Quarterly analysis of the EO sector along with complete financial earnings reviews on four EO pacesetters: BlackSky, ISI, Planet, Satellogic, Satrec Initiative, and Spire.
Growth holds. Sector revenue grew double-digit for the second straight quarter, up 14% y/y to $181M. Planet delivered a second consecutive quarter of >40% growth on strong D&I demand. Satellogic and ISI doubled revenue on steady data and infra deliveries. In contrast, BlackSky and Spire declined nearly 30% y/y on one-time revenue normalization and the maritime exit, respectively, though both expect an H2 recovery.
Profit slips again. Q1 AEBITDA loss widened 13% y/y to $12M after turning positive last quarter. Most players remained loss-making, with BlackSky driving the decline on weaker revenue. ISI was the only meaningful profit contributor, posting $7.3M of AEBITDA. Blacksky should improve in H2 as Gen-3 backlog converts, while Planet, Spire and Satellogic are unlikely to reach meaningful profitability before 2028.
Book-to-bill of 2.7x. Sector backlog rose 24% y/y to $2B, but gains were uneven. Planet (+81%) and Satellogic (+3.7x) grew dramatically, while ISI and Spire slipped without fresh awards. Satrec grew 19% supported by a $164M European ground win
