Revenues rose 14.8% year-over-year (YoY) to $168.2 million versus $156.83 consensus analyst estimates. The Company reported an earnings-per-share (EPS) profit $0.02, beating consensus analyst estimates for breakeven, by $0.02. On April 19, 2022, Iridium released its fiscal first-quarter 2022 results for the quarter ending March 2022. Prudent investors seeking exposure in a space and satellite company that actually makes a profit can watch for opportunistic pullbacks in shares of Iridium. The Company's strong financial position and growth trajectory enable ESG compliance without sacrificing opportunities or business priorities. The Russia Ukraine conflict is also boosting demand for handsets. However, Iridium is also facing supply chain constraints creating backlog but expects to meet the demand by later in the year. Incidentally, the Company is gaining business from competitors suffering from supply chain constraints.
The Company grew its subscriber base by 17% driven largely in part by internet-of-things (IoT). Its primary business is " firing on all cylinders" according to CEO Matt Desch. The Company reported record equipment sales in its fiscal Q1 2022 earnings report and beating analyst estimates by $0.02 per share. Commercial services represented the largest top-line contributor at 59% of total revenues. The provider of satellite-based broadband caters to industries ranging from aviation, transport, logistics, emergency, maritime, energy, and government. Global satellite communications provider Iridium (NASDAQ: IRDM) stock recently took a nosedive from the selling in benchmark indices.
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