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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $148.3M, roughly 1.5× Shoals Technologies Group, Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs 5.5%, a 4.4% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 1.9%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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...
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
IRDM vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $148.3M |
| Net Profit | $21.6M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 23.2% | 11.7% |
| Net Margin | 9.9% | 5.5% |
| Revenue YoY | 1.9% | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | — | $0.05 |
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 | $148.3M | ||
| Q3 25 | $226.9M | $135.8M | ||
| Q2 25 | $216.9M | $110.8M | ||
| Q1 25 | $214.9M | $80.4M | ||
| Q4 24 | $213.0M | $107.0M | ||
| Q3 24 | $212.8M | $102.2M | ||
| Q2 24 | $201.1M | $99.2M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $8.1M | ||
| Q3 25 | $37.1M | $11.9M | ||
| Q2 25 | $22.0M | $13.9M | ||
| Q1 25 | $30.4M | $-282.0K | ||
| Q4 24 | $36.3M | $7.8M | ||
| Q3 24 | $24.4M | $-267.0K | ||
| Q2 24 | $32.3M | $11.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | 11.7% | ||
| Q3 25 | 30.9% | 13.7% | ||
| Q2 25 | 23.2% | 14.4% | ||
| Q1 25 | 28.1% | 5.4% | ||
| Q4 24 | 24.5% | 15.4% | ||
| Q3 24 | 25.8% | 4.4% | ||
| Q2 24 | 21.7% | 18.7% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | 5.5% | ||
| Q3 25 | 16.4% | 8.7% | ||
| Q2 25 | 10.1% | 12.5% | ||
| Q1 25 | 14.2% | -0.4% | ||
| Q4 24 | 17.1% | 7.3% | ||
| Q3 24 | 11.5% | -0.3% | ||
| Q2 24 | 16.1% | 11.9% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $0.05 | ||
| Q3 25 | $0.35 | $0.07 | ||
| Q2 25 | $0.20 | $0.08 | ||
| Q1 25 | $0.27 | $0.00 | ||
| Q4 24 | $0.30 | $0.04 | ||
| Q3 24 | $0.21 | $0.00 | ||
| Q2 24 | $0.27 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $600.0M |
| Total Assets | — | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $7.3M | ||
| Q3 25 | $88.5M | $8.6M | ||
| Q2 25 | $79.3M | $4.7M | ||
| Q1 25 | $50.9M | $35.6M | ||
| Q4 24 | $93.5M | $23.5M | ||
| Q3 24 | $159.6M | $11.1M | ||
| Q2 24 | $63.5M | $3.2M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | $1.8B | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $600.0M | ||
| Q3 25 | $450.5M | $589.6M | ||
| Q2 25 | $473.6M | $575.4M | ||
| Q1 25 | $518.4M | $558.9M | ||
| Q4 24 | $576.6M | $556.8M | ||
| Q3 24 | $663.8M | $545.2M | ||
| Q2 24 | $786.7M | $544.6M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $904.1M | ||
| Q3 25 | $2.6B | $851.8M | ||
| Q2 25 | $2.6B | $795.0M | ||
| Q1 25 | $2.6B | $788.4M | ||
| Q4 24 | $2.7B | $793.1M | ||
| Q3 24 | $2.8B | $801.3M | ||
| Q2 24 | $2.7B | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | 3.80× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 3.05× | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| 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 | — | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | 13.7% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $-4.1M | ||
| Q3 25 | $100.8M | $19.4M | ||
| Q2 25 | $129.6M | $-13.8M | ||
| Q1 25 | $61.1M | $15.6M | ||
| Q4 24 | $104.8M | $14.0M | ||
| Q3 24 | $118.6M | $15.7M | ||
| Q2 24 | $81.1M | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | $-11.3M | ||
| Q3 25 | $79.2M | $9.0M | ||
| Q2 25 | $108.9M | $-26.0M | ||
| Q1 25 | $36.5M | $12.3M | ||
| Q4 24 | $80.5M | $12.5M | ||
| Q3 24 | $100.0M | $13.3M | ||
| Q2 24 | $68.7M | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | -7.6% | ||
| Q3 25 | 34.9% | 6.6% | ||
| Q2 25 | 50.2% | -23.5% | ||
| Q1 25 | 17.0% | 15.4% | ||
| Q4 24 | 37.8% | 11.6% | ||
| Q3 24 | 47.0% | 13.0% | ||
| Q2 24 | 34.2% | 36.1% |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | 4.8% | ||
| Q3 25 | 9.5% | 7.7% | ||
| Q2 25 | 9.5% | 11.0% | ||
| Q1 25 | 11.4% | 4.0% | ||
| Q4 24 | 11.4% | 1.4% | ||
| Q3 24 | 8.7% | 2.3% | ||
| Q2 24 | 6.2% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | -0.50× | ||
| Q3 25 | 2.71× | 1.63× | ||
| Q2 25 | 5.90× | -1.00× | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 2.88× | 1.79× | ||
| Q3 24 | 4.85× | — | ||
| Q2 24 | 2.51× | 3.21× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
