It has been about a month since the last earnings report for Iridium Communications (IRDM). Shares have added about 0.9% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Iridium due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Iridium Q2 Loss Narrower Than Estimates, Revenues FallIridium reported tepid second-quarter 2020 results, with GAAP net loss narrowing year over year on lower revenues.Net LossOn a GAAP basis, net loss in the June quarter was $12.4 million or loss of 9 cents per share. The figure was narrower than net loss of $18.1 million or loss of 16 cents per share in the prior-year quarter. The year-over-year improvement was driven by lower R&D expenses and lower operating costs. Decline in net interest expenses associated with the company’s refinancing of high-yield notes and credit facility in the year-ago quarter was also a contributing factor. The bottom line was narrower than the Zacks Consensus Estimate of a loss of 14 cents.RevenuesQuarterly revenues totaled $140.2 million compared with $143.1 million in the year-ago quarter. The downtick was mainly caused by lower engineering and support service revenues as well as subscriber equipment sales due to COVID-19 pandemic. Nevertheless, the top line surpassed the consensus mark of $136 million.Total service revenues increased 2.3% to $113.4 million from $110.8 million in the year-ago quarter. This was primarily driven by growing subscriber base in the commercial and government service business. Markedly, service revenues contributed 80.9% to total revenues in the second quarter. Subscriber equipment revenues declined 15.4% to $19.8 million from $23.4 million in the year-ago quarter due to the adverse impact of the outbreak. Engineering and support service revenues declined 21.1% to $7 million mainly due to the episodic nature of contracted work with the U.S. government.Other DetailsTotal operating expenses were $134.3 million compared with $139.4 million in the prior-year quarter. The improvement was primarily led by lower R&D expenses. Operational EBITDA (OEBITDA) increased $0.2 million to $85.3 million, or 60.8% of revenues from $85.1 million, or 59.4% of revenues in the second quarter of 2019.During the quarter, the company registered 1,362,000 billable subscribers compared with 1,213,000 in the year-ago quarter. The year-over-year increase was backed by growth in commercial and government IoT customers.Cash Flow & LiquidityDuring the quarter, Iridium’s capital expenditures were $9.2 million compared with $57.9 million in the prior-year quarter. As of Jun 30, the company had $119.1 million in cash and equivalents with $1,526.8 million of net debt.2020 Guidance UpdatedConsidering the COVID-19 pandemic, Iridium has revised its outlook for 2020. Despite macroeconomic challenges, the company expects full-year 2020 total service revenues to grow within a range of 1-2% backed by stabilized IoT and voice business post COVID-19 crisis.The company currently anticipates softness in equipment revenues due to market downfall coupled with supply chain disruptions triggered by the global pandemic. Iridium expects full-year 2020 OEBITDA to be nearly $340 million compared with 2019 guidance of $331.7 million. Net leverage is anticipated to be nearly 4.3x OEBITDA compared with the prior expectation of 4.4x OEBITDA at the end of 2020.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in estimates review. The consensus estimate has shifted 9.76% due to these changes.VGM ScoresCurrently, Iridium has an average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a grade of F on the value side, putting it in the fifth quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Iridium has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Iridium Communications Inc (IRDM): Free Stock Analysis Report To read this article on Zacks.com click here.