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Iridium Communications: Can Its Narrowband IoT “NTN Direct” Become the Next Big Satellite Breakthrough?

Iridium Communications Inc. presented its third quarter 2025 earnings report, highlighting both solid performance and strategic challenges amidst an evolving satellite industry landscape. Positive results were evident, with the company reporting a 10% year-over-year increase in operational EBITDA, reaching $136.6 million. This growth was attributed to strong recurring service revenues and engineering support gains. Notably, service revenue in the commercial segment rose by 4% to $138.3 million, driven primarily by the commercial IoT, PNT (Positioning, Navigation, and Timing), and voice & data business lines. Growth in these areas underscores the potential and demand for Iridium’s specialized satellite services. The government services segment also showed stability, generating $108 million in EMSS (Enhanced Mobile Satellite Services) revenue for the year, reflecting a solid contractual relationship with the U.S. government. Additionally, engineering and support revenue saw a robust increase, largely due to Iridium’s engagements with the Space Development Agency for ground station projects.