🔹 Revenue: $6.2M (Est. $4.2M) 🟢 ; +94% YoY
🔹 Net Income: $30.5M vs. net loss of ($70.9M) YoY
🔹 Adj. EBITDA: ($3.1M) vs. ($7.5M) YoY
🔹 Remaining Performance Obligations: $65.1M
Other Metrics:
🔹 Data & Analytics Revenue: $5.8M vs. $2.3M YoY
🔹 Space Systems Revenue: $0.4M vs. $0.9M YoY
🔹 Cost of Sales: $1.3M; 20% of revenue vs. 39% YoY
🔹 Revenue Expected Within One Year From RPO: $28.6M
Financials:
🔹 Cash: $94.4M
🔹 Engineering Expenses: $2.9M
🔹 SG&A: $7.5M
🔹 FY25 Engineering Expenses: $10.4M
🔹 FY25 SG&A: $25.7M
Other Key Highlights:
🔹 Merlin Constellation: Fully funded AI-first global daily remapping system at 1-meter resolution
🔹 Merlin Funding: Previously announced $30M customer contract
🔹 First Merlin Launch Target: October 2026
🔹 CEiiA Agreement: $18M for two NewSat Mark V satellites
🔹 January 2026 Registered Direct Offering: $35M
🔹 October 2025 Public Offering: $90M
Commentary:
🔸 “The fourth quarter and full year 2025 delivered revenue acceleration as we continued to improve our capabilities to deliver persistent monitoring at scale.”
🔸 “We ended the year with $94.4 million in cash on hand, and $65.1 million in remaining performance obligations, including $28.6 million expected to be recognized as revenue within one year, supporting the confidence in our revenue base entering 2026.”