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Side-by-side financial comparison of Fat Brands, Inc (FAT) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $140.0M, roughly 1.6× Fat Brands, Inc). Iridium Communications Inc. runs the higher net margin — 9.9% vs -41.6%, a 51.4% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs -2.3%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
FAT vs IRDM — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $219.1M |
| Net Profit | $-58.2M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | 23.2% |
| Net Margin | -41.6% | 9.9% |
| Revenue YoY | -2.3% | 1.9% |
| Net Profit YoY | -30.1% | — |
| EPS (diluted) | $-3.39 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $219.1M | ||
| Q4 25 | — | $212.9M | ||
| Q3 25 | $140.0M | $226.9M | ||
| Q2 25 | $146.8M | $216.9M | ||
| Q1 25 | $142.0M | $214.9M | ||
| Q4 24 | $145.3M | $213.0M | ||
| Q3 24 | $143.4M | $212.8M | ||
| Q2 24 | $152.0M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | — | $24.9M | ||
| Q3 25 | $-58.2M | $37.1M | ||
| Q2 25 | $-54.2M | $22.0M | ||
| Q1 25 | $-46.0M | $30.4M | ||
| Q4 24 | $-67.4M | $36.3M | ||
| Q3 24 | $-44.8M | $24.4M | ||
| Q2 24 | $-39.4M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | — | 25.9% | ||
| Q3 25 | -12.4% | 30.9% | ||
| Q2 25 | -10.6% | 23.2% | ||
| Q1 25 | -6.0% | 28.1% | ||
| Q4 24 | -27.1% | 24.5% | ||
| Q3 24 | -6.2% | 25.8% | ||
| Q2 24 | -1.8% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | — | 11.7% | ||
| Q3 25 | -41.6% | 16.4% | ||
| Q2 25 | -36.9% | 10.1% | ||
| Q1 25 | -32.4% | 14.2% | ||
| Q4 24 | -46.4% | 17.1% | ||
| Q3 24 | -31.2% | 11.5% | ||
| Q2 24 | -25.9% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | $0.24 | ||
| Q3 25 | $-3.39 | $0.35 | ||
| Q2 25 | $-3.17 | $0.20 | ||
| Q1 25 | $-2.73 | $0.27 | ||
| Q4 24 | $-4.06 | $0.30 | ||
| Q3 24 | $-2.74 | $0.21 | ||
| Q2 24 | $-2.43 | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | — |
| Total Assets | $1.2B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $96.5M | ||
| Q3 25 | — | $88.5M | ||
| Q2 25 | — | $79.3M | ||
| Q1 25 | — | $50.9M | ||
| Q4 24 | — | $93.5M | ||
| Q3 24 | — | $159.6M | ||
| Q2 24 | — | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $462.6M | ||
| Q3 25 | $-585.8M | $450.5M | ||
| Q2 25 | $-536.5M | $473.6M | ||
| Q1 25 | $-493.9M | $518.4M | ||
| Q4 24 | $-455.7M | $576.6M | ||
| Q3 24 | $-386.1M | $663.8M | ||
| Q2 24 | $-338.6M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | $1.2B | $2.6B | ||
| Q2 25 | $1.2B | $2.6B | ||
| Q1 25 | $1.3B | $2.6B | ||
| Q4 24 | $1.3B | $2.7B | ||
| Q3 24 | $1.3B | $2.8B | ||
| Q2 24 | $1.4B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-14.5M | — |
| Free Cash FlowOCF − Capex | $-16.9M | — |
| FCF MarginFCF / Revenue | -12.1% | — |
| Capex IntensityCapex / Revenue | 1.7% | 13.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $108.6M | ||
| Q3 25 | $-14.5M | $100.8M | ||
| Q2 25 | $-26.9M | $129.6M | ||
| Q1 25 | $-13.2M | $61.1M | ||
| Q4 24 | $-10.4M | $104.8M | ||
| Q3 24 | $-3.2M | $118.6M | ||
| Q2 24 | $-14.2M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $75.1M | ||
| Q3 25 | $-16.9M | $79.2M | ||
| Q2 25 | $-29.3M | $108.9M | ||
| Q1 25 | $-17.8M | $36.5M | ||
| Q4 24 | $-11.0M | $80.5M | ||
| Q3 24 | $-11.1M | $100.0M | ||
| Q2 24 | $-24.4M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 35.3% | ||
| Q3 25 | -12.1% | 34.9% | ||
| Q2 25 | -20.0% | 50.2% | ||
| Q1 25 | -12.5% | 17.0% | ||
| Q4 24 | -7.6% | 37.8% | ||
| Q3 24 | -7.7% | 47.0% | ||
| Q2 24 | -16.1% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | — | 15.7% | ||
| Q3 25 | 1.7% | 9.5% | ||
| Q2 25 | 1.6% | 9.5% | ||
| Q1 25 | 3.2% | 11.4% | ||
| Q4 24 | 0.4% | 11.4% | ||
| Q3 24 | 5.5% | 8.7% | ||
| Q2 24 | 6.7% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | — | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | — | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | — | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
