- Iridium Communications Inc (NASDAQ:IRDM) reported first-quarter FY23 revenue growth of 22% year-on-year to $205.27 million, beating the consensus of $188.10 million.
- Total billable subscribers rose 15% Y/Y to 2.05 million, driven by growth in commercial IoT customers.
- Service revenue rose 10.5% Y/Y to $139.35 million. Revenue from equipment sales and engineering and support projects was $66 million.
- Commercial service revenue was $112.85 million, up 13% Y/Y. Commercial broadband revenue was up 17% Y/Y to $13.4 million.
- Hosted payload and other data service revenue was $15 million, up 2% Y/Y.
- Government service revenue was $26.5 million, flat Y/Y.
- Operational EBITDA (OEBITDA) for the quarter was $111.9 million, up 8.4% Y/Y.
- Net income was $9.8 million, as compared to net income of $2.8 million a year ago.
- EPS jumped 300% to $0.08 in Q1. Analysts expected the company to break even in the quarter under review.
- Capital expenditures were $22.9 million in 1Q. The company ended the quarter with gross debt of $1.5 billion and a cash and equivalents balance of $126.6 million.
- FY23 Outlook: The company reiterated its full-year 2023 outlook. The company expects total service revenue growth between 9% and 11%, with OEBITDA of $455 million – $465 million.
- Cash taxes are expected to be negligible through approximately 2024.
- Price Action: IRDM shares traded higher by 7.04% at $62.77 on the last check Thursday.
Ryan Pineda’s Tykes NFT Sets Stage To Rake In ‘Billions’ From Real Estate Tech Boom
Technology has disrupted every other industry except real estate.
That’s according to Ryan Pineda, the CEO and founder of Tykes, a non-fungible token (NFT) that’s making the rounds for being “one of the highest trending” projects on utility and interest — among the likes of “Bored Apes and CryptoPunks.”
