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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and MARA Holdings, Inc. (MARA). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $202.3M, roughly 1.1× MARA Holdings, Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -14298.3%, a 14308.1% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs -5.6%). Over the past eight quarters, MARA Holdings, Inc.'s revenue compounded faster (10.7% CAGR vs 4.4%).
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...
MARA Holdings, Inc. is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
IRDM vs MARA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $202.3M |
| Net Profit | $21.6M | $-1.7B |
| Gross Margin | — | — |
| Operating Margin | 23.2% | -11795.9% |
| Net Margin | 9.9% | -14298.3% |
| Revenue YoY | 1.9% | -5.6% |
| Net Profit YoY | — | -423.5% |
| EPS (diluted) | — | $-4.25 |
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 | $202.3M | ||
| Q3 25 | $226.9M | $252.4M | ||
| Q2 25 | $216.9M | $238.5M | ||
| Q1 25 | $214.9M | $213.9M | ||
| Q4 24 | $213.0M | $214.4M | ||
| Q3 24 | $212.8M | $131.6M | ||
| Q2 24 | $201.1M | $145.1M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $-1.7B | ||
| Q3 25 | $37.1M | $123.1M | ||
| Q2 25 | $22.0M | $808.2M | ||
| Q1 25 | $30.4M | $-533.4M | ||
| Q4 24 | $36.3M | $528.5M | ||
| Q3 24 | $24.4M | $-124.8M | ||
| Q2 24 | $32.3M | $-199.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -2613.4% | ||
| Q3 24 | — | -1065.0% | ||
| Q2 24 | — | -587.6% |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | -11795.9% | ||
| Q3 25 | 30.9% | 18.9% | ||
| Q2 25 | 23.2% | — | ||
| Q1 25 | 28.1% | -253.0% | ||
| Q4 24 | 24.5% | — | ||
| Q3 24 | 25.8% | -130.8% | ||
| Q2 24 | 21.7% | -160.1% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | -14298.3% | ||
| Q3 25 | 16.4% | 48.8% | ||
| Q2 25 | 10.1% | 338.9% | ||
| Q1 25 | 14.2% | -249.4% | ||
| Q4 24 | 17.1% | 5367.4% | ||
| Q3 24 | 11.5% | -94.8% | ||
| Q2 24 | 16.1% | -137.6% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $-4.25 | ||
| Q3 25 | $0.35 | $0.27 | ||
| Q2 25 | $0.20 | $1.84 | ||
| Q1 25 | $0.27 | $-1.55 | ||
| Q4 24 | $0.30 | $1.60 | ||
| Q3 24 | $0.21 | $-0.42 | ||
| Q2 24 | $0.27 | $-0.72 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $547.1M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | — | $3.5B |
| Total Assets | — | $7.3B |
| Debt / EquityLower = less leverage | — | 1.04× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $547.1M | ||
| Q3 25 | $88.5M | $826.4M | ||
| Q2 25 | $79.3M | $109.5M | ||
| Q1 25 | $50.9M | $196.2M | ||
| Q4 24 | $93.5M | $391.8M | ||
| Q3 24 | $159.6M | $164.3M | ||
| Q2 24 | $63.5M | $256.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $3.6B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | — | $618.7M | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $3.5B | ||
| Q3 25 | $450.5M | $5.2B | ||
| Q2 25 | $473.6M | $4.8B | ||
| Q1 25 | $518.4M | $3.7B | ||
| Q4 24 | $576.6M | $4.1B | ||
| Q3 24 | $663.8M | $2.9B | ||
| Q2 24 | $786.7M | $2.6B |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $7.3B | ||
| Q3 25 | $2.6B | $9.2B | ||
| Q2 25 | $2.6B | $7.7B | ||
| Q1 25 | $2.6B | $6.4B | ||
| Q4 24 | $2.7B | $6.8B | ||
| Q3 24 | $2.8B | $3.6B | ||
| Q2 24 | $2.7B | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | 3.80× | 1.04× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | 3.05× | 0.59× | ||
| Q3 24 | — | 0.22× | ||
| 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 | — | $-802.7M |
| Free Cash FlowOCF − Capex | — | $-1.2B |
| FCF MarginFCF / Revenue | — | -598.0% |
| Capex IntensityCapex / Revenue | 13.7% | 201.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $-802.7M | ||
| Q3 25 | $100.8M | $-199.0M | ||
| Q2 25 | $129.6M | $-163.4M | ||
| Q1 25 | $61.1M | $-215.5M | ||
| Q4 24 | $104.8M | $-677.0M | ||
| Q3 24 | $118.6M | $-160.1M | ||
| Q2 24 | $81.1M | $-115.2M |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | $-1.2B | ||
| Q3 25 | $79.2M | $-283.9M | ||
| Q2 25 | $108.9M | $-282.4M | ||
| Q1 25 | $36.5M | $-254.3M | ||
| Q4 24 | $80.5M | $-927.8M | ||
| Q3 24 | $100.0M | $-198.1M | ||
| Q2 24 | $68.7M | $-132.4M |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | -598.0% | ||
| Q3 25 | 34.9% | -112.5% | ||
| Q2 25 | 50.2% | -118.4% | ||
| Q1 25 | 17.0% | -118.9% | ||
| Q4 24 | 37.8% | -432.8% | ||
| Q3 24 | 47.0% | -150.5% | ||
| Q2 24 | 34.2% | -91.2% |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | 201.2% | ||
| Q3 25 | 9.5% | 33.6% | ||
| Q2 25 | 9.5% | 49.9% | ||
| Q1 25 | 11.4% | 18.2% | ||
| Q4 24 | 11.4% | 117.0% | ||
| Q3 24 | 8.7% | 28.9% | ||
| Q2 24 | 6.2% | 11.9% |
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | — | ||
| Q3 25 | 2.71× | -1.62× | ||
| Q2 25 | 5.90× | -0.20× | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 2.88× | -1.28× | ||
| 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
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% |
MARA
Segment breakdown not available.
