MCLEAN, Va., June 24, 2021 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM) today announced it has been awarded a research and development contract worth up to $30 million by the United States Army (Army) to develop a payload to be hosted on small satellites that supports navigation systems, guidance and control for the global positioning system (GPS) and GPS-denied precision systems. The new experimental Iridium payload is intended to be hosted by another Low Earth Orbit (LEO) commercial satellite constellation, complementing the Iridium® constellation's capabilities.
Through this contract the Army intends to develop this payload to support the concept of a rapidly deployable smallsat constellation to provide more effective sensor-to-soldier data transmission when in the field. The development of this new payload is based on Iridium Burst® technology, a unique service that can transmit data to millions of enabled devices at a time from space.
"Iridium has always been focused on providing innovative, reliable and high-value services to the U.S. warfighter," said Scott Scheimreif, executive vice president, government programs, Iridium. "This program can help add to warfighter readiness to conduct a full range of military operations at a tactical level. This includes the ability to enhance effectiveness of military units, weapons and equipment during combat against near-peer adversaries."
The U.S. Department of Defense (DoD) and Iridium have partnered for more than 20 years, with hundreds of thousands of U.S. government subscribers utilizing Iridium push-to-talk (PTT), voice, IoT, L-band broadband and Iridium Burst services. The continuing growth in adoption of Iridium services also brings increased collaboration between the government and Iridium's ecosystem of partners, that bring their knowledge to help further complement and advance the DoDs SATCOM capabilities. For this contract, Iridium partners Satelles and SEAKR will bring their expertise as subcontractors to assist with development.
"This is one of the largest engineering contracts in Iridium's history, and we're pleased to once again bring the value of Iridium and our partner ecosystem to the fore at the request of the United States Army," said Matt Desch, CEO, Iridium. "It also represents another phase in the evolution of our growing relationship with the DoD, and we're excited to engage on this experimental multi-constellation adaptation of our service."
This research and development project was enabled through an "Other Transaction Agreement" (OTA) in support of the Army and was entered into between Advanced Technology International (ATI) and Iridium under the authority of the Aviation and Missile Technology Consortium (AMTC). The OTA was developed through the authority of the Department of Defense to carry out these types of prototype projects and to further streamline the process for adopting new technology solutions from various industries.
Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2019, the company completed a generational upgrade of its satellite network and launched its new specialty broadband service, Iridium Certus®. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services and partner solutions, visit www.iridium.com.
Forward-Looking Statements Disclosure
Statements in this presentation that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company has based these statements on its current expectations and the information currently available to us. Forward-looking statements in this press release include statements regarding the development and capabilities of new services and the potential revenue from the U.S. government. Forward-looking statements can be identified by the words "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely," "will," "to be" and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding the development and functionality of Iridium services and the company's ability to maintain the health, capacity and content of its satellite constellation, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the "SEC") on February 11, 2021, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium's expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium's underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium's forward-looking statements speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.
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