10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number 001-33963

Iridium Communications Inc.

(Exact name of registrant as specified in its charter)

Delaware			26-1344998
(State or other jurisdiction of <br>incorporation or organization)			(I.R.S. Employer<br>Identification No.)
1676 International Drive, Suite 1100,	McLean,	VA	22102
(Address of principal executive offices)			(Zip Code)

703-287-7400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	IRDM	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	x	Accelerated Filer	¨
Non-Accelerated Filer	¨	Smaller Reporting Company	¨
		Emerging Growth Company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  x

The number of shares of the registrant’s common stock, par value $0.001 per share, outstanding as of April 16, 2026 was 105,727,744.

IRIDIUM COMMUNICATIONS INC.

TABLE OF CONTENTS

Item No.		Page
Part I. Financial Information
ITEM  1.	Financial Statements:
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations and Comprehensive Income	4
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
ITEM  2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
ITEM  3.	Quantitative and Qualitative Disclosures About Market Risk	25
ITEM  4.	Controls and Procedures	26
Part II. Other Information
ITEM  1.	Legal Proceedings	27
ITEM  1A.	Risk Factors	27
ITEM  2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
ITEM  3.	Defaults Upon Senior Securities	27
ITEM  4.	Mine Safety Disclosures	27
ITEM  5.	Other Information	27
ITEM  6.	Exhibits	28
	Signatures	29

Iridium Communications Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

	March 31,<br>2026		December 31, 2025
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	111,644	$	96,501
Accounts receivable, net	104,382		93,772
Inventory	69,667		73,764
Prepaid expenses and other current assets	23,444		12,466
Total current assets	309,137		276,503
Property and equipment, net	1,953,491		1,978,153
Equity method investments	39,017		39,773
Other assets	46,905		50,710
Intangible assets, net	84,797		86,928
Goodwill	98,942		98,942
Total assets	$	2,532,289	$	2,531,009
Liabilities and stockholders’ equity
Current liabilities:
Short-term secured debt	$	7,967	$	3,402
Accounts payable	11,766		17,676
Accrued expenses and other current liabilities	50,583		49,465
Deferred revenue	38,128		41,127
Total current liabilities	108,444		111,670
Long-term secured debt, net	1,753,217		1,757,124
Deferred income tax liabilities, net	137,615		130,529
Deferred revenue, net of current portion	36,891		40,316
Other long-term liabilities	27,771		28,770
Total liabilities	2,063,938		2,068,409
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 300,000 shares authorized, 105,718 and 104,918 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	106		105
Additional paid-in capital	866,917		880,643
Accumulated deficit	(396,960)		(418,554)
Accumulated other comprehensive income (loss), net of tax	(1,712)		406
Total stockholders’ equity	468,351		462,600
Total liabilities and stockholders’ equity	$	2,532,289	$	2,531,009

See notes to unaudited condensed consolidated financial statements.

Iridium Communications Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended<br>March 31,
	2026		2025
Revenue:
Services	$	158,029	$	154,292
Subscriber equipment	20,219		23,121
Engineering and support services	40,809		37,465
Total revenue	219,057		214,878
Operating expenses:
Cost of services (exclusive of depreciation and amortization)	49,636		48,787
Cost of subscriber equipment	13,014		12,867
Research and development	6,174		5,417
Selling, general and administrative	45,779		35,752
Depreciation and amortization	53,741		51,667
Total operating expenses	168,344		154,490
Operating income	50,713		60,388
Other expense, net:
Interest expense, net	(19,366)		(21,824)
Other expense, net	(194)		(1,685)
Total other expense, net	(19,560)		(23,509)
Income before income taxes and loss on equity method investments	31,153		36,879
Income tax expense	(8,827)		(5,819)
Loss on equity method investments	(732)		(648)
Net income	$	21,594	$	30,412
Weighted average shares outstanding - basic	105,768		109,759
Weighted average shares outstanding - diluted	106,557		110,671
Net income per share - basic	$	0.20	$	0.28
Net income per share - diluted	$	0.20	$	0.27
Comprehensive income:
Net income	$	21,594	$	30,412
Foreign currency translation adjustments	40		2,219
Unrealized loss on cash flow hedges, net of tax (see Note 6)	(2,158)		(7,241)
Comprehensive income	$	19,476	$	25,390

See notes to unaudited condensed consolidated financial statements.

Iridium Communications Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended March 31, 2026													Three Months Ended March 31, 2025
	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated<br>Other Comprehensive Income			Total Stockholders’ Equity			Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated<br>Other Comprehensive Income		Total Stockholders’ Equity
	Shares	Amount								Shares			Amount
Balances at beginning of period	104,918	$	105	$	880,643	$	(418,554)	$	406		$	462,600		110,357	$	110	$	964,348	$	(406,092)	$	18,271	$	576,637
Stock-based compensation	—	—		12,404		—		—			12,404			—	—		13,123		—		—		13,123
Stock options exercised and awards vested	1,228	1		66		—		—			67			1,112	1		773		—		—		774
Stock withheld to cover employee taxes	(428)	—		(9,880)		—		—			(9,880)			(362)	—		(11,126)		—		—		(11,126)
Repurchases and retirements of common stock	—	—		—		—		—			—			(2,374)	(2)		(20,932)		(49,544)		—		(70,478)
Dividends	—	—		(16,316)		—		—			(16,316)			—	—		(15,875)		—		—		(15,875)
Cumulative translation adjustments	—	—		—		—		40			40			—	—		—		—		2,219		2,219
Unrealized loss on cash flow hedges, net of tax	—	—		—		—		(2,158)			(2,158)			—	—		—		—		(7,241)		(7,241)
Net income	—	—		—		21,594		—			21,594			—	—		—		30,412		—		30,412
Balances at end of period	105,718	$	106	$	866,917	$	(396,960)	$	(1,712)		$	468,351		108,733	$	109	$	930,311	$	(425,224)	$	13,249	$	518,445

See notes to unaudited condensed consolidated financial statements.

Iridium Communications Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	21,594	$	30,412
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	7,731		4,148
Depreciation and amortization	53,741		51,667
Stock-based compensation (net of amounts capitalized)	11,382		11,748
Amortization of deferred financing fees	674		674
Loss on equity method investments	732		648
All other items, net	170		310
Changes in operating assets and liabilities:
Accounts receivable	(10,556)		(6,329)
Inventory	4,147		716
Prepaid expenses and other current assets	(10,985)		(115)
Other assets	979		1,185
Accounts payable	(4,723)		(4,843)
Accrued expenses and other current liabilities	4,948		(19,828)
Deferred revenue	(6,318)		(8,831)
Other long-term liabilities	(1,901)		(481)
Net cash provided by operating activities	71,615		61,081
Cash flows from investing activities:
Capital expenditures	(29,955)		(24,546)
Net cash used in investing activities	(29,955)		(24,546)
Cash flows from financing activities:
Payments on the Term Loan	—		(4,565)
Borrowings under the Revolving Credit Facility	—		20,000
Repurchases of common stock	—		(70,478)
Proceeds from exercise of stock options	67		773
Tax payment upon settlement of stock awards	(9,880)		(11,126)
Payment of common stock dividends	(16,530)		(15,667)
Net cash used in financing activities	(26,343)		(81,063)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(174)		1,901
Net increase (decrease) in cash and cash equivalents, and restricted cash	15,143		(42,627)
Cash, cash equivalents, and restricted cash, beginning of period	96,501		93,526
Cash, cash equivalents, and restricted cash, end of period	$	111,644	$	50,899
Supplemental cash flow information:
Interest paid, net of amounts capitalized	$	20,050	$	22,081
Income taxes paid, net	$	2,628	$	2,401
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment received but not paid	$	5,930	$	7,342
Dividends accrued on common stock	$	3,240	$	2,742
Capitalized stock-based compensation	$	1,022	$	1,375

See notes to unaudited condensed consolidated financial statements.

Iridium Communications Inc.

Notes to Condensed Consolidated Financial Statements

1. Basis of Presentation and Principles of Consolidation

Iridium Communications Inc. (the “Company”) prepared its condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company’s operations are primarily conducted through, and its operating assets are owned by, its principal operating subsidiary, Iridium Satellite LLC, Iridium Satellite LLC’s immediate parent, Iridium Holdings LLC, and their respective subsidiaries. The accompanying condensed consolidated financial statements include the accounts of (i) the Company, (ii) its wholly owned subsidiaries, and (iii) all less than wholly owned subsidiaries that the Company controls. All material intercompany transactions and balances have been eliminated.

In the opinion of management, the condensed consolidated financial statements reflect all normal recurring adjustments that the Company’s management considers necessary for the fair presentation of its results of operations and cash flows for the interim periods covered, and of the financial position of the Company at the date of the interim condensed consolidated balance sheet. The operating results for interim periods are not necessarily indicative of the operating results for the entire year. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules, and regulations prescribed by the U.S. Securities and Exchange Commission (the “SEC”). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025, as filed with the SEC on February 12, 2026.

2. Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the useful lives and recoverability of long-lived and intangible assets, goodwill, income taxes, stock-based compensation, the incremental borrowing rate for its leases, and contingencies, among others. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenues and expenses. Actual results could differ materially from those estimates.

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). This guidance requires detailed disaggregation of certain expense captions presented on the face of the income statement, through enhanced disclosures about types of expenses within the footnotes to the financial statements. ASU 2024-03 is effective for public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The ASU is required to be adopted prospectively; however public entities are permitted to apply the ASU retrospectively. The Company is currently evaluating the effect ASU 2024-03 may have on its footnotes; however, the standard will not have an impact on the Company’s consolidated financial position, results of operations or cash flows.

Fair Value Measurements

The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value.

The fair value hierarchy consists of the following tiers:

•Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;

•Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

•Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The fair value estimates are based upon certain market assumptions and information available to the Company. The carrying values of the following financial instruments approximated their fair values as of March 31, 2026 and December 31, 2025: (1) cash and cash equivalents, (2) prepaid expenses and other current assets, (3) accounts receivable, (4) accounts payable, and (5) accrued expenses and other current liabilities. Fair values approximate their carrying values because of their short-term nature. The Level 2 cash equivalents include money market funds, commercial paper and short-term U.S. agency securities. The Company also classifies its derivative financial instruments as Level 2. In determining fair value of Level 2 assets, the Company uses a market approach utilizing valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. The Company did not hold any Level 3 assets as of March 31, 2026 or December 31, 2025.

Leases

For new leases, the Company determines if an arrangement is or contains a lease at inception. Leases are included as right-of-use (“ROU”) assets within other assets and ROU liabilities within accrued expenses and other liabilities and within other long-term liabilities on the Company’s condensed consolidated balance sheets.

ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Certain leases contain variable contractual obligations as a result of future base rate escalations which are estimated based on observed trends and included within the measurement of present value. The Company’s leases do not provide an implicit rate. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases, such as teleport network facilities, the Company elects the practical expedient to combine lease and non-lease components as a single lease component. Taxes assessed on leases in which the Company is either a lessor or lessee are excluded from contract consideration and variable payments when measuring new lease contracts or remeasuring existing lease contracts.

Inventory

Inventory consists primarily of finished goods and raw materials from third-party manufacturers. The Company outsources manufacturing of subscriber equipment to a third-party manufacturer and purchases accessories from third-party suppliers. The Company’s cost of inventory includes an allocation of overhead, including payroll and payroll-related costs of employees directly involved in bringing inventory to its existing condition, and freight. Inventories are valued using the average cost method and are carried at the lower of cost or net realizable value.

The Company has a manufacturing agreement with Benchmark Electronics Inc. (“Benchmark”) to manufacture most of its subscriber equipment. Pursuant to the agreement, the Company may be required to purchase excess materials at cost plus a contractual markup if the materials are not used in production within the periods specified in the agreement. Benchmark will then repurchase such materials from the Company at the same price paid by the Company, as required for the production of the subscriber equipment.

The following table summarizes the Company’s inventory balances:

	March 31, 2026		December 31, 2025
	(In thousands)
Finished goods	$	48,256	$	52,352
Raw materials	22,441		22,431
Inventory valuation reserve	(1,030)		(1,019)
Total	$	69,667	$	73,764

Derivative Financial Instruments

The Company uses derivatives to manage its exposure to fluctuating interest rate risk on variable rate debt. Its derivatives are measured at fair value and are recorded on the condensed consolidated balance sheets within other assets and other current liabilities. When the Company’s derivatives are designated as cash flow hedges, the effective portion of the changes in fair

value of the derivatives are recorded in accumulated other comprehensive income within the Company’s condensed consolidated balance sheets and subsequently recognized in earnings when the hedged items impact earnings. Any ineffective portion of a derivative’s change in fair value will be recognized in earnings in the same period in which the hedged interest payments affect earnings. Within the condensed consolidated statements of operations and comprehensive income, the gains and losses related to cash flow hedges are recognized within interest income (expense), net, as this is the same financial statement line item used for any gains or losses associated with the hedged items. Cash flows from hedging activities are included in operating activities within the Company’s condensed consolidated statements of cash flows, which is the same category as the item being hedged. See Note 6 for further information.

Intangible Assets and Goodwill

The Company’s other intangible assets that have finite lives (customer relationships, patents and other intellectual property) are amortized over their useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any such indicators are present, the Company tests for recoverability by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. If those net undiscounted cash flows do not exceed the carrying amount (i.e., the asset is not recoverable), the Company would perform the next step, which is to determine the fair value of the asset and record an impairment loss, if any. The Company evaluates the useful lives for these intangible assets each reporting period to determine whether events and circumstances warrant a revision in their remaining useful lives.

The Company’s intangible assets with indefinite lives (spectrum, regulatory authorizations, and trade names) are not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicate the asset may be impaired. The Company’s trade names, spectrum and licenses are expected to generate cash flows indefinitely.

Goodwill is recorded when the cost of an acquired business exceeds the amounts assigned to the assets acquired and liabilities assumed. The net assets and results of operations of an acquired entity are included in the Company’s consolidated financial statements from the acquisition date. Goodwill is not amortized but is tested for impairment annually or upon the occurrence of certain events.

3. Cash and Cash Equivalents

The following table presents the Company’s cash and cash equivalents:

	March 31, 2026		December 31, 2025		Recurring Fair<br>Value Measurement
	(In thousands)
Cash and cash equivalents:
Cash	$	21,516	$	24,260
Money market funds	90,128		72,241		Level 2
Total cash and cash equivalents	$	111,644	$	96,501

4. Intangible Assets and Goodwill

Intangible Assets

The following tables present identifiable intangible assets:

	March 31, 2026
	Useful<br>Life	Gross<br>Carrying Value		Accumulated<br>Amortization		Net<br>Carrying Value
	(In thousands)
Indefinite life intangible assets:
Trade names	Indefinite	$	21,195	$	—	$	21,195
Spectrum and licenses	Indefinite	14,030		—		14,030
Total		35,225		—		35,225
Definite life intangible assets:
Intellectual property	20 years	16,439		(11,962)		4,477
Patents	14 - 20 years	587		(260)		327
Customer relationships	12 years	57,000		(12,232)		44,768
Total		74,026		(24,454)		49,572
Total intangible assets		$	109,251	$	(24,454)	$	84,797
	December 31, 2025
---	---	---	---	---	---	---	---
	Useful<br>Life	Gross<br>Carrying Value		Accumulated<br>Amortization		Net<br>Carrying Value
	(In thousands)
Indefinite life intangible assets:
Trade names	Indefinite	$	21,195	$	—	$	21,195
Spectrum and licenses	Indefinite	14,030		—		14,030
Total		35,225		—		35,225
Definite life intangible assets:
Intellectual property	20 years	16,439		(11,854)		4,585
Patents	14 - 20 years	587		(249)		338
Customer relationships	12 years	57,000		(10,220)		46,780
Total		74,026		(22,323)		51,703
Total intangible assets		$	109,251	$	(22,323)	$	86,928

Amortization expense was $2.1 million and $1.0 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

Goodwill

At each of March 31, 2026 and December 31, 2025, the Company’s goodwill balance was $98.9 million. The goodwill balance was a result of the acquisition of Satelles, Inc.

5. Debt

Term Loan and Revolving Facility

Pursuant to a credit agreement (as amended to date, the “Credit Agreement”), the Company previously entered into a term loan totaling $1,500.0 million (as amended and restated, the “Term Loan”), issued at a price equal to 99.75% of its face value, and an accompanying $100.0 million revolving loan (the “Revolving Facility”). The maturities of the Term Loan and Revolving Facility are in September 2030 and September 2028, respectively. During the year ended December 31, 2024, the Company borrowed an additional $325.0 million under its Term Loan, comprised of $125.0 million on March 25, 2024, issued at a price equal to 99.875% of its face value, and $200.0 million on July 30, 2024, issued at 99.0% of its face value. The additional amounts borrowed are fungible with the original $1,500.0 million and have the same maturity date, interest rate, and other terms.

The proceeds from the March 2024 Term Loan were used for the acquisition of Satelles, Inc. on April 1, 2024. In March 2025 and April 2025, the Company drew down $20.0 million and $30.0 million on its Revolving Facility, respectively, for general corporate purposes, all of which was repaid prior to December 31, 2025.

The Term Loan has been repriced on several occasions, most recently in June 2024, and currently bears interest at an annual rate equal to the Secured Overnight Financing Rate (“SOFR”) plus 2.25%, with a 0.75% SOFR floor. The Company typically selects a one-month interest period, with the result that interest is calculated using one-month SOFR. Interest is paid monthly on the last business day of the month. Principal payments, payable quarterly, equal approximately $18.3 million per annum (one percent of the full principal amount of the Term Loan following the additional Term Loan amounts borrowed in 2024), with the remaining principal due upon maturity. As further detailed below, no quarterly principal payment has been made after the first quarter in 2025 as a result of the excess cash flow payment made in May 2025.

The Revolving Facility bears interest at an annual rate of SOFR plus 2.5% (but without a SOFR floor) if and as drawn, with no original issue discount, and a commitment fee of 0.5% per year on the undrawn amount, which was reduced to 0.375% in the first quarter of 2026 because the Company had a consolidated first lien net leverage ratio (as defined in the Credit Agreement) of less than 3.5 to 1.

As of each of March 31, 2026 and December 31, 2025, the Company reported an aggregate of $1,774.7 million in borrowings under the Term Loan. This amount does not include $13.5 million and $14.2 million of net unamortized deferred financing costs as of March 31, 2026 and December 31, 2025, respectively. The net principal balance in borrowings in the accompanying consolidated balance sheets as of March 31, 2026 and December 31, 2025 amounted to $1,761.2 million and $1,760.6 million, respectively. As of March 31, 2026 and December 31, 2025, based upon recent trading prices (Level 2 - market approach), the fair value of the Company’s borrowings under the Term Loan was $1,737.0 million and $1,734.8 million, respectively.

The Credit Agreement restricts the Company’s ability to incur liens, engage in mergers or asset sales, pay dividends, repay subordinated indebtedness, incur indebtedness, make investments and loans, and engage in other transactions as specified in the Credit Agreement. The Credit Agreement provides for specified exceptions, including baskets measured as a percentage of

trailing twelve months of earnings before interest, taxes, depreciation and amortization, and unlimited exceptions in the case of incurring indebtedness and liens and making investments, dividend payments, and payments of subordinated indebtedness, based on achievement and maintenance of specified leverage ratios. The Credit Agreement also contains an annual mandatory prepayment sweep mechanism with respect to a portion of the Company’s excess cash flow (as defined in the Credit Agreement) in the event the Company’s net leverage ratio rises above 3.5 to 1. The Company’s mandatory excess cash flow prepayment, as specified in the Credit Agreement, was $28.6 million as of December 31, 2024. This amount was paid in May 2025. As a result, no quarterly principal payment was required for the last three quarters of 2025, and no quarterly principal payment will be required for the first three quarters of 2026. As of December 31, 2025, the Company was below the specified leverage ratio and therefore the mandatory prepayment sweep was not required. The Credit Agreement permits repayment, prepayment, and repricing transactions.

The Credit Agreement contains no financial maintenance covenants with respect to the Term Loan. With respect to the Revolving Facility, the Credit Agreement requires the Company to maintain a consolidated first lien net leverage ratio (as defined in the Credit Agreement) of no greater than 6.25 to 1 if more than 35% of the Revolving Facility has been drawn. The Credit Agreement contains other customary representations and warranties, affirmative and negative covenants, and events of default. The Company complied with all covenants as of March 31, 2026.

Interest on Debt

Total interest incurred includes amortization of deferred financing fees and capitalized interest. The following table presents the interest and amortization of deferred financing fees related to the Term Loan:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Total interest incurred	$	22,376	$	24,257
Amortization of deferred financing fees	$	722	$	711
Capitalized interest	$	1,488	$	1,234

At each of March 31, 2026 and December 31, 2025, accrued interest on the Term Loan was $0.3 million.

6. Derivative Financial Instruments

The Company is exposed to interest rate fluctuations related to the Term Loan. The Company has reduced its exposure to fluctuations in the cash flows associated with changes in the variable interest rate by entering into offsetting positions through the use of interest rate hedges. This will reduce the negative impact of increases in the variable rate over the term of the derivative contracts. These contracts are not used for trading or other speculative purposes. The Company has not incurred, and does not expect to incur, any losses as a result of counterparty default.

Interest Rate Cap

In July 2021, the Company entered into an interest rate cap contract (the “Cap”), which had an effective date of December 2021. The Cap manages the Company’s exposure to interest rate movements on a portion of the Term Loan through November 2026. The Cap, as modified to date, currently provides the Company with the right to receive payment from the counterparty if one-month SOFR exceeds 1.436%. The Company pays a fixed monthly premium based on an annual rate of 0.31% for the Cap. The Cap carried a notional amount of $1.0 billion as of March 31, 2026 and December 31, 2025.

The Cap, which was not affected by the expansion or the repricing of the Term Loan, is designed to mirror the terms of the Term Loan and to offset the cash flows being hedged. The Company designated the Cap as a cash flow hedge of the variability of the SOFR-based interest payments on the Term Loan. The effective portion of the Cap’s change in fair value is recorded in accumulated other comprehensive income. Any ineffective portion of the Cap’s change in fair value will be recorded in current earnings as interest expense.

Fair Value of Derivative Instruments

As of March 31, 2026 and December 31, 2025, the Company had an asset balance of $13.4 million and $17.0 million, respectively, for the fair value of the Cap and a liability balance of $1.9 million and $2.6 million, respectively, for the fair value of the Cap premium. Both the Cap and the Cap premium are recorded net within other assets on the condensed consolidated balance sheet.

During each of the three months ended March 31, 2026 and 2025, the Company incurred $0.8 million in interest expense for the Cap premium. Interest expense was reduced by $5.6 million and $7.2 million for the three months ended March 31, 2026 and 2025, respectively, for payments received related to the Cap. Gains and losses resulting from fair value adjustments to the Cap are recorded within accumulated other comprehensive income within the Company’s condensed consolidated balance sheets and reclassified to interest expense on the dates that interest payments become due. Cash flows related to the derivative

contracts are included in cash flows from operating activities on the condensed consolidated statements of cash flows. Over the next 12 months, the Company expects any gains or losses for cash flow hedges amortized from accumulated other comprehensive income into earnings to have an immaterial impact on the Company’s consolidated financial statements.

The following table presents the amount of unrealized gain or loss and related tax impact associated with the derivative instruments that the Company recorded in its condensed consolidated statements of operations and comprehensive income:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Unrealized loss, net of tax	$	(2,158)	$	(7,241)
Tax benefit	$	645	$	2,185

7. Equity Transactions

Preferred Stock

The Company is authorized to issue 2.0 million shares of preferred stock with a par value of $0.0001 per share. The Company previously issued 1.5 million shares of preferred stock, all of which have been converted to common stock. The remaining 0.5 million authorized shares of preferred stock remained undesignated and unissued as of March 31, 2026 and December 31, 2025. As of March 31, 2026 and December 31, 2025, there were no outstanding shares of preferred stock, as all previously designated and issued preferred stock was converted into common stock in prior periods.

Dividends

Stockholders are entitled to receive, when and if declared by the Company’s Board of Directors from time to time, dividends and other distributions in cash, stock or property from the Company’s assets or funds legally and contractually available for such purposes. In December 2022, the Company’s Board of Directors initiated a quarterly dividend. The Company paid dividends of $0.15 and $0.14 per share of common stock for the three months ended March 31, 2026 and 2025, respectively. These dividends resulted in total payments of $16.5 million and $15.7 million for the three months ended March 31, 2026 and 2025, respectively. The Company’s liability related to dividends on common shares underlying unvested restricted stock units (“RSUs”) was $3.2 million and $3.5 million as of March 31, 2026 and December 31, 2025, respectively.

Share Repurchase Program

Since February 2021, the Company’s Board of Directors has authorized the repurchase of up to $1,500.0 million of the Company’s common stock, including the most recent approval in September 2024 of $500.0 million through December 31, 2027. This timeframe can be extended or shortened by the Board of Directors. Repurchases may be made from time to time on the open market at prevailing prices or in negotiated transactions off the market. The Company records share repurchases at cost, which includes broker commissions and related excise taxes. All shares are immediately retired upon repurchase in accordance with the board-approved policy. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired first, to additional paid-in capital, and then to retained earnings/accumulated deficit. The portion to be allocated to additional paid-in capital is calculated by applying a percentage, determined by dividing the number of shares to be retired by the number of shares outstanding, to the balance of additional paid-in capital as of the date of retirement.

The Company repurchased and subsequently retired 2.4 million shares of its common stock during the quarter ended March 31, 2025, for a total purchase price of $70.0 million, exclusive of $0.5 million of excise taxes incurred. During the fourth quarter of 2025, the Company paused share repurchases to increase financial flexibility. As of March 31, 2026, $245.3 million remained available and authorized for repurchase under this program.

8. Revenue

The following table summarizes the Company’s services revenue:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Commercial services revenue:
Voice and data	$	57,433	$	55,942
IoT data	45,966		43,856
Broadband	12,222		12,876
Hosted payload and other data	14,783		14,868
Total commercial services revenue	130,404		127,542
Government services revenue	27,625		26,750
Total services revenue	$	158,029	$	154,292

The following table summarizes the Company’s engineering and support services revenue:

	Three Months Ended March 31,
	2026		2025
	(In thousands)
Commercial	$	1,344	$	1,638
Government	39,465		35,827
Total engineering and support services revenue	$	40,809	$	37,465

Approximately 45% and 46% of the Company’s accounts receivable balance at March 31, 2026 and December 31, 2025, respectively, were due from prime contracts or subcontracts with agencies of the U.S. government.

The Company’s contracts with customers generally do not contain performance obligations with terms in excess of one year. As such, the Company does not disclose details related to the value of performance obligations that are unsatisfied as of the end of the reporting period. The total value of any performance obligations that extend beyond one year is immaterial to the financial statements.

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the condensed consolidated balance sheets. The Company bills amounts under its agreed-upon contractual terms at periodic intervals (for services), upon shipment (for equipment), or upon achievement of contractual milestones or as work progresses (for engineering and support services). Billing may occur subsequent to revenue recognition, resulting in unbilled accounts receivable (contract assets). The Company may also receive payments from customers before revenue is recognized, resulting in deferred revenue (contract liabilities). The Company recognized revenue that was previously recorded as deferred revenue in the amounts of $15.4 million and $16.2 million for the three months ended March 31, 2026 and 2025, respectively.

The Company has also recorded costs of obtaining contracts expected to be recovered in prepaid expenses and other current assets (contract assets or commissions), that are not separately disclosed on the condensed consolidated balance sheets. The commissions are recognized over the estimated usage period. The following table presents contract assets not separately disclosed:

	March 31, 2026		December 31, 2025
	(In thousands)
Contract Assets:
Commissions	$	1,372	$	1,603
Other contract costs	$	1,583	$	1,626

9. Leases

Operating leases in which the Company is a lessor consist primarily of hosting agreements with Aireon LLC (“Aireon”) (see Note 12) and L3Harris Technologies, Inc. (“L3Harris”) for space on the Company’s satellites. These agreements provide for a fee that will be recognized over the estimated useful lives of the satellites, currently estimated to be approximately 17.5 years from their respective in-service dates. Lease income related to these agreements was $3.1 million for each of the three months ended March 31, 2026 and 2025. Lease income is recorded as hosted payload and other data service revenue within service revenue on the Company’s condensed consolidated statements of operations and comprehensive income.

Aireon has made payments to the Company pursuant to its hosting agreement (the “Aireon Hosting Agreement”), and the Company expects Aireon will continue to do so. L3Harris has prepaid all amounts owed to the Company pursuant to its hosting arrangement. The following table presents future income with respect to the Company’s operating leases in which it is the lessor existing at March 31, 2026, exclusive of the $3.1 million recognized during the three months ended March 31, 2026, by year and in the aggregate:

Year Ending December 31,	Amount
	(In thousands)
2026	$	9,293
2027	12,391
2028	12,391
2029	12,391
2030	12,391
Thereafter	57,693
Total lease income	$	116,550

10. Stock-Based Compensation

In May 2025, the Company’s stockholders approved the amendment and restatement of the Company’s 2015 Equity Incentive Plan (as so amended and restated, the “Amended 2015 Plan”). As of March 31, 2026, the aggregate number of shares remaining available for future grants under the Amended 2015 Plan was 5,717,686. The Amended 2015 Plan provides for the grant of stock-based awards, including nonqualified stock options, incentive stock options, restricted stock, RSUs, stock appreciation rights, and other equity securities to employees, consultants, and non-employee directors of the Company and its affiliated entities. The number of shares of common stock available for issuance under the Amended 2015 Plan is reduced by (i) one share for each share of common stock issued pursuant to an appreciation award, such as a stock option or stock appreciation right with an exercise or strike price of at least 100% of the fair market value of the underlying common stock on the date of grant, and (ii) 1.8 shares for each share of common stock issued pursuant to any stock award that is not an appreciation award, also known as a “full value award.” The Amended 2015 Plan allows the Company to utilize a broad array of equity incentives and performance cash incentives in order to secure and retain the services of its employees, directors and consultants, and to provide long-term incentives that align the interests of its employees, directors and consultants with the interests of the Company’s stockholders. The Company accounts for stock-based compensation at fair value.

Restricted Stock Units

The Company’s RSUs are classified as equity awards because the RSUs will be settled in the Company’s common stock upon vesting. The fair value of the RSUs is determined at the grant date based on the closing price of the Company’s common stock on the date of grant. The related compensation expense is recognized over the service period, or shorter periods based on the retirement eligibility of certain grantees, based on the grant date fair value of the Company’s common stock and the number of shares expected to vest. The fair value of the awards is not remeasured at the end of each reporting period. RSUs do not carry voting rights until the RSUs are vested, although certain unvested RSUs and vested but unsettled RSUs granted to non-employee directors are entitled to accrue dividend equivalent rights, and shares (including additional shares issuable upon satisfaction of any accrued dividend equivalent rights) are issued upon settlement in accordance with the terms of the award.

The following tables summarize the Company’s RSU activity:

	Shares Underlying RSUs	Weighted-<br>Average<br>Grant Date<br>Fair Value<br>Per RSU
	(In thousands)
Outstanding at December 31, 2025	4,049	$	29.45
Granted	1,988	23.61
Forfeited	(127)	29.25
Released	(1,222)	33.13
Outstanding at March 31, 2026	4,688	$	26.00
Vested and unreleased at March 31, 2026 (1)	603
	Shares Underlying RSUs	Weighted-<br>Average<br>Grant Date<br>Fair Value<br>Per RSU
---	---	---	---
	(In thousands)
Outstanding at December 31, 2024	3,870	$	32.56
Granted	1,940	31.51
Forfeited	(85)	41.16
Released	(1,034)	34.06
Outstanding at March 31, 2025	4,691	$	31.64
Vested and unreleased at March 31, 2025 (1)	552

(1)     These RSUs were granted to the Company’s Board of Directors as a part of their compensation for board and committee service and had vested but had not yet settled, meaning that the underlying shares of common stock had not been issued and released.

Service-Based RSUs

The majority of the annual compensation the Company provides to non-employee members of its Board of Directors is paid in the form of RSUs. In addition, some members of the Company’s Board of Directors may elect to receive their cash retainers, or a portion thereof, in the form of RSUs. An aggregate amount of approximately 127,000 and 68,000 service-based RSUs were granted to the non-employee members of the Company’s Board of Directors as a result of these payments and elections during the three months ended March 31, 2026 and 2025, respectively, with an estimated grant date fair value of $2.4 million and $2.0 million, respectively.

During the three months ended March 31, 2026 and 2025, the Company granted approximately 1,860,000 and 1,068,000 service-based RSUs, respectively, to its employees, with an estimated aggregate grant date fair value of $44.5 million and $33.7 million, respectively. The increase in service-based RSUs to employees resulted primarily from a change in executive compensation, a portion of which was previously granted in performance-based RSUs.

In 2026, the RSUs granted to executives were entirely for service and vest over five years, with 20% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment. Since 2024, the RSUs granted to employees for service, except for executive employees in 2026, generally vest over three years, with 34% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment. RSUs granted prior to March 2024 generally vest over four years, with 25% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment. The RSUs granted to non-employee members of the Board of Directors generally vest in full on the first anniversary of the grant date. The RSUs granted to non-employee consultants generally vest 50% on the first anniversary of the grant date, with the remaining 50% vesting quarterly thereafter through the second anniversary of the grant date.

Performance-Based RSUs

In March 2025, the Company granted approximately 534,000 annual incentive, performance-based RSUs to the Company’s executives and employees (the “Bonus RSUs”), with an estimated grant date fair value of $16.9 million. Vesting of the Bonus RSUs was dependent upon the Company’s achievement of defined performance goals over the fiscal year. The Company records stock-based compensation expense related to performance-based RSUs when it is considered probable that the performance conditions will be met. The level of achievement of performance goals was determined by the compensation

committee of the Company’s Board of Directors and substantially all of the Bonus RSUs granted in March 2025 vested in March 2026.

Additionally, in March 2025, the Company granted approximately 269,000 long-term, performance-based RSUs to the Company’s executives (the “Executive RSUs”), with an estimated aggregate grant date fair value of $8.5 million. Vesting of the Executive RSUs is dependent upon the Company’s achievement of defined performance goals over a two-year period (the year of grant and the following year). The vesting of the Executive RSUs granted in March 2025 will range from 0% to 200% of the number of shares underlying the Executive RSUs granted based on the level of achievement of the performance goals. If the Company achieves the performance goals for the Executive RSUs at the end of the two-year performance period, 50% of the number of Executive RSUs earned based on performance will then vest on the second anniversary of the grant date, and the remaining 50% will then vest on the third anniversary of the grant date, subject to the executive’s continued service as of the vesting date, which may be accelerated based on the retirement eligibility of the grantees. In March 2026 and 2025, approximately 52,000 and 23,000 shares underlying Executive RSUs granted in March 2024 and 2023, respectively, were forfeited as a result of performance targets not being fully achieved for the performance periods ended December 31, 2025 and 2024, respectively.

11. Income Taxes

Income before income taxes and loss on equity method investments was $31.2 million for the three months ended March 31, 2026, while the income tax expense was $8.8 million. The effective tax rate was 28.3% for the three months ended March 31, 2026, which differed from the federal statutory rate of 21%, primarily due to state and local taxes and a discrete tax expense associated with stock compensation and nondeductible executive compensation, partially offset by tax benefit from the deduction for foreign derived deduction eligible income and U.S. tax credits.

Income before income taxes and loss on equity method investments was $36.9 million for the three months ended March 31, 2025, while the income tax expense was $5.8 million. The effective tax rate was 15.8% for the three months ended March 31, 2025, which differed from the federal statutory rate of 21%, primarily due to tax benefit from the deduction for foreign derived intangible income and U.S. tax credits, partially offset by discrete tax expense associated with stock compensation, and nondeductible executive compensation.

12. Related Party Transactions

Aireon LLC and Aireon Holdings LLC

The Company’s satellite constellation hosts the Aireon® system. The Aireon system was developed by Aireon LLC, which the Company formed in 2011 and which received subsequent investments from several air navigation service providers (“ANSPs”) to provide a global air traffic surveillance service through a series of automatic dependent surveillance-broadcast (“ADS-B”) receivers on the Company’s satellites. Aireon has contracted to offer this service to ANSPs, which use the service to provide improved air traffic control services over the oceans, as well as polar and remote regions. Aireon also markets its data and services to airlines and other commercial users. The Company and the other Aireon investors hold their interests in Aireon Holdings LLC (“Aireon Holdings”) through an amended and restated LLC agreement (the “Aireon Holdings LLC Agreement”). Aireon Holdings holds 100% of the membership interests in Aireon LLC, which is the operating entity.

In June 2022, the Company entered into a subscription agreement with Aireon Holdings and invested $50.0 million in exchange for an approximate 6% preferred membership interest in Aireon Holdings. The Company’s investment in Aireon Holdings is accounted for as an equity method investment. The carrying value of the Company’s investment in Aireon Holdings was $37.9 million and $38.5 million as of March 31, 2026 and December 31, 2025, respectively. The investments by the Company prior to June 2022 had previously been written down to a carrying value of zero.

At each of March 31, 2026 and December 31, 2025, the Company’s fully diluted ownership stake in Aireon Holdings was approximately 39.5%, which is subject to partial future redemption under provisions contained in the Aireon Holdings LLC Agreement.

Under agreements with Aireon, Aireon will pay the Company fees of $200.0 million to host the ADS-B receivers, of which $126.5 million had been paid as of March 31, 2026. These fees are recognized over the estimated useful life of the satellites, which is expected to result in revenue of approximately $9.3 million per year. The Company recognized hosting fee revenue under the Aireon Hosting Agreement of $2.3 million for each of the three months ended March 31, 2026 and 2025.

Additionally, Aireon pays power and data services fees of approximately $23.5 million per year, in the aggregate, for the delivery of air traffic surveillance data over the Iridium system. The Company recorded power and data service fee revenue from Aireon of $5.9 million for each of the three months ended March 31, 2026 and 2025. Receivables due from Aireon for power and data services totaled $2.0 million as of each of March 31, 2026 and December 31, 2025.

Under two services agreements, the Company also provides Aireon with administrative services and support services, the fees for which are paid monthly. Aireon receivables due to the Company under these two agreements totaled $0.8 million and $0.3 million at each of March 31, 2026 and December 31, 2025.

The Company and the other Aireon investors have agreed to participate pro rata, based on their fully diluted ownership stakes, in funding an investor bridge loan to Aireon. The Company’s maximum funding commitment for the bridge loan is $11.9 million. No bridge loan amounts were outstanding as of March 31, 2026 or December 31, 2025.

13. Net Income Per Share

The Company calculates basic net income per share by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. In periods of net income, diluted net income per share takes into account the effect of potentially dilutive common shares when the effect is dilutive. Potentially dilutive common shares include (i) shares of common stock issuable upon exercise of outstanding stock options and (ii) shares underlying RSUs that are contingently issuable upon achievement of certain service and performance requirements. The effect of potentially dilutive common shares is computed using the treasury stock method.

The following table summarizes the computations of basic and diluted net income per share:

	Three Months Ended March 31,
	2026		2025
	(In thousands, except per share data)
Numerator:
Net income - basic and diluted	$	21,594	$	30,412
Denominator:
Weighted average common shares — basic	105,768		109,759
Dilutive effect of stock options	55		117
Dilutive effect of RSUs	734		795
Weighted average common shares — diluted	106,557		110,671
Net income per share - basic	$	0.20	$	0.28
Net income per share - diluted	$	0.20	$	0.27
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
---	---

You should read the following discussion along with our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed on February 12, 2026 (our “2025 Form 10-K”) with the SEC, as well as our condensed consolidated financial statements included in this Form 10-Q.

This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements include those that express plans, anticipation, intent, contingencies, strategies, goals, targets or future developments, market trends, expected competition or otherwise are not statements of historical fact. Without limiting the foregoing, the words “believe,” “anticipate,” “plan,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on our current expectations and projections about future events, and they are subject to risks and uncertainties, known and unknown, that could cause actual results and developments to differ materially from those expressed or implied in such statements. The important factors described under the caption “Risk Factors” in our 2025 Form 10-K, as updated and supplemented by this Form 10-Q, could cause actual results to differ materially from those indicated by forward-looking statements made herein. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Overview of Our Business

We are a leading provider of global voice, data and positioning, navigation and timing (“PNT”) satellite services and are the only commercial provider of communications services offering true global coverage, connecting people, organizations, and assets to and from anywhere, in real time. Our low-earth orbit (“LEO”), L-band network provides specialized, reliable, weather-resilient communications services to regions of the world where terrestrial wireless or wireline networks do not exist or are limited, including remote land areas, open ocean, airways, the polar regions and regions where the telecommunications infrastructure has been affected by political conflicts or natural disasters. In addition, our satellites have additional payloads to host specific additional services for other customers like Aireon LLC. We also utilize our long history operating a commercial LEO satellite system to provide a growing array of engineering and operational services to government customers and government network operators such as the U.S. Space Force.

Our primary business is to provide voice and data communications services to businesses, U.S. and foreign governments, non-governmental organizations and consumers via our satellite network, which has an architecture of 66 operational satellites with in-orbit spares and related ground infrastructure. We utilize an interlinked mesh architecture to route traffic across the satellite constellation using radio frequency crosslinks between satellites. This architecture minimizes the need for ground facilities to support the constellation, which facilitates the global reach of our services and allows us to offer services in countries and regions where we have no physical presence.

We primarily sell our products and services to commercial end users by recruiting and expanding a global wholesale distribution network, currently encompassing approximately 120 service providers, approximately 310 value-added resellers (“VARs”), and approximately 90 value-added manufacturers, which create and sell technology that uses the Iridium network either directly to the end user or indirectly through other service providers, VARs or dealers. These distributors often integrate our products and services with other complementary hardware and software and have developed a broad suite of applications using our products and services to target specific industries or business areas. We expect that demand for our services will increase as more applications are developed and deployed that utilize our technology.

As of March 31, 2026, we had approximately 2,555,000 billable subscribers worldwide, an increase of 112,000, or 5%, from approximately 2,443,000 billable subscribers as of March 31, 2025. We have a diverse customer base including end users in land-mobile, Internet of Things (“IoT”), maritime, aviation, and government.

Material Trends and Uncertainties

Our industry and customer base have historically grown as a result of:

•demand for remote and reliable mobile communications services;

•a growing number of new products and services and related applications;

•a broad wholesale distribution network with access to diverse and geographically dispersed niche markets;

•increased demand for communications services by disaster and relief agencies, emergency first responders, businesses and consumers;

•improved data transmission speeds for mobile satellite service offerings;

•regulatory mandates requiring the use of mobile satellite services;

•a general reduction in prices of mobile satellite services and subscriber equipment; and

•geographic market expansion through the ability to offer our services in additional countries.

Nonetheless, we face a number of challenges and uncertainties in operating our business, including:

•our ability to maintain the health, capacity, control, and level of service of our satellites;

•our ability to develop and launch new and innovative products and services;

•changes in general economic, business, and industry conditions, including the effects of currency exchange rates;

•our reliance on a single primary commercial gateway and a primary satellite network operations center;

•increased competition or potential competition from other satellite service providers, including SpaceX following its announced plans to acquire a significant amount of spectrum enabling global direct-to-device (“D2D”) services, and, to a lesser extent, from the expansion of terrestrial-based cellular phone systems and related pricing pressures;

•market acceptance of our products;

•regulatory requirements in existing and new geographic markets;

•challenges associated with global operations, including as a result of conflicts in or affecting markets in which we operate;

•rapid and significant technological changes in the telecommunications industry, including global satellite D2D broadband services;

•our ability to generate sufficient internal cash flows to repay our debt;

•reliance on our wholesale distribution network to market and sell our products, services, and applications effectively;

•reliance on a global supply chain, including single-source suppliers for the manufacture of most of our subscriber equipment and for some of the components required in the manufacture of our end-user subscriber equipment and our ability to purchase component parts that are periodically subject to shortages resulting from surges in demand, natural disasters or other events, such as a global pandemic and the imposition of tariffs; and

•reliance on a few significant customers, particularly agencies of the U.S. government, for a substantial portion of our revenue, as a result of which the loss or decline in business with any of these customers may negatively impact our revenue and collectability of related accounts receivable, including as a result of an extended government shutdown or the use of continuing resolutions.

Comparison of Our Results of Operations for the Three Months Ended March 31, 2026 and 2025

										Change
		% of Total Revenue		2025			% of Total Revenue
( in thousands)						Dollars			Percent
Revenue:
Services	158,029	72	%	$	154,292		72	%		$	3,737	2	%
Subscriber equipment		9	%	23,121			11	%		(2,902)		(13)	%
Engineering and support services		19	%	37,465			17	%		3,344		9	%
Total revenue		100	%	214,878			100	%		4,179		2	%
Operating expenses:
Cost of services (exclusive of depreciation
and amortization)		23	%	48,787			23	%		849		2	%
Cost of subscriber equipment		6	%	12,867			6	%		147		1	%
Research and development		3	%	5,417			3	%		757		14	%
Selling, general and administrative		21	%	35,752			16	%		10,027		28	%
Depreciation and amortization		24	%	51,667			24	%		2,074		4	%
Total operating expenses		77	%	154,490			72	%		13,854		9	%
Operating income		23	%	60,388			28	%		(9,675)		(16)	%
Other expense:
Interest expense, net		(9)	%	(21,824)			(10)	%		2,458		(11)	%
Other expense, net		—	%	(1,685)			(1)	%		1,491		(88)	%
Total other expense		(9)	%	(23,509)			(11)	%		3,949		(17)	%
Income before income taxes and loss on equity method investments		14	%	36,879			17	%		(5,726)		(16)	%
Income tax expense		(4)	%	(5,819)			(3)	%		(3,008)		52	%
Loss on equity method investments		—	%	(648)			—	%		(84)		13	%
Net income	21,594	10	%	$	30,412		14	%		$	(8,818)	(29)	%

All values are in US Dollars.

Revenue

Commercial Service Revenue

	Three Months Ended March 31,
	2026					2025					Change
	Revenue		Billable<br><br>Subscribers (1)	ARPU (2)		Revenue		Billable<br><br>Subscribers (1)	ARPU (2)		Revenue		Billable<br>Subscribers	ARPU
	(Revenue in millions and subscribers in thousands)
Commercial services:
Voice and data	$	57.4	399	$	48	$	55.9	409	$	45	$	1.5	(10)	$	3
IoT data	46.0		2,019	7.63		43.8		1,885	7.75		2.2		134	(0.12)
Broadband (3)	12.2		16.1	254		12.9		16.3	261		(0.7)		(0.2)	(7)
Hosted payload and other data	14.8		N/A			14.9		N/A			(0.1)		N/A
Total commercial services	$	130.4	2,434			$	127.5	2,310			$	2.9	124

(1)Billable subscriber numbers shown are at the end of the respective period.

(2)Average monthly revenue per unit (“ARPU”) is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period. Billable subscriber and ARPU data is not applicable for hosted payload and other data service revenue items.

(3)Commercial broadband service consists of Iridium OpenPort and Iridium Certus broadband services.

For the three months ended March 31, 2026, total commercial services revenue increased $2.9 million, or 2%, from the prior year period, primarily as a result of increases in IoT data and voice and data services, partially offset by decreases in commercial broadband revenue and hosted payload and other data services. Commercial IoT revenue increased $2.2 million, or 5%, for the three months ended March 31, 2026, compared to the same period of the prior year, primarily driven by a 7% increase in billable subscribers, offset in part by a decline in ARPU. Commercial voice and data revenue increased $1.5 million, or 3%, for the three months ended March 31, 2026, compared to the same period of the prior year, primarily due to increased ARPU from price increases implemented during the second half of the prior year. Commercial broadband revenue decreased $0.7 million, or 5%, for the three months ended March 31, 2026, compared to the prior year period, due primarily to the decline in ARPU to $254 in the first quarter of 2026, as compared to $261 in the prior year period, reflecting the increased prevalence of use of lower-priced companion plans in the current year period. Hosted payload and other data service revenue remained relatively flat compared to the prior year period.

Government Service Revenue

	Three Months Ended March 31,
	2026			2025			Change
	Revenue		Billable<br><br>Subscribers (1)	Revenue		Billable<br><br>Subscribers (1)	Revenue		Billable<br>Subscribers
	(Revenue in millions and subscribers in thousands)
Government services	$	27.6	121	$	26.8	133	$	0.8	(12)

(1)Billable subscriber numbers shown are at the end of the respective period.

We provide airtime and airtime support to U.S. government and other authorized customers pursuant to our Enhanced Mobile Satellite Services (“EMSS”) contract. Under the terms of this agreement, which we entered into in September 2019, authorized customers utilize specified Iridium airtime services provided through the U.S. government’s dedicated gateway. The service fee under the EMSS contract is fixed at $110.5 million per year for the remainder of the term and is not based on subscribers or usage, allowing an unlimited number of users access to these services. Revenue for the three months ended March 31, 2026 increased slightly reflecting the contractual step ups in the EMSS contract. The EMSS contract expires in September 2026, although based on federal acquisition regulations, the government has the ability to unilaterally extend for an additional six months. We have begun discussions with the U.S. government on a new EMSS contract, which we expect to enter into later in 2026 or in 2027, prior to expiration of the existing EMSS contract. For more on risks associated with the EMSS contract expiration, see the risk factor captioned “-Our agreements with U.S. government customer, particularly the DoW, which represent a significant portion of our revenue, are subject to termination and renewal” in our 2025 Form 10-K.

Subscriber Equipment Revenue

Subscriber equipment revenue decreased $2.9 million, or 13%, to $20.2 million for the three months ended March 31, 2026, compared to the prior year period, primarily as a result of a decrease in volume of handset and L-band transceiver device sales. Notwithstanding this decrease for the three months ended March 31, 2026, we expect equipment revenue in 2026 to be in line with 2025.

Engineering and Support Service Revenue

	Three Months Ended March 31,
	2026		2025		Change
	(In millions)
Commercial engineering and support services	$	1.3	$	1.6	$	(0.3)
Government engineering and support services	39.5		35.8		3.7
Total engineering and support services	$	40.8	$	37.4	$	3.4

Engineering and support service revenue increased by $3.4 million, or 9%, for the three months ended March 31, 2026, compared to the prior year period, primarily due to increased work under certain government contracts, predominantly the contract with the Space Development Agency (“SDA”). We expect engineering and support service revenue to be higher in 2026 than in 2025.

Operating Expenses

Cost of Services (exclusive of depreciation and amortization)

Cost of services (exclusive of depreciation and amortization) includes the cost of network engineering and operations staff, including contractors, software maintenance, product support services and cost of services for government and commercial engineering and support service revenue.

Cost of services (exclusive of depreciation and amortization) increased by $0.8 million, or 2%, for the three months ended March 31, 2026 from the prior year period, primarily as a result of the increase in work under certain government projects, including the SDA contract, as noted above.

Cost of Subscriber Equipment

Cost of subscriber equipment includes the direct costs of equipment sold, which consist of manufacturing costs, allocation of overhead, and warranty costs.

Cost of subscriber equipment increased by $0.1 million, or 1%, for the three months ended March 31, 2026, compared to the prior year period. The percentage decrease in equipment revenue did not match the change in cost of subscriber equipment primarily related to increased costs including tariffs.

Research and Development

Research and development expenses increased by $0.8 million, or 14%, for the three months ended March 31, 2026, compared to the prior year period based on increased spending on new products and device-related features and technology for our network.

Selling, General and Administrative

Selling, general and administrative expenses that are not directly attributable to the sale of services or products include sales and marketing costs, as well as employee-related expenses (such as salaries, wages, and benefits), legal, finance, information technology, facilities, billing, and customer care expenses.

Selling, general and administrative expenses increased by $10.0 million, or 28%, for the three months ended March 31, 2026, compared to the prior year period, primarily due to increases associated with the timing of headcount costs and related benefits allocated to programs, and increases in professional fees, including stock appreciation rights expense in the current year resulting from changes in our stock valuation between the years. We expect selling, general and administrative expense to moderate from the first quarter 2026 growth rate to a low double-digit rate for the full year 2026.

Depreciation and Amortization

Depreciation and amortization expense increased by $2.1 million, or 4%, for the quarter ended March 31, 2026, compared to the prior year period, primarily related to satellites placed into service during the prior year and intangible asset amortization.

Other Income (Expense), net

Interest Expense, Net

Interest expense, net decreased $2.5 million, or 11%, for the three months ended March 31, 2026, compared to the prior year period. The decrease resulted primarily from a decrease in the average borrowing rate.

Other Expense, net

Other expense, net, was $0.2 million for the three months ended March 31, 2026, compared to $1.7 million for the prior year period, primarily as the result of changes in foreign currency exchange rates.

Income Tax Expense

For the three months ended March 31, 2026, our income tax expense was $8.8 million, compared to income tax expense of $5.8 million for the prior year period. The increase in income tax expense is primarily related to increased tax expense associated with stock compensation and nondeductible executive compensation, and decreased tax benefit from the deduction for foreign derived deduction eligible income and U.S. tax credits.

The Organisation for Economic Co-operation and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenue and profits above certain thresholds (referred to as Pillar 2). Although the U.S. has not enacted legislation to implement Pillar 2, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. Pillar 2 is applicable to the Company beginning in 2026. However based on the guidance issued to date, we do not expect it to have a material impact on our effective tax rate or our results of operation and financial position.

Loss on Equity Method Investments

For the three months ended March 31, 2026, our loss on equity method investments was $0.7 million compared to a loss of $0.6 million in the prior year period. These amounts reflect the portion of losses recorded on our equity method investments.

Net Income

Net income was $21.6 million for the three months ended March 31, 2026, compared to $30.4 million for the prior year period. The $8.8 million decrease in net income was primarily the result of the increase in selling, general and administrative expenses and increased income tax expense, partially offset by the increase in engineering and support services revenue and commercial services revenue, as described above.

Liquidity and Capital Resources

Our primary sources of liquidity are cash provided by operations, cash and cash equivalents and our Revolving Facility. As of March 31, 2026, we had approximately $1.8 billion of indebtedness, consisting of amounts outstanding under the Term Loan, the terms of which are described below. We have $100.0 million of additional borrowing available to us under our Revolving Facility as of March 31, 2026. These sources are expected to meet our short-term and long-term liquidity needs, including annual payments for (i) required principal and interest on the Term Loan, which we expect to be $3.4 million, and, based on the current interest rate, approximately $85.0 million, respectively in 2026, (ii) capital expenditures (consistent with 2025), (iii) working capital, (iv) potential share repurchases, and (v) anticipated cash dividend payments to holders of our common stock.

As of March 31, 2026, our total cash and cash equivalents balance was $111.6 million, up from $96.5 million as of December 31, 2025. While we generated cash flows from operations and used less for share repurchases in 2026 than in 2025, these factors were offset in part by increased capital expenditures.

Term Loan and Revolving Facility

Pursuant to a credit agreement (as amended and restated to date, the “Credit Agreement”), we previously entered into a term loan totaling $1,500.0 million (the “Term Loan”), issued at a price equal to 99.75%, and an accompanying $100.0 million revolving loan (the “Revolving Facility”). The maturity of the Term Loan and Revolving Facility are in September 2030 and September 2028, respectively. During 2024, we borrowed an additional $325.0 million under the Term Loan, comprised of $125.0 million in March 2024, issued at a price equal to 99.875% of its face value, and $200.0 million in July 2024, issued at 99.0% of its face value. The additional amounts borrowed are fungible with the original $1,500.0 million, and have the same maturity date, interest rate, and other terms.

As of March 31, 2026, we reported an aggregate balance of $1,774.7 million in borrowings under the Term Loan, before $13.5 million of net unamortized deferred financing costs for a net principal balance of $1,761.2 million outstanding in our condensed consolidated balance sheet. In the first quarter of 2025, we drew $20.0 million under our Revolving Facility for

general corporate purposes, all of which was repaid in December 2025, and there were no amounts outstanding as of March 31, 2026 or December 31, 2025.

The Term Loan has been repriced on several occasions, most recently in June 2024, and currently bears interest at an annual rate equal to the SOFR, plus 2.25%, with a 0.75% SOFR floor. We typically select a one-month interest period, with the result that interest is calculated using one-month SOFR. Interest is paid monthly on the last business day of the month. Principal payments, payable quarterly, equal $18.3 million per annum (one percent of the full principal amount of the Term Loan following the additional amount Term Loan amounts borrowed in 2024), with the remaining principal due upon maturity. As noted below, no quarterly principal payment has been made after the first quarter in 2025 as a result of the excess cash flow payment made in May 2025.

The Revolving Facility bears interest at an annual rate equal to SOFR plus 2.5% (but without a SOFR floor) if and as drawn, with no original issue discount, a commitment fee of 0.5% per year on the undrawn amount, which was reduced to 0.375% in the first quarter of 2026 because we had a consolidated first lien net leverage ratio (as defined in the Credit Agreement) of less than 3.5 to 1.

The Term Loan contains no financial maintenance covenants. With respect to the Revolving Facility, we are required to maintain a consolidated first lien net leverage ratio of no greater than 6.25 to 1 if more than 35% of the Revolving Facility has been drawn, or subject to letter of credit exposure. The Credit Agreement contains other customary representations and warranties, affirmative and negative covenants, and events of default. We complied with all covenants under the Credit Agreement as of March 31, 2026.

The Credit Agreement restricts our ability to incur liens, engage in mergers or asset sales, pay dividends, repay subordinated indebtedness, incur indebtedness, make investments and loans, and engage in other transactions as specified in the Credit Agreement. The Credit Agreement provides for specified exceptions, including baskets measured as a percentage of trailing twelve months of earnings before interest, taxes, depreciation and amortization, and unlimited exceptions in the case of incurring indebtedness and liens and making investments, dividend payments, and payments of subordinated indebtedness, based on achievement and maintenance of specified leverage ratios. The Credit Agreement permits repayment, prepayment, and repricing transactions. The Credit Agreement also contains a mandatory prepayment sweep mechanism with respect to a portion of our excess cash flow (as defined in the Credit Agreement) in the event our consolidated first lien net leverage ratio rises above 3.5 to 1. Our mandatory excess cash flow prepayment, as specified in the Credit Agreement, was $28.6 million as of December 31, 2024. This amount was paid in May 2025. As a result, no quarterly principal payment was required for the quarter ended March 31, 2026, and no quarterly principal payment will be required until the fourth quarter of 2026. As of December 31, 2025, our first lien net leverage ratio was below the specified leverage ratio and therefore the mandatory prepayment sweep was not required.

U.S. Government

A significant portion of our revenues and cash flow are derived from U.S. government contracts. During 2025, we did not experience delays in receiving payments from U.S. government agencies despite the U.S. government shutdown during the fourth quarter. While none of our contracts were impacted as a result, an extended government shutdown could result in a delay or suspension of funding for our U.S. government contracts and disrupt our cash flows and delay new contract awards.

Contractual Obligations

As of March 31, 2026, we had non-cancelable purchase obligations of approximately $8.1 million for inventory purchases with Benchmark, our primary third-party equipment supplier. Our purchase obligations, all of which are due during the next twelve months, did not change materially from the end of 2025.

We also have contractual obligations in the short and long term related to the Term Loan (see Note 5) and leases.

Dividends

In December 2022, our Board of Directors initiated a quarterly dividend. Total dividends paid during the three months ended March 31, 2026 and March 31, 2025 were $16.5 million and $15.7 million, respectively. We currently expect that comparable cash dividends will continue to be paid in the future, although future dividends will depend on our earnings, capital requirements, financial conditions and other factors that our Board of Directors deems relevant.

Share Repurchases

As of March 31, 2026, $245.3 million remained available and authorized for repurchase under this program through December 31, 2027. Effective October 1, 2025, we paused share repurchases to increase financial flexibility. We will continue to evaluate the amount and timing of share repurchases under our share repurchase program, considering, among other factors, general market conditions, capital allocation priorities, general business conditions, and other investment opportunities. The repurchase program does not obligate us to repurchase any specific amount of common stock and may be modified, suspended, or discontinued at any time without notice at the discretion of our Board of Directors.

Cash Flows

The following table summarizes our cash flows:

	Three Months Ended March 31,
	2026		2025		Change
	(In thousands)
Cash provided by operating activities	$	71,615	$	61,081	$	10,534
Cash used in investing activities	$	(29,955)	$	(24,546)	$	(5,409)
Cash used in financing activities	$	(26,343)	$	(81,063)	$	54,720

Cash Flows Provided by Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2026 increased by $10.5 million from the prior year period. The changes in operating cash relate to a working capital increase of approximately $14.1 million, primarily due to changes in employee and vendor related accruals, the recognition of deferred revenue, and the timing of customer and vendor payments.

Cash Flows Used in Investing Activities

Net cash used in investing activities for the three months ended March 31, 2026 increased by $5.4 million as compared to the prior year period, as a result of the increase in spending on capital expenditures.

Cash Flows Used in Financing Activities

Net cash used in financing activities for the three months ended March 31, 2026 decreased by $54.7 million as compared to the prior year period. Cash flows used in the prior year were higher primarily due to share repurchases, offset in part by the $20.0 million draw down on the revolver.

U.S. Tax Regulation Update

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA permanently extends certain expiring provisions of the Tax Cuts and Jobs Act, modifies the international tax framework, and restores certain favorable business tax provisions, among other changes. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. We have incorporated the impact of the new legislation into our year-to-date effective tax rate and continue to assess the impact on our consolidated financial statements.

Seasonality

Our results of operations have been subject to seasonal usage changes for commercial customers, and we expect that our results will be affected by similar seasonality going forward. March through October are typically the peak months for commercial voice services revenue and related subscriber equipment sales. U.S. government revenue and commercial IoT revenue have been less subject to seasonal usage changes.

Critical Accounting Policies and Estimates

The discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, income taxes, useful lives of property and equipment, loss contingencies, and other estimates. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.

There have been no changes to our critical accounting policies and estimates from those described in our 2025 Form 10-K.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We had an outstanding aggregate balance of $1,774.7 million under the Term Loan as of March 31, 2026. Under the Term Loan, we pay interest at an annual rate equal to SOFR, plus 2.25%, with a 0.75% SOFR floor. Accordingly, we have been and continue to be subject to interest rate fluctuations. The Cap began in December 2021 and manages our exposure to interest rate movements on a notional amount of $1.0 billion of the Term Loan through November 2026. The Cap provides the right for us to receive payment from the counterparty if one-month SOFR exceeds 1.436%. The interest rate was above the level of the Cap for the three months ended March 31, 2026 and for the full year 2025. For every SOFR increase of 25 basis points above the level of the Cap, we expect our annual interest expense to increase by an additional $1.9 million related to the unhedged portion of the Term Loan.

As of March 31, 2026, the Revolving Facility was undrawn. Accordingly, although the Revolving Facility bears interest at SOFR plus 2.5%, without a SOFR floor, if and as drawn, we are currently not exposed to fluctuations in interest rates with respect to the Revolving Facility.

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, as well as accounts receivable. We maintain our cash and cash equivalents with financial institutions with high credit ratings and maintain deposits in excess of federally insured limits. The majority of our cash is invested into a money market fund invested in U.S. treasuries, agency mortgage-backed securities and/or U.S. government-guaranteed debt. Accounts receivable are due from both domestic and international customers. We perform credit evaluations of our customers’ financial condition and record reserves to provide for estimated credit losses. Accounts payable are owed to both domestic and international vendors.

ITEM 4.    CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our chief executive officer, who is our principal executive officer, and our chief financial officer, who is our principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (, or the “Exchange Act”, as of the end of the period covered by this Form 10-Q. In evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a control system, misstatements due to error or fraud may occur and not be detected.

Based on this evaluation, our chief executive officer and our chief financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms, and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

During the quarter ended March 31, 2026, there were no changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS.

There are no material pending legal proceedings, other than routine litigation incidental to our business.

ITEM 1A.     RISK FACTORS.

Our business is subject to risks and events that, if they occur, could adversely affect our financial condition and results of operations and the trading price of our securities. In addition to the other information set forth in this report, you should carefully consider the factors described in “Part I, Item 1A. Risk Factors” of our 2025 Form 10-K.

ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Issuer Purchases of Equity Securities

Period	(a)<br>Total number of shares purchased	(b)<br>Average price paid per share	(c)<br>Total number of shares purchased as part of publicly announced plans or programs	(d)<br>Maximum dollar value of shares that may yet be purchased under the plans or programs
January 1-31	—	$—	—	$245.3 million
February 1-28	—	$—	—	$245.3 million
March 1-31	—	$—	—	$245.3 million
Total	—	$—	—	—

Since initiating share repurchases in February 2021, our Board of Directors has authorized the repurchase of up to $1,500.0 million of our common stock, including the September 2024 authorization to repurchase up to $500.0 million through December 31, 2027. During the fourth quarter of 2025, we paused share repurchases to increase financial flexibility.

ITEM 3.     DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.     MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5.     OTHER INFORMATION.

Insider trading arrangements and policies

During the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.

ITEM 6.     EXHIBITS.

The following list of exhibits includes exhibits submitted with this Form 10-Q as filed with the Securities and Exchange Commission.

Exhibit	Description
10.1*	Iridium Communications Inc.ex101annualperformancebonu.htmAnnualPerformance Bonus Plan
10.2*	Form ofRSUAward Grant Notice andAgreement for use in connection withtheex102restrictedstockunitaw.htmIridium Communications Inc.ex102restrictedstockunitaw.htmAnnualPerformance Bonus Plan
10.3*	Iridium Communications Inc. ExecutiveSeverance Plan
31.1	Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as adopted pursuant to section 302 of The Sarbanes-Oxley Act of 2002.
31.2	Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as adopted pursuant to section 302 of The Sarbanes-Oxley Act of 2002.
32.1	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rules 13a-14(b) and 15d-14(b) promulgated under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to section 906 of The Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).		*	Denotes management contract or compensatory plan or arrangement.
---	---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

IRIDIUM COMMUNICATIONS INC.
By:	/s/ Vincent J. O’Neill
	Vincent J. O’Neill
	Chief Financial Officer

Date: April 23, 2026

29

Document

Exhibit 10.1

IRIDIUM COMMUNICATIONS INC. ANNUAL PERFORMANCE BONUS PLAN

1.Purpose. As part of its employee compensation program, Iridium Communications Inc. (the “Company”) has designed this Annual Performance Bonus Plan (the “Bonus Plan”). The Bonus Plan provides Participants with incentive awards, paid in cash, restricted stock units granted pursuant to the Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan or any successor or replacement plan (the “Equity Incentive Plan”), or a combination of cash and restricted stock units, based on the achievement of corporate and individual performance goals, and in all cases subject to the discretion of the Committee or the Designated Officer, as applicable.

2.Definitions. Defined terms not explicitly defined in the Bonus Plan but defined in the Equity Incentive Plan shall have the same definitions as in the Equity Incentive Plan.

(a)“Actual Bonus Award” means, with respect to each Participant, the award determined pursuant to Section 5(g).

(b)“Affiliate” means any parent or subsidiary of the Company.

(c)“Base Compensation” means (i) for exempt, salaried employees, a Participant’s base salary actually earned by such Participant during the Performance Period, even if payment is not made during the Performance Period (including, but not limited to, a normal payroll paid in arrears), excluding shift and weekend differentials, straight-time overtime, incentive compensation, reimbursement of expenses, severance or all other payments not deemed part of such Participant’s base salary; (ii) for non-exempt employees, a Participant’s regular hourly earnings actually earned by such Participant during the Performance Period, even if payment is not made during the Performance Period (including, but not limited to, a normal payroll paid in arrears), excluding shift and weekend differentials, overtime, incentive compensation, reimbursement of expenses, severance or all other payments not deemed part of such Participant’s regular earnings, provided, that the number of hours used to determine such Participant’s regular hourly earnings shall not exceed 2080 hours during the Performance Period; and (iii) for consultants, a Participant’s consulting fees actually earned by such Participant during the Performance Period, even if payment is not made during the Performance Period, excluding incentive compensation, reimbursement of expenses, or other similar payments or fees not deemed part of such Participant’s consulting fees. Such Base Compensation shall be before both (i) deductions for taxes or benefits, and (ii) deferrals of compensation pursuant to Company-sponsored plans.

(d)“Board” means the Board of Directors of the Company.

(e)“Bonus Pool” means, with respect to the Performance Period, the bonus pool established under the Bonus Plan for the payment of Actual Bonus Awards to Participants that are not Officer Participants.

(f)“Casual Employee” means a Participant who has been designated as a “casual employee” in accordance with established policies of the Company, regardless of the number of hours such Participant is expected to provide service.

(g)“Code” means the Internal Revenue Code of 1986, as amended.

(h)“Committee” means the Compensation Committee of the Board or a subcommittee thereof.

(i)“Common Stock” means the common stock of the Company.

(j)“Corporate Achievement Determination Date” means the date or dates upon which the Committee determines the Company’s level of achievement of the Corporate Performance Goals for the Performance Period and calculates the Bonus Pool for the Performance Period.

(k)“Corporate Achievement Factor” means, with respect to the Performance Period, the percentage determined by the Committee based on the Company’s achievement of the Corporate Performance Goals during the Performance Period.

(l)“Corporate Performance Goals” means the corporate goal(s) (or combined goal(s)) for a Performance Period determined by the Committee, in its sole discretion. The goals may relate to the Company, one or more of its Affiliates or one or more of its or their divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, all as the Committee will determine.

(m)“Corporate Performance Goal Determination Date” means the date or dates upon which the Committee sets the Corporate Performance Goals with respect to the Performance Period.

(n)“Designated Officer” means one or more officers of the Company who are designated by the Committee to administer the Bonus Plan with respect to Participants who are not Officer Participants in accordance with Section 3(c).

(o)“Maximum Bonus Award” means, as to any Participant for the Performance Period, the maximum award that may be earned by the Participant under the Bonus Plan.

(p)“Officer Participant” means a Participant that is an officer of the Company who is regularly employed (full or part time) during the Performance Period and who is subject to Section 16 of the Securities Exchange Act of 1934, as amended.

(q)“Participant” means an employee or consultant of the Company or an Affiliate who is eligible to participate in the Bonus Plan pursuant to Section 4.

(r)“Payout Determination Date” means the date or dates following the end of the Performance Period on which the Committee or the Designated Officer, as applicable, determines (i) the Actual Bonus Awards payable to the Participants, as applicable, with respect to the completed Performance Period, in accordance with Section 5(g) and (ii) the vesting amount of any Restricted Stock Units granted to the Participants, as applicable, with respect to such Actual Bonus Awards.

(s)“Performance Period” means a calendar year commencing on or after January 1, 2026.

(t)“Personal Performance Factor” means, with respect to an applicable Performance Period, the percentage determined by the Committee or Designated Officer, as applicable, based on the Participant’s personal performance during the Performance Period.

(u)“Restricted Stock Unit” means a right to receive one share of Common Stock granted as a Restricted Stock Unit Award (as defined in the Equity Incentive Plan) pursuant to the terms and conditions of the Equity Incentive Plan.

(v)“Separation from Service” has the meaning set forth in Section 409A of the Code and the guidance and regulations promulgated thereunder (“Section 409A”) which includes when the Company reasonably anticipates that Participant’s level of services will permanently decrease to no more than 20 percent of the average level of services Participant has performed over the immediately preceding 36-month period (or such lesser period of Participant’s service with the Company and its Affiliates), which shall be interpreted consistently with the provisions of Section 409A.

(w)“Target Bonus Award” means the target bonus award potentially payable to a Participant in accordance with the target bonus percentage set forth in the Participant’s offer letter or other written agreement between the Participant and the Company, as such offer letter or agreement may be amended from time to time, or as otherwise determined or approved with respect to a Participant by the Committee or Designated Officer, as applicable. A Participant’s Target Bonus Award equals the product of such target bonus percentage and the Participant’s Base Compensation.

(x)“Vesting Date” means the Payout Determination Date or such later date, as determined by the Committee or Designated Officer, as applicable, but in each case not later than March 15 following the end of the Performance Period.

3.Plan Administration.

(a)The Committee shall have the authority to adopt Corporate Performance Goals and to determine the Corporate Achievement Factor for the Performance Period with respect to all Participants.

(b)The Committee shall be responsible for the general administration and interpretation of the Bonus Plan and for carrying out its provisions. The Committee may delegate some or all of the administration of the Bonus Plan to officers or other employees of the Company, as necessary or desirable for proper administration of the Bonus Plan. The Committee shall have such powers as may be necessary to discharge its duties under the Bonus Plan, including, but not by way of limitation, the following:

(i)to determine eligibility and the amount, form (whether cash, Restricted Stock Units, or a combination thereof), manner and time of payment of any Actual Bonus Awards under the Bonus Plan, including authority to determine a Participant’s Personal Performance Factor, provided that any Restricted Stock Units granted under the Equity Incentive Plan in accordance with the Bonus Plan shall be approved and administered in accordance with the terms of the Equity Incentive Plan;

(ii)to construe and interpret the terms of the Bonus Plan;

(iii)to prescribe forms and procedures for purposes of Bonus Plan participation and distribution of Actual Bonus Awards; and

(iv)to adopt rules and to take such actions as it deems necessary or desirable for the proper administration of the Bonus Plan.

(c)Notwithstanding the foregoing, subject to Section 3(a), the Designated Officer is delegated concurrent authority for the general administration and interpretation of the Bonus Plan and for carrying out its provisions with respect to each Participant that is not an Officer Participant, and the Designated Officer will have concurrent authority to take all actions set forth in Section 3(b) with respect to the administration of the Bonus Plan related to Participants that are not Officer Participants. The Committee may, at any time, abolish the powers and authority delegated to the Designated Officer. The Committee retains the authority to concurrently administer the Bonus Plan with respect to all Participants and retains the sole authority to administer the Bonus Plan with respect to Officer Participants.

(d)Any rule or decision by the Committee, or with respect to Participants that are not Officer Participants, the Designated Officer, that is not inconsistent with the provisions of the Bonus Plan shall be conclusive and binding on all persons and shall be given the maximum deference permitted by law.

4.Eligibility.

(a)General. Employees of the Company or an Affiliate who are regularly employed (full or part time) during the Performance Period and certain consultants of the Company or an Affiliate designated by the Committee or Designated Officer, as applicable from time to time, in each case who are eligible for awards under the Equity Incentive Plan, are eligible to participate in the Bonus Plan, provided, however, that, notwithstanding the foregoing or anything else in the Plan to the contrary, no employee who is designated as a Casual Employee during any portion of the Performance Period will be eligible to participate in the Bonus Plan. Participation in the Bonus Plan is at the discretion of the Committee or the Designated Officer, as applicable.

(b)Newly Hired or Rehired Individuals. If an employee’s employment or a consultant’s service with the Company or an Affiliate commences after the beginning of the Performance Period (or recommences after the beginning of the Performance Period if such employment or service had terminated earlier during the Performance Period) but on or before October 1 of the Performance Period (or such other date determined by the Committee or the Designated Officer, as applicable), the Committee or the Designated Officer, as applicable, shall have the discretion to determine whether and on what basis (for example, an Actual Bonus Award that is pro-rated based on completed months of service during the Performance Period) such employee or consultant will be eligible to participate in the Bonus Plan, including pursuant to Section 6(b)(i)(5).

(c)Changes in Target Bonus Award. If the Participant’s Target Bonus Award changes during the Performance Period because of a change in the target bonus percentage set forth in the Participant’s offer letter or other written agreement with the Company, the Participant’s Target Bonus Award will be pro-rated based on the number of days during the Performance Period when each of the target bonus percentages was in effect.

(d)Cash Portion of Actual Bonus Award. A Participant must be employed by, or in the service of, the Company or an Affiliate through the payment date to be eligible for any portion of an Actual Bonus Award paid in cash under the Bonus Plan; if the Participant’s employment or service terminates before such payment date or if the Participant becomes a Casual Employee during the Performance Period, such Participant shall not be eligible to receive such portion of the Actual Bonus Award, in each case except (i) as provided in Section 4(g) or Section 4(h) or (ii) to the extent an applicable severance plan or an individual employment, retention, or other written agreement between the Company and such Participant provides for payment of any portion of an annual performance bonus in connection with a qualifying termination of employment.

(e)Equity Portion of Actual Bonus Award. A Participant must be employed by, or in the service of, the Company or an Affiliate through the Vesting Date to be eligible for any portion of an Actual Bonus Award paid in the form of Restricted Stock Units under the Bonus Plan; if the Participant’s employment or service terminates before the Vesting Date or if the Participant becomes a Casual Employee during the Performance Period, any such Restricted Stock Units granted to the Participant pursuant to this Bonus Plan with respect to the Performance Period shall be forfeited, in each case except (i) as provided in Section 4(g) or Section 4(h) or (ii) to the extent an applicable severance plan or an individual employment, retention, or other written agreement between the Company and such Participant provides for payment of any portion of an annual performance bonus in connection with a qualifying termination of employment resulting in the accelerated vesting of any such Restricted Stock Units.

(f)Leave of Absence and Other Periods. If a Participant is on a leave of absence for a portion of the Performance Period or is not providing service during a portion of the Performance Period (but in each case, is otherwise employed by, or in the service of, the Company or an Affiliate during such portion of the Performance Period), at the discretion of the Committee or the Designated Officer, as applicable, such Participant shall be eligible for an Actual Bonus Award under the Bonus Plan based on the Participant’s Base Compensation actually earned during the Performance Period (exclusive of any insurance benefits paid during the leave by a third-party vendor or federal, state or local insurance program, including, without limitation, short-term or long-term disability benefits).

(g)Retirement. Notwithstanding anything to the contrary set forth in this Bonus Plan, the following provisions will apply in the event of a termination of a Participant’s Continuous Service (as defined in the Equity Incentive Plan) due to the Participant’s Retirement (as defined below):

(i)The Participant shall be eligible to receive the Participant’s Actual Bonus Award payable in cash under the Bonus Plan (as determined by the Committee or the Designated Officer, as applicable, in accordance with Section 6(b)(ii)), which will be paid to the Participant at

the same time as the cash portion of Actual Bonus Awards are generally paid to Participants in the Bonus Plan.

(ii)The Participant’s Actual Bonus Award payable in the form of Restricted Stock Units (as determined by the Committee or the Designated Officer, as applicable, in accordance with Section 6(b)(i)) will become fully vested as of the Vesting Date.

(iii)For purposes of this Bonus Plan, “Retirement” means a Participant’s voluntary Separation from Service, provided that: (i) the Participant has attained age 55 or older as of the date of such termination; (ii) the Participant has been in Continuous Service for at least ten (10) years as of the date of such termination; (iii) the sum of the Participant’s years of Continuous Service plus years of age is no less than 70 as of the date of such termination; (iv) the Participant has provided at least six (6) months’ advance written notice to the Company of the Participant’s intent to retire, has continued to provide Continuous Service during such notice period and has not become a Casual Employee during such notice period; and (v) the Participant’s termination date occurs between December 15 of the applicable Performance Period and February 1 of the calendar year following the applicable Performance Period.

(h)Death or Disability. Notwithstanding anything to the contrary set forth in this Bonus Plan, the following provisions will apply in the event of a termination of a Participant’s Continuous Service (as defined in the Equity Incentive Plan) due to the Participant’s death or Disability (as defined in the Equity Incentive Plan):

(i)If such termination occurs prior to the Payout Determination Date, any portion of the Participant’s Target Bonus Award granted in the form of Restricted Stock Units will become fully vested as of the date of such termination.

(ii)If such termination occurs on or after the Payout Determination Date but prior to the Vesting Date, any portion of the Participant’s Actual Bonus Award payable in the form of Restricted Stock Units (as determined by the Committee or the Designated Officer, as applicable, in accordance with Section 6(b)(i)) will become fully vested as of the date of such termination.

(iii)If such termination occurs prior to the Payout Determination Date, the Participant will be deemed to have earned a cash amount equal to (x) the Target Bonus Award less (y) the portion of such Participant’s Target Bonus Award, if any, granted in the form of Restricted Stock Units, which cash amount shall be prorated based on a fraction, the numerator of which is the number of days that the Participant provided Continuous Service during the Performance Period and the denominator of which is the total number of days in the Performance Period. Such cash amount will be paid as soon as administratively practicable following such termination, but no later than the 60th day following the date of such termination.

(iv)If such termination occurs on or after the Payout Determination Date but prior to the applicable payment date for any portion of an Actual Bonus Award paid in cash under the Bonus Plan, the Participant will be deemed to have earned the portion of the Participant’s Actual Bonus Award (had such Participant’s Continuous Service not been terminated) payable in the form of cash (as determined by the Committee or the Designated Officer, as applicable, in accordance

with Section 6(b)(ii)), which cash amount shall be prorated based on a fraction, the numerator of which is the number of days that the Participant provided Continuous Service during the Performance Period and the denominator of which is the total number of days in the Performance Period. Such cash amount will be paid as soon as administratively practicable following such termination, but no later than the 60th day following the date of such termination.

5.How the Bonus Plan Works.

(a)Bonus Plan Components. The Bonus Plan components are: (i) the Corporate Performance Goals; (ii) the Corporate Achievement Factor; (iii) the Target Bonus Award; (iv) the Bonus Pool; (v) the Maximum Bonus Award; (vi) the Personal Performance Factor; and (vii) the Actual Bonus Award.

(b)Corporate Performance Goals. On the Corporate Performance Goal Determination Date, the Committee, in its sole discretion, shall establish the Corporate Performance Goals for the Performance Period. The Corporate Performance Goals for an applicable Performance Period shall be separately identified in the corporate records of the Committee.

(c)Corporate Achievement Factor. On the Corporate Achievement Determination Date, the Committee, in its sole discretion, shall determine the Company’s level of achievement of the Corporate Performance Goals and the resulting Corporate Achievement Factor.

(d)Target Bonus Award. On the Corporate Performance Goal Determination Date, the Committee or the Designated Officer, as applicable, shall calculate each Participant’s Target Bonus Award. In addition, the Committee or the Designated Officer, as applicable, shall recalculate each Participant’s Target Bonus Award on the Corporate Achievement Determination Date to account for any changes to any Participant’s Target Bonus Award as set forth in Section 4(c). In the case of any individual who becomes a Participant pursuant to Section 4(b), if such individual becomes a Participant after the Corporate Performance Goal Determination Date, the Committee or the Designated Officer, as applicable, may calculate such Participant’s Target Bonus Award, if any, after such individual becomes a Participant.

(e)Bonus Pool for Participants that are not Officer Participants. On the Corporate Achievement Determination Date, the Committee or the Designated Officer, as applicable, shall calculate the Bonus Pool for the payment of Actual Bonus Awards to Participants that are not Officer Participants, which shall equal, in dollars, the product of (i) the sum of the Target Bonus Awards for all Participants that are not Officer Participants and (ii) the Corporate Achievement Factor. The Company is under no obligation to pay out in Actual Bonus Awards the entire Bonus Pool. The Designated Officer shall allocate the Bonus Pool to Participants that are not Officer Participants based on each Participant’s Personal Performance Factor in accordance with Sections 5(f) and 5(g), but in no event may the sum of the Actual Bonus Awards payable to all Participants who are not Officer Participants under the Bonus Plan exceed the Bonus Pool.

(f)Personal Performance Factor. On the Payout Determination Date, the Committee or the Designated Officer, as applicable, shall determine a Personal Performance Factor for each Participant ranging from 0% to 150%. A Participant’s Personal Performance Factor may be based

upon the Committee’s or the Designated Officer’s, as applicable, assessment of the Participant’s performance against personal goals during the Performance Period that are established and reviewed in connection with the Company’s annual review process, or any additional factors the Committee or the Designated Officer, as applicable, considers relevant.

(g)Actual Bonus Awards. On the Payout Determination Date, Actual Bonus Awards for Officer Participants and Participants that are not Officer Participants shall be determined by the Committee or the Designated Officer, as applicable, as follows, provided, however, that notwithstanding any contrary provision of the Bonus Plan, (i) the Committee or the Designated Officer, as applicable, in its sole discretion, may eliminate or reduce the Actual Bonus Award payable to any Participant below that which otherwise would be payable hereunder in its discretion, including but not limited to elimination or reduction based upon the Participant’s Personal Performance Factor, reducing any Actual Bonus Award to $0 and the forfeiture of Restricted Stock Units granted pursuant to Section 6, and (ii) the Maximum Bonus Award that may be earned by any Participant is 200% of his or her Target Bonus Award. In addition, the Committee or the Designated Officer is authorized, in its sole discretion, to adjust or modify the calculation of the Corporate Achievement Factor in connection with any one or more of the following events: (i) asset write-downs; (ii) significant litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting standards or principles, or other laws or regulatory rules affecting reporting results; (iv) any reorganization and restructuring programs; (v) acquisitions or divestitures; (vi) any other unusual or nonrecurring events or objectively determinable category thereof; (vii) foreign exchange gains and losses; and (viii) a change in the Company's fiscal year.

(i)Officer Participants. On the Payout Determination Date, the Committee shall determine the Actual Bonus Award earned by each Officer Participant by multiplying (i) the Officer Participant’s Target Bonus Award by (ii) the Corporate Achievement Factor and by (iii) the Officer Participant’s Personal Performance Factor, and shall determine the performance vesting of the Restricted Stock Units granted to the Officer Participant pursuant to this Bonus Plan. For example, assuming an Officer Participant’s Target Bonus Award equals $250,000, the Corporate Achievement Factor equals 120% and the Participant’s Personal Performance Factor equals 100%, the Participant’s Actual Bonus Award would be $300,000 ($250,000 x 120% x 100%).

(ii)Other Participants. On the Payout Determination Date, the Committee or the Designated Officer, as applicable, shall determine the Actual Bonus Award earned by each Participant that is not an Officer Participant by multiplying (i) the Participant’s Target Bonus Award by (ii) the Corporate Achievement Factor and by (iii) the Participant’s Personal Performance Factor, and shall determine the performance vesting of the Restricted Stock Units granted to the Participant pursuant to this Bonus Plan; provided, however, in no event shall the sum of the Actual Bonus Awards payable to all Participants that are not Officer Participants exceed the amount of the Bonus Pool. For example, assuming that such a Participant’s Target Bonus Award equals $60,000, the Corporate Achievement Factor equals 120% and the Participant’s Personal Performance Factor equals 100%, the Participant’s Actual Bonus Award would be $72,000 ($60,000 x 120% x 100%).

6.Actual Bonus Award Payment.

(a)Right to Receive Payment. Each Actual Bonus Award under the Bonus Plan shall be paid solely from the general assets of the Company, or as applicable, the issuance of shares of Common Stock pursuant to Restricted Stock Units. Nothing in the Bonus Plan shall be construed to create a trust or to establish or evidence any Participant’s claim of any right to payment of an Actual Bonus Award other than as an unsecured general creditor with respect to any payment to which he or she may be entitled.

(b)Form of Payment of Actual Bonus Awards. Except as otherwise set forth in Section 6(b)(iv) or Section 6(b)(v) below or as otherwise determined by the Committee or the Designated Officer, as applicable, subject to Section 4, the Company shall distribute all Actual Bonus Awards to the Participants as follows.

(i)Equity Portion of Actual Bonus Award.

(1)General. The Committee or the Designated Officer, as applicable, shall determine the portion, if any, of a Participant’s Actual Bonus Award that shall be paid in the form of Restricted Stock Units, which amount shall be expressed as a percentage of the Participant’s Target Bonus Award (such amount, the “Target Award Equity Percentage”). The Target Award Equity Percentage shall be determined as of the Corporate Performance Goal Determination Date or any later date pursuant to Section 5(d), as applicable.

(2)Grant Date and Vesting Date of Restricted Stock Units. The Restricted Stock Units, if any, shall be granted to each Participant under the Equity Incentive Plan on such date as the Committee shall determine in its sole discretion (in each case, the “Grant Date”), and shall vest on the Vesting Date, subject to the (i) Participant’s Continuous Service (as defined in the Equity Incentive Plan) at a level that is not a Separation from Service through the Vesting Date (subject to the terms of Section 4(e), and except (A) as provided in Section 4(g) or Section 4(h) or (B) to the extent an applicable severance plan or an individual employment, retention or other written agreement between the Company and the Participant provides for payment of any portion of an annual performance bonus in connection with a qualifying termination of employment resulting in the accelerated vesting of any such Restricted Stock Units) and (ii) level of achievement of the Corporate Achievement Factor and Personal Performance Factor as set forth in this Section 6(b). The level of achievement of the Corporate Achievement Factor and the Participant’s Personal Performance Factor shall apply first to the vesting of the Restricted Stock Units, if any, and then to the payment of any portion of a Participant’s Actual Bonus Award in cash in accordance with Section 6(b)(ii).

(3)Number of Shares Subject to Restricted Stock Units. The number of shares of Common Stock subject to the Restricted Stock Units granted to each Participant, if any, shall be equal to (i) the Participant’s Target Award Equity Percentage (determined as of the Corporate Performance Goal Determination Date or any later date pursuant to Section 5(d), as applicable) multiplied by the Participant’s Target Bonus Award, divided by (ii) the fair market value of a share of Common Stock on the Grant Date (as determined in accordance with the terms of the Equity Incentive Plan) (the “Grant Date FMV”), rounded down to the nearest whole share. The dollar amount of the Participant’s Target Award Equity Percentage multiplied by the Participant’s Target Bonus Award (determined as of the Corporate Performance Goal Determination Date or any

later date pursuant to Section 5(d), as applicable) that exceeds the value of the shares of Common Stock subject to the Restricted Stock Units granted to such Participant as of the Grant Date due to rounding down to the nearest whole share, if any, may, at the discretion of the Committee or the Designated Officer, as applicable, be paid in cash when the Participant’s Actual Bonus Award is otherwise scheduled to be paid in accordance with the terms of the Bonus Plan, provided that the product of the Corporate Achievement Factor and the Personal Performance Factor for the Participant is equal to or greater than the Participant’s Target Equity Award Percentage.

(4)Vesting and Other Terms and Conditions of Restricted Stock Units. The Restricted Stock Units, if any, shall be subject to the terms and conditions of the Equity Incentive Plan and a form of restricted stock unit agreement as determined by the Committee in its sole discretion and shall be settled in accordance with the terms of such restricted stock unit agreement. Subject to the terms and conditions of this Bonus Plan, the number of Restricted Stock Units granted to a Participant pursuant to this Section 6(b)(i) that are eligible to vest on the Vesting Date, if any, shall equal (i) the dollar amount of the Participant’s Actual Bonus Award actually earned by the Participant and determined in accordance with Section 5(g), divided by (ii) the Grant Date FMV, rounded down to the nearest number of whole shares, subject to a limit on vesting equal to 100% of the number of Restricted Stock Units granted to the Participant with respect to the Performance Period pursuant to this Bonus Plan. In no event may any Participant vest in, or have any entitlement to, a number of Restricted Stock Units under the terms of this Bonus Plan that exceeds 100% of the number of Restricted Stock Units actually granted to the Participant pursuant to this Bonus Plan. Any Restricted Stock Units that do not vest in accordance with this Section 6(b)(i) shall be forfeited and terminated for no consideration on the Vesting Date, provided that a Participant shall forfeit all of his or her Restricted Stock Units granted in accordance with this Section 6(b)(i) upon termination of Continuous Service (as defined in the Equity Incentive Plan) for any reason prior to the Vesting Date, except (i) as provided in Section 4(g) or Section 4(h) or (ii) to the extent an applicable severance plan or an individual employment, retention, or other written agreement between the Company and such Participant provides for payment of any portion of an annual performance bonus in connection with a qualifying termination of employment resulting in the accelerated vesting of any such Restricted Stock Units. Notwithstanding the foregoing or anything to the contrary set forth in this Bonus Plan, the Committee may, subject to the consent of a Participant, pay any portion of an Actual Bonus Award that is greater than or less than the Participant’s Target Equity Award Percentage multiplied by the Participant’s Target Bonus Award (determined as of the Corporate Performance Goal Determination Date or any later date pursuant to Section 5(d), as applicable) in the form of Restricted Stock Units, subject to the requirements of applicable law.

(5)New Participants. Notwithstanding anything to the contrary set forth in this Bonus Plan, any Actual Bonus Award that becomes payable under this Bonus Plan to an employee or consultant that becomes a Participant in the Bonus Plan following February 14 of a Performance Period but on or before October 1 of a Performance Period (or such other date determined by the Committee or the Designated Officer, as applicable) (including any such employee or consultant who becomes a Participant in accordance with the foregoing as a result of recommencing employment or service with the Company or an Affiliate after such employment or service had terminated earlier during the Performance Period), may be paid in cash or in a

combination of Restricted Stock Units and cash, in each case at the sole discretion of the Committee or the Designated Officer, as applicable. Notwithstanding anything to the contrary set forth in this Bonus Plan, the Committee or the Designated Officer, as applicable, will have the discretion to determine the terms of any such Actual Bonus Award (including any cash payments and/or Restricted Stock Units subject to such Actual Bonus Award), which terms may differ from the terms of this Bonus Plan applicable to Actual Bonus Awards (including any cash payments and/or Restricted Stock Units subject to such Actual Bonus Awards) granted to individuals who become Participants in the Bonus Plan prior to February 14 of a Performance Period.

(ii)    Cash Portion of Actual Bonus Award. Subject to Section 6(d), to the extent a Participant’s Actual Bonus Award determined on the Payout Determination Date exceeds the Participant’s Target Equity Award Percentage (determined as of the Corporate Performance Goal Determination Date or any later date pursuant to Section 5(d), as applicable) multiplied by the Participant’s Target Bonus Award, and the Participant was granted Restricted Stock Units in accordance with the terms of Section 6(b)(i), the remainder of a Participant’s Actual Bonus Award (determined by subtracting the dollar amount of the Participant’s Target Equity Award Percentage as of the Corporate Performance Goal Determination Date or any later date pursuant to Section 5(d), as applicable (without regard to the value of the Restricted Stock Units at any date) from the dollar amount of the Actual Bonus Award determined on the Payout Determination Date), if any, shall be paid to the Participant in cash as soon as is practicable following the Payout Determination Date for the Performance Period, but in no event later than the 15th day of the third calendar month after the end of the calendar year in which the Participant’s Actual Bonus Award is no longer subject to a substantial risk of forfeiture, within the meaning of Treasury Regulation Section 1.409A-1(d). Payments under this Bonus Plan shall be made in a manner that complies with Treasury Regulation Section 1.409A-1(b)(4), and this Bonus Plan shall be construed in accordance with such provision. To the extent the dollar amount of a Participant’s Actual Bonus Award determined on the Payout Determination Date is greater than $0 but less than the Participant’s Target Equity Award Percentage on the Corporate Performance Goal Determination Date or any later date pursuant to Section 5(d), as applicable (determined as the dollar amount of the Target Bonus Award as of the Corporate Performance Goal Determination Date or any later date pursuant to Section 5(d), as applicable, without regard to the value of the Restricted Stock Units at any date), the Participant shall not be entitled to any portion of his or her Actual Bonus Award paid in cash, and the Participant shall forfeit for no consideration any Restricted Stock Units that have not vested in accordance with this Section 6(b).

(i)Example. Assume a Participant’s Base Compensation is $120,000 and target bonus percentage is 20% and the Participant’s Target Equity Award Percentage is 60%, such that the Participant’s Target Bonus Award as of the Corporate Performance Goal Determination Date is $24,000. Assume further that the fair market value of a share of Common Stock on the Grant Date of the Restricted Stock Units for the applicable Performance Period is $40.00 per share. On the Grant Date, the Participant shall be granted Restricted Stock Units with respect to 360 shares of Common Stock ($24,000 multiplied by 60% divided by $40.00) that are eligible to vest on the Vesting Date for the applicable Performance Period based upon the level of achievement and the Corporate Achievement Factor and the Participant’s Personal Performance Factor. Assume further that the Committee determines that the Corporate Achievement Factor for the Performance Period is 100% and the Committee or the Designated Officer, as applicable, determines that the Participant’s Personal Performance Factor is 120%. As a result of these determinations, the Participant is entitled

to an Actual Bonus Award for the Performance Period equal to $28,800 ($24,000 x 100% x 120%). On the Vesting Date, 360 shares subject to the Restricted Stock Units shall vest ($28,800 Actual Bonus Award divided by $40.00 (subject to a limit of 100% of Restricted Stock Units granted)). In addition, since Restricted Stock Units with a value of $14,400 were granted to the Participant on the Grant Date, the cash portion of the Participant’s Actual Bonus Award shall be $14,400 ($28,800 - $14,400), paid in accordance with the terms of the Bonus Plan, regardless of the value of the Restricted Stock Units on the Payout Determination Date. Alternatively, assume that on the Payout Determination Date the Committee determines that the Corporate Achievement Factor is 60% and the Committee or the Designated Officer, as applicable, determines that the Participant’s Personal Performance Factor for the Performance Period is 60%. As a result of these determinations, the Participant is entitled to an Actual Bonus Award for the Performance Period equal to $8,640 ($24,000 x 60% x 60%). The Participant will not be entitled to the payment of any portion of the Actual Bonus Award in cash, and the Participant will vest in only 216 Restricted Stock Units ($8,640 Actual Bonus Award divided by $40.00) and the remaining 144 Restricted Stock Units will be forfeited.

(c)Tax Withholding. The Company will withhold from any payments under the Bonus Plan and from any other amounts payable to a Participant by the Company any amount required to satisfy the income and employment tax withholding obligations arising under applicable federal and state laws in respect of an Actual Bonus Award. Without limiting the foregoing, with respect to any portion of an Actual Bonus Award paid in Restricted Stock Units, the Company may, in its sole discretion, satisfy all or any portion of its tax withholding obligations by (i) causing a Participant to tender a cash payment, (ii) permitting or requiring a Participant to enter into a “same day sale” commitment, if applicable, with a broker-dealer whereby the Participant irrevocably elects to sell a portion of the shares of Common Stock to be delivered in connection with the settlement of the Restricted Stock Units to satisfy the Company’s withholding obligation and whereby the broker-dealer irrevocably commits to forward the proceeds necessary to satisfy the Company’s withholding obligation directly to the Company, or (iii) withholding from any shares of Common Stock otherwise issuable to a Participant upon settlement of Restricted Stock Units a number of whole shares having a fair market value not in excess of the maximum amount of tax required to be withheld by the Company by law (or such other amount as may be permitted while still avoiding classification of the Restricted Stock Units as a liability for financial accounting purposes). The Company may require the Participant to satisfy any remaining amount of the tax withholding obligations by tendering a cash payment. Each Participant is encouraged to contact his or her personal legal or tax advisors with respect to the benefits provided by the Bonus Plan. Neither the Company nor any of its employees, directors, officers or agents are authorized to provide any tax advice to Participants with respect to the benefits provided under the Bonus Plan.

(d)Deferral. The Committee, in its sole discretion, may permit a Participant to defer receipt of the payment of any Actual Bonus Award in cash that would otherwise be delivered to a Participant under the Bonus Plan pursuant to Section 6(b). Any such deferral elections will comply with the requirements of Section 409A of the Code, and will be subject to such rules and procedures as will be determined by the Committee, in its sole discretion.

7.Amendment and Termination of the Bonus Plan. The Committee may amend, modify, suspend or terminate the Bonus Plan, in whole or in part, at any time, including adopting amendments deemed necessary or desirable to correct any defect or to supply omitted data or to reconcile any inconsistency in the Bonus Plan or in any Actual Bonus Award granted hereunder;

provided, however, that no amendment, alteration, suspension or discontinuation shall be made that would change the settlement dates of any Restricted Stock Units if such change would fail to comply with the requirements of Section 409A of the Code. At no time before the actual distribution of funds to Participants under the Bonus Plan or the vesting of Restricted Stock Units granted pursuant to the Bonus Plan shall any Participant accrue any vested interest or right whatsoever under the Bonus Plan except as otherwise stated in the Bonus Plan.

8.No Guarantee of Employment. The Bonus Plan is intended to provide a financial incentive to Participants and is not intended to confer any rights to continued employment or service upon Participants, whose employment or service will remain at-will and subject to termination by either the Company or Participant at any time, with or without cause or notice.

9.Recovery. Any amounts paid (or Restricted Stock Units granted) under this Bonus Plan will be subject to recoupment in accordance with the Company’s Policy for Recoupment of Incentive Compensation, with respect to compensation received on or prior to October 1, 2023, and the Company’s Incentive Compensation Recoupment Policy, with respect to compensation received on or after October 2, 2023, each as may be amended from time to time (each, a “Company Clawback Policy”), including to comply with the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. No recovery of compensation under either such Company Clawback Policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any plan of or agreement with the Company.

10.Choice of Law. The laws of the state of Delaware will govern all questions concerning the construction, validity and interpretation of the Bonus Plan, without regard to that state’s conflict of laws rules.

13

Document

Exhibit 10.2

Iridium Communications Inc.

Amended and Restated 2015 Equity Incentive Plan

Restricted Stock Unit Award Grant Notice

Iridium Communications Inc. (the “Company”) hereby grants to Participant a Restricted Stock Unit Award (the “Award”) under the Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan (the “Plan”) for the number of restricted stock units (the “RSUs”) set forth below. This Award is subject to all of the terms and conditions set forth in this Restricted Stock Unit Award Grant Notice (the “Grant Notice”) and in the Restricted Stock Unit Award Agreement (the “Agreement”) and the Plan, both of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined in this Grant Notice but defined in the Plan or the Agreement will have the same definitions as in the Plan or the Agreement.

Participant:

Date of Grant:

Vesting Commencement Date:

Number of RSUs Subject to Award:

Vesting Schedule:    Subject to Section 2 of the Agreement, this Award will vest as follows: 20% of the total number of RSUs (rounded down to the nearest whole RSU) on the first anniversary of the Vesting Commencement Date, and as to 5% of the total number of RSUs (rounded down to the nearest whole RSU, except for the last vesting installment) each quarter thereafter, subject to Participant’s Continuous Service at a level that does not constitute a “Separation from Service” (as defined below) through each such vesting date. Notwithstanding anything in the Grant Notice, the Agreement or the Plan to the contrary that references vesting in connection with “Continuous Service”, vesting in the Award will cease upon Participant’s Separation from Service even if Participant remains in Continuous Service. Each installment of RSUs that vests under this Award is a “separate payment” for purposes of Treasury Regulations Section 1.409A-2(b)(2).

A “Separation from Service” has the meaning set forth in Section 409A of the Code and the guidance and regulations promulgated thereunder (“Section 409A”) which includes when the Company reasonably anticipates that Participant’s level of services will permanently decrease to no more than 20 percent of the average level of services Participant has performed over the immediately preceding 36-month period (or such lesser period of Participant’s service with the Company and its Affiliates), which shall be interpreted consistently with the provisions of Section 409A of the Code.

Issuance Schedule:    Subject to any change upon a Capitalization Adjustment, one share of Common Stock will be issued for each RSU that vests at the time set forth in Section 6 of the Agreement.

Additional Terms/Acknowledgments: By clicking “Accept,” Participant acknowledges receipt of, and understands and agrees to, this Grant Notice, the Agreement, the Plan and the stock plan prospectus for the Plan. Participant further acknowledges that as of the Date of Grant, this Grant Notice, the Agreement and the Plan set forth the entire understanding between Participant and the Company regarding this Award and supersede all prior oral and written agreements, promises and/or representations regarding this Award, with the exception, if applicable, of (i) any written employment, offer letter or severance agreement, or any written severance plan or policy specifying the terms that should govern this Award, (ii) the Company’s Stock Ownership Guidelines, and (iii) any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law. By accepting this Award, Participant consents to receive this Grant Notice, the Agreement, the Plan, the stock plan prospectus for the

Plan and any other Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

Iridium Communications Inc.

By:

Signature

Title: Chief Executive Officer        Date:

Attachments:     Restricted Stock Unit Award Agreement, Amended and Restated 2015 Equity Incentive Plan, Prospectus

Iridium Communications Inc.

Amended and Restated 2015 Equity Incentive Plan

Restricted Stock Unit Award Agreement

Pursuant to the accompanying Restricted Stock Unit Award Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Award Agreement (the “Agreement”), Iridium Communications Inc. (the “Company”) has granted you a Restricted Stock Unit Award (the “Award”) under the Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan (the “Plan”) for the number of restricted stock units (the “Restricted Stock Units”) set forth in the Grant Notice. This Award is granted to you effective as of the date of grant set forth in the Grant Notice (the “Date of Grant”). Capitalized terms not explicitly defined in this Agreement but defined in the Plan or the Grant Notice will have the same definitions as in the Plan or the Grant Notice.

1.GRANT OF THE AWARD. This Award represents your right to be issued on a future date (as set forth in Section 6) one share of Common Stock for each Restricted Stock Unit subject to this Award that vests in accordance with the Grant Notice and this Agreement. This Award was granted in consideration of your services to the Company or an Affiliate.

2.VESTING.

a.This Award will vest, if at all, in accordance with the vesting schedule set forth in the Grant Notice, provided that vesting will cease upon the termination of your Continuous Service, except as otherwise explicitly provided in the Plan or this Agreement or in any severance plan or agreement with you that provides for additional vesting provisions upon certain terminations of Continuous Service. Upon such termination of your Continuous Service, you will forfeit (at no cost to the Company) any Restricted Stock Units subject to this Award that have not vested as of the date of such termination and you will have no further right, title or interest in such Restricted Stock Units.

b.In the event of Retirement on or after the six-month anniversary of the Date of Grant, this Award will become fully vested as of the date of such Retirement, provided that you comply with any other requirements in the Company’s then-current policy regarding Retirement. For clarity, in the event of Retirement prior to the six-month anniversary of the Date of Grant, this Award will be forfeited as of the date of such Retirement and you will have no further right, title or interest in such Award. For purposes of this Agreement, “Retirement” means your Separation from Service as an Employee or Consultant (as each such term is defined in the Plan) (other than for Cause and other than due to your death or Disability) upon or after you have satisfied all of the following requirements: (i) you have reached age 55; (ii) you have provided at least 10 years of Continuous Service; and (iii) the sum of your age plus years of Continuous Service totals at least 70.

c.In the event of a termination of your Continuous Service due to your death or Disability, this Award will become fully vested as of the date of such termination. In order to give effect to the intent of the foregoing provision, in the event of such termination, notwithstanding anything to the contrary in the Plan or this Agreement, no portion of this Award (to the extent outstanding and unvested ed as of the date of such termination) will be forfeited or terminate any earlier than the 60th day following the date of such termination.

d.Notwithstanding anything to the contrary in Section 9(c) of the Plan, in the event of a Change in Control, for purposes of Section 9(c)(ii) of the Plan, this Award will not be deemed to have been assumed, continued or substituted with similar stock awards unless the assumed, continued or substituted award issued in replacement of this Award is with respect to securities that are listed on the New York Stock Exchange, Nasdaq, or another recognized national securities exchange.

3.NUMBER OF RESTRICTED STOCK UNITS AND SHARES OF COMMON STOCK.

a.The number of Restricted Stock Units subject to this Award, as set forth in the Grant Notice, will be adjusted for Capitalization Adjustments, if any, as provided in the Plan.

b.Any additional Restricted Stock Units and any shares of Common Stock, cash or other property that become subject to this Award pursuant to this Section 3 will be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of issuance as applicable to the other Restricted Stock Units subject to this Award to which they relate.

c.No fractional shares or rights for fractional shares of Common Stock will be created pursuant to this Section 3. Any fractional shares that may be created by the adjustments referred to in this Section 3 will be rounded down to the nearest whole share.

4.SECURITIES LAW COMPLIANCE. You will not be issued any shares of Common Stock in respect of this Award unless either (i) such shares are registered under the Securities Act or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. This Award also must comply with all other applicable laws and regulations governing this Award, and you will not receive any shares of Common Stock in respect of this Award if the Company determines that such receipt would not be in material compliance with such laws and regulations.

5.TRANSFERABILITY. Except as otherwise provided in this Section 5, this Award is not transferable, except by will or by the laws of descent and distribution and prior to the time that shares of Common Stock in respect of this Award have been issued to you, you may not transfer, pledge, sell or otherwise dispose of any portion of the Restricted Stock Units or the shares of Common Stock in respect of this Award. For example, you may not use any shares of Common Stock that may be issued in respect of this Award as security for a loan, nor may you transfer, pledge, sell or otherwise dispose of such shares. This restriction on transfer will lapse upon issuance to you of the shares of Common Stock in respect of this Award.

a.Beneficiary Designation. Upon receiving written permission from the Board or its duly authorized designee, you may, by delivering written notice to the Company, in a form approved by the Company and any broker designated by the Company to effect transactions under the Plan, designate a third party who, in the event of your death, will thereafter be entitled to receive any distribution of Common Stock or other consideration to which you were entitled at the time of your death pursuant to this Agreement. In the absence of such a designation, in the event of your death, the executor or administrator of your estate will be entitled to receive, on behalf of your estate, such Common Stock or other consideration.

b.Domestic Relations Orders. Upon receiving written permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your right to receive any distribution of Common Stock or other consideration under this Award, pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by applicable law that contains the information required by the Company to effectuate the transfer. You are encouraged to discuss with the Company’s Chief Legal Officer the proposed terms of any such transfer prior to finalizing such domestic relations order, marital settlement agreement or other divorce or separation instrument to help ensure the required information is contained within the domestic relations order, marital settlement agreement or other divorce or separation instrument.

6.DATE OF ISSUANCE. The issuance of any shares of Common Stock in respect of this Award is intended to comply with Treasury Regulations Section 1.409A-1(b)(4) to the greatest extent practicable and will be construed and administered in such a manner. Subject to the satisfaction of the tax withholding obligations set forth in Section 10, if any, in the event one or more Restricted Stock Units subject to this Award vests, the Company will issue to you as soon as reasonably practicable on or following the applicable vesting date or event, but in no event later than the earlier of (i) 60 days following such vesting date or event or (ii) March 15 following such vesting date or event, one share of Common Stock for each Restricted Stock Unit that vests on such vesting date or event.

7.DIVIDENDS. You may become entitled to receive payments equal to any cash dividends and other distributions paid with respect to a corresponding number of shares of Common Stock to be issued in respect of the Restricted Stock Units covered by this Award.  Any such dividends or distributions shall be subject to the same forfeiture restrictions as apply to the Restricted Stock Units and shall be paid at the same time that the corresponding shares are issued in respect of your vested Restricted Stock Units, provided, however that to the extent any such dividends or distributions are paid in shares of Common Stock, then you will automatically be granted a corresponding number of additional Restricted Stock Units subject to this Award (the “Dividend Units”), and further provided that such Dividend Units shall be subject to the same forfeiture restrictions and restrictions on transferability, and same timing requirements for issuance of shares, as apply to the Restricted Stock Units subject to this Award with respect to which the Dividend Units relate.

8.RESTRICTIVE LEGENDS. The shares of Common Stock issued in respect of this Award will be endorsed with appropriate legends, if any, as determined by the Company.

9.AWARD NOT A SERVICE CONTRACT. Your Continuous Service is not for any specified term and may be terminated by you or by the Company or an Affiliate at any time, for any reason, with or without cause and with or without notice.  This Award is not an employment or service contract, and nothing in this Award (including, but not limited to, the vesting of the Restricted Stock Units subject to this Award or the issuance of shares of Common Stock in respect of this Award), this Agreement, the Plan or any covenant of good faith and fair dealing that may be found implicit in this Award or Agreement or the Plan will: (i) create or confer upon you any right or obligation to continue in the employ or service of, or affiliation with, the Company or an Affiliate; (ii) constitute any promise or commitment by the Company or

an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of employment, service or affiliation; (iii) create or confer upon you any right or benefit under this Award unless such right or benefit has specifically accrued under the terms of this Agreement or the Plan; or (iv) deprive the Company of the right to terminate you at will and without regard to any future vesting opportunity that you may have. In addition, nothing in this Award will obligate the Company or an Affiliate, their respective stockholders, boards of directors, Officers or Employees to continue any relationship that you might have as an Employee, Director or Consultant for the Company or an Affiliate.

10.TAX WITHHOLDING OBLIGATIONS.

a.On or before the time you receive a distribution of any shares of Common Stock in respect of this Award, and at any other time as reasonably requested by the Company in accordance with applicable tax laws, you agree to make adequate provision for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate that arise in connection with this Award (the “Withholding Taxes”). Specifically, the Company or an Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes relating to this Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company or an Affiliate; (ii) causing you to tender a cash payment; (iii) permitting you to enter into a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby you irrevocably elect to sell a portion of the shares of Common Stock to be issued in connection with this Award to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company and/or its Affiliates; or (iv) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with this Award with a Fair Market Value equal to the amount of such Withholding Taxes; provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount of tax that may be required to be withheld by law (or such other amount as may be permitted while still avoiding classification of this Award as a liability for financial accounting purposes).

b.Without limiting the foregoing and to the extent this Award is determined to be deferred compensation subject to Section 409A of the Code, shares of Common Stock may be issued or withheld in accordance with Treasury Regulations Section 1.409A-3(j)(4)(vi) in order to pay the Federal Insurance Contributions Act (“FICA”) tax imposed under Sections 3101, 3121(a) and 3121(v)(2) of the Code on such deferred compensation (the “FICA Amount”). Additionally, shares of Common Stock may be issued or withheld at the time that the FICA tax is remitted to pay the associated income tax on wages imposed under Section 3401 of the Code or the corresponding withholding provisions of applicable state, local, or, if applicable, foreign tax laws as a result of the payment of the FICA Amount and to pay the additional income tax on wages attributable to the pyramiding Section 3401 wages and taxes; provided, that the total value of shares issued or withheld pursuant to this Section may not exceed the aggregate value of the FICA Amount and the income tax withholding related to such FICA Amount.

c.Unless the Withholding Taxes of the Company and/or any Affiliate are satisfied, the Company will have no obligation to issue to you any Common Stock.

d.In the event the Company’s obligation to withhold arises prior to the issuance to you of Common Stock or it is determined after the issuance of Common Stock to you that the amount of the Company’s withholding obligation was greater than the amount withheld

by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

11.TAX CONSEQUENCES. The Company has no duty or obligation to minimize the tax consequences to you of this Award and will not be liable to you for any adverse tax consequences to you arising in connection with this Award. You are hereby advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this Award and by accepting this Award, you have agreed that you have done so or knowingly and voluntarily declined to do so.

12.NOTICES. Any notices provided for in this Agreement or the Plan will be given in writing (including electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to this Award or participation in the Plan by electronic means or to request your consent to participate in the Plan by electronic means. By accepting this Award, you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

13.GOVERNING PLAN DOCUMENT. This Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of this Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. Except as otherwise expressly provided in the Grant Notice or this Agreement, in the event of any conflict between the terms in the Grant Notice or this Agreement and the terms of the Plan, the terms of the Plan will control.

14.OTHER DOCUMENTS. You hereby acknowledge receipt of and the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus. In addition, you acknowledge receipt of the Company’s policy permitting certain individuals to sell shares of Common Stock only during certain “window” periods in effect from time to time and the Company’s insider trading policy.

15.EFFECT ON OTHER EMPLOYEE BENEFIT PLANS. The value of this Award will not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans.

16.STOCKHOLDER RIGHTS. You will not have voting or any other rights as a stockholder of the Company with respect to the shares of Common Stock to be issued pursuant to this Award until such shares are issued to you. Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing contained in this Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

17.SEVERABILITY. If any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

18.AMENDMENT. Any amendment to this Agreement must be in writing, signed by a duly authorized representative of the Company. Notwithstanding anything in the Plan to the contrary, the Board reserves the right to amend this Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, interpretation, ruling, or judicial decision.

19.CLAWBACK/RECOVERY. This Award (and any compensation paid or shares of Common Stock issued under this Award) will be subject to recoupment in accordance with the Company’s Policy for Recoupment of Incentive Compensation, with respect to compensation received on or prior to October 1, 2023, and the Company’s Incentive Compensation Recoupment Policy, with respect to compensation received on or after October 2, 2023, each as may be amended from time to time (each, a “Company Clawback Policy”), including to comply with the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. No recovery of compensation under either Company Clawback Policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any plan of or agreement with the Company.

20.UNSECURED OBLIGATION. This Award is unfunded, and as a holder of vested Restricted Stock Units, you will be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares of Common Stock or other property pursuant to this Agreement.

21.COMPLIANCE WITH SECTION 409A OF THE CODE. This Award is intended to comply with the “short-term deferral” rule set forth in Treasury Regulations Section 1.409A-1(b)(4). However, if (i) this Award fails to satisfy the requirements of the short-term deferral rule and is otherwise not exempt from, and therefore deemed to be deferred compensation subject to, Section 409A of the Code, (ii) you are deemed by the Company at the time of your Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, and (iii) any of the payments set forth herein are issuable upon such Separation from Service, then to the extent delayed commencement of any portion of such payments is required to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code and the related adverse taxation under Section 409A of the Code, such payments will not be provided to you prior to the earliest of (a) the date that is six months and one day after the date of such Separation from Service, (b) the date of your death, or (c) such earlier date as permitted under Section 409A of the Code without the imposition of adverse taxation. Upon the first

business day following the expiration of such applicable period, all payments deferred pursuant to this Section 21 will be paid in a lump sum to you, and any remaining payments due will be paid as otherwise provided herein. Each installment of Restricted Stock Units that vests under this Award is a “separate payment” for purposes of Treasury Regulations Section 1.409A-2(b)(2).

22.MISCELLANEOUS.

a.The rights and obligations of the Company under this Award will be transferable to any one or more persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by, the Company’s successors and assigns.

b.You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of this Award.

c.You acknowledge and agree that you have reviewed this Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting this Award, and fully understand all provisions of this Award.

d.This Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

e.All obligations of the Company under the Plan and this Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

*    *    *

This Restricted Stock Unit Award Agreement will be deemed to be accepted by you upon your acceptance of the Restricted Stock Unit Award Grant Notice to which it is attached.

7

Document

Exhibit 10.3

IRIDIUM COMMUNICATIONS INC. EXECUTIVE SEVERANCE PLAN

1.Purpose

Iridium Communications Inc. (the “Company”) has adopted this Iridium Communications Inc. Executive Severance Plan (the “Plan”), for the purpose of providing a uniform standard for determining severance benefits for certain executives of the Company and its Subsidiaries who incur certain terminations of employment. The provisions of the Plan hereby replace and supersede any provisions contained in any Service Agreement (as defined below) which provide for the payment of severance payments or benefits upon a termination of the Participant’s employment by the Company or a Subsidiary without cause or by the Participant for good reason. This Plan shall be effective as of February 26, 2026. This document constitutes both the Plan document and the summary plan description required under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

2.Definitions

Certain capitalized terms used in this Plan shall have the meanings given in this Section 2.

(a)“Board” means the Board of Directors of the Company.

(b)“Cause” has the meaning set forth in the Participant’s Service Agreement or, if not so defined, means the Participant’s: (A) material breach of the Participant’s Service Agreement, including the willful failure to substantially perform the Participant’s duties thereunder; (B) willful failure to carry out, or comply with, in any material respect, any lawful and reasonable directive of the Board, not inconsistent with the terms of the Participant’s Service Agreement; (C) commission at any time of any act or omission that results in, or that may reasonably be expected to result in, a conviction, plea of guilty or no contest or imposition of unadjudicated probation for any felony or crime involving moral turpitude; (D) unlawful use (including being under the influence) or possession of illegal drugs on the Company’s premises or while performing the Participant’s duties and responsibilities; (E) breach of any written policies or procedures of the Company Group that are applicable to the Participant and that have previously been provided to the Participant, which breach causes or is reasonably expected to cause material economic harm to any member of the Company Group; or (F) commission at any time of any act of fraud, embezzlement, misappropriation, material misconduct, or breach of fiduciary duty against the Company or any of its affiliates (or any of their respective predecessors or successors), which, for the avoidance of doubt, shall not include any good faith disputes regarding immaterial amounts that relate to the Participant’s expense account, reimbursement claims or other de minimis matters; provided, however, in the case of (A), (B) or (E) above, if any such breach or failure is curable, Cause shall occur only after the Participant fails to cure such breach or failure to the reasonable satisfaction of the Board within 15 calendar days of the date the Company delivers written notice of such breach or failure to the Participant. For purposes of this Plan, no act or failure to act by the Participant shall be considered “willful” unless such act is done or failed to be done intentionally and in bad faith.

(c)“Change in Control” has the meaning set forth in the Equity Plan.

(d)“Company Group” means the Company together with each Subsidiary.

(e)“Compensation Committee” means the Compensation Committee of the Board.

(f)“Disability” has the meaning set forth in the Equity Plan.

(g)“Equity Plan” means the Company’s Amended and Restated 2015 Equity Incentive Plan, as amended or restated from time to time, or any similar defined term in any replacement or successor omnibus equity plan, as in effect from time to time.

(h)“Good Reason” means the occurrence of any of the following events or circumstances:

(i)a material reduction in the nature or scope of the Participant’s responsibilities, duties, authority or reporting line from those contemplated by their Service Agreement, including any demotion or diminution of role of the person to whom the Participant reports, or in the case of the CEO, causing the Participant to report to any person other than the Board (or the board of directors of the Company’s successor in a Change in Control);

(ii)a material reduction in the Participant’s then-current base salary (or, if greater, and in the case of a Qualifying CIC Termination, as of immediately prior to the Change in Control);

(iii)the relocation of the Participant’s primary office to a location that is not within a 60 mile radius of the Participant’s primary office location set forth in their Service Agreement; or

(iv)any other breach by the Company of a material term of this Plan or the Service Agreement, including but not limited failing to cause any successor to the Company to expressly assume and agree to perform this Plan;

provided, that any such event described in (i) through (iv) above shall not constitute Good Reason unless the Participant delivers to the Company a notice of termination for Good Reason within 30 calendar days after the Participant first learns of the existence of the circumstances giving rise to Good Reason, within 30 calendar days following the delivery of such notice of termination for Good Reason the Company has failed to cure the circumstances giving rise to Good Reason, and the Participant’s resignation from all positions the Participant then holds with the Company is effective not later than 30 calendar days following the end of the cure period.

(i)“Plan Administrator” means the Compensation Committee of the Company, or such other individual as determined by the Compensation Committee from time to time.

(j)“Qualifying Termination” means a Participant’s employment is terminated (i) by the Company or a Subsidiary without Cause or (ii) by the Participant for Good Reason.

(k)“Qualifying Non-CIC Termination” means a Qualifying Termination that is not a Qualifying CIC Termination.

(l)“Qualifying CIC Termination” means a Qualifying Termination that occurs within three months immediately prior to a Change in Control or within 24 months immediately following a Change in Control (the “Change in Control Period”). To the extent that a Qualifying Termination occurs during the Change in Control Period but prior to a Change in Control, the Qualifying Termination initially will be deemed a Qualifying Non-CIC termination; provided that if a Change in Control occurs within three months following such Qualifying Termination, upon the occurrence of a Change in Control, the Qualifying Termination will retroactively be deemed a Qualifying CIC Termination.

(m)“Service Agreement” means the Participant’s employment agreement, offer letter or other individual agreement with the Company Group governing the Participant’s employment.

(n)“Severance Benefits” shall mean the severance payments and benefits provided under this Plan, and shall consist of either the CIC Severance Benefits or the Non-CIC Severance Benefits (each as defined below), as applicable.

(o)“Severance Multiple” means the multiple of base salary and target annual bonus opportunity payable in the event of a Qualifying CIC Termination as set forth in a Participant’s Participant Agreement.

(p)“Severance Period” means the period over which the Cash Severance Amount is payable as set forth in a Participant’s Participation Agreement.

(q)“Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing at least fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

(r)“Termination Date” means the date on which the Participant’s employment with the Company or any Subsidiary is terminated.

3.Eligibility

Executive employees will be eligible to receive severance benefits under this Plan (each such eligible executive, a “Participant”) if they are selected by the Company to participate in the Plan and have signed and delivered to the Company, within the time set by the Company, a participation agreement (the “Participation Agreement”) in substantially the form attached hereto as Exhibit A. A Participant will be eligible for Severance Benefits if the Participant

experiences a Qualifying Termination. For the avoidance of doubt, a Participant will not experience a Qualifying Termination if the Participant incurs a termination of employment:

(a)by the Company or a Subsidiary for Cause;

(b)by the Company or a Subsidiary due to Disability;

(c)due to the Participant’s death;

(d)due to the Participant’s voluntary retirement or voluntary resignation without Good Reason;

(e)upon or in connection with the Participant’s acceptance of employment with any Subsidiary or affiliate of the Company or a Subsidiary, other than the entity that currently employs the Participant; or

(f)due to the sale of any member of the Company Group or any business unit, facility, division or subsidiary thereof, to the extent the Participant continues to be employed by or is offered substantially equivalent employment with the purchaser or any of its affiliates or successor to the business of the Company or any Subsidiary (except to the extent that any changes in the Participant’s terms of employment would constitute Good Reason).

If a Participant conveys to the Company or a Subsidiary intent to resign in writing under clause (d) and the Company or Subsidiary decides to accept the resignation at an earlier date, or to accelerate the Participant’s Termination Date, the Participant will not be entitled to severance payments and benefits under the Plan as a result of such acceptance or acceleration of the Participant’s resignation of employment.

Notwithstanding the eligibility requirements set forth above, ineligibility to participate in the Plan will not preclude any individual from receiving any termination benefits that may be provided in any equity award agreement or that may be provided in a Participant’s Service Agreement upon a termination of employment due to the Participant’s death, disability or retirement.

4.Qualifying Non-CIC Termination Severance Payments and Benefits

Upon a Participant’s Qualifying Non-CIC Termination, subject to Section 6 below, the Participant will be entitled to receive the following severance payments and benefits (the “Non-CIC Severance Benefits”):

(a)an amount equal to the number of months of the Participant’s then-current base salary as set forth in the Participant’s Participation Agreement (disregarding any reduction of base salary which may give rise to Good Reason) (the “Cash Severance Amount”), paid in substantially equal installments over the applicable Severance Period in accordance with the Company’s regular payroll practices;

(b)a pro-rata annual bonus for the fiscal year in which the Termination Date occurs, measured based on the number of full months the Participant was employed during such year and paid at target levels, paid in substantially equal installments over the applicable Severance Period in accordance with the Company’s regular payroll practices;

(c)if the Participant is eligible for and properly elects health care continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company shall, in its sole discretion, (i) pay the applicable COBRA premium payments for the Participant and the Participant’s eligible dependents under the Company’s (or any Subsidiary’s) group health plans until the earliest of (A) the date that is twelve (12) months following the Participant’s Termination Date, (B) the date that the Participant becomes eligible for substantially similar coverage from a subsequent employer, and (C) the date that the Participant is no longer eligible to receive continuation coverage under COBRA (the “COBRA Payment Period”) or (ii) provide a fully taxable lump sum cash payment in a gross amount that would result in an after-tax payment equal to 12 times the monthly COBRA premium to continue the Participant’s coverage at the same level of coverage that was in effect on the Participant’s termination date (including coverage for the Participant’s eligible dependents, if applicable), subject to required payroll deductions and tax withholdings (the payment provided under this clause (ii), the “COBRA Benefit”);

(d)any earned but unpaid annual bonus in respect of the fiscal year ending prior to the year of the Termination Date, payable when the annual bonus would have normally been paid; and

(e)any outstanding equity awards will be treated in accordance with the terms of the Equity Plan and the applicable award agreements thereunder.

The payments and benefits described in clauses (a), (b) and (c)(i) of this Section 4 shall not commence until, and the payments and benefits described in clauses (c)(ii) and (d) of this Section 4 shall be paid within 30 days following, the date that the Release (as defined below) becomes irrevocable; provided, however, that if any portion of the Non-CIC Severance Benefits may be paid or commence in a different calendar year depending on when the Release is executed, then payment of the Non-CIC Severance Benefits will be delayed and paid or provided in the later calendar year.

Notwithstanding the foregoing provisions of this Section 4 and the following Section 5, to the extent that a Qualifying Termination occurs prior to a Change in Control, and the Participant is entitled to receive the Non-CIC Severance Benefits pursuant to Section 4, and a Change in Control occurs within three months after that Qualifying Termination such that it is deemed a Qualifying CIC Termination, the Participant shall become entitled to receive the CIC Severance Benefits (without duplication of any of the Non-CIC Severance Benefits), and the excess of the CIC Severance Benefits that would have been paid prior to the Change in Control over the Non-CIC Severance Benefits paid prior to the Change in Control shall be paid as soon as administratively possible following the Change in Control. In addition, in the event that a Qualifying Termination occurs prior to a Change in Control, any then-outstanding equity awards that would be forfeited upon such termination by their terms shall remain outstanding and unvested until the earlier of (i) three months following the Termination Date and (ii) the date of a Change in Control, solely so that any benefits that would be due on a

Qualifying CIC Termination can be provided, and, if no Change in Control occurs within such three-month period, such unvested equity awards shall automatically be forfeited.

5.Qualifying CIC Termination Severance Payments and Benefits

Upon a Participant’s Qualifying CIC Termination, subject to Section 6 below, the Participant will be entitled to receive the following severance payments and benefits (the “CIC Severance Benefits”):

(a)an amount equal to (i) the sum of the Participant’s (A) then-current base salary (disregarding any reduction of base salary which may give rise to Good Reason) and (B) then-current target annual bonus opportunity multiplied by (ii) the applicable Severance Multiple set forth in the Participant’s Participation Agreement, paid in a lump sum;

(b)an annual bonus for the fiscal year in which the Termination Date occurs, based on target performance, paid in a lump sum;

(c)the COBRA Benefit;

(d)any earned but unpaid annual bonus in respect of the fiscal year ending prior to the year of the Participant’s Termination Date, payable when the annual bonus would have normally been paid; and

(e)notwithstanding the terms of the Equity Plan or the applicable award agreement thereunder, accelerated vesting of 100% of each outstanding equity award that the Participant holds as of the Termination Date, with any performance conditions deemed to be satisfied in accordance with the terms of the applicable award agreement.

The payments and benefits described in this Section 5 shall not commence until or shall be paid within, as applicable, 30 days following, the date that the Release becomes irrevocable; provided, however, that if any portion of the CIC Severance Benefits may be paid in a different calendar year depending on when the Release is executed, then payment of the CIC Severance Benefits will be delayed and paid or provided in the later calendar year.

6.Requirement of Release and Compliance with Covenants

In order to be eligible to receive any Severance Benefits in connection with a Qualifying Termination or a Qualifying CIC Termination, a Participant must: (a) sign and deliver to the Company, within the time set by the Company, an effective general release and waiver of claims (a “Release”) in a form provided by the Participant’s employer, without alterations (and not revoke the release and waiver following delivery of the release and waiver to the Company, if revocation is permitted by applicable law), which Release shall become effective no later than fifty-four (54) days following the Termination Date; and (b) comply, and continue to comply, with the terms of the Release and, as applicable, of any non-competition, non-solicitation, non-disparagement, confidentiality, or other restrictive covenant obligation owed to the Company, for the applicable duration of each such covenant, whether set forth in the Participant’s Service Agreement or otherwise. For the avoidance of doubt, in the event of a Participant’s breach of the terms of any restrictive covenant obligation to any member of the

Company Group, including under the Participant’s employment agreement, offer letter, or other agreement with any member of the Company Group, the Participant shall not be entitled to any further payments or benefits under this Plan, and the Participant may (in the discretion of the Compensation Committee) be obligated to repay any Severance Benefits previously paid.

For the avoidance of doubt, any Severance Benefits are subject to the Company’s clawback policies, including the Iridium Communications Inc. Incentive Compensation Recoupment Policy, the Policy for Recoupment of Incentive Compensation (as either such policy may be amended from time to time) and any other policies the Company may adopt from time to time.

7.Transition Periods; Notice Periods.

The Plan shall not be construed to preclude or otherwise avoid any required notice period or garden leave or post-termination retirement or health plan coverage or other minimum benefits required to be provided by applicable law, and a Participant shall continue to receive all salary and benefits that are required to be provided during any required statutory notice period or garden leave. In the event that the applicable law of any jurisdiction, or the terms of any contract with a Participant, require a notice period or garden leave, or if the Company and the Participant otherwise agree to a transition period during which the Participant remains an active employee of the Company, then the Company or any Subsidiary may, in its discretion and to the extent permitted by applicable law, reduce the Severance Benefits specified in Section 4 or Section 5, as applicable, by the amount of compensation (whether salary, bonus, other incentive or other compensation) or other benefits that is paid to the Participant during the applicable required notice period or transition period. Any reduction in Severance Benefits in accordance with this Section 7 shall not be deemed a violation of the terms of this Plan. In the event that applicable law requires a notice period, then unless otherwise determined by the Company, for purposes of Section 4(a) or Section 5(a), as applicable, the Termination Date shall be deemed to occur in the year in which the notice period commences.

8.Calculation of Severance Benefits; Tax Withholding

Calculation of a Participant’s Severance Benefits shall be determined based on the Participant’s salary and other compensation in effect as of the Participant’s Termination Date (disregarding any reduction of base salary which may give rise to Good Reason). The Company shall have the discretion, from time to time and on a case-by-case basis, to provide such additional severance payments or benefits, whether under this Plan or any other plan or arrangement, as it deems necessary or appropriate. In no event shall the provision of any such benefit for one Participant create a precedent or require that any other Participant be provided such benefit, either under this Plan or any other plan or arrangement.

All Severance Benefits provided shall be subject to withholding of applicable federal, state and/or local taxes as required by applicable law.

9.Section 409A

The Company intends that all Severance Benefits shall satisfy the requirements for a short-term deferral or an involuntary separation plan payment so as not to be treated as deferrals of compensation. Notwithstanding the foregoing, to the extent any payments or benefits under the Plan are subject to Section 409A of the Internal Revenue Code of 1986 (“Section 409A”), the Plan shall be interpreted and administered to the maximum extent possible to comply with Section 409A. For purposes of any payments or benefits under the Plan subject to Section 409A:

(a)The Participant shall not be considered to have terminated employment with the Company or a Subsidiary unless such termination constitutes a “separation from service” within the meaning of Section 409A.

(b)Each separate payment to be made or benefit to be provided under the Plan shall be construed as a separate identified payment for purposes of Section 409A.

(c)Any payments subject to execution of an effective release shall be paid within 60 days following the Participant’s separation from service; provided, however, if this 60-day period begins in one calendar year and ends in a later calendar year, the payment will be made in the second calendar year on a date determined by the Company.

(d)If the Participant is a “specified employee” within the meaning of Section 409A at the time of the Participant’s separation from service, to the extent required under Section 409A to avoid accelerated taxation and tax penalties, any amounts payable during the six-month period immediately following the Participant’s separation from service shall instead be paid on the first business day after the date that is six months following the Participant’s separation from service (or, if earlier, the Participant’s date of death).

The Company makes no representation that payments described in the Plan will be exempt from or comply with Section 409A.

10.Section 280G

In the event that any Severance Benefits or other compensation contingent upon a Change in Control to be received by a Participant (“Payments”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986 (the “Code”) and (ii) but for this Section 10, be subject to the excise tax imposed by Section 4999 of the Code (or any successor provisions, or any comparable federal, state, local or foreign excise tax) (“Excise Tax”), then, subject to the provisions of this Section 10, such Payments shall be either be (A) provided in full pursuant to the terms of this Plan or any other applicable agreement, or (B) reduced to the minimum extent which would result in no portion of such Payments being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state, local or foreign income, employment and other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in the receipt by the Participant, on an after-tax basis, of the greatest amount of payments and

benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax. Any determination required under this Section 10 shall be made by a nationally recognized accounting firm selected and retained by the Company (“Independent Tax Firm”), whose determination shall be conclusive and binding upon the Participant and the Company for all purposes. The Company shall bear all costs that Independent Tax Firm may reasonably incur in connection with any calculations contemplated by this Section 10. For purposes of making the calculations required under this Section 10, the Independent Tax Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code; provided that Independent Tax Firm shall assume that the Participant pays all taxes at the highest marginal rate.

11.Accrued Amounts

Regardless of the reasons for the termination of any Participant’s employment, the Participant shall be entitled to receive (in addition to the Severance Benefits): (i) any base salary earned but not paid through the Participant’s Termination Date, to be paid on the next regularly scheduled payroll date following such termination or at any earlier time required by applicable law, (ii) any reasonable business expenses incurred during the course of the Participant’s employment which were not reimbursed prior to the Termination Date, and (iii) vested benefits under any retirement or health and welfare plan sponsored or maintained by the Company or any Subsidiary, determined in accordance with the terms and conditions of such plans.

12.Plan Administration

The Plan Administrator shall administer the Plan in accordance with its terms and shall have all powers necessary to carry out the provisions of the Plan not otherwise reserved to the Company. Not in limitation, but in amplification of the powers and duties specified in this Plan, the Plan Administrator shall:

(a)Have all powers to administer the Plan, within its sole discretion.

(b)Have total and complete discretion to interpret the Plan and to determine all questions arising in the administration, interpretation and application of the Plan, including the power to construe and interpret the Plan; to decide all questions relating to an individual’s eligibility for benefits and the amounts thereof; to make such adjustments which it deems necessary or desirable to correct any mathematical or accounting errors; and to determine the amount, form and timing of any distribution to be made hereunder.

(c)Correct any defect, supply any omission or reconcile any inconsistency in such manner and to such extent as the Plan Administrator shall deem necessary to carry out the purposes of this Plan.

(d)Have fact finder discretionary authority to decide all facts relevant to the determination of eligibility for benefits or participation; have the discretion to make factual determinations as well as decisions and determinations relating to the amount and manner of allocations and distribution benefits; and in making such decisions, be entitled to, but need not rely upon, information supplied by a Participant or representative thereof.

(e)Have total and complete discretion to adopt, publish, and enforce such rules as the Plan Administrator shall deem necessary and proper for the efficient administration of the Plan.

All determinations by the “Company” referred to in the Plan shall be made by the applicable entity in its capacity as the employer. All determinations by Iridium Communications Inc. referred to in the Plan shall be made by Iridium Communications Inc. in its capacity as settlor of the Plan.

13.General Provisions

Except to the extent that federal law governs, this Plan will be construed, administered and enforced in accordance with the laws of the Commonwealth of Virginia. Participants may not assign or transfer the benefits provided under this Plan.

Any provision in the Plan that is prohibited or unenforceable by reason of applicable law in any jurisdiction shall be ineffective, but only in that jurisdiction and only to the extent of such prohibition or unenforceability, without invalidating or affecting the remaining provisions of this Plan.

Nothing in this Plan shall be construed as conferring any right upon a Participant to continued employment with any member of the Company Group, or interfere with the right of the Company or any Subsidiary to terminate, or change the terms of, a Participant’s employment at any time.

For the avoidance of doubt, no severance payment made under the Plan shall be considered as creditable “compensation” under any benefit plan maintained by the Company, unless specifically provided for under the applicable plan documents or required by applicable law.

If the Company is obligated by the Worker Adjustment and Retraining Notification Act, or any applicable local law equivalent for Participants outside the United States, (“WARN”) to provide any Participant compensation or benefits upon a plant closing or mass layoff, then any benefits provided under this Plan will be reduced or offset by the amount of the compensation and benefits Participants receive under WARN.

14.Plan Information

Information required by ERISA

Plan Name<br>Iridium Communications Inc. Executive Severance Plan	Type of Welfare Plan<br>Severance Pay
Employer Identification Number<br>26-1344998	Plan Year Ends<br>December 31
Plan Number<br>Plan 501<br><br>Plan Sponsor<br>Iridium Communications Inc.<br><br>Agent for Service of Legal Process<br><br>Chief Legal Officer<br><br>Iridium Communications Inc.<br><br>1676 International Drive, Suite 1100<br><br>McLean, VA 22102	Plan Administrator<br>Compensation Committee

15.Funding of the Plan

The Company will pay amounts owing under the Plan out of the general assets of the Company. This Plan is intended to be an unfunded “employee welfare benefit plan” as defined in Section 3(1) of ERISA and, accordingly, this Plan is governed by ERISA.

16.Changing or Terminating the Plan

The Company reserves the right to amend, modify, suspend or terminate the Plan, in whole or in part, at any time, by action of the Board, or its delegate; provided, however, (i) that to the extent that any such action would be adverse to the Participants, the Company shall provide notice of such action at least six months prior to its effective date and (ii) that following a Change in Control, no amendment, modification, suspension or termination of the Plan shall apply to any individual that was selected to be a Participant in the Plan prior to the Change in Control if such amendment, modification, suspension or termination would be adverse to such Participant. A plan amendment, modification, suspension or termination may be made for any reason and at any time subject to the preceding sentence.

17.ERISA Rights

Participants in the Plan have certain rights and protections under ERISA. ERISA provides that Participants are entitled to:

(a)Examine, without charge, at the Plan Administrator’s office and at other specified locations, all documents governing the Plan; and

(b)Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including a copy of the latest annual report (Form 5500) filed

by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration (“EBSA”). The Plan Administrator may make a reasonable charge for the copies.

18.Prudent Actions by Plan Fiduciaries

In addition to creating rights for Participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan, called “fiduciaries,” have a duty to administer the Plan prudently and solely in the interest of the Participants and their beneficiaries. No one, including a Participant’s employer, or any other person, may fire a Participant or otherwise discriminate against any Participant in any way to prevent a Participant from obtaining a benefit or exercising a Participant’s rights under ERISA.

19.Filing a Claim

If a Participant disagrees with the determination or payment of such Participant’s Severance Benefits, or if a Participant has any questions about receiving these Severance Benefits, such Participant should contact the Plan Administrator in writing within 60 days following becoming aware of any determination or the receipt of the payment, as applicable, that the Participant wishes to challenge.

20.Time Frame for Claim Determinations; Adverse Benefit Determinations

The Plan Administrator will notify the Participant of an adverse benefit determination (i.e., any denial, reduction, or termination of a benefit, or a failure to provide or make a payment) within a reasonable period of time, but no later than 90 days after receiving such Participant’s written claim. This 90-day period may be extended for up to an additional 90 days if the Plan Administrator (i) determines that special circumstances require an extension of time for processing the claim, and (ii) notifies the Participant, before the initial 90-day period expires, of the special circumstances requiring the extension of time and the date by which the Plan expects to render a determination.

In the event an extension is necessary due to a Participant’s failure to submit necessary information, the Plan’s time frame for making a benefit determination on review is stopped from the date the Plan Administrator sends the Participant the extension notification until the date the Participant responds to the request for additional information.

The Plan Administrator’s notice of an adverse benefit determination will set forth:

(a)The specific reason(s) for the adverse benefit determination;

(b)Reference to the specific Plan provisions on which the benefit determination is based;

(c)A description of any additional material or information necessary for the Participant to perfect the claim and an explanation of why that material or information is necessary; and

(d)A description of the Plan’s appeal procedures and time limits applicable to such procedures, including a statement of the Participant’s right to bring a civil action under ERISA after an adverse determination on appeal to the Plan Administrator.

21.Procedures for Appealing an Adverse Benefit Determination

A Participant, or a Participant’s authorized representative, has 60 days following the receipt of a notification of an adverse benefit determination under Section 20 within which to appeal the determination. A Participant has the right to:

(a)Submit written comments, documents, records and other information relating to the claim for benefits;

(b)Request reasonable access to, and copies of all documents, records and other information relevant to the Participant’s claim for benefits. Note that a reasonable charge will be made for copies of the Plan document. For this purpose, a document, record, or other information is treated as “relevant” to a claim if it:

(a)was relied upon in making the benefit determination;

(b)was submitted, considered, or generated in the course of making the benefit determination, regardless of whether such document, record or other information was relied upon in making the benefit determination; or

(c)demonstrates compliance with the administrative processes and safeguards required in making the benefit determination; and

(c)A review that takes into account all comments, documents, records, and other information submitted by the Participant relating to the claim, regardless of whether such information was submitted or considered in the initial benefit determination.

The Plan Administrator will notify the Participant of the Plan’s benefit determination on appeal within a reasonable period of time, but not later than 60 days after receipt of the Participant’s written appeal. This 60-day period may be extended for up to an additional 60 days if the Plan Administrator (i) determines that special circumstances require an extension of time for processing the appeal of the claim, and (ii) notifies the Participant, before the initial 60-day period expires, of the special circumstances requiring the extension of time and the date by which the Plan expects to render a determination on review.

In the event that an extension is necessary due to the Participant’s failure to submit necessary information, the Plan’s time frame for making a benefit determination on appeal is stopped from the date the Plan Administrator sends the Participant the extension notification until the date such Participant responds to the request for additional information.

The Plan Administrator’s notice of an adverse benefit determination on appeal will contain all of the following information:

(a)the specific reason(s) for the adverse benefit determination;

(b)reference to the specific Plan provisions on which the benefit determination is based;

(c)a statement that the Participant is entitled to receive, upon request, reasonable access to, and copies of, all documents, records, and other information relevant to the Participant’s claim. Note that a reasonable charge may be imposed for copies of the Plan document; and

(d)a statement describing the Participant’s right to obtain the information about such procedures, and a statement of the Participant’s right to bring an action under ERISA.

The Participant must exhaust this Plan’s administrative claims and appeals procedure before bringing a suit in either state or federal court. Similarly, failure to follow the Plan’s prescribed procedures in a timely manner will also cause the Participant to lose the Participant’s right to sue regarding an adverse benefit determination.

22.Assistance with Questions

If a Participant has any questions about the Plan, the Participant should contact the Plan Administrator. If a Participant has any questions about this statement or about the Participant’s rights under ERISA, or if the Participant needs assistance in obtaining documents from the Plan Administrator, the Participant should contact: Employee Benefits Security Administration U.S. Department of Labor, 200 Constitution Avenue, NW, Washington, DC 20210. A Participant may also obtain certain publications about the Participant’s rights and responsibilities under ERISA by contacting EBSA.

* * * * *

Exhibit A

Iridium Communication Inc. Executive Severance Plan

Participation Agreement

[Date]

[Executive Full Name]

[Email]

Re: Participation in Executive Severance Plan

Dear [Executive First Name],

As a member of the executive leadership team of Iridium Communications Inc. (the “Company”), you have been selected as eligible to participate in the Iridium Communications Inc. Executive Severance Plan (the “Plan”). The purpose of the Plan is to provide a uniform standard for determining severance benefits for members of the Company’s executive leadership team. As a participant in the Plan, you would become eligible to receive severance benefits provided under the Plan in the event that the Company or one of its subsidiaries terminates your employment without “Cause” or if you resign from your employment for “Good Reason” (each as defined in the Plan).

You will only be eligible to participate in the Plan if you sign and return this Participation Agreement to the Company. By agreeing to become a participant in the Plan, you hereby acknowledge and agree that the severance provisions in your employment agreement with the Company, dated as of [●] (your “Service Agreement”), which provide for the payment of severance payments and benefits upon a termination of your employment by the Company without “cause” or by you for “good reason” (whether in connection with or unrelated to a change in control) will be void and of no further force or effect, and that you will, instead, be eligible for severance benefits as solely provided under the Plan. For the avoidance of doubt, (i) any provisions in your Service Agreement which provide for severance payments or benefits upon a termination of your employment as a result of your death, disability or retirement will remain in effect and shall not be superseded by your participation in the Plan and (ii) any non-competition, non-solicitation, non-disparagement, confidentiality, or other restrictive covenant obligation set forth in your Employment Agreement shall remain in full force and effect.

For purposes of your participation in the Plan, you acknowledge and agree that your Cash Severance Amount, Severance Period and Severance Multiple will be as follows:

Cash Severance Amount<br><br>(Qualifying Non-CIC Termination)	[●] months
Severance Period (Qualifying Non-CIC Termination)	[●] months
Severance Multiple (Qualifying CIC Termination)	[●]

By signing this Participation Agreement, you acknowledge and agree that you have received and read a copy of the Plan and that you understand and agree to be bound by its terms. Thank you for your continued dedication to the Company.

Sincerely,

_____________________________

[●]

Acknowledged and agreed:

Signed: _________________________________

Print Name: _____________________________

Date: ___________________________________

16

Document

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002

I, Matthew J. Desch, certify that:

| 1. | I have reviewed this quarterly report on Form 10-Q of Iridium Communications Inc.; | | --- | --- || 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | | --- | --- || 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | | --- | --- || 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | | --- | --- || a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | | --- | --- || b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | | --- | --- || c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | | --- | --- || d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | | --- | --- || 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): | | --- | --- || a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | | --- | --- || b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | | --- | --- | | Date: April 23, 2026 | /s/ Matthew J. Desch | | --- | --- | | | Matthew J. Desch | | | Chief Executive Officer<br>(principal executive officer) |

Document

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002

I, Vincent J. O’Neill, certify that:

| 1. | I have reviewed this quarterly report on Form 10-Q of Iridium Communications Inc.; | | --- | --- || 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | | --- | --- || 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | | --- | --- || 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | | --- | --- || a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | | --- | --- || b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | | --- | --- || c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | | --- | --- || d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | | --- | --- || 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): | | --- | --- || a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | | --- | --- || b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | | --- | --- | | Date: April 23, 2026 | /s/ Vincent J. O’Neill | | --- | --- | | | Vincent J. O’Neill | | | Chief Financial Officer<br>(principal financial officer) |

Document

Exhibit 32.1

CERTIFICATIONS OF

PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the Chief Executive Officer and the Chief Financial Officer of Iridium Communications Inc. (the “Company”) each hereby certifies that, to the best of his knowledge:

| 1. | The Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, to which this Certification is attached as Exhibit 32.1 (the “Quarterly Report”), fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and | | --- | --- || 2. | The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition of the Company at the end of the period covered by the Quarterly Report and results of operations of the Company for the periods covered in the financial statements in the Quarterly Report. | | --- | --- |

Dated:  April 23, 2026

/s/ Matthew J. Desch	/s/ Vincent J. O’Neill
Matthew J. Desch	Vincent J. O’Neill
Chief Executive Officer	Chief Financial Officer

This certification accompanies the Quarterly Report and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.