Quarterly analysis of the EO sector along with complete financial earnings reviews on four EO pacesetters: BlackSky, ISI, Planet, Satellogic, Satrec Initiative, and Spire. 
 
Topline rebound. Industry revenue surged 22% y/y, breaking a four-quarter trough as government budgets started to flow. Planet and Satrec led with >40% growth on sovereign pipeline, while Satellogic (2x) benefited from data purchases. In contrast, ISI declined 16% on delayed milestone recognition, and Spire fell 27% due to maritime exit (+44% ex-maritime).
Infra-led growth, Data still the endgame! Q4 was dominated by infrastructure deliveries, with revenue growing 70% and closing the gap with imagery. We expect milestone-led growth to continue into 2026, but long-term scaling will hinge on data monetization beyond 2027. Imagery grew 15% y/y in 2025.
Profit inflection. The sector turned AEBITDA positive ($8M with 4% margin) in Q4 but lost $11.5M on a full-year basis. Four of six players are in green, while Spire and Satellogic remain loss making. Near-term profit drivers will be Blacksky (11% margin) and ISI (32% margin), supported by Gen-3 ramp and D&I execution. Planet is likely to see a meaningful step-up by FY28 (est. $43M), as near-term margins remain weighed down by early hardware deliveries.