International Strength And Gen-3 Deployment To Drive Recovery Path In H2.
Mixed results. Revenue declined 11% y/y to $22M due to a $3M drop in P&E revenue. AEBITDA turned negative ($2.8M) from $2.1M profit in 2Q24, reflecting higher operating costs from the LeoStella acquisition and early AROS investments.
Guidance cut. 2025 revenue guidance was lowered to $105-130M (-12% at midpoint) and AEBITDA to $0-10M (-72% at midpoint), citing U.S. budget delays and international contract timing. With only $45.7M contracted for the next six months, landing and executing new orders will be critical to achieving 2H25 midpoint revenue guidance of $66M.
Gen-3 scaling. The second Gen-3 satellite (launched in June) began delivering imagery within 12 hours, while the third is in final testing. Commercial service is expected to begin in Sept’25, with six satellites in 2025 aimed at accelerating pipeline conversion