10:49 AM EDT, 06/04/2024 (MT Newswires) -- Iridium Communications ( IRDM ) said Tuesday it has been awarded a new contract valued at around $94 million to supply enhanced mobile satellite services and security to the US Space Force over the next five years.

Iridium has been working with the US military branch and its predecessors for more than 20 years, signing a $54 million, 54-month contract in 2019 for narrowband voice and data services and a seven-year contract valued at $738.5 million to provide airtime services to the Defense Information Systems Agency through September 2026.

The new contract could be worth as much as $103 million to the company, based on future surge requirements, Iridium said.

Shares of the company were up 2.5% in recent trading.

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