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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and Telesat Corp (TSAT). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $73.8M, roughly 3.0× Telesat Corp). Iridium Communications Inc. runs the higher net margin — 9.9% vs -119.8%, a 129.7% gap on every dollar of revenue. Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs -64.0%).
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...
Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa.
IRDM vs TSAT — Head-to-Head
Income Statement — Q1 2026 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $73.8M |
| Net Profit | $21.6M | $-88.4M |
| Gross Margin | — | 95.3% |
| Operating Margin | 23.2% | 5.9% |
| Net Margin | 9.9% | -119.8% |
| Revenue YoY | 1.9% | — |
| Net Profit YoY | -29.0% | — |
| EPS (diluted) | — | — |
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 | $226.9M | $73.8M | ||
| Q2 25 | $216.9M | $77.5M | ||
| Q1 25 | $214.9M | $152.2M | ||
| Q4 24 | $213.0M | — | ||
| Q3 24 | $212.8M | — | ||
| Q2 24 | $201.1M | $363.2M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | — | ||
| Q3 25 | $37.1M | $-88.4M | ||
| Q2 25 | $22.0M | $55.1M | ||
| Q1 25 | $30.4M | $-52.3M | ||
| Q4 24 | $36.3M | — | ||
| Q3 24 | $24.4M | — | ||
| Q2 24 | $32.3M | $547.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 95.3% | ||
| Q2 25 | — | 95.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | — | ||
| Q3 25 | 30.9% | 5.9% | ||
| Q2 25 | 23.2% | 16.8% | ||
| Q1 25 | 28.1% | — | ||
| Q4 24 | 24.5% | — | ||
| Q3 24 | 25.8% | — | ||
| Q2 24 | 21.7% | — |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | — | ||
| Q3 25 | 16.4% | -119.8% | ||
| Q2 25 | 10.1% | 71.2% | ||
| Q1 25 | 14.2% | -34.4% | ||
| Q4 24 | 17.1% | — | ||
| Q3 24 | 11.5% | — | ||
| Q2 24 | 16.1% | 150.7% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.35 | — | ||
| Q2 25 | $0.20 | — | ||
| Q1 25 | $0.27 | — | ||
| Q4 24 | $0.30 | — | ||
| Q3 24 | $0.21 | — | ||
| Q2 24 | $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 | — | $352.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $1.6B |
| Total Assets | — | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | — | ||
| Q3 25 | $88.5M | $352.3M | ||
| Q2 25 | $79.3M | $399.6M | ||
| Q1 25 | $50.9M | $552.1M | ||
| Q4 24 | $93.5M | — | ||
| Q3 24 | $159.6M | — | ||
| Q2 24 | $63.5M | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | — | ||
| Q3 25 | $450.5M | $1.6B | ||
| Q2 25 | $473.6M | $1.7B | ||
| Q1 25 | $518.4M | $2.5B | ||
| Q4 24 | $576.6M | — | ||
| Q3 24 | $663.8M | — | ||
| Q2 24 | $786.7M | $2.4B |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | $5.1B | ||
| Q2 25 | $2.6B | $4.9B | ||
| Q1 25 | $2.6B | $6.9B | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.7B | $6.3B |
| Q1 26 | — | — | ||
| Q4 25 | 3.80× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.05× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
TSAT
Segment breakdown not available.
