Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

Iridium Communications / Equity Bottom-Up

<ul>
<li>IRDM started 2024 with changes to its reporting metrics and that trend continued when with Q3. </li>
<li>When IRDM reported third quarter 2024 results, the Company disclosed it would experience a decline in reported IOT subscriber metrics.   </li>
<li>The change subscriber count would not impact IRDM’s revenue due to contract pricing. It could create negative headwind in 2025</li>
</ul>


IRDM started 2024 with changes to its reporting metrics and that trend continued when with Q3. 
When IRDM reported third quarter 2024 results, the Company disclosed it would experience a decline in reported IOT subscriber metrics.   
The change subscriber count would not impact IRDM’s revenue due to contract pricing. It could create negative headwind in 2025


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Iridium Communications Inc., a leading player in satellite communications, held its second quarter 2024 earnings call, presenting a comprehensive report on the company’s financial and operational performance.</li><li>The management provided updates on key strategic initiatives, financial metrics, and future outlook, offering investors a clear picture of its trajectory and underpinning strengths and challenges.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Iridium Communications Inc., a leading player in satellite communications, held its second quarter 2024 earnings call, presenting a comprehensive report on the company’s financial and operational performance.The management provided updates on key strategic initiatives, financial metrics, and future outlook, offering investors a clear picture of its trajectory and underpinning strengths and challenges.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Iridium Communications Inc.: The Story Of Service Revenue Growth

<ul>
<li>IRDM reported second quarter results where an increase in IOT subscribers was paired with the Company buying back more stock.  </li>
<li>IOT has been a core underpinning for IRDM’s growth with the number of subscribers ramping this past quarter. IOT subscribers grew by 71 thousand in the quarter from Q1.</li>
<li>IRDM reported second quarter revenue of $201.1 million compared to our estimate of $205.3 million. We had been expecting a higher engineering revenue estimate than IRDM generated.</li>
</ul>


IRDM reported second quarter results where an increase in IOT subscribers was paired with the Company buying back more stock.  
IOT has been a core underpinning for IRDM’s growth with the number of subscribers ramping this past quarter. IOT subscribers grew by 71 thousand in the quarter from Q1.
IRDM reported second quarter revenue of $201.1 million compared to our estimate of $205.3 million. We had been expecting a higher engineering revenue estimate than IRDM generated.


<ul><li>Iridium Communications reported its first quarter 2024 results with a generally positive outlook but mixed financial nuances.</li><li>The company recorded a modest increase in overall operational EBITDA, driven largely by an uptick in recurring revenue, highlighting its capability in sustaining growth in foundational service revenue streams.</li><li>Iridium has made significant advancements in diversifying its offerings, particularly through the recent acquisition of Satelles, aiming to enhance its position in satellite-based time synchronization and location services.</li></ul>

Iridium Communications reported its first quarter 2024 results with a generally positive outlook but mixed financial nuances.The company recorded a modest increase in overall operational EBITDA, driven largely by an uptick in recurring revenue, highlighting its capability in sustaining growth in foundational service revenue streams.Iridium has made significant advancements in diversifying its offerings, particularly through the recent acquisition of Satelles, aiming to enhance its position in satellite-based time synchronization and location services.

Iridium Communications Inc.: What Is The Impact Of The Recent Strategic Acquisitions & Capex Optimization? - Major Drivers

<ul>
<li>IRDM reported first quarter results with equipment revenue providing the necessary lift to total revenue for IRDM to beat consensus estimates</li>
<li>IOT subscribers continued to rise in the quarter with IRDM disclosing it has entered into a two-year agreement with a major IOT partner that provides revenue clarity for both parties.</li>
<li>IRDM reported first quarter revenue of $203.9 million compared to our estimate of $197.7 million. The reason for the outperformance was due to equipment revenue</li>
</ul>


IRDM reported first quarter results with equipment revenue providing the necessary lift to total revenue for IRDM to beat consensus estimates
IOT subscribers continued to rise in the quarter with IRDM disclosing it has entered into a two-year agreement with a major IOT partner that provides revenue clarity for both parties.
IRDM reported first quarter revenue of $203.9 million compared to our estimate of $197.7 million. The reason for the outperformance was due to equipment revenue


United States

Iridium Communications, Inc. offers mobile satellite communications services. The Company's satellites operate in a low-earth orbit and provide 100% global coverage.  Iridium Holdings offers voice and data communications services to the United States and foreign governments; businesses; non-governmental organizations; and consumers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Iridium Communications (IRDM US)

IRDM: The Matrix of Metric Changes

IRDM disclosed its IOT subscriber count could decline or experience smaller net adds from a change at its largest IOT partner. The optics from such...

BWS Financial Inc

Iridium Communications Inc.: The Story Of Service Revenue Growth

Iridium Communications Inc., a leading player in satellite communications, held its second quarter 2024 earnings call, presenting a comprehensive...

Baptista Research

IRDM: IOT Driven Quarter

IRDM continued to grow the number of IOT subscribers in the quarter resulting in service revenue slightly outpacing our forecast. IRDM's leverage...

BWS Financial Inc

Iridium Communications Inc.: What Is The Impact Of The Recent Strategic Acquisitions & Capex Optimization? - Major Drivers

Iridium Communications reported its first quarter 2024 results with a generally positive outlook but mixed financial nuances. The company recorded...

Baptista Research

IRDM: Positioning for the Next Catalyst

Q1 results included news of entering into a two-year agreement with an IOT partner that helps establish clarity for both parties. We are doubtful...

BWS Financial Inc

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)