Question · Q3 2025
Christopher David Quilty asked about the scale of the T-Mobile D2D announcement for PNT, Iridium's go-to-market approach for PNT (wholesale vs. direct), the revenue mix (service/license vs. hardware) for PNT, reasons for the UAV market not booming, and Iridium's view on the Viasat/Space 42 Equitas joint venture.
Answer
CEO Matthew J. Desch explained that the T-Mobile PNT contract, supported by the Department of Transportation, could expand to thousands of cell sites and other companies, representing a significant market. He stated that PNT go-to-market will remain wholesale, similar to two-way communication, with a focus on service revenue and low-margin hardware for high-volume. He noted that the UAV market is growing in IoT, but broader expansion awaits clearer BVLOS regulations. Regarding Equitas, he found it a complicated vision requiring significant investment, and Iridium is not interested in investing, viewing the broadband D2D market as unproven.