IRDM

We've had a good start to the year. Total revenue grew 2% as in service revenue. Reiterating our guidance for the year. New products under development like IoT's Iridium 9604 on track for June commercial availability, P&C's new ASIC rolling out in July, NTN Direct standards-based service progressing. Four growth factors: IoT as leader in satellite IoT, PNT with new ASIC expanding opportunities, national security missions with U.S. government, aviation safety as area of distinction.

Affirming full year guidance. OEBITDA expected between $480 million and $490 million this year. Service revenue forecast flat to 2% growth in '26. Impact of shift to pay annual incentive compensation entirely in cash with $17 million impact to OEBITDA in '26.

Total revenue grew 2% as in service revenue. Commercial service revenues up 2% to $130.4 million. Voice and data revenue rose 3% to $57.4 million. Commercial IoT revenue was $46 million, up 5% from a year earlier. Commercial broadband was down 5% from the year ago period. Hosting and other data services revenue was $14.8 million this quarter, down about 1% from last year's comparable quarter. Government Service revenue was up modestly to $27.6 million. Engineering and support revenue was $40.8 million in Q1 as compared to $37.5 million in the prior year period.

Q: Brent Penter on Amazon acquisition of Globalstar and strategic alliances related to spectrum.

A: Matthew Desch on it signals value of spectrum, not dramatically changing competition, not commenting on strategic alliances update.

Q: Christopher Quilty on Amazon acquisition and PNT business.

A: Matthew Desch on not sure on big LEO processing round, PNT business to have chunky step function pickups and subscriber by subscriber growth.

Q: Edison Yu on Amazon Globalstar and drones.

A: Matthew Desch on drone environment hot, activity around FAA rules.

Q: Hamed Khorsand on commercial IoT subscribers.

A: Matthew Desch on coming from both industrial and consumer.

Q: Timothy Horan on PNT and IoT adoption.

A: Matthew Desch on PNT in standards, IoT in chip integration.

Q: James Ratzer on network capacity utilization.

A: Matthew Desch on network reassigns every 90ms, planning 10x capacity increase.

Q: Justin Lang on spectrum and government users.

A: Matthew Desch on no issue with government users and spectrum transition.