McLean, Virginia-based Iridium, which operates a network of global communications satellites and sells satellite phone equipment, had record revenue last quarter due to satellite phone service demand.
Iridium reported 2022 revenue of $721 million, up 17% from a year ago. Net income was $8.7 million, compared to a net loss of $9.3 million in 2021. The company said the swing came from higher service revenue and record equipment sales.
Iridium said it also surpassed two million subscribers for its satellite phone services.
“2022 was another strong year for Iridium, driven by continued, strong subscriber growth and revenue gains across all business lines,” CEO Matt Desch said.
Commercial customers account for more than half of Iridium’s revenue, including maritime, aviation, oil and gas, mining, forestry, construction, transportation and emergency services, according to the company.
Its government contracts include military personnel, the U.S. Space Force, Department of Defense and other federal government subscribers.
Iridium completed a next-generation upgrade to its 66-satellite network in 2019.
It said it is also developing satellite messaging services that can one day be used by smartphones. Last month, it partnered with Qualcomm Technologies to advance that technology.
