Iridium Communications Inc

Good morning and welcome to Iridium Communications first quarter 2026 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Ken Levy, Vice President of Investor Relations. Please go ahead.

Thanks, Dave. Good morning, and welcome to Reviton's first quarter 2026 earnings call. Joining me on the call this morning are our CEO, Matt Desch, and our CFO, Vincent Neal. Today's call will begin with a discussion of our first quarter results, followed by Q&A. I trust you've had the opportunity to review this morning's earnings release, which is available on the Investor Relations section of our ratings website. Before we turn things over to Matt, I'd like to caution all participants that our call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical fact and could include statements about our future expectations, plans, and prospects. Such forward-looking statements are based upon our current beliefs and expectations, and are subject to risks which could cause actual results to differ from forward-looking statements. Such risks are more fully discussed in our filings with the Securities and Exchange Commission. Our remarks today should be considered in light of such risks. Any forward-looking statements represent our views only as of today, and while we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our views or expectations change. During the call, we'll also be referring to certain non-GAAP financial measures, including operational EBITDA, pro forma free cash flow. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. Please refer to today's earnings release and the Investor Relations section of our website for further explanation of these non-GAAP financial measures in reconciliation to the most directly comparable GAAP measures. With that, let me turn things over to Matt.

Thanks, Ken. Good morning, everyone. We've had a good start to the year, and our results are right where we expected them to be. Total revenue grew 2% as did service revenue. We're reiterating our guidance for the year, and Vince will give you the details in a minute. We continue to have some important new products under development for induction this year, and they're driving a lot of activity with our partner base. In the IoT area, our new tri-mode module, which we call the Reading 9604, is on track for commercial availability in June, and our beta partners are now testing and preparing their first products using our next-gen platform. The 9604 combines our short-verse data IoT service, cellular IoT, and GPS, all in a very small and cost-effective package, and it's generating a lot of excitement across our partner ecosystems. We believe the module also has the horsepower to consolidate a number of our other legacy services over time, and that can be helpful to our sustainment costs and to simplify our portfolio. In the P&T area, the announcement of our new ASIC rolling out in July is also generating a lot of inbound activity and attracting a number of new partners who are looking to integrate this technology into their product. P&SF disruptions around the world are highlighting the need for new assured P&T solutions. For drones and autonomous vehicles, shipping companies and their insurance providers, critical infrastructure in the U.S. and abroad, commercial aviation, the opportunities are expanding fast. Over 100 new companies have expressed interest in the ASIC, and we expect the commercial launch to drive deployments once it's in the market. Of course, our new Iridium NTN direct standards-based service is generating a lot of activity as well as it progresses closer to commercial launch later this year. We've been demonstrating it live over the air to mobile network operators and partners, and its performance has been impressing everyone, even as we make enhancements and further tune the service. We've been expanding agreements with more M&Os. Having signed seven to date with a number of others in the pipeline, There's clear demand from MNOs to roam onto Iridium's network when their customers find themselves out of coverage. We're also in discussions with additional chip and module manufacturers to have their 3GPP Release 19 chips with Iridium's capability available in 2027 and gain support from the test set community as well. It's been a big job for Iridium to reprogram our satellites and build cloud-based processing and standards capabilities into our gateway, and I'm very proud of my team for accomplishing so much so quickly. Freedom NTN Direct is positioned as complementary to the big B2B services that are emerging from Starlink, AST, and now Amazon Leo. As these companies focus on connecting smartphones from space, we will continue to focus on scalable specialty applications that support low-cost IoT, particularly for industrial and government markets where reliability and coverage are critical. While I've talked about some of the new products we have underway this year to drive growth, our partners are also making progress on products and certifications that will resonate with their target markets. They include launching some new terminals in the maritime GNDSS area and conducting flight trials for certification of our new IridiumSURS Aviation Safety Service. More broadly, I want to remind you of the four growth factors I talked about around our fourth quarter call in February. These are areas where we're prioritizing investment and taking significant opportunities to expand our revenues, even as more competition eventually comes to the satellite sector. First, in IoT, we are by far the leader in satellite IoT in terms of subscribers, revenues, and technology partners. And we believe that as we reduce costs by adopting standard 3GPP protocols, we will see continued success and growth. We are already pursuing cost-sensitive use cases that were more difficult to address with proprietary services, like automotive, smart meters, agriculture, and expanded asset tracking. Our network, reliability, global coverage, partner ecosystem, and strong brand position will allow us to continue to expand our revenues, particularly when we add our second growth vector, P&T, into the mix. I've already talked about how our new P&T ASIC is expanding our pipeline of opportunities, but it's also attracting major chip makers earlier than we expected. As these main factors eventually incorporate our P&T IP We think our business could really explode. We've provided guidance on the revenue potential expected in this area over the next four years, and I'm as bullish about meeting those targets as I've ever been. Some early customers are starting slowly, but they are committed to the big roll-up that we've been expecting. We also believe that our engineering and development work on new identity management and trusted location products could open up some very big new markets. We remain in the early phases of business development for these important services, but the opportunities are exciting. Our third growth area is national security missions with the U.S. government and is building off our success with the EMSS contract with the Space Force and the competency we've demonstrated in developing and operating the SDA satellite operation centers. We see a growing need for commercial SEPCOM providers to complement Starlink and other broadband networks that are becoming part of the Governance-Based Data Network, or SDN as they're called. We have a growing pipeline of work in this area. Some of it will generate service revenue, but also fast-growing engineering and support work. Requirements for Golden Dome are just now taking shape, and we think the reading is well-positioned there. Finally, aviation safety is an area of distinction for us and a forecracker for growth. We have a great position in this industry with our equity interest and strong relationship with Aerion, as well as for our ability to be certified to connect pilots and air traffic controllers by satellite. Our efforts to develop some differentiated products that could bring more value to airlines is still in the early stages, but we are increasingly confident about our potential to disrupt the status quo of the market. I want to acknowledge all the attention that mobile satellite services has been getting of late, especially in light of Amazon's plan to purchase global stars. People have realized the importance and significance of L and S band spectrum as it relates to connecting consumer devices on a global basis from space when out of coverage from cell towers, which happens over more than 85% of the planet's surface. We share this view of the value of this spectrum. Regardless, our priority today is to focus on expanding into these four growth areas while maintaining our revenue base and legacy services. We believe that this is the right direction for Iridium and will continue to stay focused on execution across the business. So, we're off to a good start in 2026. Partner activity remains strong and we continue to generate a lot of cash that we plan to invest in our growth vectors. I look forward to providing more updates on our progress in the coming quarters. Now let me turn the call over to Vince for details on the quarter. Vince?