Iridium secures $94 million Space Force contract By Investing.com

MCLEAN, Va. – Iridium Communications Inc. (NASDAQ: NASDAQ:) announced on Tuesday that it has been awarded a new contract by the United States Space Force’s Space Systems Command’s Commercial Space Office (COMSO).

The five-year contract, valued at approximately $94 million with a potential to reach $103 million, is for Enhanced Mobile Satellite Services (EMSS) capabilities and security sustainment services (ECS3).

The ECS3 contract will support the EMSS Service Center, ensuring continued operations and connectivity into the Iridium network for critical U.S. government applications. EMSS provides global secure and standard narrowband voice and data services to the U.S. Department of Defense (DoD) and approved subscribers, including broadcast and push-to-talk features.

Scott Scheimreif, executive vice president of government programs at Iridium, expressed the company’s commitment to supporting the U.S. Space Force and the DoD, highlighting a partnership of over two decades. The contract aligns with the U.S. Space Force’s Commercial Space Strategy, aiming to leverage commercial technology for defense applications.

This new agreement follows a series of contracts between Iridium and the U.S. government, including a $54 million contract signed in 2019 and a $738.5 million airtime services contract awarded by the Defense Information Systems Agency (DISA) in September 2019. The ECS3 contract ensures Iridium’s role in the United States government’s communications infrastructure through at least 2029.

Iridium is the only satellite communications network offering global voice and data coverage. The company, headquartered in McLean, Va., operates with a partner ecosystem to provide solutions for global communications needs. In 2024, Iridium expanded its services by acquiring Satelles and introducing the Iridium Satellite Time and Location service.

The information in this article is based on a press release statement from Iridium Communications Inc.

In other recent news, Cathie Wood’s ARK ETFs have made significant adjustments to their portfolios. The largest transaction involved the purchase of 89,866 CRISPR Therapeutics AG shares, valued at approximately $5,052,266.

Concurrently, there was a notable reduction in Teladoc (NYSE:) Health Inc shares, with 257,675 shares sold across ARKK and ARKG ETFs. In another development, ARK ETFs continued their strategic buying and selling, with significant moves in the tech and biotech spaces. The firm purchased 50,012 shares of Roblox Corp, indicating growing confidence in the gaming platform.

In the biotech sector, 49,253 shares of Intellia Therapeutics (NASDAQ:) Inc were acquired, aligning with ARK’s interest in CRISPR gene-editing technology. However, the firm divested from AeroVironment (NASDAQ:) Inc and Zoom Video Communications (NASDAQ:) Inc.

Furthermore, Iridium Communications Inc reported strong financial results for the first quarter of 2024. The firm’s recent acquisition of Satelles is expected to significantly boost revenue by 2030. Iridium plans to enhance shareholder returns through increased dividends and share repurchases, supported by solid service revenue growth.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.