What Iridium Communications Inc. told the SEC could break it.

U.S. trade policy changes in 2025 increased Iridium's costs and prompted evaluation of alternative sourcing; further tariff/customs changes could increase costs and cause delays.

“U.S. trade policy changes in 2025 increased our costs and caused us to evaluate alternative sourcing arrangements. Future changes to trade policy by the U.S. or foreign governments, including tariff and customs regulations, could increase our costs, cause delays or cause us to further evaluate alternative sourcing, all of which could adversely impact our operations.”

Iridium operates in Russia via two local subsidiaries (~40 employees) generating ~2% of revenue; Russia's invasion of Ukraine and related sanctions could force it to further limit or shut down those operations, and ruble volatility affects reported revenue.

“In each of the years 2023 through 2025, revenue from our operations in Russia, all of which was service revenue, represented approximately 2% of our total revenue. Our sales in Russia are conducted in rubles and then translated to U.S. dollars in our financial results.”

The U.S. government (directly and indirectly) is Iridium's largest single customer, generating $257.0M, or 29% of total revenue, in 2025 — excluding additional government equipment/airtime bought through distributors.

“The U.S. government, directly and indirectly, has been and continues to be our largest single customer, generating $257.0 million in revenue, representing 29% of our total revenue, for the year ended December 31, 2025.”

Iridium contracts subscriber-equipment manufacture from a limited number of manufacturers and uses sole-source suppliers for certain device component parts; loss of a manufacturer or sole-source supplier could disrupt production until replaced.

“The Company contracts for the manufacture of its subscriber equipment primarily from a limited number of manufacturers and utilizes other sole source suppliers for certain component parts of its devices.”