Beam Communications Holdings Ltd. announced a binding contract with Iridium Communications Inc. for the development and supply of a new Iridium Certus device that is scheduled for launch later this year. This agreement includes a minimum order for the devices from Beam's long-standing partner, Iridium, that will generate at least USD 12 million (or more than AUD 16 million) in revenue for the Company within the first five years. First deliveries of the device are scheduled for the second half of calendar 2022, although as with any development project this is subject to change due to factors outside Beam's control.

Beam will provide more information following the commercial launch of the product by Iridium.