Iridium cuts FY25 service revenue growth view to 3%-5% from 5%-7%

The company updated its full-year 2025 outlook for service revenue growth and maintained its full-year 2025 OEBITDA and long-term guidance as follows: Total service revenue growth between 3% and 5% for full-year 2025. (Previously, guidance for total service revenue growth was between 5% and 7% for full-year 2025). Total service revenue for 2024 was $614.9 million. Full-year 2025 OEBITDA between $490 million and $500 million. OEBITDA for 2024 was $470.6 million. Cash taxes of less than $10 million per year through 2026. We expect that the longer-term cash tax rate will move closer to the statutory rate in 2028. Net leverage below 4.0 times OEBITDA through 2026 and falling below 2.0 times OEBITDA by the end of the decade, assuming ongoing execution of the Company’s share repurchase authorization and the payment of expected quarterly dividends. Net leverage was 3.6 times OEBITDA at December 31, 2024.