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Can Iridium Communications Hit $100 Million In PNT Revenue By 2030 Before Leverage Tightens?

Iridium Communications reported first quarter 2026 results aligned with its expectations, with total and service revenues growing 2% year-over-year. The company reiterated its full-year guidance, forecasting flat to 2% service revenue growth and operational EBITDA (OEBITDA) between $480 million and $490 million, acknowledging a $17 million OEBITDA headwind in 2026 due to the shift to annual incentive compensation paid fully in cash. Adjusted for this change, OEBITDA would be in the $497 million to $507 million range. First-quarter OEBITDA declined 5% to $116.3 million due mainly to this compensation shift. Commercial revenue trends showed a 3% increase in voice and data revenues driven by pricing actions implemented in mid-2025 and a 7% rise in ARPU. Commercial IoT revenue grew 5% to $46 million, with subscriber numbers stabilizing after prior volatility linked to partner pricing modifications.