Quarterly analysis of the EO sector along with complete financial earnings reviews on five EO pacesetters: BlackSky, ISI, Planet, Satrec Initiative, and Spire. Mixed Signals. Industry revenue contracted for the first time in three years, dragged down by ISI’s steep 43% decline. Gains from Planet (+10%) and BlackSky (+22%) weren’t enough to offset the slide, while Spire’s 31% drop was primarily due to the absence of ~$10M in one-time milestone payments booked in 1Q24. Looking ahead, Planet and BlackSky’s consistent launch cadence positions them to begin drawing down on a combined ~$800M backlog, setting up for a stronger second half.