Iridium reports higher net loss despite revenue growth in Q1 2020

MCLEAN, Va. — Global mobile satellite company Iridium Communications reported Tuesday revenue and operational EBITDA increases for the first quarter of 2020 but an overall net loss, and the company has updated its full-year 2020 outlook due to the impact of Covid-19. The company’s total revenue for the first quarter of 2020 was US$145.3 million, which consisted of US$116 million in service revenue and US$29.3 million in revenue related to equipment sales and engineering and support projects. Total revenue increased 9% from the first quarter of 2019, while service revenue grew 8% year-over-year. Service revenue is primarily recurring revenue from...