- Iridium reported QQ2 2025 revenue of $216.9 million, up 7.9% year-over-year and 0.9% quarter-over-quarter, led by ongoing demand for global satellite voice and data services. Gross margin remained elevated at 75.3%, and EBITDA stood at $104.2 million (EBITDA margin of 48.0%), underscoring the durability of Iridium’s high-margin service mix. Operating income was $50.3 million with an operating margin of 23.17%.\n- Net income declined to $21.97 million, a year-over-year drop of 32.1% and QoQ decline of 27.8%, driven by elevated other expenses and interest costs. Earnings per share were $0.20. Free cash flow (FCF) was robust at $108.9 million, supported by operating cash flow of $129.6 million and modest capital expenditures of $20.7 million.\n- The balance sheet shows meaningful leverage with long-term debt of approximately $1.809 billion and net debt around $1.73 billion. Cash and cash equivalents totaled $79.3 million at quarter-end, and liquidity remains solid with current and quick ratios of 2.51 and 1.75 respectively. The company continued returning capital to shareholders via a roughly $65.6 million share repurchase in QQ2. While cash generation is strong, debt burden remains a material headwind and a key factor for investors to monitor alongside any sign of deleveraging or improvements in operating cost efficiency.\n- In sum, Iridium is delivering visible revenue growth and strong cash flow in a niche, defensible satellite network business, but the lack of formal forward guidance coupled with a high leverage position suggests a cautious stance on near-term profitability upside until financing and cost-structure improvements materialize.