Iridium Communications Inc at Oppenheimer Technology, Internet & Communications Conference (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : That's a great way to put it. So, basically you provide through unique allele satellite consultation, unique spectrum and unique devices, mission critical communication services for voice and data in a global coverage in a way that no one else can really do at this point, particularly for voice, I would say, but also obviously very IoT.

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : And that will be both IoT and smartphones?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : So this is a huge deal basically. I mean historically you have to have proprietary expensive hardware. I'm sure that's not going to go away, but now you can. I mean what type of IoT devices are we talking about like how much would it cost for them to upgrade to be able to connect to your network and how much space would it require them to do that?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : And how about if Caterpillar or Mercedes they wanted like to deal with you directly, would they continue to use proprietary hardware or would they most likely put in the latest 3 GPP standard chips?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : Well, and to your point, a lot of the terrestrial networks are still on 3G, you're probably only talking about 5% of the Earth that's on 5G as we speak.

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : So, I mean they're going to grow IoT in two different ways, more devices and maybe more RU devices you're getting more speeds. Although if you grow a huge amount of devices, maybe the RU will go down, but that will be a new sub-segment. Now how many IOT devices do you have now and what do you think you can have in 5 or 10 years?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : But I mean like theoretically you're sitting here, Verizon, all the carriers in the United States, for example, have a product for first responders, for a bunch of reasons. I mean they could enable text messaging on their smartphones through your satellites as a mission critical service that's a backup that's basically always there. So, I mean this 2 million could be hundreds of millions in a few years, not the words in your mouth.

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : And is there any reason that Verizon or AT&T wouldn't, resell your product through Cineverse and many other carriers?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : So Caterpillar now and Allen Garmin they seem to be getting a little bit more capacity and they can do a few more applications on the devices you mentioned, Caterpillar. What's enabling that? Are you, how are you increasing the speeds that they can get and the capacity?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : And that what's the latency on your on your messaging now?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : So, you've increased the speed by better devices and some software upgrades on the satellites. Is that fair?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : Very helpful. And then you have also, I think an extremely unique positioning technology positioning navigation timing PNT we all kind of call it. Can you just describe how you came to have that capability and how can you monetize it?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : And how big of a chip you need and how is it?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : So, as the key to communications industry is standardization, right? And I mean your device; it doesn't cost anything to operate. I mean if you become the alternative GPS and it's obviously needed, right, it's the chicken and the egg, how do you kind of convince maybe is there a way to convince 3GPP like, look, we should incorporate that in the next standard and it'll be in every device and you we can license it per device or something.

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : So why wouldn't Apple just pay you a certain amount to basically have an alternative in every phone, globally?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : Well, I was using the word loosely, it can either be top down or bottom up, right?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : So you're doing a little more than $600 million in revenue run right now. Your goal is a billion in five years or so?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : Apologize, I meant the same service revenue. So, you can get $100 million incremental from the PNT, maybe $200 million from IoT. I'm using round numbers, so where does the other $200 million come from?

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : Yeah, great point, and I apologize, you are getting closer to $700 million of revenue and everything you mentioned is really true. And the government business, so I guess people are worried that you're going to lose market share there once that contract come up and what type of pricing power or new services can you provision there? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 12, 2025 / 4:25PM, IRDM.OQ - Iridium Communications Inc at Oppenheimer Technology, Internet & Communications Conference (Virtual)

Question: Timothy Horan - Oppenheimer & Co Inc - Analyst : Matt, we are out of time. I can talk to you for another hour, but I completely agree with everything you're saying, and I wish you the best of luck and hopefully when we regroup next year, the stock price will be double from here. Thank you.