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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $219.1M, roughly 1.7× Iridium Communications Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -1.9%, a 11.8% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 1.9%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% 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...
Innovate Corp. is an American public financial services company founded in 1994.
IRDM vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $382.7M |
| Net Profit | $21.6M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 23.2% | 3.7% |
| Net Margin | 9.9% | -1.9% |
| Revenue YoY | 1.9% | 61.7% |
| Net Profit YoY | — | 55.4% |
| EPS (diluted) | — | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $226.9M | $347.1M | ||
| Q2 25 | $216.9M | $242.0M | ||
| Q1 25 | $214.9M | $274.2M | ||
| Q4 24 | $213.0M | $236.6M | ||
| Q3 24 | $212.8M | $242.2M | ||
| Q2 24 | $201.1M | $313.1M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $-7.4M | ||
| Q3 25 | $37.1M | $-8.9M | ||
| Q2 25 | $22.0M | $-19.8M | ||
| Q1 25 | $30.4M | $-24.5M | ||
| Q4 24 | $36.3M | $-16.6M | ||
| Q3 24 | $24.4M | $-15.0M | ||
| Q2 24 | $32.3M | $14.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | 3.7% | ||
| Q3 25 | 30.9% | 1.8% | ||
| Q2 25 | 23.2% | 2.0% | ||
| Q1 25 | 28.1% | 1.2% | ||
| Q4 24 | 24.5% | 1.1% | ||
| Q3 24 | 25.8% | 2.4% | ||
| Q2 24 | 21.7% | 9.2% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | -1.9% | ||
| Q3 25 | 16.4% | -2.6% | ||
| Q2 25 | 10.1% | -8.2% | ||
| Q1 25 | 14.2% | -8.9% | ||
| Q4 24 | 17.1% | -7.0% | ||
| Q3 24 | 11.5% | -6.2% | ||
| Q2 24 | 16.1% | 4.6% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $-0.57 | ||
| Q3 25 | $0.35 | $-0.71 | ||
| Q2 25 | $0.20 | $-1.67 | ||
| Q1 25 | $0.27 | $-1.89 | ||
| Q4 24 | $0.30 | $-0.72 | ||
| Q3 24 | $0.21 | $-1.18 | ||
| Q2 24 | $0.27 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | — | $-240.1M |
| Total Assets | — | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $112.1M | ||
| Q3 25 | $88.5M | $35.5M | ||
| Q2 25 | $79.3M | $33.4M | ||
| Q1 25 | $50.9M | $33.3M | ||
| Q4 24 | $93.5M | $48.8M | ||
| Q3 24 | $159.6M | $51.0M | ||
| Q2 24 | $63.5M | $80.2M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | $1.8B | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $-240.1M | ||
| Q3 25 | $450.5M | $-233.3M | ||
| Q2 25 | $473.6M | $-224.8M | ||
| Q1 25 | $518.4M | $-204.2M | ||
| Q4 24 | $576.6M | $-180.4M | ||
| Q3 24 | $663.8M | $-163.1M | ||
| Q2 24 | $786.7M | $-149.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $950.1M | ||
| Q3 25 | $2.6B | $913.2M | ||
| Q2 25 | $2.6B | $890.9M | ||
| Q1 25 | $2.6B | $868.0M | ||
| Q4 24 | $2.7B | $891.1M | ||
| Q3 24 | $2.8B | $897.2M | ||
| Q2 24 | $2.7B | $898.9M |
| Q1 26 | — | — | ||
| Q4 25 | 3.80× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.05× | — | ||
| Q3 24 | — | — | ||
| 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 | — | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 13.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $101.1M | ||
| Q3 25 | $100.8M | $19.2M | ||
| Q2 25 | $129.6M | $40.4M | ||
| Q1 25 | $61.1M | $-14.1M | ||
| Q4 24 | $104.8M | $41.4M | ||
| Q3 24 | $118.6M | $-28.4M | ||
| Q2 24 | $81.1M | $21.5M |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | — | ||
| Q3 25 | $79.2M | $19.0M | ||
| Q2 25 | $108.9M | — | ||
| Q1 25 | $36.5M | $-18.8M | ||
| Q4 24 | $80.5M | $34.2M | ||
| Q3 24 | $100.0M | $-31.5M | ||
| Q2 24 | $68.7M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | — | ||
| Q3 25 | 34.9% | 5.5% | ||
| Q2 25 | 50.2% | — | ||
| Q1 25 | 17.0% | -6.9% | ||
| Q4 24 | 37.8% | 14.5% | ||
| Q3 24 | 47.0% | -13.0% | ||
| Q2 24 | 34.2% | 5.9% |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | — | ||
| Q3 25 | 9.5% | 0.1% | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | 11.4% | 1.7% | ||
| Q4 24 | 11.4% | 3.0% | ||
| Q3 24 | 8.7% | 1.3% | ||
| Q2 24 | 6.2% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | — | ||
| Q3 25 | 2.71× | — | ||
| Q2 25 | 5.90× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 2.88× | — | ||
| Q3 24 | 4.85× | — | ||
| Q2 24 | 2.51× | 1.49× |
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
