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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $15.8M, roughly 13.8× Spire Global, Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -176.6%, a 186.5% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs -26.9%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs -32.6%).
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...
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
IRDM vs SPIR — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $15.8M |
| Net Profit | $21.6M | $-28.0M |
| Gross Margin | — | 40.2% |
| Operating Margin | 23.2% | -164.1% |
| Net Margin | 9.9% | -176.6% |
| Revenue YoY | 1.9% | -26.9% |
| Net Profit YoY | -29.0% | 42.7% |
| EPS (diluted) | — | $-0.85 |
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 | $15.8M | ||
| Q3 25 | $226.9M | $12.7M | ||
| Q2 25 | $216.9M | $19.2M | ||
| Q1 25 | $214.9M | $23.9M | ||
| Q4 24 | $213.0M | $21.7M | ||
| Q3 24 | $212.8M | $28.6M | ||
| Q2 24 | $201.1M | $25.4M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $-28.0M | ||
| Q3 25 | $37.1M | $-19.7M | ||
| Q2 25 | $22.0M | $119.6M | ||
| Q1 25 | $30.4M | $-20.7M | ||
| Q4 24 | $36.3M | $-48.8M | ||
| Q3 24 | $24.4M | $-12.5M | ||
| Q2 24 | $32.3M | $-16.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 40.2% | ||
| Q3 25 | — | 36.6% | ||
| Q2 25 | — | 48.9% | ||
| Q1 25 | — | 36.8% | ||
| Q4 24 | — | 32.4% | ||
| Q3 24 | — | 44.5% | ||
| Q2 24 | — | 43.0% |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | -164.1% | ||
| Q3 25 | 30.9% | -166.1% | ||
| Q2 25 | 23.2% | -122.7% | ||
| Q1 25 | 28.1% | -106.5% | ||
| Q4 24 | 24.5% | -144.1% | ||
| Q3 24 | 25.8% | -48.0% | ||
| Q2 24 | 21.7% | -48.6% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | -176.6% | ||
| Q3 25 | 16.4% | -155.3% | ||
| Q2 25 | 10.1% | 623.4% | ||
| Q1 25 | 14.2% | -86.5% | ||
| Q4 24 | 17.1% | -225.2% | ||
| Q3 24 | 11.5% | -43.7% | ||
| Q2 24 | 16.1% | -65.2% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $-0.85 | ||
| Q3 25 | $0.35 | $-0.61 | ||
| Q2 25 | $0.20 | $3.72 | ||
| Q1 25 | $0.27 | $-0.77 | ||
| Q4 24 | $0.30 | $-1.93 | ||
| Q3 24 | $0.21 | $-0.50 | ||
| Q2 24 | $0.27 | $-0.68 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $81.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $112.9M |
| Total Assets | — | $211.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $81.8M | ||
| Q3 25 | $88.5M | $96.8M | ||
| Q2 25 | $79.3M | $117.6M | ||
| Q1 25 | $50.9M | $35.9M | ||
| Q4 24 | $93.5M | $19.2M | ||
| Q3 24 | $159.6M | $36.6M | ||
| Q2 24 | $63.5M | $45.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $103.7M | ||
| Q4 24 | $1.8B | $103.1M | ||
| Q3 24 | — | $4.9M | ||
| Q2 24 | — | $4.9M |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $112.9M | ||
| Q3 25 | $450.5M | $133.1M | ||
| Q2 25 | $473.6M | $149.2M | ||
| Q1 25 | $518.4M | $3.7M | ||
| Q4 24 | $576.6M | $-11.7M | ||
| Q3 24 | $663.8M | $30.8M | ||
| Q2 24 | $786.7M | $40.3M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $211.0M | ||
| Q3 25 | $2.6B | $224.3M | ||
| Q2 25 | $2.6B | $239.5M | ||
| Q1 25 | $2.6B | $208.8M | ||
| Q4 24 | $2.7B | $193.6M | ||
| Q3 24 | $2.8B | $224.2M | ||
| Q2 24 | $2.7B | $230.8M |
| Q1 26 | — | — | ||
| Q4 25 | 3.80× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | 3.05× | — | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.12× |
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 | — | $-4.3M |
| Free Cash FlowOCF − Capex | — | $-16.2M |
| FCF MarginFCF / Revenue | — | -102.1% |
| Capex IntensityCapex / Revenue | 13.7% | 75.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $-4.3M | ||
| Q3 25 | $100.8M | $-12.0M | ||
| Q2 25 | $129.6M | $-35.1M | ||
| Q1 25 | $61.1M | $-8.4M | ||
| Q4 24 | $104.8M | $-19.2M | ||
| Q3 24 | $118.6M | $14.0M | ||
| Q2 24 | $81.1M | $-4.4M |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | $-16.2M | ||
| Q3 25 | $79.2M | $-20.4M | ||
| Q2 25 | $108.9M | $-38.7M | ||
| Q1 25 | $36.5M | $-17.3M | ||
| Q4 24 | $80.5M | $-24.3M | ||
| Q3 24 | $100.0M | $5.1M | ||
| Q2 24 | $68.7M | $-9.9M |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | -102.1% | ||
| Q3 25 | 34.9% | -161.3% | ||
| Q2 25 | 50.2% | -201.7% | ||
| Q1 25 | 17.0% | -72.6% | ||
| Q4 24 | 37.8% | -112.2% | ||
| Q3 24 | 47.0% | 17.8% | ||
| Q2 24 | 34.2% | -39.0% |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | 75.1% | ||
| Q3 25 | 9.5% | 66.2% | ||
| Q2 25 | 9.5% | 18.8% | ||
| Q1 25 | 11.4% | 37.3% | ||
| Q4 24 | 11.4% | 23.5% | ||
| Q3 24 | 8.7% | 31.2% | ||
| Q2 24 | 6.2% | 21.8% |
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | — | ||
| Q3 25 | 2.71× | — | ||
| Q2 25 | 5.90× | -0.29× | ||
| 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
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $43.9M | 20% |
| Government | $35.8M | 16% |
| Government service revenue (5) | $26.8M | 12% |
| Subscriber equipment | $23.1M | 11% |
| Hosted payload and other data service (4) | $14.9M | 7% |
| Broadband (3) | $12.9M | 6% |
| Commercial | $1.6M | 1% |
SPIR
Segment breakdown not available.
