It sounds like you may be on the wrong side of this trade and you are starting to get nervous! The flat-lining revenue is not the real reason of the current stock price. I may believe you if the current price was inline with the PE of it's competitors but it's not. IRDM is truely the best of breed when it comes to global communications. And its cheap at that! A PEG ratio of 0.51.
You do have a good point of flat-lining revenue, however; you have to look at the revenue stream details. The decrease in revenue was primarily due to a decrease in the "low profit" goverment sector. Did you notice how revenue was flat yet earnings were higher? You can't expect the US Gov. to remain in a constant state of war. So, for IRDM's revenue to remain flat during this time of military draw down actually show's strength; and in actuality, hides this strenght to those that take everything at face value.