Overview
- Q4 2025 revenue was $44.8 million versus $53.7 million expected, with a $33.1 million operating loss.
- Shares fell as much as 8.3% after the miss, and results included $10.8 million in one-time acquisition costs.
- Management guided 2026 revenue to $900 million–$1 billion with positive adjusted EBITDA, supported by about $272 million in cash after a $175 million equity raise and a resale filing due by April 1.
- Contract backlog totaled roughly $943 million by late February, with recent wins including Lanteris’ selection to build 18 spacecraft platforms for L3Harris on SDA’s Tranche 3 Tracking Layer.
- The company is executing a build, connect, operate plan anchored by a $4.82 billion Near Space Network Services award, with its first lunar relay satellite slated to launch on IM-3.