๐น Revenue: $6.2M (Est. $4.2M) ๐ข ; +94% YoY
๐น Net Income: $30.5M vs. net loss of ($70.9M) YoY
๐น Adj. EBITDA: ($3.1M) vs. ($7.5M) YoY
๐น Remaining Performance Obligations: $65.1M
Other Metrics:
๐น Data & Analytics Revenue: $5.8M vs. $2.3M YoY
๐น Space Systems Revenue: $0.4M vs. $0.9M YoY
๐น Cost of Sales: $1.3M; 20% of revenue vs. 39% YoY
๐น Revenue Expected Within One Year From RPO: $28.6M
Financials:
๐น Cash: $94.4M
๐น Engineering Expenses: $2.9M
๐น SG&A: $7.5M
๐น FY25 Engineering Expenses: $10.4M
๐น FY25 SG&A: $25.7M
Other Key Highlights:
๐น Merlin Constellation: Fully funded AI-first global daily remapping system at 1-meter resolution
๐น Merlin Funding: Previously announced $30M customer contract
๐น First Merlin Launch Target: October 2026
๐น CEiiA Agreement: $18M for two NewSat Mark V satellites
๐น January 2026 Registered Direct Offering: $35M
๐น October 2025 Public Offering: $90M
Commentary:
๐ธ โThe fourth quarter and full year 2025 delivered revenue acceleration as we continued to improve our capabilities to deliver persistent monitoring at scale.โ
๐ธ โWe 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.โ