equity method investments, net	5,214			2	%		47,864			21	%		(42,650)		(89)	%
Income tax expense	(2,186)			(1)	%		(10,003)			(4)	%		7,817		(78)	%
Gain (loss) on equity method investments, net	103,868			42	%		(734)			—	%		104,602		(14,251)	%
Net income	$	106,896			44	%		$	37,127			17	%	$	69,769		188	%

Revenue

Commercial Service Revenue


	Three Months Ended September 30,
	2026		2025		Change
	Revenue		Billable Subscribers (1)		ARPU (2)	Revenue		Billable Subscribers (1)		ARPU (2)		Revenue		Billable Subscribers		ARPU
	(Revenue in millions and subscribers in thousands)
Commercial services:
Voice and data	$	58.0			396		$	48			$	59.9			411			$	48		$	(1.9)		(15)	$	—
IoT data	48.7			2,163		7.63			46.7			1,991			7.95			2.0		172			(0.32)
Broadband (3)	11.8			16.0		246			13.0			16.3			265			(1.2)		(0.3)			(19)
Hosted payload and other data	41.4			N/A			18.7			N/A				22.7			N/A
Total commercial services	$	159.9			2,575				$	138.3			2,418				$	21.6		157

(1)Billable subscriber numbers shown are at the end of the respective period.

(2)Average monthly revenue per unit (“ARPU”) is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period. Billable subscriber and ARPU data is not applicable for hosted payload and other data service revenue items.

(3)Commercial broadband service consists of Iridium OpenPort and Iridium Certus broadband services.

For the three months ended September 30, 2026, total commercial services revenue increased $21.6 million, or 16%, from the prior year period primarily as a result of increases in hosted payload and other data services and IoT data. Hosted payload and other data service revenue increased $22.7 million, or 121%, compared to the prior year period, primarily due to the inclusion of Aireon revenue totaling $26.3 million, partially offset by decreases in PNT revenue including non-recurring revenue recognition in the prior year period. Commercial IoT revenue increased $2.0 million, or 4%, for the three months ended September 30, 2026, compared to the same period of the prior year, driven by a 9% increase in billable subscribers, offset in part by a decline in ARPU. The increases in commercial services were partially offset by decreases in voice and data and broadband. Commercial voice and data revenue decreased $1.9 million, or 3%, for the three months ended September 30, 2026, compared to the same period of the prior year, primarily due to decreased billable subscribers. Commercial broadband revenue decreased $1.2 million, or 9%, for the three months ended September 30, 2026, compared to the prior year period, due primarily to the decline in ARPU to $246 in the third quarter of 2026, as compared to $265 in the prior year period, reflecting the increased prevalence of use of lower-priced companion plans in the current year period.

Government Service Revenue


	Three Months Ended September 30,
	2026		2025	Change
	Revenue		Billable Subscribers (1)	Revenue	Billable Subscribers (1)		Revenue	Billable Subscribers
	(Revenue in millions and subscribers in thousands)
Government services	$	27.6		121	$	26.9		124	$	0.7	(3)

(1)Billable subscriber numbers shown are at the end of the respective period.

We provide airtime and airtime support to U.S. government and other authorized customers pursuant to our Enhanced Mobile Satellite Services (“EMSS”) contract. Under the terms of this EMSS contract, which we entered into in September 2019, authorized customers utilize specified Iridium airtime services provided through the U.S. government’s dedicated gateway. The service fee under the EMSS contract is fixed at $110.5 million per year for the remainder of the term and is not based on subscribers or usage, allowing an unlimited number of users access to these services. Revenue for the three months ended September 30, 2026 increased slightly reflecting the contractual step ups in the EMSS contract. On September 11, 2026, the U.S. Space Force exercised its option to extend the EMSS Contract with us through March 2027, at the same contractual rate. We continue to expect a renewal of the EMSS Contract in 2027. For more on risks associated with the EMSS contract expiration, see the risk factor captioned “—Our agreements with U.S. government customers, particularly the Department of War (the “DoW”), which represent a significant portion of our revenue, are subject to termination and renewal” in our 2025 Form 10-K.

Subscriber Equipment Revenue

Subscriber equipment revenue decreased by $2.5 million, or 11%, for the three months ended September 30, 2026, compared to the prior year period, primarily as a result of a decrease in volume of handset and L-band transceiver device sales offset in part by an increase in volume of Short Burst Data® device sales. We continue to expect equipment revenue in 2026 to be in line with 2025.

Engineering and Support Service Revenue


	Three Months Ended September 30,
	2026		2025		Change
	(In millions)
Commercial engineering and support services	$	0.3			$	1.9		$	(1.6)
Government engineering and support services	38.9			38.3			0.6
Total engineering and support services	$	39.2			$	40.2		$	(1.0)

Engineering and support service revenue decreased by $1.0 million, or 2%, for the three months ended September 30, 2026, compared to the prior year period, primarily due to the Aireon acquisition. We expect engineering and support service revenue to be higher in 2026 than in 2025.

Operating Expenses

Cost of Services (exclusive of depreciation and amortization)

Cost of services (exclusive of depreciation and amortization) includes the cost of network engineering and operations staff, including contractors, software maintenance, product support services and cost of services for government and commercial engineering and support service revenue.

Cost of services (exclusive of depreciation and amortization) increased by $9.9 million, or 20%, for the three months ended September 30, 2026 from the prior year period, primarily as a result of $10.1 million in costs due to the Aireon acquisition.

Cost of Subscriber Equipment

Cost of subscriber equipment includes the direct costs of equipment sold, which consist of manufacturing costs, allocation of overhead, and warranty costs.

Cost of subscriber equipment decreased by $1.1 million, or 8%, for the three months ended September 30, 2026, compared to the prior year period, primarily due to the net decrease in volume of device sales, as noted above.

Research and Development

Research and development expenses remained relatively flat compared to the prior year period.

Selling, General and Administrative

Selling, general and administrative expenses that are not directly attributable to the sale of services or products include sales and marketing costs, as well as employee-related expenses (such as salaries, wages, and benefits), legal, finance, information technology, facilities, billing and customer care expenses.

Selling, general and administrative expenses increased by $39.4 million, or 111%, for the three months ended September 30, 2026, compared to the prior year period, primarily due to increases in transaction costs totaling $21.3 million associated with the Transaction and the Aireon acquisition. The increase was also due to $10.6 million higher employee costs, including stock-based compensation expenses, $4.8 million in costs due to the Aireon acquisition, $2.1 million in professional fees, and $1.2 million of stock appreciation rights expense.

We expect our selling, general and administrative expenses to moderate from the current quarter as we expect transaction costs to decrease during the pendency of the Transaction and in connection with the closing.

Depreciation and Amortization

Depreciation and amortization expense increased by $9.1 million, or 17%, for the quarter ended September 30, 2026, compared to the prior year period, primarily related to a $4.5 million increase in depreciation due to the Aireon acquisition and a $3.8 million increase in amortization of intangible assets recognized related to the Aireon acquisition.

Other Income (Expense), net

Interest Expense, Net

Interest expense, net increased $4.2 million, or 19%, for the three months ended September 30, 2026, compared to the same period of the prior year. The increase was primarily due to $6.5 million in interest expense associated with the Aireon Loans, partially offset by lower interest rates compared to the prior year period.

Other Income, net

Other income, net, was $0.4 million for the three months ended September 30, 2026, and September 30, 2025, respectively, primarily driven by foreign currency exchange rates.

Income Tax Expense

For the three months ended September 30, 2026, our income tax expense was $2.2 million, compared to $10.0 million for the prior year period. The decrease in income tax expense is primarily related to decreased pre-tax book income in 2026 compared to 2025 and decreased tax expense associated with stock compensation and nondeductible executive compensation, partially offset by decreased tax benefit from the deduction for foreign derived deduction eligible income and tax expense from acquisition costs.

The Organisation for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenue and profits above certain thresholds (referred to as Pillar 2). Although the U.S. has not enacted legislation to implement Pillar 2, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. Pillar 2 is applicable to us beginning in 2026. However, based on the guidance issued to date, we do not expect it to have a material impact on our effective tax rate or our results of operation and financial position.

Gain (Loss) on Equity Method Investments, Net of Tax

For the three months ended September 30, 2026, our after tax gain on equity method investments was $103.9 million compared to a loss of $0.7 million in the prior year period. Prior to our acquisition of Aireon in July 2026, we held a 39.5% equity interest in Aireon Holdings, which was classified as an equity method investment. Upon the closing of the acquisition of Aireon, we recorded a gain of $135.3 million, equal to the difference between the fair value and net book value of the equity method investment. The impact of this gain on net income was partially offset by $31.4 million in taxes related to the remeasurement.

Net Income

Net income was $106.9 million for the three months ended September 30, 2026, compared to net income of $37.1 million for the prior year period. The $69.8 million increase in net income was primarily the result of the gain related to the acquisition of Aireon as described above.

Comparison of Our Results of Operations for the Nine Months Ended September 30, 2026 and 2025


	Nine Months Ended September 30,		Change
	2026		% of Total Revenue		2025		% of Total Revenue
($ in thousands)					Dollars		Percent
Revenue:
Services	$	506,855			73	%		$	475,105			72	%	$	31,750		7	%
Subscriber equipment	60,031			9	%		64,083			10	%		(4,052)		(6)	%
Engineering and support services	123,141			18	%		119,531			18	%		3,610		3	%
Total revenue	690,027			100	%		658,719			100	%		31,308		5	%

Operating expenses:
Cost of services (exclusive of depreciation
and amortization)	161,616			23	%		153,152			23	%		8,464		6	%
Cost of subscriber equipment	38,101			6	%		36,830			6	%		1,271		3	%
Research and development	16,514			2	%		14,640			2	%		1,874		13	%
Selling, general and administrative	187,759			27	%		115,887			18	%		71,872		62	%
Depreciation and amortization	169,698			25	%		157,479			24	%		12,219		8	%
Total operating expenses	573,688			83	%		477,988			73	%		95,700		20	%
Operating income	116,339			17	%		180,731			27	%		(64,392)		(36)	%

Other expense:
Interest expense, net	(65,400)			(9)	%		(67,169)			(10)	%		1,769		(3)	%

Other expense, net	(258)			—	%		(2,184)			—	%		1,926		(88)	%
Total other expense, net	(65,658)			(9)	%		(69,353)			(10)	%		3,695		(5)	%
Income before income taxes and gain (loss) on equity method investments, net	50,681			7	%		111,378			17	%		(60,697)		(54)	%
Income tax expense	(14,138)			(2)	%		(19,629)			(3)	%		5,491		(28)	%
Gain (loss) on equity method investments, net	101,626			15	%		(2,242)			—	%		103,868		(4,633)	%
Net income	$	138,169			19	%		$	89,507			14	%	$	48,662		54	%

Revenue

Commercial Service Revenue


	Nine Months Ended September 30,
	2026		2025		Change
	Revenue		Billable Subscribers (1)		ARPU (2)	Revenue		Billable Subscribers (1)		ARPU (2)		Revenue		Billable Subscribers		ARPU
	(Revenue in millions and subscribers in thousands)
Commercial services:
Voice and data	$	173.8			396		$	48			$	172.7			411			$	46		$	1.1		(15)	$	2
IoT data	141.7			2,163		7.57			135.3			1,991			7.75			6.4		172			(0.18)
Broadband (3)	35.7			16.0		248			38.6			16.3			261			(2.9)		(0.3)			(13)
Hosted payload and other data	72.8			N/A			48.1			N/A				24.7			N/A
Total commercial services	$	424.0			2,575				$	394.7			2,418				$	29.3		157

(1)Billable subscriber numbers shown are at the end of the respective period.

(2)ARPU is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period. Billable subscriber and ARPU data is not applicable for hosted payload and other data service revenue items.

(3)Commercial broadband service consists of Iridium OpenPort and Iridium Certus broadband services.

For the nine months ended September 30, 2026, total commercial services revenue increased $29.3 million, or 7%, from the prior year period primarily driven by increases in hosted payload and other data services, IoT data, and voice and data revenue. Hosted payload and other data service revenue increased $24.7 million, or 51%, compared to the prior year period, primarily due to the inclusion of Aireon revenue totaling $26.3 million, partially offset by decreases in PNT revenue, including non-recurring revenue recognition in the prior year. Commercial IoT revenue increased $6.4 million, or 5%, for the nine months ended September 30, 2026, compared to the prior year period, driven by a 9% increase in IoT billable subscribers, offset in part by a decline in ARPU. Commercial voice and data revenue increased $1.1 million, or 1%, from the prior year period, primarily due to increased ARPU from price increases implemented during the second half of the prior year. Commercial broadband revenue decreased $2.9 million, or 8%, for the nine months ended September 30, 2026, compared to the prior year period, primarily due to a decrease in ARPU to $248 in the third quarter of 2026, as compared to $261 in the prior year period, reflecting the increased prevalence of use of lower-priced companion plans in the current year period.

Government Service Revenue


	Nine Months Ended September 30,
	2026		2025	Change
	Revenue		Billable Subscribers (1)	Revenue	Billable Subscribers (1)		Revenue	Billable Subscribers
	(Revenue in millions and subscribers in thousands)
Government services	$	82.8		121	$	80.4		124	$	2.4	(3)

(1)Billable subscriber numbers shown are at the end of the respective period.

We provide airtime and airtime support to the U.S. government and other authorized customers pursuant to our EMSS contract. Under the terms of this agreement, which we entered into in September 2019, authorized customers utilize specified Iridium airtime services provided through the U.S. government’s dedicated gateway. The service fee under the EMSS contract is fixed at $110.5 million per year for the remainder of the term and is not based on subscribers or usage, allowing an unlimited number of users access to these services. Revenue for the nine months ended September 30, 2026 increased $2.4 million reflecting the contractual step ups in the EMSS contract. On September 11, 2026, the U.S. Space Force exercised its option to extend the EMSS Contract with us through March 2027, at the same contractual rate. We continue to expect a renewal of the EMSS Contract in 2027. For more on risks associated with the EMSS contract expiration, see the risk factor captioned “—Our agreements with U.S. government customers, particularly the DoW, which represent a significant portion of our revenue, are subject to termination and renewal” in our 2025 Form 10-K.

Subscriber Equipment Revenue

Subscriber equipment revenue decreased $4.1 million, or 6%, for the nine months ended September 30, 2026, compared to the prior year period, primarily as a result of a decrease in volume of handset and L-band transceiver device sales, offset in part by an increase in the volume of Certus device sales. We continue to expect equipment revenue in 2026 to be in line with 2025.

Engineering and Support Service Revenue


	Nine Months Ended September 30,
	2026		2025		Change
	(In millions)
Commercial engineering and support services	$	3.3			$	5.9		$	(2.6)
Government engineering and support services	119.8			113.6			6.2
Total engineering and support services	$	123.1			$	119.5		$	3.6

Engineering and support service revenue increased $3.6 million, or 3%, for the nine months ended September 30, 2026 compared to the prior year period due to increased work under certain government projects, predominantly the contract with the Space Development Agency (“SDA”). We expect engineering and support service revenue to be higher in 2026 than in 2025.

Operating Expenses

Cost of Services (exclusive of depreciation and amortization)

Cost of services (exclusive of depreciation and amortization) increased by $8.5 million, or 6%, for the nine months ended September 30, 2026 from the prior year period, primarily as a result of $10.1 million in costs due to the Aireon acquisition, offset in part by decreased costs for network and satellite operations, maintenance and product support, as well as a decrease in work under commercial engineering contracts.

Cost of Subscriber Equipment

Cost of subscriber equipment increased $1.3 million, or 3%, for the nine months ended September 30, 2026, compared to the prior year period, primarily due to an increase in inventory component costs and product mix. The increase in equipment costs was partially offset by the decrease in equipment volume for the same period, as noted above.

Research and Development

Research and development expenses increased by $1.9 million, or 13%, for the nine months ended September 30, 2026 compared to the prior year period based on increased spending on device-related features and technology for our network.

Selling, General and Administrative

Selling, general and administrative expenses increased by $71.9 million, or 62%, for the nine months ended September 30, 2026 compared to the prior year period, primarily due to increases in transaction costs totaling $36.3 million associated with the Transaction and the Aireon acquisition. The increase was also due to $16.1 million higher employee costs including stock-based compensation expenses, $6.3 million of stock appreciation rights expense in the current year resulting from changes in our stock valuation between the years, including changes resulting from the announcement of the Transaction, $4.8 million in costs due to the Aireon acquisition, and $4.0 million in professional fees.

We expect our selling, general and administrative expenses to increase due to increases in professional and advisory fees during the pendency of the Transaction and in connection with the closing and integration of Aireon.

Depreciation and Amortization

Depreciation and amortization expense increased by $12.2 million, or 8%, for the nine months ended September 30, 2026, compared to the prior year period, primarily related to a $4.5 million increase in depreciation due to the Aireon acquisition, $3.8 million in amortization of intangible assets recognized related to the Aireon acquisition, amortization of customer relationships related to the Satelles acquisition in 2024 and depreciation on satellites placed into service in 2025.

Other Expense

Interest Expense, Net

Interest expense, net decreased $1.8 million for the nine months ended September 30, 2026 compared to the prior year period. The decrease was primarily due to lower interest expense related to lower average debt levels, excluding the Aireon Loans, and interest rates and higher capitalized interest, offset by $6.5 million in interest expense associated with the Aireon Loans.

Other Expense, net

Other expense, net, was $0.3 million for the nine months ended September 30, 2026, compared to $2.2 million for the prior year period, primarily as the result of changes in foreign currency exchange rates.

Income Tax Expense

For the nine months ended September 30, 2026, our income tax expense was $14.1 million, compared to $19.6 million for the prior year period. The decrease in income tax expense is primarily related to decreased pre-tax book income in 2026 compared to 2025 and decreased tax expense associated with stock compensation and nondeductible executive compensation, partially offset by decreased tax benefit from the deduction for foreign derived deduction eligible income and tax expense from acquisition costs.

Gain (Loss) on Equity Method Investments, Net of Tax

For the nine months ended September 30, 2026, our after tax gain on equity method investments was $101.6 million, primarily as a result of the acquisition of Aireon, upon which we recorded a $135.3 million gain on our previously held equity method investment, as noted above. The impact of this gain on net income was partially offset by $31.4 million in taxes related to the remeasurement. For the nine months ended September 30, 2025 our loss on equity method investments was $2.2 million, reflecting the portion of losses recorded on equity method investments, including Aireon, during the period.

Net Income

Net income was $138.2 million for the nine months ended September 30, 2026, compared to $89.5 million for the prior year period. The change primarily resulted from the gain related to the acquisition of Aireon, as described above.

Liquidity and Capital Resources

Our primary sources of liquidity are cash provided by operations, cash and cash equivalents and our Revolving Facility. As of September 30, 2026, we had approximately $2.1 billion of indebtedness, consisting of the Term Loan, and the term loan that we assumed in connection with the acquisition of Aireon in an aggregate original principal amount equal to $175 million (the “Aireon Term Loan”), and amounts outstanding under the Credit and Guaranty Agreement related to the Aireon Closing (the “Aireon Closing Loan” and together with the Aireon Term Loan, the “Aireon Loans”), the terms of which are described below. On July 1, 2026, we drew down $100.0 million on our Revolving Facility to fund the acquisition of Aireon Holdings. During the quarter ended September 30, 2026, we repaid $50.0 million and $50.0 million remained outstanding as of September 30, 2026. These sources are expected to meet our short-term and long-term liquidity needs, including annual payments for (i) required principal and interest on the Term Loan and Aireon Loans in the next 12 months, (ii) capital expenditures, (iii) working capital, and (iv) anticipated cash dividend payments to holders of our common stock.

As of September 30, 2026, our total cash and cash equivalents balance was $97.9 million, up from $96.5 million as of December 31, 2025. While we generated cash flows from operations and used less for share repurchases in 2026 than in 2025, these factors were offset by our acquisition of Aireon in the third quarter of 2026.

The Merger Agreement provides for the payment of a termination fee of $223.6 million by us to Rocket Lab upon termination of the Merger Agreement under specified circumstances, including if the Merger Agreement is terminated (i) by us to enter into a definitive agreement for an alternative acquisition proposal that constitutes a Superior Proposal (as defined in the Merger Agreement) or (ii) by Rocket Lab because we materially and intentionally breach the “no-shop” restrictions in the Merger Agreement. The termination fee is also payable by us to Rocket Lab if the Merger Agreement is terminated in specified circumstances and we either consummate an alternative acquisition transaction or enter into a definitive agreement providing for an alternative acquisition transaction within one year of such termination.

In addition, we have incurred and expect to continue to incur significant costs, expenses and fees for professional services and other transaction costs in connection with the Transaction. The substantial majority of these costs will be non-recurring expenses relating to the Transaction. Many of these costs are payable regardless of whether or not the Transaction is consummated.

Term Loan and Revolving Facility

Pursuant to the Amended and Restated Credit Agreement, dated as of September 20, 2023, by and among Iridium Holdings LLC, we solely with respect to Section 10.12 thereof, Iridium Satellite LLC, the lenders party thereto from time to time, and Deutsche Bank AG New York Branch, as the administrative agent and the collateral agent (as amended to date, the “Credit Agreement”), we borrowed the Term Loan and obtained the Revolving Credit Facility. The maturities of the Term Loan and Revolving Facility are in September 2030 and September 2028, respectively.

The Term Loan has been repriced on several occasions, most recently in June 2024, and currently bears interest at an annual rate equal to SOFR, plus 2.25%, with a 0.75% SOFR floor. If the Transaction closes, solely from and after the closing of the Transaction, the Term Loan will again be repriced, as further described below. We typically select a one-month interest period, with the result that interest is calculated using one-month SOFR. Interest is paid monthly on the last business day of the month. Principal payments, payable quarterly, equal $18.3 million per annum (one percent of the full principal amount of the Term Loan), with the remaining principal due upon maturity. As further detailed below, no quarterly principal payment has been made after the first quarter in 2025 as a result of the excess cash flow payment made in May 2025.

The Revolving Facility bears interest at an annual rate of SOFR plus 2.5% (but without a SOFR floor) if and as drawn, with no original issue discount, and a commitment fee of 0.5% per year on the undrawn amount, which was reduced to 0.375% in the first quarter of 2026 because we had a consolidated first lien net leverage ratio (as defined in the Credit Agreement) of less than 3.5 to 1.0.

The Credit Agreement restricts our ability to incur liens, engage in mergers or asset sales, pay dividends, repay subordinated indebtedness, incur indebtedness, make investments and loans, and engage in other transactions as specified in the Credit Agreement. The Credit Agreement provides for specified exceptions, including baskets measured as a percentage of trailing twelve months of earnings before interest, taxes, depreciation and amortization, and unlimited exceptions in the case of incurring indebtedness and liens and making investments, dividend payments, and payments of subordinated indebtedness, based on achievement and maintenance of specified leverage ratios. The Credit Agreement also contains customary representations and warranties, affirmative covenants and events of default. Additionally, the Credit Agreement contains an annual mandatory prepayment sweep mechanism with respect to a portion of our excess cash flow (as defined in the Credit Agreement) in the event our net leverage ratio rises above 3.5 to 1.0. Our mandatory excess cash flow prepayment, as specified in the Credit Agreement, was $28.6 million as of December 31, 2024. This amount was paid in May 2025. As a result, no quarterly principal payment was required for the quarters ended March 31, 2026, June 30, 2026, and September 30, 2026, and no quarterly principal payment will be required until the fourth quarter of 2026. As of December 31, 2025, we were below the specified leverage ratio and therefore the mandatory prepayment sweep was not required.

The Credit Agreement contains no financial maintenance covenants with respect to the Term Loan. With respect to the Revolving Facility, the Credit Agreement requires us to maintain a consolidated first lien net leverage ratio (as defined in the Credit Agreement) of no greater than 6.25 to 1.0 if more than 35% of the Revolving Facility has been drawn, which was the case as of September 30, 2026. As of September 30, 2026, we were in compliance with all covenants.

On September 15, 2026, we entered into the Fourth Amendment that, among other things, (i) provides that the Transaction shall not constitute a change of control under the Credit Agreement, (ii) provides for a downstream guarantee of the obligations under the Credit Agreement by Rocket Lab USA, Inc., at the closing of the Transaction, (iii) solely from and after the closing of the Transaction, increases the interest rate applicable to the Term Loan to a per annum rate of (a) SOFR plus an interest rate margin that ranges from 2.50% to 3.00% or (b) base rate plus an interest rate margin that ranges from 1.50% to 2.00%, in each case, based on our credit ratings, (iv) solely from and after the closing of the Transaction, provides for a prepayment premium, applicable only in the case of a repricing transaction (and in any event, not in the case of a change of control or transformative transaction), in an amount equal to 1.00% of the Term Loan subject to such repricing transaction, (v) solely from and after the closing of the Transaction, provides for an exit fee, which applies after the first anniversary of the closing of the Transaction, in an amount equal to 1.00% of the Term Loan prepaid and (vi) makes certain other amendments, which other amendments shall only take effect after the consummation of the Transaction. The Term Loan and the Revolving Facility are permitted to remain outstanding after the closing of the Transaction. Rocket Lab has stated that through a combination of equity raised through an at-the-market offering, available liquidity and assumption of the Term Loan, it has sufficient cash to fully fund the Transaction.

Credit and Guaranty Agreement

In connection with the Aireon Closing, the aggregate purchase price payable to the Sellers was approximately $366.7 million, paid in two installments: (i) 50% in cash at the Aireon Closing; and (ii) 50% deferred and in the form of a loan by the Sellers. In connection with the deferred portion of the purchase price, on the Aireon Closing Date, Iridium Monitor Holdings, as borrower, and the Sellers entered into the Credit and Guaranty Agreement, pursuant to which the Sellers provided Iridium Monitor Holdings the Aireon Closing Loan, bearing no interest, and maturing one year following the Aireon Closing Date, to fund the deferred portion of the purchase price. The loan is secured by a first priority lien on the equity interests of Aireon Holdings and other intermediate holding company entities.

The Credit and Guaranty Agreement contains no financial maintenance covenants, and contains customary representations and warranties, affirmative and negative covenants (including limitations on indebtedness, liens, restricted payments, investments and affiliate transactions), and events of default (including payment defaults, breaches of covenants, cross-defaults, bankruptcy and change of control). Upon the occurrence of an event of default, the lenders may accelerate the obligations under the Credit and Guaranty Agreement, subject to mandatory acceleration for certain bankruptcy events. The loan is subject to voluntary prepayment at any time subject to prior written notice, and mandatory repayment out of the net cash proceeds of new indebtedness or the issuance or sale of equity interests or in the event of a change of control.

Aireon Term Loan and Credit Facility

As a result of the Aireon Closing, the Parent Guaranty Agreement (the “Parent Guaranty”), pursuant to which we provided an unsecured guarantee of the repayment of Aireon’s obligations under the Credit and Guaranty Agreement, dated as of October 10, 2023, by and among Aireon as borrower, Aireon Holdings and other subsidiaries of Aireon Holdings from time to time party thereto as guarantors, GLAS USA LLC, as administrative agent, GLAS Americas LLC, as collateral agent, and the lenders from time to time party thereto (as amended to date, the “Aireon Credit Agreement”) is consolidated with our financial position and results of operations. The Aireon Term Loan has a scheduled maturity date of October 10, 2028, and is reflected in the Aireon Credit Agreement.

In connection with the Aireon Closing, on July 2, 2026, we entered into the Parent Guaranty, pursuant to which we provided an unsecured guarantee of the repayment of Aireon’s obligations under the Aireon Credit Agreement.

The Aireon Term Loan bears interest at a per annum rate equal to, at Aireon’s option, either (i) a SOFR-based rate plus a margin of 6.25% or (ii) a base rate plus a margin of 5.25%. In the event of a prepayment of all or a portion of the Aireon Term Loan, subject to certain exceptions, Aireon is required to pay a prepayment premium equal to 1.00% of the aggregate principal amount of Aireon Term Loan so prepaid if such prepayment is made on or prior to October 10, 2027. The Aireon Credit Agreement currently requires quarterly amortization payments equal to 1.875% of the original principal amount of the Aireon Term Loan, with such quarterly amortization payments increasing to 3.125% of the original principal amount of the Aireon Term Loan beginning with the quarter ending December 31, 2026 and each quarter thereafter until maturity.

The Aireon Credit Agreement contains customary representations and warranties, events of default and affirmative and negative covenants applicable to Aireon Holdings and its subsidiaries, including limitations on the ability of Aireon Holdings and its subsidiaries to incur debt, permit additional liens, make investments and acquisitions, merge or consolidate with others, dispose of assets, pay dividends and distributions, pay junior indebtedness and enter into affiliate transactions, in each case, subject to certain exceptions. In addition, the Aireon Credit Agreement contains a financial covenant requiring Aireon Holdings and its subsidiaries to maintain, on a consolidated basis as of the last day of each quarterly period, a consolidated total leverage ratio, as defined in the Aireon Credit Agreement, of not more than 5.00 to 1.00.

U.S. Government

A significant portion of our revenues and cash flow are derived from U.S. government contracts. During 2025, we did not experience delays in receiving payments from U.S. government agencies despite the U.S. government shutdown during the fourth quarter. While none of our contracts were impacted as a result, an extended government shutdown could result in a delay or suspension of funding for our U.S. government contracts and disrupt our cash flows and delay new contract awards.

Contractual Obligations

As of September 30, 2026, we had non-cancelable purchase obligations of approximately $14.3 million for inventory purchases with Benchmark, our primary third-party equipment supplier. Our purchase obligations, all of which are due during the next twelve months, did not change materially from the end of 2025.

As of September 30, 2026, we also had contractual obligations in the short and long term related to the Term Loan (see Note 5) and leases.

Dividends

In December 2022, our Board of Directors initiated a quarterly dividend. Total dividends paid during the nine months ended September 30, 2026 and September 30, 2025 were $49.0 million and $46.9 million, respectively. We currently expect that comparable cash dividends will continue to be paid in the future, although future dividends will depend on our earnings, capital requirements, financial conditions and other factors that our Board of Directors deems relevant.

Share Repurchases

On June 28, 2026, in connection with the Transaction with Rocket Lab, our Board of Directors terminated our share repurchase program.

Cash Flows

The following table summarizes our cash flows:


	Nine Months Ended September 30,
	2026		2025	Change
	(In thousands)
Cash provided by operating activities	$	281,706		$	291,478	$	(9,772)
Cash used in investing activities	$	(259,039)		$	(66,791)	$	(192,248)
Cash used in financing activities	$	(20,302)		$	(232,428)	$	212,126

Cash Flows Provided by Operating Activities

Net cash provided by operating activities for the nine months ended September 30, 2026 decreased by $9.8 million from the prior year period. The changes in operating cash relate primarily to decreases in net income adjusted for non-cash items of $40.4 million, including the effects of acquisition costs offset in part by a $30.6 million increase in net working capital primarily due to the change to pay annual incentive compensation solely in cash versus the prior year mix of cash and equity, the recognition of deferred revenue associated with the timing of contractual payments, and the timing of customer and vendor payments.

Cash Flows Used in Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2026 increased by $192.2 million as compared to the prior year period, primarily due to the Aireon acquisition as well as increased capital expenditures.

Cash Flows Used in Financing Activities

Net cash used in financing activities for the nine months ended September 30, 2026 decreased by $212.1 million compared to the prior year period. Cash flows used in the prior year were higher primarily due to share repurchases and the mandatory excess cash flow payment.

U.S. Tax Regulation Update

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA permanently extends certain expiring provisions of the Tax Cuts and Jobs Act, modifies the international tax framework, and restores certain favorable business tax provisions, among other changes. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. We have incorporated the impact of the new legislation into our year-to-date effective tax rate and continue to assess the impact on our consolidated financial statements.

Seasonality

Our results of operations have been subject to seasonal usage changes for commercial customers, and we expect that our results will be affected by similar seasonality going forward. March through October are typically the peak months for commercial voice services revenue and related subscriber equipment sales. U.S. government revenue and commercial IoT revenue have been less subject to seasonal usage changes.

Critical Accounting Policies and Estimates

The discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, income taxes, useful lives of property and equipment, loss contingencies, and other estimates. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

In connection with the Aireon acquisition, we applied the acquisition method of accounting, which requires significant estimates and judgments in determining the fair values of assets acquired, liabilities assumed and our previously held equity interest. Significant estimates primarily relate to the valuation of acquired intangible assets, including projected future cash flows, growth rates and discount rates. The purchase price allocation remains preliminary and is subject to adjustment during the measurement period. See Note 11 to the financial statements for additional information.

There have been no changes to our critical accounting policies and estimates from those described in our 2025 Form 10-K.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We had an outstanding aggregate balance of $2,109.5 million under the Term Loan and Aireon Loans as of September 30, 2026. Under the Term Loan, we pay interest at an annual rate equal to SOFR, plus 2.25%, with a 0.75% SOFR floor. Accordingly, we have been and continue to be subject to interest rate fluctuations. The interest rate contract that manages our exposure to interest rate movements on a portion of the Term Loan through November 2026 (the “Cap”) began in December 2021 and manages our exposure to interest rate movements on a notional amount of $1.0 billion of the Term Loan through November 2026. The Cap provides the right for us to receive payment from the counterparty if one-month SOFR exceeds 1.436%. The interest rate was above the level of the Cap during each of the nine months ended September 30, 2026 and for the full year 2025. For every SOFR increase of 25 basis points above the level of the Cap, we expect our annual interest expense to increase by an additional $1.9 million related to the unhedged portion of the Term Loan. Upon expiration of the Cap in November 2026, we expect our annual interest expense to increase by approximately $23.3 million and that for every SOFR increase of 25 basis points, we would expect our annual interest expense to increase by an additional $4.4 million. We are evaluating options to hedge our exposure to interest rate movements; however, we expect overall interest rate expense to increase upon the expiration of the Cap.

As of September 30, 2026, $50.0 million of the Revolving Facility was drawn. The Revolving Facility bears interest at SOFR plus 2.5%, without a SOFR floor.

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, as well as accounts receivable. We maintain our cash and cash equivalents with financial institutions with high credit ratings and maintain deposits in excess of federally insured limits. The majority of our cash is invested into a money market fund invested in U.S. treasuries, agency mortgage-backed securities and/or U.S. government-guaranteed debt. Accounts receivable are due from both domestic and international customers. We perform credit evaluations of our customers’ financial condition and record reserves to provide for estimated credit losses. Accounts payable are owed to both domestic and international vendors.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our chief executive officer, who is our principal executive officer, and our chief financial officer, who is our principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Form 10-Q. In evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a control system, misstatements due to error or fraud may occur and not be detected.

Based on this evaluation, our chief executive officer and our chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms, and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

During the quarter ended September 30, 2026, there were no changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

There are no material pending legal proceedings, other than routine litigation incidental to our business.

ITEM 1A. RISK FACTORS.

Our business is subject to risks and events that, if they occur, could adversely affect our financial condition and results of operations and the trading price of our securities. In addition to the other information set forth in this report, you should carefully consider the factors described in “Part I, Item 1A. Risk Factors” of our 2025 Form 10-K, as supplemented by the risk factors below.

Risks Related to the Anticipated Merger with Rocket Lab Corporation (the “Merger”)

We may fail to consummate the Merger on the anticipated timeline or at all, and uncertainties related to the consummation of the Merger may have a material adverse effect on our business, results of operations and financial condition and negatively impact the trading price of our common stock.

The Merger is subject to the satisfaction of a number of conditions beyond our control, including customary closing conditions. Failure to satisfy the conditions to the Merger could prevent or delay the completion of the Merger. Further, regulators may impose conditions, obligations or restrictions on the Merger that may have the effect of delaying or preventing its completion. If the Merger does not close, we may suffer other consequences that could adversely affect our business, financial condition, operating results, and stock price, and our stockholders would be exposed to additional risks, including, but not limited to:

•to the extent that the trading price of our common stock reflects an assumption that the Merger will be completed, the trading price of our common stock could decrease if the Merger is not completed;

•investor confidence in us could decline, stockholder litigation could be brought against us, relationships with existing and prospective customers, service providers, investors and other business partners may be adversely impacted, we may be unable to retain key personnel, and our operating results may be adversely impacted due to costs incurred in connection with the Merger;

•we have incurred, and will continue to incur, significant expenses for professional services in connection with the Merger for which we will have received little or no benefit if the Merger is not consummated;

•any disruptions to our business resulting from the announcement and pendency of the Merger, including adverse changes in our relationships with customers, suppliers, partners and employees, may continue or intensify in the event the Merger is not consummated or is significantly delayed; and

•the requirement that we pay a termination fee under certain circumstances.

The pendency of the Merger may disrupt our business and divert management’s attention from ongoing operations.

The efforts and costs to satisfy the closing conditions of the Merger may place a significant burden on management and internal resources, and the Merger and related transactions, whether or not consummated, may result in a diversion of management’s attention from day-to-day operations. Any significant diversion of management’s attention away from ongoing business and difficulties encountered in the Merger process could have a material adverse effect on our business, results of operations and financial condition. Uncertainty as to our future could adversely affect our business and our relationship with existing and potential customers, suppliers and other third parties. For example, customers, suppliers and other third parties may defer decisions concerning working with us or seek to change existing business relationships with us. Changes to, or termination of, existing business relationships could adversely affect our revenue, earnings and financial condition, as well as the market price of our common stock. The adverse effects of the pendency of the Merger could be exacerbated by any delays in completion of the Merger or termination of the Merger Agreement.

If the conditions to the Merger are not satisfied or waived, the Merger will not occur.

Certain specified conditions set forth in the Merger Agreement must be satisfied, to the extent permitted by applicable law, or waived to complete the Merger. We cannot assure you that all of the conditions will be satisfied or waived. If the conditions are not satisfied or waived, the Merger will not occur or will be delayed, and we may lose some or all of the intended benefits of the Merger.

Expenses related to the pending Merger are significant and will adversely affect our operating results.

We have incurred and expect to continue to incur significant expenses in connection with the pending Merger, including legal and investment banking fees. We expect these costs to have an adverse effect on our operating results. If the Merger is not consummated, we may under certain circumstances be required to pay to Rocket Lab a termination fee of $223.6 million. Our financial position and results of operations would be adversely affected if we were required to pay the termination fee.

While the Merger Agreement is in effect, we are subject to certain interim covenants.

The Merger Agreement generally requires us to operate our business in the ordinary course, subject to certain exceptions, including as required by applicable law, pending consummation of the Merger, and subjects us to customary interim operating covenants that restrict us from taking certain specified actions until the Merger is completed or the Merger Agreement is terminated in accordance with its terms. These restrictions could prevent us from pursuing certain business opportunities that may arise prior to the consummation of the Merger and may affect our ability to execute our business strategies and attain financial and other goals and may impact our financial condition, results of operations and cash flows.

We may not be able to enter into a business combination with another party on more favorable terms or at all because of restrictions in the Merger Agreement, which could adversely affect our business prospects.

While the Merger Agreement is in effect, we are generally prohibited from soliciting, initiating or knowingly encouraging, inducing or facilitating any inquiries, indications of interest, proposals or offers that constitute or may reasonably be expected to lead to certain transactions involving a third party, including a merger, sale of assets or other business combination, subject to specified exceptions. Any such transactions could be favorable to our stockholders, but we may be unable to pursue them. If the Merger Agreement is terminated and we decide to seek another business combination thereafter, we may not be able to negotiate or consummate a transaction with another party on terms comparable to, or better than, the terms of the Merger Agreement. In addition, covenants in the Merger Agreement impede our ability to make acquisitions during the pendency of the Merger, subject to specified exceptions. As a result, if the Merger is not completed, we may be at a disadvantage to our competitors during such period.

We and our directors and officers have been and may continue to be subject to lawsuits relating to the Merger.

Litigation is very common in connection with the sale of public companies, regardless of whether the claims have any merit. One of the conditions to consummating the Merger is that no order preventing the consummation of the Merger shall have been issued by any court. Consequently, if any such lawsuit challenging the Merger is successful in obtaining an order preventing the consummation of the Merger, that order may delay or prevent the Merger from being completed. While we are evaluating and defending against lawsuits and will evaluate and defend against any additional lawsuits, the time and costs of defending against litigation relating to the Merger may adversely affect our business.

Risks Related to Aireon’s Business

Aireon’s aviation surveillance and data services business is subject to operational, regulatory, commercial and liability risks that could adversely affect our business, financial condition and results of operations.

Aireon provides space-based aircraft surveillance and related aviation data services to air navigation service providers, aviation regulatory authorities, airlines and other aviation industry participants. Aireon’s services rely on the continued availability and operation of the Iridium satellite constellation, which also supports Iridium’s other services, including the Aireon payload hosted on each Iridium space vehicle, as well as related ground, software, communications, data processing, cybersecurity and customer-interface systems. Any failure, degradation, interruption, latency, signal interference, data corruption, cybersecurity incident, GPS jamming or spoofing event, or other performance issue affecting these systems could impair Aireon’s ability to provide its services and could result in contractual claims, service credits, breach payments, termination rights, regulatory scrutiny, customer disputes, reputational harm, reduced adoption of Aireon’s services, or claims that Aireon’s services caused or contributed to airspace restrictions, aircraft delays, operational disruptions, safety events, aircraft incidents, economic losses or other damages.

Aireon’s business is also subject to evolving aviation regulatory requirements, certification expectations, governmental procurement processes, anti-corruption and sanctions compliance obligations, data-transfer and sovereignty rules, and customer budgetary constraints. In addition, Aireon’s revenue and growth depend on air traffic volumes, flight activity and customer usage, and therefore may be adversely affected if air traffic declines, grows more slowly than expected, or if customers reduce usage, fail to renew or adopt alternative technologies. Air traffic volumes, flight activity and customer usage have been, and may in the future be, adversely affected by factors outside of Aireon’s control, including geopolitical events, military conflicts, airspace closures or restrictions, public health crises, pandemics or other events that reduce, restrict or disrupt flight activity in customer airspace.

Insurance coverage for these and related and other aerospace, aviation, satellite, cyber, errors and omissions, professional liability and contractual indemnity risks may be limited, subject to exclusions or insufficient to cover all losses. Realization of any of these risks could materially and adversely affect our business, financial condition and results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Issuer Purchases of Equity Securities

There were no repurchases during the fiscal quarter ended September 30, 2026.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

Insider trading arrangements and policies

During the three months ended September 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K, other than as follows:

Name

Position

Action

Adoption Date of 10b5-1 Trading Plan

Total Shares of Common Stock to Be Sold (1)

Expiration / Termination Date

Kathleen Morgan

Chief Legal Officer

Adoption

August 17, 2026

(2)

October 1, 2027

Eric T. Olson

Director

Adoption

August 17, 2026

8,000

July 1, 2027

Vincent O’Neill

Chief Financial Officer

Adoption

August 17, 2026

24,290

August 17, 2027

Suzanne McBride

Chief Operating Officer

Adoption

August 19, 2026

(3)

December 16, 2027

L. Anthony Frazier

Director

Adoption

August 20, 2026

12,640

May 20, 2027

Timothy J. Last

EVP, Sales & Marketing

Adoption / Termination

August 25, 2026

5,600

September 3, 2026 (4)

Matthew Desch; Matt and Ann Desch Foundation(5)

Chief Executive Officer & Director

Adoption

September 3, 2026

546,274

December 10, 2027

(1) Represents the maximum number of shares of Iridium common stock that may be sold pursuant to the Rule 10b5-1 arrangement (the “arrangement”). The actual number of shares sold will be dependent on the satisfaction of certain conditions as set forth in the written plan.

(2) The total actual number of shares that may be sold under the trading arrangement is not currently determinable. In addition to 21,358 shares of common stock, the arrangement covers all shares issuable upon vesting of 61,786 RSUs scheduled to vest during the term of the arrangement, net of shares withheld to satisfy tax withholding obligations. The actual number of shares that may be sold under the arrangement cannot be determined at this time because the number of shares withheld for taxes will depend on applicable withholding rates and the market value of our common stock on the applicable vesting dates.

(3) The total actual number of shares that may be sold under the trading arrangement is not currently determinable. The arrangement covers all shares issuable upon vesting of 125,397 RSUs scheduled to vest during the term of the arrangement, net of shares withheld to satisfy tax withholding obligations. The actual number of shares that may be sold under the arrangement cannot be determined at this time because the number of shares withheld for taxes will depend on applicable withholding rates and the market value of our common stock on the applicable vesting dates.

(4) Upon adoption, the plan’s expiration date was August 25, 2028, however, the plan was terminated on September 3, 2026. No shares were traded under the plan.

(5) Includes 46,274 shares held by the Matt and Ann Desch Foundation, a charitable foundation, over which the reporting person has voting and investment power.

ITEM 6. EXHIBITS.

The following list of exhibits includes exhibits submitted with this Form 10-Q as filed with the Securities and Exchange Commission.


Exhibit		Description
3.1		Amended and Restated Bylaws of Iridium Communications Inc., adopted on August 10, 2026, incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K filed on August 10, 2026.
10.1#		Credit and Guaranty Agreement, dated July 2, 2026, by and among Iridium Monitor Holdings LLC, as borrower, the Guarantors named party thereto, the Lenders from time to time party thereto, GLAS USA LLC, as Administrative Agent, and GLAS Americas LLC, as Collateral Agent, incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K filed on July 7, 2026.
10.2#		Credit and Guaranty Agreement, dated October 10, 2023, among Aireon LLC, as borrower, the Guarantors named party thereto, the Lenders from time to time party thereto, GLAS USA LLC, as Administrative Agent, and GLAS Americas LLC, as Collateral Agent, incorporated by reference to Exhibit 10.2 to the Registrant’s Form 8-K filed on July 7, 2026.
10.3#		First Amendment, dated July 2, 2026, by and among Aireon LLC, as borrower, Aireon Holdings LLC and the other Guarantors signatory thereto, the Lenders signatory thereto, and GLAS USA LLC, as administrative agent, to Credit and Guaranty Agreement, dated October 10, 2023, incorporated by reference to Exhibit 10.3 to the Registrant’s Form 8-K filed on July 7, 2026.
10.4		Parent Guaranty Agreement, dated July 2, 2026, by and between Iridium Communications Inc. and Aireon LLC, incorporated by reference to Exhibit 10.3 to the Registrant’s Form 8-K filed on July 7, 2026.
10.5#		Consent and Amendment No. 4 to Amended and Restated Credit Agreement, dated September 15, 2026, incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K filed on September 15, 2026.
10.6*		Form of Retention Award Agreement (2026)
31.1		Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as adopted pursuant to section 302 of The Sarbanes-Oxley Act of 2002.
31.2		Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as adopted pursuant to section 302 of The Sarbanes-Oxley Act of 2002.
32.1**		Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rules 13a-14(b) and 15d-14(b) promulgated under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to section 906 of The Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document).
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).





*	Denotes management contract or compensatory plan or arrangement.
**	These certifications are being furnished solely to accompany this quarterly report pursuant to 18 U.S.C. Section 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
#	Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted exhibit or schedule will be furnished supplementally to the U.S. Securities and Exchange Commission upon request; provided, however that the parties may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any document so furnished.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	IRIDIUM COMMUNICATIONS INC.

	By:	/s/ Vincent J. O’Neill
		Vincent J. O’Neill
		Chief Financial Officer

Date: October 20, 2026

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