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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $183.9M, roughly 1.2× Pangaea Logistics Solutions Ltd.). Iridium Communications Inc. runs the higher net margin — 9.9% vs 6.5%, a 3.4% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 1.9%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% 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...
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
IRDM vs PANL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $183.9M |
| Net Profit | $21.6M | $11.9M |
| Gross Margin | — | — |
| Operating Margin | 23.2% | 9.5% |
| Net Margin | 9.9% | 6.5% |
| Revenue YoY | 1.9% | 24.9% |
| Net Profit YoY | — | 40.9% |
| EPS (diluted) | — | $0.18 |
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 | $183.9M | ||
| Q3 25 | $226.9M | $168.7M | ||
| Q2 25 | $216.9M | $156.7M | ||
| Q1 25 | $214.9M | $122.8M | ||
| Q4 24 | $213.0M | $147.2M | ||
| Q3 24 | $212.8M | $153.1M | ||
| Q2 24 | $201.1M | $131.5M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $11.9M | ||
| Q3 25 | $37.1M | $12.2M | ||
| Q2 25 | $22.0M | $-2.7M | ||
| Q1 25 | $30.4M | $-2.0M | ||
| Q4 24 | $36.3M | $8.4M | ||
| Q3 24 | $24.4M | $5.1M | ||
| Q2 24 | $32.3M | $3.7M |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | 9.5% | ||
| Q3 25 | 30.9% | 10.0% | ||
| Q2 25 | 23.2% | 2.3% | ||
| Q1 25 | 28.1% | 2.4% | ||
| Q4 24 | 24.5% | 10.1% | ||
| Q3 24 | 25.8% | 9.8% | ||
| Q2 24 | 21.7% | 5.8% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | 6.5% | ||
| Q3 25 | 16.4% | 7.2% | ||
| Q2 25 | 10.1% | -1.8% | ||
| Q1 25 | 14.2% | -1.6% | ||
| Q4 24 | 17.1% | 5.7% | ||
| Q3 24 | 11.5% | 3.3% | ||
| Q2 24 | 16.1% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $0.18 | ||
| Q3 25 | $0.35 | $0.19 | ||
| Q2 25 | $0.20 | $-0.04 | ||
| Q1 25 | $0.27 | $-0.03 | ||
| Q4 24 | $0.30 | $0.19 | ||
| Q3 24 | $0.21 | $0.11 | ||
| Q2 24 | $0.27 | $0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $103.1M |
| Total DebtLower is stronger | — | $249.6M |
| Stockholders' EquityBook value | — | $429.3M |
| Total Assets | — | $928.1M |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $103.1M | ||
| Q3 25 | $88.5M | $94.0M | ||
| Q2 25 | $79.3M | $59.3M | ||
| Q1 25 | $50.9M | $63.9M | ||
| Q4 24 | $93.5M | $86.8M | ||
| Q3 24 | $159.6M | $93.1M | ||
| Q2 24 | $63.5M | $77.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $249.6M | ||
| Q3 25 | — | $256.2M | ||
| Q2 25 | — | $244.7M | ||
| Q1 25 | — | $251.0M | ||
| Q4 24 | $1.8B | $257.2M | ||
| Q3 24 | — | $133.6M | ||
| Q2 24 | — | $90.5M |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $429.3M | ||
| Q3 25 | $450.5M | $420.3M | ||
| Q2 25 | $473.6M | $414.4M | ||
| Q1 25 | $518.4M | $420.8M | ||
| Q4 24 | $576.6M | $427.8M | ||
| Q3 24 | $663.8M | $332.6M | ||
| Q2 24 | $786.7M | $331.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $928.1M | ||
| Q3 25 | $2.6B | $932.1M | ||
| Q2 25 | $2.6B | $916.0M | ||
| Q1 25 | $2.6B | $918.0M | ||
| Q4 24 | $2.7B | $936.5M | ||
| Q3 24 | $2.8B | $749.2M | ||
| Q2 24 | $2.7B | $692.9M |
| Q1 26 | — | — | ||
| Q4 25 | 3.80× | 0.58× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | 3.05× | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.27× |
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 | — | $15.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 13.7% | — |
| Cash ConversionOCF / Net Profit | — | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $15.1M | ||
| Q3 25 | $100.8M | $28.6M | ||
| Q2 25 | $129.6M | $14.4M | ||
| Q1 25 | $61.1M | $-4.4M | ||
| Q4 24 | $104.8M | $19.3M | ||
| Q3 24 | $118.6M | $28.5M | ||
| Q2 24 | $81.1M | $9.0M |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | — | ||
| Q3 25 | $79.2M | — | ||
| Q2 25 | $108.9M | — | ||
| Q1 25 | $36.5M | — | ||
| Q4 24 | $80.5M | — | ||
| Q3 24 | $100.0M | — | ||
| Q2 24 | $68.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | — | ||
| Q3 25 | 34.9% | — | ||
| Q2 25 | 50.2% | — | ||
| Q1 25 | 17.0% | — | ||
| Q4 24 | 37.8% | — | ||
| Q3 24 | 47.0% | — | ||
| Q2 24 | 34.2% | — |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | — | ||
| Q3 25 | 9.5% | — | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | 11.4% | — | ||
| Q4 24 | 11.4% | — | ||
| Q3 24 | 8.7% | — | ||
| Q2 24 | 6.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | 1.27× | ||
| Q3 25 | 2.71× | 2.34× | ||
| Q2 25 | 5.90× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 2.88× | 2.29× | ||
| Q3 24 | 4.85× | 5.57× | ||
| Q2 24 | 2.51× | 2.43× |
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% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
