It's been a tough go for space stocks lately. Virgin Orbit is bankrupt, SpaceX's largest rocket ever exploded spectacularly in its first test flight, and various other rocket companies are getting their valuations compressed as we enter the "find out" phase of space investing.
This is why it's so refreshing to see some of the OG players in the satellite industry galvanize themselves to serious growth as space becomes way more competitive.
One of our original space stocks, Iridium ($IRDM) has posted growth figures that double what the market expected from them.
Iridium is soaring on the back of new contracts and the unbeatable reliability of its well-tested satellite constellation. Their customer numbers are up big, and they finally have a mobile phone partner after years of speculation.
We're excited to go through the details with you, but really $IRDM is flying on the back of simply accelerating all the growth we've already talked about.
So here's the quick headline:
Iridium managed to grow revenue 22% in Q1 of 2023. That's essentially DOUBLE our wildest expectations.
IRDM has crushed our (admittedly aggressive) price target 6 months ahead of schedule. We love it when defensive strategies suddenly start playing offense.
So let's take a quick look behind the numbers and see if we can keep justifying this growth rate moving forward. 👇