Iridium confirms service provider agreement for phone-to-satellite offering

MCLEAN, Va. – On December 30, 2022, Iridium Communications Inc. announced that it had entered into a service provider agreement to enable Iridium’s technology in smartphones. Iridium had previously announced that it had entered into a development agreement regarding such technology and stated it expected to complete a service provider agreement by the end of the year. The agreements are contingent upon the successful development of the technology and provide for development fees, royalties and network usage fees to be paid to Iridium. To protect each company’s investment in this newly developed technology, the overall arrangements include substantial recoupment payments from each company for commercializing a similar capability with another party. The agreements also contain termination provisions and other rights, including in the case of a change of control of Iridium.

Read the SEC filing here.

Iridium