Updated
The most significant concentration Iridium Communications discloses is U.S. government at 29%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Iridium Communications’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'The U.S. government...has been and continues to be, directly and indirectly, our largest customer, representing 29% and 28% of our revenue for the years ended December 31, 2025 and 2024'”
“10-K Item 1A: 'Aireon is our primary hosted payload customer, and we expect annual revenue to us from Aireon hosting, data services and power fees to be approximately $32.7 million'”
The company's disclosed concentration profile combines a moderate customer concentration and a small hosted payload dependency. The U.S. government has been and continues to be the largest customer, representing 29% of revenue for the year ended December 31, 2025, a moderate-share exposure with a mixed character. The structural element reflects the company's role as a provider of satellite communications services that serve military, emergency, and governmental connectivity needs; the idiosyncratic element reflects the dependency on government contract renewals, defense budget cycles, and procurement priorities that are outside the company's control. The second disclosed exposure is smaller: Aireon is described as the primary hosted payload customer, with expected annual revenue from hosting, data services, and power fees of approximately $32.7 million, a low-share dependency. The character is dependency — Aireon is a single counterparty for a specific hosted payload arrangement, and any deterioration in Aireon's financial position or operational needs could reduce that revenue stream. However, at the low disclosed size, the impact of losing that relationship would be bounded relative to the total revenue base. Together, the two disclosures describe a profile where the U.S. government relationship is the dominant concentration variable and the Aireon hosted payload is a secondary, more limited dependency. Government contract continuity and the trajectory of defense and governmental connectivity spending are the primary variables to monitor; the Aireon relationship is a more specific, lower-magnitude item to track.
For the engine’s reasoning on IRDM’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AD | Array Digital Infrastructure, I | 2 | 0 | 0 | 2 |
| CMCSA | Comcast Corporation | 1 | 1 | 0 | 2 |
| GSAT | Globalstar, Inc. | 1 | 1 | 0 | 2 |
| LBRDA | Liberty Broadband Corporation | 1 | 0 | 0 | 1 |
| IRDM● | Iridium Communications Inc | 0 | 1 | 1 | 2 |
| CHTR | Charter Communications, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.