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Item 1. Business

2026-02-12 compared with 2025-02-13 · 278 added, 238 removed, 534 unchanged (49% of the section changed)

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Iridium Communications Inc.

(“we,” “us,” or “Iridium”) is 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 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.

We provide voice and data communications services to businesses, the U.S.

(“we,” “us,” or “Iridium”) is a leading provider of global voice, data, and positioning, navigation and timing (PNT) satellite services.

We 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 additional payloads to host specific additional services for other customers like Aireon LLC.

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.

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 our satellite constellation using radio frequency crosslinks between satellites.

This unique architecture minimizes the need for local 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.

The current Iridium ® constellation was completed in 2019, fully replacing our first-generation system.

In addition to supporting new products with higher data speeds, it hosts the Aireon ® system, which provides a global air traffic surveillance service through a series of automatic dependent surveillance-broadcast, or ADS-B, receivers on our satellites.

We formed Aireon LLC in 2011, with subsequent investments from several air navigation service providers, or ANSPs, to develop and market this service.

Aireon has contracted to provide surveillance and other services to ANSPs and other customers around the world.

Aireon has also contracted to pay us a fee to host the ADS-B receivers on our satellites, as well as data service fees for the delivery of the air traffic surveillance data over the Iridium system.

In addition, we have an agreement with L3Harris Technologies, Inc., or L3Harris, the manufacturer of the Aireon hosted payload, pursuant to which L3Harris pays us fees to allocate the remaining hosted payload capacity to its customers and data service fees on behalf of these customers.

We utilize an interlinked mesh architecture in space to route traffic across our satellite constellation using radio frequency crosslinks between satellites.

This architecture minimizes the need for local 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 120 service providers, approximately 310 value-added resellers (VARs), and approximately 90 value-added manufacturers (VAMs), 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.

Our commercial business, which we view as our primary source of long-term growth, is diverse and serves markets such as emergency services, maritime, aviation, government, utilities, oil and gas, mining, recreation, forestry, heavy equipment, construction, railways and other transportation.

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For example, multinational corporations in various sectors use our services for business telephony, email and data transfer, including telematics and personal location tracking, and to provide mobile communications services for employees in areas inadequately served by other telecommunications networks.

Commercial enterprises use our services to track assets in remote areas and provide telematics information such as location and engine diagnostics.

Commercial enterprises use our services to track and control assets in remote areas and provide telematics information such as location and engine diagnostics.

IoT (Internet of Things) VARs integrate our products and services into diverse solutions including asset tracking, environmental monitoring, condition-based monitoring and security and alerting solutions, which are used across industries.

Ship crews and passengers use our services for ship-to-shore calling, as well as to send and receive email and data files, and to receive electronic media, weather reports, emergency bulletins, and electronic charts.

Shipping operators use our services to manage operations on board ships and to transmit data, such as course, speed, fuel, weather, and other navigation service data, as well as for emergency services, as one of only two networks currently approved to provide Global Maritime Distress and Safety System (GMDSS) services.

Increasingly, ships utilize Iridium terminals with integrated data and safety capabilities to complement and backup higher speed broadband services from other satellite operators that are subject to service outages, interference during rain, and geographic regulatory restrictions.

Aviation end users use our services for air-to-ground telephony and data communications for position reporting, flight following, emergency tracking, weather information, electronic flight bag updates, and airline operational communications.

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We have also seen growing adoption of our services to support autonomous systems, for which Iridium is used for command and control, image transmission and environmental data gathering via unmanned aerial, underwater and surface vehicles.

Iridium Certus ® provides a platform for our partners to develop specialized broadband and midband (a term we use to describe services between our legacy 2.4 Kbps narrowband and our 128 Kbps and higher broadband offerings) applications on our network.

In 2024, we introduced additional Iridium Certus offerings that enable IoT applications to send more data, with greater security and natively delivered via cloud infrastructure.

With broadband services provided for the maritime, land-mobile and aviation industries and a midband service designed for maximum mobility, Iridium Certus offers the flexibility to scale device speeds, sizes and power requirements both up and down based on the needs of the end-user.

In 2024, we introduced additional Iridium Certus offerings featuring Iridium Messaging Transport ® (IMT ® ) that enable IoT applications to send more data, with greater security and natively delivered via cloud infrastructure.

Throughout 2025, our VAM and VAR partners continued to innovate around our Certus IoT technology platform, developing and certifying new products and applications across industrial IoT, machine-to-machine and remote personnel use cases.

With broadband

services provided for the maritime, land-mobile and aviation industries and a midband service designed for maximum mobility, Iridium Certus offers flexibility to scale device speeds, sizes, and power requirements both up and down based on the needs of the end-user.

We expect that these and future Iridium Certus service offerings will continue to drive growth opportunities in our commercial business.

In 2024, we acquired Satelles, Inc., a provider of highly secure, satellite-based position, navigation and timing (PNT) services that complement and protect GPS and other Global Navigation Satellite System, or GNSS, reliant systems.

Time synchronization and location data play an important role in the global economy, particularly for major industries supported by critical infrastructure, such as financial services, telecommunications, cyber-security and transportation.

We believe the

acquisition of Satelles’s business could generate substantial growth in our service revenue, as well as incremental equipment and engineering services revenue over the coming years from both government and commercial customers.

government, directly and indirectly, has been and continues to be our largest single customer, generating $223.3 million in service and engineering and support service revenue, or 27% of our total revenue, for the year ended December 31, 2024.

This does not include revenue from the sale of equipment that may be ultimately purchased by U.S.

We are developing a new service called Iridium NTN Direct SM , which we expect to commercially launch from our existing satellite constellation in 2026.

Iridium NTN Direct is a 3GPP (3rd Generation Partnership Project) standards-based service that will provide Narrowband Internet of Things (NB-IoT) and direct-to-device (D2D) connectivity across the globe when fully deployed.

3GPP is an international collaboration that develops and maintains technical specifications for mobile communications technologies, enabling global interoperability of mobile networks and devices.

Iridium frequencies and technology were accepted as part of 3GPP Release 19, which allows Iridium NTN Direct to be accessible via cellular chipsets designed to 3GPP standards.

In 2024, we acquired Satelles, Inc.

(Satelles), a provider of highly secure, satellite-based PNT services that complement and protect Global Positioning System (GPS) and other Global Navigation Satellite System (GNSS) reliant systems.

In 2026, we are introducing an Application Specific Integrated Chip (ASIC) to allow partners to more cost effectively integrate our PNT services into their diverse applications using less power and space.

We believe the acquisition of Satelles and our growing portfolio of PNT applications and distribution partnerships could generate substantial growth in our service revenue, as well as incremental growth in our equipment and engineering services revenue over the coming years, from both government and commercial customers.

We also believe that Iridium PNT technology and services have application and business potential in other industries, like cybersecurity identity management by providing a trusted, authenticated location for data and financial transactions.

government, directly and indirectly, has been and continues to be our largest single customer, generating $257.0 million in revenue, representing 29% of our total revenue, for the year ended December 31, 2025.

This does not include revenue from the sale of equipment that may ultimately be purchased by U.S.

government agencies through third-party distributors, or airtime services purchased by U.S.

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We operate primarily under a multi-year, fixed-price contract with the U.S.

government, which we refer to as our Enhanced Mobile Satellite Services, or EMSS, contract to provide specified satellite airtime services for an unlimited number of U.S.

Department of Defense, or DoD, and other federal government subscribers.

The EMSS contract, entered into in September 2019, has a total value of $738.5 million over its seven-year term, through September 2026, with annual revenues between $100 million and $110.5 million over the term.

We provide other services, such as Iridium Certus, to the U.S.

government, which we refer to as our Enhanced Mobile Satellite Services (EMSS) contract to provide specified satellite airtime services for an unlimited number of U.S.

Department of War (DoW) (previously referred to as the Department of Defense) and other federal government subscribers.

At signing in September 2019, the EMSS contract had a total value of $738.5 million over its seven-year term ending in September 2026.

The current fixed-price annual rate of the EMSS contract is $110.5 million through September 2026, with one six-month extension option, exercisable at the election of the U.S.

government, at the end of that period.

We provide other services, such as Iridium Certus and Iridium PNT, to the U.S.

government under separate arrangements for an additional fee.

government owns and operates a dedicated gateway that is only compatible with our satellite network.

armed services, State Department, Department of Homeland Security, Federal Emergency Management Agency, or FEMA, Customs and Border Protection, and other U.S.

government owns and operates a dedicated gateway that is only compatible with our satellite network, and for which we provide certain maintenance services, and technology development engineering and support services, under contracts managed by the U.S.

armed services, State Department, Department of Homeland Security, Federal Emergency Management Agency (FEMA), Customs and Border Protection, and other U.S.

government agencies, as well as other nations’ governmental agencies, use our voice and data services for a wide variety of applications.

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government gateway.

government has made, and continues to make, significant investments to upgrade its dedicated gateway, to purchase our voice and data devices, and to invest directly and indirectly in research and development and implementation support for additional services on our network, such as Distributed Tactical Communications Services, or DTCS, and Iridium Certus.

government has made, and continues to make, significant investments to maintain and upgrade its dedicated gateway, to purchase our voice and data devices, and to invest directly and indirectly in research and development and implementation support for additional services on our network, such as Distributed Tactical Communications Services (DTCS), Iridium Managed Access-Distributed Tactical Communication System NEXT (MA-DNX) and Iridium Certus.

We also provide engineering and support services to the U.S.

government under a contract awarded by the Space Development Agency in May 2022 to General Dynamics Mission Systems, with Iridium as a subcontractor, which we refer to as the SDA contract.

Under this contract, General Dynamics Mission Systems and Iridium will build ground entry points and operations centers for the Proliferated Warfighter Space Architecture (PWSA), as well as provide network operations and systems integration services for the SDA’s next tranche of proliferated low-earth orbit satellites.

We sell our products and services to commercial end users through a wholesale distribution network, encompassing approximately 110 service providers, approximately 310 value-added resellers, or VARs, and approximately 85 value-added manufacturers, or VAMs, 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.

We expect that demand for our services will increase as more applications are developed and deployed that utilize our technology.

At December 31, 2024, we had approximately 2,460,000 billable subscribers worldwide, representing an 8% increase compared to December 31, 2023.

government under a contract awarded by the Space Development Agency (SDA) in May 2022 to General Dynamics Mission Systems, with Iridium as a subcontractor, which we refer to as the SDA contract.

Under this contract, General Dynamics Mission Systems and Iridium are building ground entry points and operations centers for the DoW’s Proliferated Warfighter Space Architecture (PWSA) and will provide network operations and systems integration services for the SDA’s next tranche of proliferated low-Earth orbit satellites.

At December 31, 2025, we had approximately 2,537,000 billable subscribers worldwide, representing a 3% increase compared to December 31, 2024.

Total revenue increased from $830.7 million in 2024 to $871.7 million in 2025, representing a 5% increase.

We compete primarily in the mobile satellite services sector of the global communications industry.

Mobile satellite services operators provide voice and data services to people and machines using a network of satellites and ground facilities.

Mobile satellite services operators provide voice and data services to people and machines using a network of satellites and ground facilities, and utilize licensed radio frequency spectrum in what is called the L- or S-bands that are ideal for (among other things) consumer devices, small antennas, and battery powered devices.

Satellite based L- and S-band frequencies were fully allocated by the International Telecommunications Union (ITU) in the early 1990s and are utilized by a limited number of mobile satellite operators like Iridium.

Mobile satellite services are intended to meet users’ needs for connectivity in all locations where terrestrial wireless and wireline communications networks do not exist, do not provide sufficient coverage, or are impaired, including rural and developing areas that lack adequate wireless or wireline networks, airways, ocean and polar regions where few alternatives exist, and regions where the telecommunications infrastructure has been affected by political conflicts or natural disasters.

Government organizations, including military and disaster response agencies, non-governmental organizations, and industrial operations and support teams depend on mobile and fixed voice and data satellite communications services on a regular basis.

Businesses with global operations require reliable communications services when operating in remote locations around the

Businesses with global operations require reliable communications services when operating in remote locations around the world.

Mobile satellite services users span many sectors, including emergency services, maritime, aviation, government, utilities, oil and gas, mining, recreation, forestry, heavy equipment, construction, railways and other transportation, among others.

Many of our customers view satellite communications services as critical to their daily operations.

We believe that growth in the terrestrial wireless industry has increased awareness of the need and higher expectations for reliable mobile voice and data communications services.

While traditionally requiring purpose built, proprietary devices and terminals to connect satellites to end users, increasingly, mobile satellite spectrum is being utilized for providing voice and data services from satellites directly to standards-based consumer devices like smartphones and watches.

L- and S-band spectrum like Iridium’s is ideal for this application compared to other satellite frequencies due to propagation characteristics, the proximity to GPS and cellular frequencies for common antennas and other Radio frequency components, and growing cellular standardization activities through 3GPP that include these frequencies in the latest 5G standards (often referred to as Non-Terrestrial Networks or NTN).

Initial applications include emergency and text messaging, but expectations are that additional data and voice services will be available over time on a regional or more global basis.

Iridium’s NTN Direct service is an example of a standards-based service for messaging, emergency access, and IoT transmissions.

We believe growth in the terrestrial wireless industry has increased awareness of the need and higher expectations for reliable mobile voice and data communications services.

In addition, despite significant penetration and competition, terrestrial wireless systems do not cover a large majority of the earth’s surface and are focused mainly in those areas where people live, excluding oceans and other remote regions where ships, airplanes and other remote assets may be.

By offering mobile communications services with global voice and data coverage, mobile satellite service providers address the demand from businesses, governments and individuals for connectivity and reliability in locations not consistently served by wireline and wireless terrestrial networks.

By offering proprietary or standards-based mobile communications services with global voice and data coverage, mobile satellite service providers address the demand from businesses, governments and individuals for connectivity and reliability in locations not consistently served by wireline and wireless terrestrial networks.

The mobile satellite services sector of the global telecommunications industry also benefits from the continued development of innovative, lower-cost technology and applications integrating mobile satellite products and services, including the continued advancement of IoT.

We believe that growth in demand for mobile satellite services is driven in large part by the declining cost of these services, the diminishing size and lower costs of voice, data and IoT devices, the rollout of new applications tailored to the specific needs of customers across a variety of markets, the convergence of standards between satellite and cellular industries and the increasing availability of dual mode cellular and terrestrial technology, and expansion into new international markets.

Communications industry sectors include:

• mobile satellite services, which provide customers with voice and data connectivity to mobile and fixed devices using ground facilities and networks of geostationary, or GEO, satellites operating in licensed L-band or S-band frequencies, which are located approximately 22,300 miles above the equator, medium earth orbit satellites, which orbit between approximately 6,400 and 10,000 miles above the earth’s surface, or low earth orbit, or LEO, satellites, such as those in our constellation, which orbit between approximately 300 and 1,000 miles above the earth’s surface;

• very small aperture terminal, or VSAT, satellite services (previously referred to as fixed satellite services), which typically use GEO or LEO satellites operating in licensed Ka-band or Ku-band frequencies to provide customers with broadband communications links between fixed or moving points on or above the earth’s surface;

• mobile satellite services, which provide customers with voice and data connectivity to mobile and fixed devices using ground facilities and networks of geostationary Earth orbit (GEO) satellites operating in licensed L-band or S-band frequencies, which are located approximately 22,300 miles above the equator, medium Earth orbit satellites, which orbit between approximately 6,400 and 10,000 miles above the earth’s surface, or low Earth orbit (LEO) satellites, such as those in our constellation, which orbit between approximately 300 and 1,000 miles above the earth’s surface;

• very small aperture terminal (VSAT) satellite services (previously referred to as fixed satellite services), which typically use GEO or LEO satellites operating in licensed Ka-band or Ku-band frequencies to provide customers with broadband communications links between fixed or moving points on or above the earth’s surface;

• terrestrial services, which use a network of land-based equipment, including switching centers and radio base stations, to provide wireless or wireline connectivity and are complementary to satellite services.

Within the two major satellite sectors, VSAT services and mobile satellite services, the products that operators offer differ from each other with respect to size of antenna and types of services that the products can offer.

VSAT services providers, such as Intelsat S.A., Eutelsat Communications S.A.

and SES S.A., are characterized by large, often stationary ground terminals that send and receive high-bandwidth signals to and from the satellite network for video and high-speed data customers and international telephone markets.

Primary offerings by newer entrants, such as Space Exploration Technology Corp.’s, or SpaceX, Starlink and OneWeb Holdings Limited, are based on a LEO network, but due to their K-band higher-broadband offerings, they are more similar to VSAT services requiring larger-antennas and power.

• VSAT services providers, such as Eutelsat Communications S.A.

(Eutelsat) and SES S.A., are characterized by large, often stationary ground terminals that send and receive high-bandwidth signals to and from the satellite network for video and high-speed data customers and international telephone markets.

Newer entrants’ primary offerings, such as Starlink broadband from Space Exploration Technology Corp.

(SpaceX) and Eutelsat’s OneWeb Holdings Limited, are based on a LEO network, but due to their K-band higher-broadband offerings, they are more similar to VSAT services requiring larger-antennas and power.

• By contrast, mobile satellite services providers, such as us, focus more on voice and data services, where mobility and small-sized terminals are essential.

Other mobile satellite service providers include Globalstar, Inc., ORBCOMM Inc., portions of Viasat Inc.’s businesses (following its acquisition of Inmarsat Global Limited) and Starlink in limited areas with their direct-to-device offering utilizing terrestrial cellular frequencies that extend cellular coverage within defined markets.

Other mobile satellite service providers include Globalstar, Inc., ORBCOMM Inc., portions of Viasat Inc.’s businesses (following its acquisition of Inmarsat Global Limited).

New entrants are emerging as well such as Starlink’s D2D offerings, which currently utilizes terrestrial cellular frequencies that extend cellular coverage within defined, limited markets, but has plans for a global service in the future utilizing spectrum purchased from EchoStar in 2025.

LEO systems, such as the one we operate, generally have lower transmission delays, or latency, than GEO systems, due to the shorter distance signals have to travel.

Additionally, our L-band solutions enable the use of smaller antennas on mobile devices.

Our L-band spectrum is also more resistant to weather interference than the K-band spectrum used by VSAT providers such as Starlink and OneWeb.

We believe the unique interlinked mesh architecture of our constellation, combined with the global footprint of our satellites, distinguishes us from regional LEO satellite operators such as Globalstar and ORBCOMM, by allowing us to route voice and data transmissions to and from anywhere on the earth’s surface without the need for local ground infrastructure.

Our L-band spectrum is also more resistant to weather interference than K-band spectrum.

We believe the unique interlinked mesh architecture of our constellation, combined with the global footprint of our satellites, distinguishes us from regional LEO mobile satellite services (MSS) operators such as Globalstar and ORBCOMM by allowing us to route voice and data transmissions to and from anywhere on the earth’s surface without the need for local ground infrastructure.

As a result, we are the only mobile satellite services operator offering real-time, weather-resilient, low-latency services with true global coverage, including full coverage of the polar regions.

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• Our Constellation.

Our unique satellite constellation provides true global and weather-resilient coverage, which enables our wide range of service offerings and empowers the development of new global products and services, as well as supporting Aireon’s aircraft tracking service and other hosted payload missions.

Our network design of 66 operational satellites uses an interlinked mesh architecture to transmit signals from satellite to satellite, which reduces the need for multiple local ground stations around the world, facilitates the global reach of our services, and increases

network redundancy.

Some of our competitors use GEO satellites, which orbit above the earth’s equator, limiting their visibility to far northern or southern latitudes and polar regions.

Our unique satellite constellation provides true global and weather-resilient coverage, which enables our wide range of service offerings and empowers the development of new global products and services, as well as supports Aireon ® aircraft tracking services and other hosted payload missions.

Some of our competitors use GEO satellites, which orbit above the earth’s equator, limiting their visibility in far northern or southern latitudes and polar regions.

LEO satellites without a crosslink architecture from operators like Globalstar and ORBCOMM use an architecture commonly referred to as “bent pipe,” which requires voice and data transmissions to be immediately routed to ground stations in the same region as the satellite and can only provide real-time service when they are within view of a ground station, limiting coverage to areas near where they have been able to license and locate ground infrastructure.

The LEO design of our satellite constellation produces minimal voice and data transmission delays compared to GEO systems due to the shorter distance our signals have to travel, and LEO systems typically have smaller antenna and power requirements.

Our L-band spectrum is also more resistant to weather interference than the K-band spectrum used by many of our competitors.

• Our Spectrum.

We hold licenses to use up to 8.725 MHz of contiguous spectrum in the L-band (1617.775-1626.0 GHz), which allow for two-way communication between our devices and our satellites.

Our use of spectrum is globally coordinated and recorded by, and subject to the frequency rules and regulations of, the International Telecommunication Union (ITU).

L-band spectrum is desirable because it can support lower size, weight and power user equipment and is more resistant to weather interference, like rain attenuation, and suffers less path loss than Ka- and Ku- spectrum, which is used by many broadband satellite operators.

This makes L-band spectrum well suited for our existing services, including safety services, as well as emerging D2D services, which has become an increasing business opportunity due to technological development and a movement toward standards-based terrestrial wireless solutions that incorporate or interwork with non-terrestrial networks.

• Attractive and growing markets.

We believe that mobile satellite services will continue to experience growth driven by the increasing public expectations for reliable mobile voice and data communications services, the lack of coverage of most of the earth’s surface by terrestrial wireless systems, the continued development of the IoT, and the continued development of other innovative, lower-cost technology, such as applications integrating mobile satellite products and services into other devices, including embedding standards-based satellite technology in smartphones and IoT devices.

Only satellite providers can offer global coverage, and developing a satellite network requires significant financial investment, as well as technological and regulatory challenges.

We believe that we are well-positioned to capitalize on the growth in our industry from end users who require reliable, easy-to-use mobile communications services in all locations.

We believe that mobile satellite services will continue to experience growth driven by the increasing public expectations for reliable mobile voice and data communications services, the lack of coverage of most of the earth’s surface by terrestrial wireless systems, the continued development of IoT, and the continued development of other innovative, lower-cost technology, such as applications integrating mobile satellite products and services into other devices, including embedding standards-based satellite technology in smartphones and IoT devices.

Only satellite providers can offer global coverage, and developing a satellite network requires significant financial investment, as well as navigation of technological and regulatory challenges.

With our established global satellite network, we believe that we are well-positioned to capitalize on growth in this industry from end users who require reliable, easy-to-use mobile communications services in all locations.

• Strategic relationship with the U.S.

government is our largest single customer, and we have provided airtime services to the U.S.

government (particularly the DoD) since our inception.

government (particularly the DoW) since our inception.

We believe the U.S.

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This gateway is only compatible with our satellite network.

In September 2019, we entered into the EMSS contract and continue to see usage of our network under this contract.

With ongoing investments by the DoD, we expect to see growth in adoption as enhancements are implemented and new services are launched.

We continue to see usage of our network under the latest iteration of our long-standing EMSS contract and expect to negotiate a follow-on contract prior to the end of its seven-year term in September or six-month extension in early 2027.

With ongoing investments by the DoW, we expect to see growth in adoption as enhancements are implemented and new services are launched.

We also view the SDA contract as a confirmation and expansion of our strategic relationship with the U.S.

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• Leverage our largely fixed-cost infrastructure to grow our service revenue .

Our business model is characterized by periodic higher capital costs in connection with designing, building and launching new generations of our satellites to support our 15-20 year constellation operational cycles, and a low incremental cost of providing service to additional end users.

Our business model is characterized by periodic higher capital costs in connection with designing, building and launching new generations of our satellites to support our 15-to-20-year constellation operational cycles, and a low incremental cost of providing service to additional end users.

We are currently in a period of lower capital expense, which we expect to continue until at least 2031.

We believe that service revenue will continue to be our largest source of future growth and profits, and we intend to focus on growing both our commercial and government service revenue in order to leverage our largely fixed-cost infrastructure.

In particular, we believe that broadband, midband and narrowband data services through Iridium Certus, resilient PNT services, and satellite IoT services, where we are engaging large, global enterprises as long-term customers for data and telematics solutions, represent our greatest opportunities for service revenue growth.

• Expand our target markets through the development of new products and services.

We believe that we can expand our target markets by developing and offering a broader range of products and services, including a wider array of cost-

effective and competitive broadband, midband, safety services, and IoT data services using our proprietary Iridium Certus technology to complement and expand on our legacy narrowband services.

We believe that service revenue will be our largest source of future growth and profits, and we intend to focus on growing both our commercial and government service revenue in order to leverage our largely fixed-cost infrastructure.

In particular, we believe that data services through Iridium Certus, resilient PNT services, and satellite IoT services, where we are engaging large, global enterprises as long-term customers for data and telematics solutions, represent our greatest opportunities for service revenue growth.

• Expand our target markets through the development of new products and services and evaluating complementary acquisitions.

We believe that we can expand our target markets by developing and offering a broader range of products and services, including a wider array of cost-effective and competitive midband, safety services, and IoT data services using our proprietary Iridium Certus technology to complement and expand on our legacy narrowband services.

Iridium Certus is a multi-service technology platform that can deliver a range of services, from voice to a high-throughput L-band data connection, at a range of competitive price points, data speeds, and terminal dimensions to meet an expanding set of customer requirements.

Beyond Iridium Certus technology, we also plan to expand our target markets by adding a standards-based IoT solution.

Specifically, during 2024, we announced that the 3GPP, the partnership through which the national standards development organizations create technical specifications for mobile networks, accepted our request to extend the functionality of Narrowband Internet of Things, or NB-IoT, for Non-Terrestrial Networks, or NTN, to include Iridium frequencies and technology requirements in its next release.

This will pave the way for Iridium’s satellite service to be accessible via industry standard chipsets, furthering our progress in developing and deploying our newest service, Iridium NTN Direct SM , over the Iridium network.

Also in 2024, through our acquisition of Satelles, we now offer highly secure satellite-based time and location services that complement and protect GPS and other GNSS-reliant systems, which we expect to be a source of significant revenue growth in the future.

• Accelerate the development of personal communications capabilities .

Part of our strategy for the development of personal mobile satellite communications is to allow individuals to connect to our network in more ways, including from devices such as smartphones, tablets and laptops through our Iridium GO!

® and Iridium GO!

exec ® devices or a variety of personal communication devices from VAMs and VARs like Garmin.

We are making our technology more accessible and cost-effective for our distribution partners to integrate by licensing our core technologies;

by adding functionality, such as push-to-talk, or PTT, capability, which allows multiple users to participate in talk groups worldwide;

We are developing a new service called Iridium NTN Direct SM , which we expect to launch in 2026.

Iridium NTN Direct is a 3GPP standards-based service that will provide NB-IoT and D2D connectivity across the globe when fully developed.

Inclusion in the 3GPP standards will allow Iridium NTN Direct to be accessible via chipsets designed to the latest 3GPP standards.

We also began offering in 2024, with the acquisition of Satelles, highly secure satellite-based time and location services that complement and protect GPS and other GNSS-reliant systems, which we expect to be a source of significant revenue growth in the future.

We also plan to explore potential transactions that we believe could serve as complementary to our existing products and services or open opportunities in adjacent areas.

• Accelerate the development of personal communications and PNT capabilities .

Part of our strategy for the development of personal mobile satellite communications is to allow individuals to connect to our network in more ways.

Our standards-based Iridium NTN Direct service will expand the potential market of devices that can connect to our network.

In addition, we continue to support our VAMs and VARs, such as Garmin, in developing personal communication devices.

We are also making our technology more accessible and cost-effective for our distribution partners to integrate by licensing our core technologies;

by adding functionality, such as push-to-talk (PTT) capability, which allows multiple users to participate in talk groups worldwide;

by providing rugged, dependable devices and services;

and by developing new services that take advantage of the capabilities of our global constellation.

• Continued growth in services provided to the U.S.

Under our EMSS contract, we provide Iridium airtime services, including unlimited global standard and secure voice, paging, fax, Short Burst Data ® , or SBD ® , Iridium Burst ® , Router-Based Unrestricted Digital Interworking Connectivity Solutions (RUDICs) and DTCS services for an unlimited number of DoD and other federal government subscribers.

The fixed-price annual rate of the EMSS contract through September 2025 is $107 million, with one increase thereafter up to $110.5 million for the final contract year ending in September 2026.

Other services such as Iridium Certus and PNT provide us with opportunities to offer new products and services to the U.S.

To expand the addressable use cases for our Iridium PNT services, we are developing a dedicated, miniature application-specific integrated circuit (ASIC) called the Iridium PNT ASIC, which we expect to be available in 2026.

• Continued growth in business with the U.S.

We are seeking to expand our work on U.S.

national security missions, building on our strong existing relationship with the U.S.

Under our EMSS contract, we provide Iridium airtime services, including unlimited global standard and secure voice, paging, fax, Short Burst Data ® (SBD ®) , Iridium Burst ® , Router-Based Unrestricted Digital Interworking Connectivity Solutions (RUDICs) and DTCS services for an unlimited number of DoW and other federal government subscribers.

The fixed-price annual rate of the EMSS contract through September 2026 is $110.5 million, with one six-month extension option, exercisable at the election of the U.S.

government, at the end of that period.

We expect to negotiate a follow-on contract with the U.S.

government before expiration of the current EMSS contract.

Other services such as Iridium Certus and Iridium PNT provide us with opportunities to offer new products and services to the U.S.

government for an additional fee.

Our work for the SDA has been a source of revenue growth in the past couple of years and we believe it positions us well for future opportunities, including as the U.S.

government invests heavily in space-based capabilities and missile defense, including as part of its Golden Dome for America initiative.

• Continue to expand our distribution network .

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We believe these markets and the new service providers, VAMs and VARs who join our network as a result of new product offerings represent an attractive opportunity for continued subscriber and revenue growth.

With the development of Iridium NTN Direct, we also are partnering with mobile network operators (MNOs) and expect these MNOs will offer the service to their broad customer bases.

• C ontinue to support Aireon in the execution of its business plan .

Aireon, which we formed in 2011, with subsequent investments from five ANSPs, is our primary hosted payload customer.

Aireon developed an ADS-B receiver payload that is hosted on our satellites and gathers ADS-B position information from aircraft to provide a global air traffic surveillance service.

Aireon, which was formed in 2011, with subsequent investments from five air navigation service providers (ANSPs), is our primary hosted payload customer.

Aireon developed an automatic dependent surveillance-broadcast (ADS-B) receiver payload that is hosted on our satellites and gathers ADS-B position information from aircraft to provide a global air traffic surveillance service.

Aireon has contracted to offer its service to ANSPs and other commercial customers worldwide.

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We also sell airtime services directly to the U.S.

government, including the DoD, for resale to other government agencies.

government, including the DoW, for resale to other government agencies.

government and international government agencies may purchase additional services as well as our products and related applications through our network of distributors.

Our partner ecosystem continues to grow worldwide, including IoT platform providers, chipset manufacturers and application developers.

During 2025, our partners certified 57 new Iridium products across IoT, maritime, and land mobile applications, demonstrating continued innovation around our technology platform.

We provide our distributors with support services, including assistance with coordinating end user sales and marketing, strategic planning and training, and second-tier customer support, as well as helping them market our products and services and respond to new business opportunities.

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We are also able to benefit from the specialized expertise of our distributors, who continue to develop innovative and improved solutions and applications integrating our product and service offerings, providing us with an attractive platform to support our growth.

Commercial Markets

We view our commercial business as our primary source of long-term growth.

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Unlike service providers, our VARs typically focus more on data applications and provide a broader array of value-added services specifically targeted to the niche markets they serve, such as IoT, maritime, aviation and government markets, where high-use customers with specialized needs are concentrated.

These VARs integrate our handsets, transceivers, high-speed data devices and SBD modems with other hardware and software to create packaged solutions for end users.

Examples of these applications include cockpit voice and data solutions for use by the aviation sector and voice, data and tracking applications for industrial customers, such as Caterpillar Inc., the DoD, and other U.S.

These VARs integrate our handsets, transceivers, data services devices and SBD modems with other hardware and software to create packaged solutions for end users.

and foreign government agencies.

Our service providers include satellite service providers such as Marlink AS, Applied Satellite Technology Limited and Network Innovations, as well as some of the largest telecommunications companies in the world, including Telstra Limited, KDDI Corporation and Singapore Telecommunications Limited, or Singtel.

Our VARs include ARINC Incorporated, Beam Communications Pty Ltd., Garmin Services Inc., Garmin International Inc., Gogo Business Aviation LLC, Komatsu Ltd, Kore Telematics Inc., MetOcean Telematics Limited, NAL Research Corporation, and Zunibal S.A.

Our service providers include satellite service providers such as Marlink AS, Applied Satellite Technology Limited and Network Innovations Inc., as well as some of the largest telecommunications companies in the world, including Telstra Limited and KDDI Corporation.

Our VARs include ARINC Incorporated, Beam Communications Pty Ltd., Garmin Services Inc., Garmin International Inc., Gogo Business Aviation LLC, Komatsu Ltd, Kore Wireless Inc., MetOcean Telematics Limited, NAL Research Corp., Rockwell Collins Inc., and Zunibal S.L.

We also sell our products to VAMs, who integrate our transceivers or chipsets into their proprietary hardware.

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As with our service providers and VARs, VAMs sell their products either directly or through other distributors, including some of our service providers and VARs.

Our VAMs include Intellian, Thales, Calamp Wireless Networks Corporation, Garmin Services Inc., Jacobs Technology, Inc., and Lars Thrane A/S.

In addition to VARs and VAMs, we maintain relationships with approximately 90 value-added developers, or VADs.

Our VAMs include Intellian Technologies, Inc., Thales Avionics, Inc., Calamp Wireless Networks Corporation, Amentum Technology, Inc., Nova Systems Pty Ltd, and Lars Thrane A/S.

In addition to VARs and VAMs, we maintain relationships with approximately 110 value-added developers (VADs).

We typically provide technical information to these companies on our products and services, which they then use to develop software and hardware that complements our products and services in line with the specifications of our VARs and VAMs.

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We believe that working with VADs allows us to create new platforms for our products and services and increases our market opportunity while reducing our overall research and development, marketing, and support expenses.

Our VADs include AeroAntenna Technology, Inc., AnsuR Technologies AS, ASIQ Pty Ltd.

Crib Gogh Ltd, Ocean and Coastal Environment Sensing Inc., Rockwell Collins Inc.

and two10degrees Limited.

Our VADs include AnsuR Technologies AS, ASIQ Pty Ltd, Crib Gogh Ltd, and Ocean and Coastal Environment Sensing Inc.

We use a wholesale rate structure for our commercial products and services.

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We believe this business model reduces back-office complexities and costs and allows distributors to remain focused on revenue generation, while also providing incentives for distributors to focus on selling our commercial product and service portfolio and developing additional applications.

Government Markets

We provide mission-critical mobile satellite products and services to all military branches of the DoD as well as to other U.S.

We provide mission-critical mobile satellite products and services to all military branches of the DoW as well as to other U.S.

government departments and agencies.

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The total contract value of EMSS is $738.5 million over the seven-year term.

The fixed-price annual rate of the EMSS contract through September 2025 is $107 million, with one increase thereafter up to $110.5 million for the final contract year ending in September 2026.

The fixed-price annual rate of the EMSS contract through September 2026 is $110.5 million, with one six-month extension option exercisable at the election of the U.S.

government, at the end of that period.

We expect to seek to negotiate a follow-on contract with the U.S.

government upon expiration of the current EMSS contract.

While we sell airtime directly to the U.S.

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We also provide maintenance services for the U.S.

government gateway pursuant to our EMSS capabilities and security sustainment services, or ECS3, contract managed by the U.S.

Space Force, which replaced our previous Gateway Maintenance and Support Services, or GMSS, contract.

government gateway pursuant to our EMSS capabilities and security sustainment services (ECS3) contract managed by the U.S.

Space Force, which replaced our previous Gateway Maintenance and Support Services (GMSS) contract.

The ECS3 agreement, which we entered into in March 2024, has a total contract value to us of approximately $94 million, with a potential total value of $103 million, based on future surge requirements.

The ECS3 contract has a base term running through March 31, 2025, with four one-year U.S.

government extension options.

In September 2019, we were also awarded a five-year indefinite-delivery/indefinite-quantity gateway evolution contract managed by the U.S.

Space Force to enable ongoing innovation and enhancements for the U.S.

government gateway, which was subsequently extended through March 2025.

This contract had a total contract value to us of up to $76 million.

We expect to renew this agreement prior to its expiration in March 2025.

In May 2022, the SDA awarded General Dynamics Mission Systems, with Iridium as a subcontractor, the SDA contract, to establish the ground Operations and Integration, or O&I, segment for Tranche 1 of the U.S DoD’s Proliferated Warfighter Space Architecture or PWSA.

The ECS3 contract had a base term running through March 2025, and we are currently in the first of up to four one-year extension options exercisable at the election of the U.S.

In August 2025, we were also awarded a five-year indefinite-delivery/indefinite-quantity system infrastructure transformation and hybridization (SITH) contract managed by the U.S.

Space Force, which was a follow-on contract to our previous gateway evolution contract signed in 2019, to enable ongoing innovation and enhancements for the U.S.

government gateway.

This contract has a total contract value to us of up to $85.8 million.

In May 2022, the SDA awarded General Dynamics Mission Systems, with Iridium as a subcontractor, the SDA contract, to establish the ground Operations and Integration (O&I) segment for Tranche 1 of the PWSA.

In July 2024, the General Dynamics/Iridium team received a contract modification of $491.6 million for the Ground Management and Integration (GMI) program.

Of this amount, Iridium’s share has a value of $240 million over five years.

Revenues from the SDA contract contributed to our higher engineering and support service revenue in 2023 and 2024, as well as associated expenses, compared to the prior years, and we expect that higher level of revenues and expenses to continue throughout the life of the SDA contract.

government services, including engineering services, accounted for approximately 27% of our total revenue for the year ended December 31, 2024.

Revenues from the SDA contract contributed to our increasing engineering and support service revenue from 2023 to 2025, as well as associated expenses, compared to the prior years, and we expect that higher level of revenues and expenses to continue throughout the life of the SDA contract.

government revenue accounted for approximately 29% of our total revenue for the year ended December 31, 2025.

Our reported U.S.

government revenue includes airtime revenue derived from the EMSS contract and services provided through the GMSS and ECS3 contracts, the gateway evolution contract, and other engineering and support contracts with the U.S.

government, primarily the SDA contract.

government revenue primarily includes revenue from the EMSS, ECS3, SITH (and its predecessor gateway evolution contract) and SDA contracts.

Pursuant to federal acquisition regulations, the U.S.

government may terminate the EMSS, ECS3, gateway evolution, or SDA contracts, in whole or in part, at any time.

government may terminate these contracts, in whole or in part, at any time.

Our government revenue does not include airtime services purchased by U.S.

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Our system is able to offer our customers cost-effective communications solutions with true global coverage in areas unserved or underserved by existing telecommunications infrastructure.

Our mission-critical communications solutions have become an integral part of the communications and business

infrastructure of many of our end users.

Our mission-critical communications solutions have become an integral part of the communications and business infrastructure of many of our end users.

In many cases, our service is the only connectivity for these critical applications or is used to complement terrestrial communications solutions.

Our current principal vertical lines of business include land mobile, maritime, aviation, IoT, hosted payloads and other data services, which includes PNT, and U.S.

Our current principal vertical lines of business include land mobile, maritime, aviation, IoT, hosted payloads and other data service, which includes PNT, and U.S.

We report commercial voice and data service, IoT data service, commercial broadband, hosted payload and other data service, and government service revenue separately.

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Because there is considerable overlap in these services, we have combined our discussion of these revenue lines in this report, noting within the discussion where our broadband services contribute, particularly in maritime.

We are the leading provider of mobile satellite communications services to the land mobile sector, providing handset services to areas not served or inconsistently served by existing terrestrial communications networks.

Mining, forestry, construction, oil and gas, utilities, heavy industry and transport companies as well as the military, public safety and disaster relief agencies are significant users of our land mobile services.

Sales of Iridium GO!

and Iridium PTT services also contribute to the land mobile sector.

We are a leading provider of mobile satellite communications services to the land mobile sector, providing handset services to areas not served or inconsistently served by existing terrestrial communications networks.

Companies in the mining, forestry, construction, oil and gas, and utility sectors, as well as the military, non-governmental organizations (NGOs), and public safety and disaster relief agencies, are significant users of our land mobile services.

Sales of Iridium PTT services also contribute to the land mobile sector.

We believe that demand for mobile communications devices operating outside the coverage of terrestrial networks, combined with our small, lightweight, durable handsets with truly global coverage, will allow us to capitalize on growth opportunities among these users.

In addition, we believe Iridium Certus broadband land mobile units are attractive in this market, as the combination of price, speeds, equipment, reliability in various weather conditions, and durability of equipment addresses a distinct market need.

We also expect Iridium Certus midband products and services to be a source of revenue growth in the coming years.

Our land mobile end users utilize our satellite communications services for:

• Voice and data :

Multinational corporations in various sectors use our services for business telephony, email and data transfer services, location-based services, and broadband for employees in areas inadequately served by terrestrial networks.

Multinational corporations in various sectors use our services for business telephony, messaging services, location-based services, and SOS safety response coordination for employees in areas inadequately served by terrestrial networks.

Oil and gas and mining companies, for example, provide their personnel with our equipment solutions while surveying new drilling and mining opportunities and while conducting routine operations in remote areas that are not served by terrestrial wireless communications networks.

In addition, a number of recreational, scientific and other outdoor users rely on our mobile handheld satellite phones and services for use when beyond terrestrial wireless coverage.

Iridium PTT offers non-governmental organizations (NGOs), military, first responder, oil and gas, civil government and other users the ability to hold group calls using the Iridium Extreme ® PTT handset or other devices developed by our VAMs and VARs using the Iridium 9523 PTT core transceiver.

The Thales MissionLINK terminal, the first Iridium Certus broadband offering in the land mobile area, allows rapid deployment and on-the-move communications, location tracking, and automatic WAN failover for added reliability.

Iridium PTT offers NGOs, defense and military organizations, first responders, oil and gas companies, civil governments and other users the ability to conduct conference calls using the Iridium Extreme ® PTT handset and other devices developed by our VAMs and VARs using the Iridium 9523 PTT core transceiver.

The Thales MissionLINK terminal is an Iridium Certus broadband offering for the land mobile sector that allows rapid deployment and on-the-move communications, location tracking, and automatic WAN (wide area network) failover for added reliability.

• Mobile and remote office connectivity :

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• Public safety and disaster relief :

Relief agencies, such as FEMA, and other agencies, such as the Department of Homeland Security, use our products and services in their emergency response plans, particularly in the aftermath of natural disasters such as Hurricanes Helene and Milton in 2024 and the California and Maui wildfires in 2023.

These agencies generate significant demand for both our voice and data products, especially in advance of the hurricane season in North America.

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• Public telephone infrastructure :

Telecommunications service providers use our services to satisfy regulatory mandates and government expectations regarding the availability of communications services for rural populations currently not served by terrestrial infrastructure.

served by terrestrial infrastructure.

Telstra Corporation, for example, uses our services to provide communications services in some of Australia’s most remote locations.

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Since we introduced Iridium Certus broadband in January 2019, Iridium Certus services have accounted for an increasing portion of our revenue from this market, and we expect that trend to continue, although we still support our legacy broadband offering, Iridium OpenPort service.

Our products and services targeting the maritime market typically have high average revenue per subscriber.

Once one of our maritime systems is installed on a vessel, it often generates a multi-year recurring revenue stream from the customer.

To take advantage of this, from time to time, we may offer promotions or rebates to accelerate new customer acquisitions and solidify this expected long-term revenue stream.

Our products and services targeting the maritime market typically have higher average revenue per subscriber than our other markets.

Once one of our maritime systems is installed on a vessel, it often generates a multi-year recurring revenue stream from the customer, particularly in the context of mandatory safety systems, such as Iridium Certus GMDSS.

To take advantage of this revenue potential, from time to time, we may offer promotions or rebates to accelerate new customer acquisitions and solidify this expected long-term revenue stream.

We believe Iridium Certus, which offers data speeds of up to 704 Kbps, presents a compelling communication solution for L-band users in the maritime market.

Iridium Certus has been increasingly installed on oceangoing vessels as a companion to broadband services offered by geostationary orbit (VSAT connections) and non-geostationary orbit (NGSO) providers and we have seen lower usage levels on some vessels where we had previously been used as the primary communications service.

Iridium Certus has been increasingly installed on oceangoing vessels as a companion to broadband services offered by geostationary (GEO) providers (such as VSAT services) and non-geostationary orbit (NGSO) providers.

We expect additional offerings, such as Iridium Certus GMDSS services, to continue to increase the addressable market for our maritime services.

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• Business critical data applications :

Ship operators use our services to exchange email and data files and to receive other information such as meteorological reports, emergency bulletins, cargo and voyage data and electronic chart updates.

We believe the breadth of our Iridium Certus offerings provides attractively priced options for shipping operators and fishing fleets seeking increased functionality, as well as for yachts, work boats and other vessels for which traditional marine satellite systems have typically been costly and underperforming.

In conjunction with our distributors, we also offer services that permit service providers and VARs to offer complete integrated solutions for prepaid calling, email and IP-based data communications.

For example, one of our distribution partners, Marlink Inc., has been integrating Iridium Certus with its miniature Very Small Aperture Terminal, or mini-VSAT SM , broadband service to provide companion connectivity when the mini-VSAT terminal is out of its coverage area or non-operational.

Ship operators use our services for business-critical data communications, including email and file transfer, meteorological and navigational information, emergency and safety bulletins, cargo and voyage data and electronic chart updates.

Iridium Certus is well suited for these applications due to the characteristics of our global L-band network, which provides highly reliable, low-latency connectivity with true global coverage and resilience to atmospheric and geographic limitations.

We believe the breadth of our Iridium Certus offerings provides cost-effective and flexible connectivity options for commercial shipping, as well as yachts, work boats and other vessels for which traditional marine satellite systems have often been costly or operationally constrained.

Certus is increasingly deployed as a companion service to high-bandwidth VSAT and NGSO satellite systems, which may experience service degradation or outages due to weather, coverage gaps, congestion or terminal availability.

In collaboration with our distributors, we enable service providers and VARs to deliver integrated solutions supporting voice messaging and IP-based data services.

For example, Marlink Inc.

has integrated Iridium Certus within its hybrid connectivity solutions, combining LEO and GEO satellite and terrestrial technologies, using Certus to provide resilient companion connectivity when higher-bandwidth services are unavailable or outside their coverage footprint.

• Voice services :

Maritime global voice services are used for both vessel operations and communications for crew welfare.

Merchant shipping companies use phone cards for crew use at preferential around-the-clock flat rates.

• Vessel management and asset tracking :

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Ships in distress, including as a result of potential piracy, hijack or terrorist activity, rely on mobile satellite voice and data services.

The Ship Security and Alert Systems, or SSAS, and Long Range Identification Tracking, or LRIT, regulations were adopted by the International Maritime Organization, or IMO, to enhance maritime security in response to the threat from terrorism and piracy.

The Ship Security and Alert Systems (SSAS) and Long Range Identification Tracking (LRIT) regulations were adopted by the International Maritime Organization (IMO) to enhance maritime security in response to the threat from terrorism and piracy.

Most deep-sea passenger and cargo ships must be fitted with a device that can send an alert message containing the ship’s ID and position whenever the ship is under threat or has been compromised.

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As part of the GMDSS service, navigational and meteorological information is distributed to vessels.

The IMO requires all vessels flagged by signatories to the International Convention for the Safety of Life at Sea, or SOLAS, over 300 gross tons and certain passenger vessels, irrespective of size, that travel in international waters to carry distress and safety terminals that provide GMDSS services.

GMDSS service using our

network became available in 2020, and our partners offer maritime terminals that include GMDSS service capabilities to vessel operators.

In 2024, we announced GMDSS over Iridium Certus, adding Iridium GMDSS, as well as LRIT and SSAS, to the robust communication and safety capabilities of Iridium Certus.

We are one of the leading providers of mobile satellite communications services to the aviation sector, and we continue to see aviation as an area of potential revenue growth.

Our services are increasingly used in commercial and government aviation applications, principally by business jets, corporate and government helicopter fleets, specialized general aviation fleets, such as medevac companies and fire suppression fleets, and high-end personal aircraft.

The IMO requires all vessels flagged by signatories to the International Convention for the Safety of Life at Sea (SOLAS) over 300 gross tons and certain passenger vessels, irrespective of size, that travel in international waters to carry distress and safety terminals that provide GMDSS services.

GMDSS service using our network became available in 2020, and our partners offer maritime terminals that include GMDSS service capabilities to vessel operators.

In 2024, we announced the extension of GMDSS using Iridium’s Certus platform, adding Iridium GMDSS, as well as LRIT and SSAS, to the robust communication and safety capabilities of Iridium Certus.

We are one of the leading providers of mobile satellite communications services to the aviation sector, and we continue to see aviation delivering year-over-year revenue growth.

Our services are used in commercial and government aviation applications, principally by business jets, corporate and government helicopter fleets, specialized general aviation fleets, such as medevac companies and fire suppression fleets, and high-end personal aircraft.

Our services are also employed by commercial airline operators for flight deck voice and data link services for aircraft operational and safety communications.

As a result of authorizations by the U.S.

Federal Aviation Administration, or FAA, and U.S.

Federal Communications Commission, or FCC, for us to provide air traffic datalink communications, commercial operators are installing avionics that use the Iridium network on the flight deck to comply with international air navigation communications requirements to operate in oceanic and remote airspace, including polar regions.

Federal Aviation Administration (FAA) and U.S.

Federal Communications Commission (FCC) for us to provide air traffic datalink communications, commercial operators are installing avionics that use the Iridium network on the flight deck to comply with international air navigation communications requirements to operate in oceanic and remote airspace, including polar regions.

Voice and data avionics platforms from our VAMs have been adopted as standard equipment and as factory options for a range of airframes in business aviation and air transport, such as Gulfstream Aerospace Corporation, Bombardier Inc., Cessna Aircraft Company, Boeing and Airbus.

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• Air traffic control communications and safety applications :

The International Civil Aviation Organization, or ICAO, has approved standards and recommended practices allowing us to provide Aeronautical Mobile Satellite (Route) Service, or AMS(R)S, to commercial aircraft on long-haul routes.

The International Civil Aviation Organization (ICAO) has approved standards and recommended practices allowing us to provide Aeronautical Mobile Satellite (Route) Service (AMS(R)S) to commercial aircraft on long-haul routes.

This allows member states to evaluate and approve our services for safety communications on flights in oceanic and remote airspace.

The FAA has approved Iridium for use in the Future Air Navigation Services, or FANS, including Automatic Dependent Surveillance-Contract, or ADS-C, datalink communications and Controller-Pilot Data Link Communications, or CPDLC, with air traffic control.

The FAA has approved Iridium for use in the Future Air Navigation System (FANS), including Automatic Dependent Surveillance-Contract (ADS-C) datalink communications and Controller-Pilot Data Link Communications (CPDLC) with air traffic control.

Aircraft crew and air traffic controllers use our services for data and voice communications between the aircraft flight deck and ground-based air traffic control facilities.

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for example, some operators use our services to enable small-cabin passengers to email using their own Wi-Fi-enabled mobile devices, including smartphones, without causing interference with aircraft operation.

We expect that users in the corporate aviation market, and original equipment manufacturers, or OEMs, for business jets, will increase adoption of our services for in-flight passenger data communications using our network.

We expect that users in the corporate aviation market, and original equipment manufacturers (OEMs) for business jets, will increase adoption of our services for in-flight passenger data communications using our network.

• Rotary and general aviation applications :

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We are also a major supplier for rotary aviation applications to end users in a number of markets, including medevac, law enforcement, oil and gas, and corporate work fleets.

Companies such as Air Logistics, EagleMed and Air Evac Lifeteam rely on applications from our distributors for traditional voice communications, fleet tracking and management, and real-time flight diagnostics.

Companies such as Air Logistics, EagleMed and Air Evac

Lifeteam rely on applications from our distributors for traditional voice communications, fleet tracking and management, and real-time flight diagnostics.

VARs and VAMs such as Flightcell International Limited, Garmin Services Inc., Honeywell International Inc., SkyTrac Systems Limited, and Spider Tracks Limited incorporate Iridium products and services into their applications for these markets.

• Unmanned Aerial Vehicles (UAVs) :

Our small antennas and system designs support a wide range of UAV platforms.

In addition, our global footprint enables reliable, beyond-line-of-sight communications for these UAV platforms regardless of their operational range.

We operate as the communication link for remote-piloted aircraft for uses such as package delivery, medical supply, power-line inspection, law enforcement, corporate surveying and even military applications.

Our small antennas, low power and system architecture support a wide range of UAV platforms.

Iridium’s truly global coverage enables reliable, beyond-visual-line-of-sight (BVLOS) communications for UAV platforms.

Because of these attributes, we expect UAV operators to continue to seek Iridium connectivity for their UAV platforms and to play a role in proposed BVLOS UAV regulations, such as proposed FAA regulations Part 108 and Part 146.

We operate as the communication link for remote-piloted and autonomous aircraft for uses including package delivery, medical supply, power-line inspection, first responders, surveillance and defense applications.

We believe the benefits of Iridium Certus enhance our ability to address aviation market needs across these sectors.

In addition, in 2024, our aviation safety services offering received ISO 27001:2022 certification, an internationally recognized standard for information security management systems, enhancing our commitment to aviation safety.

Our aviation safety services offering is ISO 27001:2022 certified, an internationally recognized standard for information security management systems, enhancing our commitment to aviation safety.

Commercial IoT Data

We are one of the leading providers of satellite-based IoT services.

We believe this market continues to experience increasing penetration and presents opportunities for future growth.

As with land mobile, our largest IoT users include mining, construction, recreation, oil and gas, utilities, heavy industry, maritime, forestry and transport companies, as well as the military, public safety and disaster relief agencies.

We believe increasing demand for automated data collection processes from mobile and remote assets operating outside the coverage of terrestrial wireline and wireless networks, as well as the continued need to integrate the operation of such assets into enterprise management and information technology systems, will likewise increase demand for our IoT applications.

As with land mobile, our largest IoT users include mining, construction, recreation, oil and gas, utility, heavy industry, maritime, forestry and transport companies, as well as the military, and public safety and disaster relief agencies.

Our IoT business benefits from strategic relationships with large global enterprises across multiple sectors.

We have multi-year agreements with leading OEMs in heavy equipment, fleet management, and asset tracking.

Our wholesale distribution model allows us to benefit from our partners’ research and development investments as they innovate around our core technology platform, creating new products and applications that expand our addressable market while reducing our direct development costs.

Our IoT services are used for:

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Fleet management companies, such as I.D.

Systems, MiX Telematics International (Pty) Ltd, and Omnilink Tecnologia S/A, use our service to provide distance drivers with reliable communications to their dispatchers and their destinations to coordinate changing business needs, and our satellite network provides continuous communications coverage while they are in transit.

Systems, Inc., MiX Telematics International (Pty) Ltd, and Omnilink Tecnologia S.A., use our service to provide distance drivers with reliable communications to their dispatchers and their destinations to coordinate changing business needs, and our satellite network provides continuous communications coverage while they are in transit.

We expect that the need for more efficient, cost-effective and safer fleet operations, as well as the imposition of regulatory mandates related to driver safety, such as drive-time monitoring, will increase demand for our services in this area.

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• Scientific data monitoring :

Smithsonian National Zoo & Conservation Institute, the Zoological Society of London, and Veterans Empowered to Protect African Wildlife, or VETPAW.

The global coverage of our network supports many scientific data collection applications, including the Argo float program of the National Oceanic and Atmospheric Administration (NOAA), the Global Ocean Observation project Challenger, operated by Rutgers University, and anti-poaching programs run by the Smithsonian National Zoo & Conservation Institute, the Zoological Society of London, and Veterans Empowered to Protect African Wildlife (VETPAW).

These programs rely on our IoT services to collect scientific data from buoys and ocean gliders located throughout the world’s oceans and from wildlife habitats for monitoring and analysis.

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In the future, we expect our value-added partners to develop new IoT solutions with increased capabilities based on our Iridium Certus 9770 and Iridium Certus 9704 transceivers and other IoT services we plan to provide in the future.

Hosted Payload and Other Data Services

Our Iridium satellites also host customer payloads.

Hosted Payload and Other Data Service

Our Iridium satellites host customer payloads.

We generate revenue from these customers both from the hosted payload capacity and from data service fees.

Because the hosted payload revenues are based on a contractual commitment for the life of the Iridium constellation, we recognize revenue from these customers over the expected life of the system.

Our constellation hosts the Aireon system, which provides a global air traffic surveillance service through a series of ADS-B receivers on our satellites.

We formed Aireon LLC in 2011, with subsequent investments from several ANSPs, to develop and market this service.

Aireon has contracted to provide surveillance and other services to ANSPs and other customers around the world.

Aireon has also contracted to pay us a fee to host the ADS-B receivers on our satellites, as well as data service fees for the delivery of the air traffic surveillance data over the Iridium system.

See “Aireon LLC and Aireon Holdings LLC Agreement” below for additional information.

We also have an agreement with L3Harris Technologies, Inc.

(L3Harris), the manufacturer of the Aireon hosted payload, pursuant to which L3Harris pays us fees to allocate the remaining hosted payload capacity to its customers and data service fees on behalf of these customers.

Our Iridium PNT services provide a reliable complement or alternative to GPS in the event of disruptions such as interference, jamming, or spoofing.

We offer Iridium PNT to commercial and government customers, including the finance, telecommunications, maritime, transportation and energy and utility industries.

Beginning in mid-2026, we expect to offer the Iridium PNT ASIC, which will enable resilient, secure primary or backup PNT capabilities in an ultra-compact chip.

In addition to access and usage fees in the vertical lines of business described above, we generate revenue from several ancillary services related to our core service offerings.

Following our acquisition of Satelles, we offer PNT services, which provide a reliable complement or alternate to GPS in the event of disruptions such as interference, jamming, or spoofing.

We provide inbound connections from the public switched telephone network, or PSTN, short message services, or SMS, subscriber identity module, or SIM, activation, customer reactivation, and other peripheral services.

We provide inbound connections from the public switched telephone network (PSTN), short message services (SMS), subscriber identity module (SIM), activation, customer reactivation, and other peripheral services.

We also provide research and development services to assist customers in developing new technologies compatible with our system, which we may leverage for use in service and product offerings in the future.

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We are one of the leading providers of mobile satellite communications services to the U.S.

government, principally the DoD.

government, principally the DoW.

We provide mobile satellite products and services to all branches of the U.S.

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Our business is subject to seasonal usage changes for commercial customers, and we expect it to be affected by similar seasonality going forward.

March through October are typically the peak months for commercial voice traffic and related subscriber equipment sales, given the predominance of population and outdoor activity in the northern hemisphere.

March through October are typically the peak months for commercial voice traffic and related

subscriber equipment sales, given the predominance of population and outdoor activity in the northern hemisphere.

government usage and commercial IoT usage have been less subject to seasonal changes.

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In addition, we offer services to U.S.

government customers, including the DoD.

government services, including engineering services, accounted for approximately 27% of our total revenue for the year ended December 31, 2024.

government customers, accounted for approximately 29% of our total revenue for the year ended December 31, 2025.

Commercial Services

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Service providers and VARs pay us in advance for defined blocks of airtime minutes with expiration periods in various configurations, generally ranging from 30 days to two years.

These services are then generally sold to subscribers in the form of prepaid e-vouchers and scratch cards that enable subscribers to use our services on a per-minute basis.

These services are then generally sold to subscribers in the form of prepaid e-vouchers that enable subscribers to use our services on a per-minute basis.

We believe service providers and VARs are drawn to these services because they enable greater cost control by eliminating the need for monthly billings and reducing collection costs, and can be sold in countries where credit may not be readily available for end users.

Our distributors often offer our prepaid voice services through fixed devices to subscribers in rural villages, at remote industrial, commercial and residential sites, and on ships at sea, among other places.

Fixed voice services are in many cases an attractive alternative to handheld mobile satellite communications services in situations where multiple users will access the service within a defined geographic area and terrestrial wireline or wireless service is not available.

Fixed phones, for example, can be configured as pay phones that accept prepaid scratch cards and can be installed at a central location, for example in a rural village or on a maritime vessel.

Our distributors often offer our prepaid voice services through mobile devices to subscribers in rural villages, at remote industrial sites, and on recreational boats at sea, among other places.

Iridium PTT Service

Our Iridium PTT service enables regional or global PTT calls among users on the same talkgroup in up to 10 customer-defined, geographically disparate locations around the world, providing a fast and robust communication experience.

Iridium PTT can be used via the Iridium Extreme PTT satellite phone or the Iridium 9523 PTT core transceiver, which gives our VAMs the ability to build Iridium PTT into existing land mobile, maritime and aviation communications platforms.

For example, Icom Inc.

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We and our partners are also developing interoperability solutions for existing terrestrial land mobile radio systems, which will further extend the utility of the service.

Internet of Things Services

Internet of Things (IoT) Services

Our IoT services are designed to address the market need for a small and cost-effective solution for sending and receiving data, such as location, from fixed and mobile assets in remote locations to a central monitoring station.

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Increasingly, our IoT transceivers are being built into products for consumer markets, such as personal location devices that provide two-way messaging.

In the future, we expect our IoT partners to develop new offerings with increased capabilities for various applications based on our Iridium Certus 9770 transceiver and the new Iridium Certus 9704 transceiver, with improved size, speed, power, and antenna characteristics.

As with our mobile voice and data offerings, we typically charge service providers and VARs a monthly access fee per subscriber as well as usage fees for data used by their respective subscribers.

In the future, we expect our IoT partners to develop new offerings with increased capabilities for various applications based on our Iridium Certus 9770 transceiver and the newer Iridium Certus 9704 transceiver, with improved size, speed, power, and antenna characteristics.

As with our mobile voice and data offerings, we

typically charge service providers and VARs a monthly access fee per subscriber as well as usage fees for data used by their respective subscribers.

Broadband Data Services

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We have discontinued the manufacture of the Iridium Pilot platform that supports Iridium OpenPort services, with those customers often upgrading to Iridium Certus technology.

Iridium Satellite Time and Location Services

Following our acquisition of Satelles in April 2024, we began offering Iridium Satellite Time and Location ® , or STL ® , and other services.

These alternative PNT solutions allow users to secure GPS and other GNSS-reliant systems’ time-synchronized applications from vulnerabilities like spoofing and jamming, with small, low-cost hardware that does not require outdoor antennas.

Like other Iridium services, STL is capable of service everywhere on the planet, helping secure critical infrastructure, data centers, 5G base stations and applications across the aviation, maritime, land mobile and IoT sectors.

Iridium PNT Services

Following our acquisition of Satelles in April 2024, we began offering Iridium PNT services.

Iridium PNT offers a highly secure, reliable, satellite-based complement or alternative to GPS and other GNSS-reliant systems, helping protect applications from vulnerabilities like spoofing and jamming, with small, low-cost hardware that does not require outdoor antennas.

Like other Iridium services, Iridium PNT is capable of service everywhere on the planet, helping secure critical infrastructure, data centers, 5G base stations and applications across the aviation, maritime, land mobile and IoT sectors.

Government Services

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In addition, we offer a secure satellite phone based on the Iridium Extreme, which we also developed with funding support from the U.S.

government and which has been accredited by the National Security Agency, or NSA, to provide Type-1 encryption, enabling communications up to Top Secret from anywhere in the world.

government and which has been accredited by the National Security Agency (NSA), to provide Type-1 encryption, enabling communications up to Top Secret from anywhere in the world.

We also provide PNT services to the U.S.

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These extra features are provided in a handset that is even smaller than the Iridium 9555, weighing 8.7 ounces and offering up to four hours of talk time.

An emergency response service provided by GEOS Travel Safety Group, or GEOS, is included with the purchase of the phone and airtime usage.

The two-way emergency

SOS button initiates a voice call and an emergency text message via SMS to GEOS, which then coordinates with local emergency responders.

An emergency response service provided by GEOS Travel Safety Group (GEOS) is included with the purchase of the phone and airtime usage.

The two-way emergency SOS button initiates a voice call and an emergency text message via SMS to GEOS, which then coordinates with local emergency responders.

• Iridium Extreme PTT.

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also has an emergency SOS button and GPS and location-based services.

Smartphone or tablet access is provided through special applications downloaded for free from the Apple App Store or through Google Play for Android smartphones or tablets.

A software development kit is available to enable the creation of additional applications or integrate Iridium GO!

Smartphone or tablet access is enabled through applications available for free for Apple and Android devices, and a software development kit is available to create additional applications or integrate Iridium GO!

connectivity into existing applications.

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Our principal end users for Iridium Certus in the maritime market are merchant shipping, commercial fishing, large leisure vessels, and work boats.

The initial terminals in this market were the Cobham Sailor 4300 and Thales VesseLINK.

In addition, Intellian, a Korean maritime terminal manufacturer, introduced an Iridium Certus terminal to the market in 2020, and Thales introduced its VesseLINK 200 terminal, which uses our Iridium Certus 200 service, in 2021.

Additional Iridium Certus 200 terminals were launched in 2023 and 2024, including the Lars Thrane LT-4200 and the Intellian c200, and our partners continue to develop additional products.

Terminals in this market include Cobham Sailor 4300, Thales VesseLINK, Intellian Iridium Certus terminals such as Intellian c200, and Lars Thrane LT-4200, and our partners continue to develop additional products.

In aviation, Iridium Certus delivers critical safety services and in-flight communications.

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Terminals certified in this sector include the Blue Sky Networks SkyLink 7100, Guardian Mobility G6, Atmosphere Planet 9770, Honeywell Aspire 350, Collins IRT NX, and Skytrac SDL-350.

A number of other VAMs have been licensed to create aviation terminals using Iridium Certus services, and we expect that additional Iridium Certus aviation products will become commercially available in 2025.

In the land mobile market, enterprises, governments, and individuals that want to maintain mobile IP and telephony connectivity utilize Iridium Certus for their operations while in remote areas without having to deploy ground-based infrastructure or expensive terminals.

Iridium Certus devices may be integrated with internet, cellular, land mobile radio, and location-based applications to keep users connected, offering global push-to-talk, situational awareness, email, messaging and voice-over-IP.

Our principal end users for Iridium Certus in the land mobile market are military users, rail, first responders, non-governmental organizations, oil and gas users, and remote fleets.

Iridium offers Iridium Certus 100, Iridium Certus 200 and

Iridium Certus 700 services, supporting a portfolio of broadband and midband terminals through our partners to provide a range of capabilities at various price points.

Our principal end users for Iridium Certus in the land mobile market include defense and military organizations, rail operators, first responders, NGOs, energy sector companies, and remote fleet operators.

Iridium offers Iridium Certus 100, Iridium Certus 200 and Iridium Certus 700 services, supporting a portfolio of broadband and midband terminals through our partners to provide a range of capabilities at various price points.

Terminals that are approved for the land mobile market include the Thales MissionLINK 700 and 200, BSN SkyLink 5100, NAL Research Quicksilver, and McQ CONNECT.

In the government market, Iridium Certus terminals provide beyond-line-of-sight communications critical to mission

The initial terminal in this market is the Thales MissionLINK, with additional terminals expected in the future.

The initial terminal in this market is the Thales MissionLINK, followed by the Thales VesseLINK, NAL Quicksilver and McQ CONNECT, and others, with additional terminals expected in the future.

Our legacy broadband terminal, the Iridium Pilot, provides up to three independent voice lines and an internet connection for data communications of up to 134 Kbps, using our Iridium OpenPort service.

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Our principal customers for our L-band transceivers are VAMs and VARs, who integrate them into specialized devices that access our network.

Internet of Things Data Devices

Our principal IoT devices are the Iridium 9602 and 9603 full-duplex SBD transceivers.

The Iridium 9602 is a small data device with two-way transmission, capable of sending packet data to and from any point in the world with low latency.

The principal customers for our Iridium 9602 data modems are VARs and VAMs, who embed the device into their tracking, sensor, and data applications and systems, such as asset tracking systems.

Our partners often combine the Iridium 9602 with a GPS receiver to provide location information to customer applications.

We also offer the Iridium 9603, an even smaller transceiver that is functionally identical to the Iridium 9602.

In addition, a number of VARs and VAMs include a cellular modem as part of their Iridium applications to provide low-cost cellular data transmission when available.

These types of multimode applications are adopted by end users who require the ability to regularly transfer data but operate in areas with inconsistent cellular coverage.

Internet of Things (IoT) Data Devices

Our principal IoT transceivers include the Iridium 9602 and 9603 full-duplex SBD transceivers, the Iridium Certus 9770 transceiver, and the Iridium 9704 transceiver.

The Iridium 9602 and 9603 are small, lower-power data transceivers with two-way transmission capability, enabling packet data transmission to and from any point in the world with low latency.

The Iridium 9603 is a smaller form-factor version that is functionally identical to the Iridium 9602.

The principal customers for these transceivers are VARs and VAMs, who embed them into tracking, sensor, and data applications and systems for markets such as asset tracking, fleet management, remote monitoring and industrial telematics.

Our partners often combine our transceivers with GPS receivers to provide location information to customer applications.

A number of VARs and VAMs include cellular modems as part of their Iridium-based applications to provide lower-cost cellular data transmission when available, with automatic failover to satellite connectivity when cellular coverage is unavailable.

These hybrid applications are adopted by end users who require the ability to regularly transfer data but operate in areas with inconsistent cellular coverage.

We provide gap-filler coverage for these applications, allowing users to operate anywhere on the globe.

In addition, several partners now offer products with Iridium Certus 9770 transceivers supporting Iridium Certus 100 service for IoT, including the SkyLink product from Blue Sky Networks and the RockREMOTE from Ground Control.

In 2024, we introduced the Iridium 9704 transceiver, featuring Iridium Messaging Transport ® (IMT ® ) technology, which provides larger file transfer sizes and faster message speeds than previous Iridium IoT modules, delivering data, picture, and audio messages for industrial (IIoT), machine-to-machine (M2M) and remote personnel use cases.

Iridium also offers a suite of Iridium Edge ® finished IoT products designed to lower the barrier to adoption and speed time to market for customer applications.

Several partners offer products incorporating Iridium Certus 9770 transceivers supporting Iridium Certus 100 service for IoT applications, including the SkyLink product from Blue Sky Networks, the RockREMOTE from Ground Control, Blues Wireless’s Starnote cellular-satellite solution, and Heimdall Connect’s power line monitoring platforms.

These products provide enhanced data speeds and capabilities compared to our legacy SBD transceivers.

In late 2024, we introduced the Iridium Certus 9704 transceiver, featuring IMT technology.

The Iridium Certus 9704 provides larger file transfer sizes and faster message speeds than previous Iridium IoT transceivers, is significantly smaller and features substantially reduced power consumption, making it ideal for battery-powered applications.

The Iridium Certus 9704 delivers data, picture, and audio messages for industrial IoT, machine-to-machine (M2M), and remote personnel use cases.

Throughout 2025, our VAM and VAR partners developed and certified new products incorporating the Iridium Certus 9704 for applications including predictive maintenance, enhanced diagnostics, remote sensing, and asset tracking.

Iridium also offers Iridium Edge ® finished IoT products designed to lower the barrier to adoption and speed time to market for customer applications.

The Iridium Edge device is an off-the-shelf, environmentally sealed, rugged device that complements existing cellular solutions to create dual-mode connectivity for the most remote and inaccessible areas of the world, reducing the cost and complications associated with hardware development, manufacture and certification of satellite-specific terminals.

We also offer Iridium Edge Pro, a standalone IoT device that offers real-time GPS tracking capabilities, with a flexible programming platform that allows partners to create and run their own custom-made applications, and Iridium Edge Solar, a standalone, programmable, solar-powered device that offers real-time GPS tracking in a self-charging, low-maintenance unit with over-the-air configuration that allows partners to create distinct tracking applications.

We also offer Iridium Burst, our one-to-many global data broadcast service, which enables enterprises to send data to an unlimited number of devices anywhere in the world, even inside buildings, vehicles or aircraft.

Iridium PNT ASIC

We are developing a dedicated, miniature ASIC called the Iridium PNT ASIC that will deliver authenticated, pole-to-pole PNT capability.

The Iridium PNT ASIC measures 8mm by 8mm and is engineered for integration into a wide range of electronic devices.

Expected to be available in 2026, we believe that Iridium PNT ASIC will expand the addressable use cases for Iridium PNT.

Device Development and Manufacturing

We contract with Cambridge Consulting Ltd.

and other suppliers to develop our new products and services, with Benchmark Electronics Inc., or Benchmark, to manufacture most of our devices in a facility in Thailand, and with Verigon to manufacture a portion of our devices in the United States.

We contract with several strategic technical suppliers to develop our new products and services, such as Cambridge Consulting Ltd.

(now part of Capgemini SE) and Benchmark Electronics Inc.

We also utilize other suppliers, some of which are the sole source, to manufacture some of the component parts of our devices.

Pursuant to our contracts with Benchmark and Verigon, we may be required to purchase excess materials at cost plus a contractual markup if the materials are not used in production within the periods specified in the respective agreements.

Benchmark and Verigon generally repurchase the materials from us at the price we paid, as required for the production of the devices.

Our agreements with Benchmark and Verigon are automatically renewable for additional one-year terms unless terminated by either party.

We generally provide our distributors with a warranty on subscriber equipment for a period ranging from one year to 18 months from the date of activation, depending on the product.

Pursuant to these supplier contracts, we may be required to purchase excess materials at cost plus a contractual markup if the materials are not used in production within the periods specified in the respective agreements.

In addition, our supplier contracts generally provide that the supplier repurchase the materials from us at the price we paid, as required for the production of the devices.

The contracts are typically automatically renewable for additional one-year terms unless terminated by either party.

The majority of our products have a one-year warranty period from shipment.

In addition to our principal products, we also offer a selection of accessories for our devices, including extended-life batteries, holsters, earbud headphones, portable auxiliary antennas, antenna adaptors, USB data cables and charging units.

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Substantially all of our revenue is invoiced in U.S.

The table below sets forth the percentage of our revenue from the United States, Canada and all other countries for the last three years.

The table below sets forth the percentage of our revenue

from the United States, Canada and all other countries for the last three years.

No single country outside the United States and Canada represented more than 10% of our revenue for any of the periods indicated.

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These crosslinks enable each satellite to communicate with up to four other satellites in space, two in the same orbital plane and two in adjacent planes.

Our traffic is routed on a preplanned route between satellites to a predetermined satellite that is in contact with one of the Iridium teleport network, or TPN, locations.

The TPN sites then transmit and receive the traffic to and from the gateways, which in turn provide the interface to terrestrial-based networks such as the PSTN, a public land mobile network, or PLMN, and the internet.

Our traffic is routed on a preplanned route between satellites to a predetermined satellite that is in contact with one of the Iridium teleport network (TPN) locations.

The use of a TPN allows grounding traffic at multiple locations within our ground network infrastructure.

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Our constellation is designed to provide significant coverage overlap for mitigation of service gaps from individual satellite outages, particularly at higher northern and southern latitudes.

Each satellite in our constellation was designed with a high degree of on-board subsystem robustness, an on-board fault detection system, and isolation and recovery capabilities for safe and quick risk mitigation.

Our ability to reposition our satellites provides us with operating flexibility and enhances our ability to maintain a commercially acceptable level of service.

Each satellite in our constellation was designed with a high degree of on-board subsystem robustness, an on-board fault detection and routing system, and isolation and recovery capabilities for safe and quick risk mitigation.

Our ability to reposition our satellites provides us with operating flexibility and

enhances our ability to maintain a commercially acceptable level of service.

If a satellite should fail or become unusable, in most cases we will be able to reposition one of our in-orbit spare satellites to take over its functions within days, with minimal impact on our services.

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This system, together with our satellite crosslinks, enables communications that are not dependent on a ground station in the region where the end user is using our services.

We operate our satellite constellation from our satellite network operations center, or SNOC, in Leesburg, Virginia.

We operate our satellite constellation from our satellite network operations center ( SNOC) in Leesburg, Virginia.

This facility manages the performance and status of each of our satellites, directing traffic routing through the network and controlling the formation of coverage areas by the satellites’ main mission antennas.

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government customers and commercial subscribers expire between February 2036 and March 2037.

Renewal applications for these earth station licenses must be filed between 30 and 90 days prior to expiration.

The Iridium constellation also hosts the Aireon system.

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While the Aireon ADS-B receivers are the primary hosted payload on our satellites, L3Harris utilizes a portion of the remaining space for its customers’ payloads.

This agreement resulted in an additional $74.1 million in hosting and data service fees to us, all of which has been paid.

This agreement resulted in an additional $66.6 million in hosting fees to us, all of which has been paid.

Regulatory Matters

We hold licenses to use 8.725 MHz of contiguous spectrum in the L-band, which operates at 1.6 GHz, and allows for two-way communication between our devices and our satellites.

We hold licenses to use up to 8.725 MHz of contiguous spectrum in the L-band (1617.775-1626.0 GHz), which allows for two-way communication between our devices and our satellites.

In addition, we are authorized to use 200 MHz of K-Band (23 GHz) spectrum for satellite-to-satellite communications, known as inter-satellite links, and 400 MHz of Ka-Band spectrum (19.4 GHz to 19.6 GHz and 29.1 GHz to 29.3 GHz) for two-way communication between our satellites and our ground stations, known as feeder links.

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Our products and services are offered in over 100 countries, and we and our distributors continue to seek authorizations in additional countries.

Our use of spectrum is globally coordinated and recorded by, and subject to the frequency rules and regulations of, the International Telecommunication Union, or ITU.

Our use of spectrum is globally coordinated and recorded by, and subject to the frequency rules and regulations of, the International Telecommunication Union (ITU).

The ITU is the United Nations organization responsible for worldwide co-operation in the telecommunications sector.

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If and when funds are available, Aireon Holdings is required to redeem a portion of our common ownership interest for a payment to us of $120 million, following which we would retain a 27% interest.

Based on Aireon’s business plan and restrictions under Aireon’s debt facility, we do not expect this redemption of our ownership interest to occur for several years.

Based on Aireon’s business plan and restrictions under Aireon’s debt facility, we do not expect this redemption of our ownership interest would occur for several years.

The Aireon Holdings LLC Agreement provides for Aireon Holdings to be managed by a board of directors consisting of 11 members, of which we have the right to nominate two directors.

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The mobile satellite services industry is highly competitive, and we currently face substantial competition from other service providers that offer a range of mobile and fixed communications options.

Currently, our principal mobile satellite services competitors are Viasat, Globalstar, ORBCOMM, and Thuraya Telecommunications Co., or Thuraya.

Currently, our principal mobile satellite services competitors are Viasat, Globalstar, ORBCOMM, and Thuraya Telecommunications Co.

We compete primarily on the basis of coverage, quality, mobility, and pricing of services and products.

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This design requires the use of multiple ground stations, which are impractical in some extreme latitudes or over portions of the oceans.

ORBCOMM also provides commercial services using a fleet of LEO satellites and also sells its customers some services from Viasat.

Like Globalstar, ORBCOMM’s network also has a “bent pipe” architecture, which constrains its real-time coverage area.

ORBCOMM’s principal focus is low-cost data and IoT services, where it directly competes with our IoT offerings.

Because a ground station may not be within view of a satellite, ORBCOMM’s LEO-based services may have a significant amount of latency, which may limit their use in some mission-critical applications.

ORBCOMM does not offer voice service or high-speed data services.

In 2022, Globalstar announced a partnership with Apple, where Apple iPhones and other devices could make D2D emergency notifications and texting through the Globalstar network.

ORBCOMM also provides commercial services using VHF spectrum from a fleet of LEO satellites and also sells its customers some L-band IoT services from Viasat.

Like Globalstar, ORBCOMM’s network utilizes a “bent pipe” architecture, which constrains its real-time coverage area.

ORBCOMM’s principal focus is low-cost data and IoT services.

ORBCOMM does not offer voice service or data services.

We also compete with regional mobile satellite communications services in several geographic markets.

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All of these regional competitors operate or plan to operate GEO satellites.

Our regional mobile satellite services competitors currently include Thuraya, principally in Europe, the Middle East, Africa, Australia and several countries in Asia.

In addition, there are a number of more recent entrants to the mobile satellite services industry, including Starlink and OneWeb, with varying constellation designs and business models.

These newer entrants are primarily focused on commodity broadband services, whereas we often operate as a complementary or companion service.

We also see some of these other companies

investing in direct-to-device services that in the future may expand the current terrestrial cellular footprint in some countries, reducing the size of the market that requires mobile satellite services.

Our regional mobile satellite services competitors currently include Thuraya, a division of UAE-based Space42 PLC, principally in Europe, the Middle East, Africa, Australia and several countries in Asia.

In addition, there are several companies investing in D2D services with varying stages of deployment, reusing terrestrial spectrum in partnership with selected MNOs, leased spectrum from GEO MSS operators, or in the future, dedicated L-band or S-band MSS spectrum.

In September 2025, SpaceX signed an agreement to acquire certain rights and licenses to an aggregate of 50MHz of S-band spectrum, and announced plans to develop a global satellite D2D service using the acquired spectrum.

Although development of such a D2D service using the acquired spectrum faces regulatory, technical and business hurdles, if successfully deployed, it could significantly increase competition to portions of our business.

Within our maritime broadband business, we position ourselves as a complementary and companion service to commodity broadband services;

however, we have experienced increased competition and pricing pressure from the impact of newer entrants, particularly as our business shifted from providing higher value primary connections to mariners, to lower value backup and safety connections on large vessels.

While we view our services as largely complementary to terrestrial wireline and wireless communications networks, we also compete with them indirectly.

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Research and Development

Our research and development efforts have focused on the development, design and testing of our new constellation and new products, such as Iridium Certus, Iridium Messaging Transport, Iridium Edge, Iridium PTT, Iridium Burst, Iridium GO!, Iridium GO!

Our research and development efforts have focused on the development, design and testing of our constellation and new products, such as Iridium NTN Direct, Iridium Certus, Iridium Messaging Transport, Iridium Edge, Iridium PTT, Iridium Burst, Iridium GO!, Iridium GO!

exec, transceiver modules and chipsets.

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Employees and Human Capital Resources

As of December 31, 2024, we had approximately 873 full-time employees and eight part-time employees, none of whom are subject to any collective bargaining agreement.

As of December 31, 2025, we had approximately 975 full-time employees, none of whom are subject to any collective bargaining agreement.

We consider our employee relations to be good.

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patents and one foreign patent.

These patents relate to several aspects of satellite systems, global networks, communications services, and communications devices.

These patents relate to several aspects of satellite systems, global networks, communications services, communications devices, and positioning, navigation and timing technologies.

In addition to our owned intellectual property, we also license certain legacy intellectual property from Motorola Solutions that we use to operate and maintain aspects of our network and related ground infrastructure and services as well as to design and manufacture certain of our devices.

This licensed intellectual property plays an important role in the operation of certain aspects of our constellation and some of the services and devices we sell.

We maintain our licenses with Motorola Solutions pursuant to several agreements, any of which can be terminated by Motorola Solutions upon the commencement by or against us of any

bankruptcy proceeding or other specified liquidation proceedings or upon our material failure to perform or comply with any provision of the agreement that remains uncured for a specified period of time following written notice from Motorola Solutions.

We maintain our licenses with Motorola Solutions pursuant to several agreements, any of which can be terminated by Motorola Solutions upon the commencement by or against us of any bankruptcy proceeding or other specified liquidation proceedings or upon our material failure to perform or comply with any provision of the agreements that remains uncured for a specified period of time following written notice from Motorola Solutions.

If Motorola Solutions were to terminate any such agreement, it may be difficult or, under certain circumstances, impossible to obtain the technology from alternative vendors.

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We were incorporated as GHL Acquisition Corp., a special purpose acquisition company, in November 2007 and became a publicly held company in February 2008.

In September 2009, we acquired the outstanding equity of Iridium Holdings LLC, or Iridium Holdings, a privately held company, and changed our name to Iridium Communications Inc.

In December 2000, Iridium Holdings, through its wholly owned subsidiary Iridium Satellite LLC, or Iridium Satellite, had acquired certain satellite assets from Iridium LLC, a non-affiliated debtor in possession, pursuant to an asset purchase agreement.

In September 2009, we acquired the outstanding equity of Iridium Holdings LLC (Iridium Holdings), a privately held company, and changed our name to Iridium Communications Inc.

In December 2000,

Iridium Holdings, through its wholly owned subsidiary Iridium Satellite LLC had acquired certain satellite assets from Iridium LLC, a non-affiliated debtor in possession, pursuant to an asset purchase agreement.

Available Information

Copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments, if any, to those reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge through our website at www.iridium.com and on the website of the Securities and Exchange Commission, or SEC, at www.sec.gov.

A request for any of these reports may also be submitted to us by writing:

Investor Relations, Iridium Communications Inc., 1750 Tysons Boulevard, Suite 1400, McLean, VA 22102, or by calling our Investor Relations line at 703-287-7570.

We file annual, quarterly, and current reports, proxy statements, and other information with the Securities and Exchange Commission (SEC).

Copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments, if any, to those reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge through our website at www.iridium.com as soon as reasonably practicable after we electronically file or furnish the materials with the SEC.

The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file with the SEC at www.sec.gov.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business