MCLEAN,
Va., Nov. 9, 2023 /PRNewswire/ -- Iridium
Communications Inc. (NASDAQ: IRDM), a leading provider of global
personal satellite communications, today announced an update to its
relationship with Qualcomm Technologies, Inc. (Qualcomm), a
subsidiary of QUALCOMM Incorporated.
Iridium previously announced that it entered into agreements
with Qualcomm to enable satellite messaging and emergency services
in smartphones powered by Snapdragon® Mobile Platforms
using Iridium's satellite network. The companies successfully
developed and demonstrated the technology; however, notwithstanding
this technical success, smartphone manufacturers have not included
the technology in their devices. Due to this, on November 3, 2023, Qualcomm notified Iridium that
it has elected to terminate the agreements, effective December 3, 2023.
"While I'm disappointed that this partnership didn't bear
immediate fruit, we believe the direction of the industry is clear
toward increased satellite connectivity in consumer devices," said
Iridium CEO Matt Desch. "Led by
Apple today, MNOs and device manufacturers still plan, over time,
to provide their customers with expanded coverage and new
satellite-based features, and our global coverage and regulatory
certainty make us well suited to be a key player in this emerging
market. User experience will be critical to their success, and
we've proven that we can provide a reliable, global capability to
mobile users."
With the termination of these agreements, Iridium will be free
to directly re-engage with smartphone OEMs, other chipmakers, and
smartphone operating system developers that the Company had been
collaborating with previously. Iridium will also be pursuing new
relationships with smart device OEMs, chipmakers, and developers
for its existing and future service plans. Companies electing to
adopt an Iridium solution today will have long-term service
certainty and can be involved in Iridium's Narrowband
Non-Terrestrial-Network service development planning, which was
announced at the Company's Investor Day in September 2023.
The termination of these agreements does not affect Iridium's
financial guidance for full-year 2023, as provided in its
October 19, 2023 earnings release.
The Company continues to expect that, as announced at Investor Day,
it will generate about $1 billion in
annual service revenue by 2030 and have the capacity to generate
approximately $3 billion in
shareholder returns through 2030.
About Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite
communications network that spans the entire globe. Iridium enables
connections between people, organizations and assets to and from
anywhere, in real time. Together with its ecosystem of partner
companies, Iridium delivers an innovative and rich portfolio of
reliable solutions for markets that require truly global
communications. In 2019, the company completed a generational
upgrade of its satellite network and launched its specialty
broadband service, Iridium Certus®. Iridium
Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock
trades on the Nasdaq Global Select Market under the ticker symbol
IRDM. For more information about Iridium products, services and
partner solutions, visit www.iridium.com.
Forward-Looking Statements
Statements in this press release that are not purely
historical facts may constitute forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements regarding Iridium's
expectations with respect to direct-to-device services, as well as
its short and long-term financial outlook and capacity to return
capital to stockholders. Forward-looking statements can be
identified by the words "anticipates," "may," "can," "believes,"
"expects," "projects," "intends," "likely," "will," "to be" and
other expressions that are predictions or indicate future events,
trends or prospects. These forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the actual results, performance or achievements of Iridium to
differ materially from any future results, performance or
achievements expressed or implied by such forward-looking
statements. These risks and uncertainties include, but are not
limited to, uncertainties regarding customer demand for Iridium's
products and services; Iridium's ability to maintain the health,
capacity and content of its satellite constellation, and the
development of and market for Iridium's products and services, as
well as general industry and economic conditions, and competitive,
legal, governmental and technological factors. Other factors that
could cause actual results to differ materially from those
indicated by the forward-looking statements include those factors
listed under the caption "Risk Factors" in the Company's Form 10-K
for the year ended December 31, 2022,
filed with the Securities and Exchange Commission ("SEC") on
February 16, 2023, as well as other
filings Iridium makes with the SEC from time to time. There is no
assurance that Iridium's expectations will be realized. If one or
more of these risks or uncertainties materialize, or if Iridium's
underlying assumptions prove incorrect, actual results may vary
materially from those expected, estimated or projected. Iridium's
forward-looking statements are based on information available to it
as of the date of this press release and speak only as of the date
of this press release, and Iridium undertakes no obligation to
update forward-looking statements.
Press Contact:
Jordan
Hassin
Iridium Communications Inc.
Jordan.Hassin@Iridium.com
+1 (703) 287-7421
X: @Iridiumcomm
Investor Contact:
Kenneth Levy
Iridium Communications Inc.
Ken.Levy@Iridium.com
+1 (703) 287-7570
View original content to download
multimedia:https://www.prnewswire.com/news-releases/iridium-announces-new-d2d-direction-301983987.html
SOURCE Iridium Communications Inc.