New accounts filed by the Dublin 2-registered Starlink Internet Services Ltd show that profits increased as revenues surged by 94pc from $358m to $693.79m last year.
The directors state that turnover rose significantly “driven by a substantial increase in sales to both residential and enterprise customers”.
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The company is wholly owned by Mr Musk’s SpaceX. Starlink globally has the world’s largest satellite constellation using a low-Earth orbit to deliver broadband internet.
Starlink earlier this year confirmed that it had over 6,750 satellites in orbit.
The Dublin-based unit is principally involved in the sale of broadband internet and telecommunication services and the business provides Starlink internet in various countries outside the US.
The accounts don’t provide a geographical breakdown of revenues.
In March of this year, the company lodged an application with ComReg for a license to operate a satellite earth station (SES) at Killala, Co Mayo to connect to Starlink’s NGSO (non-geostationary orbit system) to enhance the connectivity capabilities and capacity for Starlink users.
ComReg has stated that it proposes to grant Starlink a licence for its proposed SES at Killala, but has invited submissions from the public over the plan.
The profits at Starlink Internet Services Ltd take account of inter-company costs of $630.38m and non-cash depreciation costs of $9.32m.
Numbers directly employed increased from three to nine and all are involved in finance and regulatory work. Staff costs rose sharply from $199,155 to $1.72m.
The company recorded a post-tax profit of $12.03m after incurring a corporation tax charge of $1.84m.
The directors state that the customer base expanded significantly across both the residential and enterprise segments, including the aviation and maritime sectors, reflecting strong demand for the company’s products and services in both new and existing markets.
Introduction of consumption-based pricing for enterprise customers contributed to increased overall revenue. Product sales increased by $73m from $144m to $217.2m as service sales increased by $262.58m to $476.5m.
On future developments, the directors state that Starlink “is expected to continue its rapid global expansion, driven by increasing demand for high-speed, low-latency satellite internet, particularly in underserved and remote regions”.
At the end of last year, accumulated profits totalled $20.65m.
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