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Revenue by Segment
Breaks revenue down across the company’s core markets (such as IoT, voice/data services, government contracts, maritime/aviation, and equipment sales), highlighting which areas drive growth and profits. Useful for spotting concentration risk, shifts in customer demand, and whether higher-margin segments are gaining share.Commercial Service is the clear growth engine, driven recently by stronger ARPU and IoT momentum, while Subscriber Equipment remains lumpy—product cycles (and the upcoming 9604) will determine near-term swings and whether equipment guidance is hit. Engineering & Support and Government revenues have stepped up from contract wins, making service revenue stickier and bolstering free‑cash‑flow visibility; management’s reaffirmed guidance relies on this recurring growth but is exposed to PNT timing and an OEBITDA headwind from compensation changes—monitor equipment cadence and PNT contract timing for upside or downside to cash flow and leverage.
Date | Commercial Service | Government Service | Subscriber Equipment | Engineering & Support |
|---|---|---|---|---|
Jun 30, 2026 | $133.70M | $27.63M | $20.77M | $43.14M |
Mar 31, 2026 | $130.40M | $27.63M | $20.22M | $40.81M |
Dec 31, 2025 | $131.30M | $27.50M | $17.00M | $37.10M |
Sep 30, 2025 | $138.30M | $26.90M | $21.50M | $40.20M |
Jun 30, 2025 | $128.80M | $26.80M | $19.50M | $41.90M |
Mar 31, 2025 | $127.50M | $26.80M | $23.10M | $37.40M |
Dec 31, 2024 | $127.20M | $26.80M | $21.50M | $37.40M |
Sep 30, 2024 | $133.30M | $26.50M | $22.20M | $30.70M |
Jun 30, 2024 | $126.00M | $26.50M | $22.80M | $25.80M |
Mar 31, 2024 | $122.10M | $26.50M | $24.90M | $30.40M |