Gen-3 Momentum Drives a Breakout Quarter and Sets Up a Strong H2
 
Breakout quarter. Q2 revenue jumped 50% y/y and 60% q/q to $33.3M, led by Space-based Intelligence & AI revenue of $24.5M. The ~$8M sequential increase was entirely subscription revenue, making Q2 a credible new base for future quarters. Management also called out Gen-3 as the engine behind ~90% of that growth.
Backlog solidifies H2 guide. Q2 backlog stood at $378M, with multi-year international subscriptions comprising >80% of the order book. Of the total, $76M is expected to convert in H2 – meeting lower end of the guidance range.
 
Profit in sight. AEBITDA swung to positive $4.7M (margins at 14.2%) from a $2.8M loss, with opex up just 6% y/y. As Gen-3 improves the margin profile and utilization scales, we model AEBITDA reaching $17.7M in 2026 and $46.9M by 2027