Located in MCLEAN, Va., Iridium Communications Inc. (NASDAQ: NASDAQ:) revealed on Tuesday its new contract from the United States Space Force’s Space Systems Command’s Commercial Space Office (COMSO).
With an estimated worth of around $94 million, potentially reaching $103 million, the five-year contract involves Enhanced Mobile Satellite Services (EMSS) capabilities and security sustainment services (ECS3).
The ECS3 contract will aid the EMSS Service Center, ensuring the continuity of operations and connectivity to the Iridium network for essential U.S. government applications. EMSS delivers worldwide secure and standard narrowband voice and data services to the U.S. Department of Defense (DoD) and other approved subscribers, inclusive of broadcast and push-to-talk features.
Iridium’s executive vice president of government programs, Scott Scheimreif, shared the company’s dedication to supporting the U.S. Space Force and the DoD, underscoring a partnership that spans over twenty years. The contract is in line with the U.S. Space Force’s Commercial Space Strategy, which seeks to utilize commercial technology for defense applications.
This contract follows a series of previous agreements between Iridium and the U.S. government, which includes a $54 million contract in 2019 and a $738.5 million airtime services contract from the Defense Information Systems Agency (DISA) in September 2019. The ECS3 contract reaffirms Iridium’s position in the U.S. government’s communication infrastructure till at least 2029.
Iridium, the sole satellite communications network that offers worldwide voice and data coverage, is headquartered in McLean, Va. It works alongside a partner ecosystem to deliver solutions for global communications needs. In 2024, Iridium broadened its services by acquiring Satelles and unveiling the Iridium Satellite Time and Location service.
This article is based on a press release statement from Iridium Communications Inc.
In related news, Cathie Wood’s ARK ETFs have made significant changes to their portfolios. The largest transaction involved buying 89,866 CRISPR Therapeutics AG shares, worth roughly $5,052,266.
Meanwhile, there was a significant decrease in Teladoc (NYSE:) Health Inc shares, with 257,675 shares sold across ARKK and ARKG ETFs. In another move, ARK ETFs continued their strategic trading, with substantial shifts in the tech and biotech sectors. The firm purchased 50,012 shares of Roblox Corp, showing increasing faith in the gaming platform.
In the biotech industry, 49,253 shares of Intellia Therapeutics (NASDAQ:) Inc were bought, aligning with ARK’s interest in CRISPR gene-editing technology. However, the firm offloaded its shares in AeroVironment (NASDAQ:) Inc and Zoom Video Communications (NASDAQ:) Inc.
Moreover, Iridium Communications Inc posted robust financial results for the first quarter of 2024. The company’s recent acquisition of Satelles is predicted to substantially increase revenue by 2030. Iridium aims to boost shareholder returns through higher dividends and share buybacks, backed by solid service revenue growth.
This article was produced with the help of AI and reviewed by an editor. For more information see our T&C.
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This article was complied with AI assistance and reviewed by an editor. More information can be found in our T &C
