10-Q

Quarterly report

✓ VerifiedIridium agreed on June 28, 2026 to be acquired by Rocket Lab for $27.00 in cash plus stock per share, and closed its purchase of the remaining 60.5% of Aireon Holdings for about $366.7 million on July 2, 2026.

Filed Jul 22, 2026 · 07:01 ET

Summary

On June 28, 2026, Iridium entered into a Merger Agreement to be acquired by Rocket Lab Corporation, with each share converting into $27.00 in cash plus a number of Rocket Lab shares based on a defined Exchange Ratio.
The Merger Agreement provides for a $223.6 million termination fee payable by Iridium under specified circumstances, and the Board terminated the company's share repurchase program on June 28, 2026.
On July 2, 2026, Iridium closed its acquisition of the remaining 60.5% of Aireon Holdings LLC for approximately $366.7 million, paid 50% in cash and 50% as a deferred $183.4 million interest-free loan from the Sellers.
Total revenue for the three months ended June 30, 2026 was $225,237 thousand, up 4% from $216,906 thousand, while net income fell to $9,679 thousand from $21,968 thousand.
Selling, general and administrative expenses rose $22.4 million, or 50%, for the quarter, primarily due to $14.3 million of transaction costs tied to the Rocket Lab and Aireon deals.
As of June 30, 2026 the company had approximately 2,627,000 billable subscribers, an increase of 144,000, or 6%, and drew the full $100.0 million Revolving Facility on July 1, 2026 to fund the Aireon purchase.

Key facts

Merger consideration: $27.00 in cash
From the filing for Merger consideration
“will be converted into the right to receive (i) $27.00 in cash and (ii) a number of shares of Rocket Lab's common stock equal to the Exchange Ratio”
Termination fee: $223.6 million
From the filing for Termination fee
“may require us to pay a $223.6 million termination fee”
Aireon purchase price: approximately $366.7 million
From the filing for Aireon purchase price
“We acquired the additional equity interest for approximately $366.7 million, 50% in cash and 50% deferred and in the form of a loan by the Sellers”
Equity interest acquired: remaining 60.5%
From the filing for Equity interest acquired
“acquiring the remaining 60.5% of equity interests in Aireon Holdings that we did not already own”
Q2 2026 total revenue: $225,237 thousand
From the filing for Q2 2026 total revenue
“Total revenue 225,237 100 % 216,906 100 % 8,331 4 %”
Q2 2026 net income: $9,679 thousand
From the filing for Q2 2026 net income
“Net income $ 9,679 $ 21,968 $ 31,273 $ 52,380”
Billable subscribers: approximately 2,627,000
From the filing for Billable subscribers
“we had approximately 2,627,000 billable subscribers worldwide, an increase of 144,000, or 6%”
Revolving Facility draw: $100.0 million
From the filing for Revolving Facility draw
“On July 1, 2026, we drew down $100.0 million on our Revolving Facility, the proceeds of which were used for the acquisition of Aireon Holdings”

Why it mattersIridium disclosed a definitive agreement to be acquired by Rocket Lab and the closing of full ownership of Aireon, the operator of the only space-based ADS-B air traffic surveillance system. The filing details deal terms, financing, and a $223.6 million break fee.

Filed: Jul 22, 2026
Accepted: 2026-07-22 11:01Z
Period: Jun 30, 2026
Accession no.: 0001418819-26-000045
Size: 5.8 MB
Index: Filing index

Summary

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