Softer Quarter But Deal Momentum Sets the Stage for H2 Rebound
 
Slow out the gate. Revenue declined 30% y/y to $21M, 25% below the consensus estimate - marking a soft start to 2026. Growth is expected to be H2-weigthed supported by a ramp in recently secured 8-figure subscriptions. Key wins include a $25M MDA deal and a $30M expansion (annual run rate), both tied to international data demand.
Backlog surge. EoP backlog stood at $351M, expanding to over $400M including post-quarter awards, with $70M to be recognized over nine months. YTD awards reached $160M, including a $99M US Air Force optical payload development IDIQ contract (R&D).
Data in focus. While Mission Solutions ($2M) and Advance Tech ($2.2M) saw a softer quarter, core data revenue remained steady y/y and grew 14% q/q to $16.5M.