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Founder

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Equity Bottom-Up

Iridium Communications / Equity Bottom-Up

<ul>
<li>IRDM continues to benefit from the momentum in consumer adoption of personal communications devices embedded with capabilities to use IRDM’s satellite network</li>
<li>The quarterly results were overshadowed by IRDM’s disclosure of entering into a technology sharing relationship for using IRDM’s satellite network as backup connectivity to smartphones</li>
<li>During the second quarter 2022, IRDM added approximately 80 thousand new commercial IOT subscribers to bring the total to over 1.3 million</li>
</ul>


IRDM continues to benefit from the momentum in consumer adoption of personal communications devices embedded with capabilities to use IRDM’s satellite network
The quarterly results were overshadowed by IRDM’s disclosure of entering into a technology sharing relationship for using IRDM’s satellite network as backup connectivity to smartphones
During the second quarter 2022, IRDM added approximately 80 thousand new commercial IOT subscribers to bring the total to over 1.3 million


<ul>
<li>IRDM is benefiting from continued need for satellite connectivity for a growing list of applications. IRDM reported first quarter results where the Company’s billable subscribers rose sequentially</li>
<li>Commercial Internet of things (“IOT”) subscribers remains the growth catalyst for the business even though there are more voice and data customers activating service in the first quarter</li>
<li>IRDM’s IOT service has an expanding use case. During the first quarter earnings call the topic of drones and unmanned aircraft was frequently mentioned</li>
</ul>


IRDM is benefiting from continued need for satellite connectivity for a growing list of applications. IRDM reported first quarter results where the Company’s billable subscribers rose sequentially
Commercial Internet of things (“IOT”) subscribers remains the growth catalyst for the business even though there are more voice and data customers activating service in the first quarter
IRDM’s IOT service has an expanding use case. During the first quarter earnings call the topic of drones and unmanned aircraft was frequently mentioned


<ul>
<li>IRDM grew the number of billable subscribers using its Certus satellite service in the fourth quarter</li>
<li>Q4 is seasonally a slow period for commercial voice and data, but that did not stop IRDM from growing the number of subscribers by 6 percent from the year prior</li>
<li>IRDM issued 2022 service revenue guidance of growth between 5 percent and 7 percent. This growth is higher than we were modeling</li>
</ul>


IRDM grew the number of billable subscribers using its Certus satellite service in the fourth quarter
Q4 is seasonally a slow period for commercial voice and data, but that did not stop IRDM from growing the number of subscribers by 6 percent from the year prior
IRDM issued 2022 service revenue guidance of growth between 5 percent and 7 percent. This growth is higher than we were modeling


<ul type="disc"><li>
Iridium Communications (IRDM) continues to grow its Internet of things (“IOT”) subscribers at an accelerated pace compared to the prior year with broader adoption of using satellite communications from commercial and retail customers.</li></ul> <ul type="disc"><li>Upgrading to Buy from Neutral. Price target is now $60 from $37.</li></ul> <ul type="disc"><li>The sell through of personal communication devices is leading to viable consideration of using IRDM’s service in other consumer electronics, including smartphones. This is expanding the addressable market potential of IRDM’s Certus service.</li></ul> <ul type="disc"><li>IRDM reported third quarter revenue of $162.2 million compared to our estimate of $150.6 million. The strength in the business was broad based with IRDM’s channel partners demanding more equipment than initially forecast.</li></ul> <ul type="disc"><li>After nearly a year on the sidelines, we are upgrading to a Buy Rating with IRDM’s investment story focused on execution and broadening use case.</li></ul>


Iridium Communications (IRDM) continues to grow its Internet of things (“IOT”) subscribers at an accelerated pace compared to the prior year with broader adoption of using satellite communications from commercial and retail customers. Upgrading to Buy from Neutral. Price target is now $60 from $37. The sell through of personal communication devices is leading to viable consideration of using IRDM’s service in other consumer electronics, including smartphones. This is expanding the addressable market potential of IRDM’s Certus service. IRDM reported third quarter revenue of $162.2 million compared to our estimate of $150.6 million. The strength in the business was broad based with IRDM’s channel partners demanding more equipment than initially forecast. After nearly a year on the sidelines, we are upgrading to a Buy Rating with IRDM’s investment story focused on execution and broadening use case.

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Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

Headline Developments As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games.  Under the new rule, younger gamers will be restricted to one hour (8 pm - 9 pm) of online games on Fridays, weekends and holidays, with online gaming companies barred from providing gaming services to minors in any form outside of those hours.

Headline Developments As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games.  Under the new rule, younger gamers will be restricted to one hour (8 pm - 9 pm) of online games on Fridays, weekends and holidays, with online gaming companies barred from providing gaming services to minors in any form outside of those hours.

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.

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The ability to use IRDM's satellite network for smartphone connectivity has been a reason we returned to a Buy Rating October of 2021

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Weekly Innovation Review (WIRE) #47

Headline Developments: As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games. Under the...

Granite Bay Capital

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