Quarterly analysis of the EO sector along with complete financial earnings reviews on six EO pacesetters: BlackSky, HawkEye 360, Planet, Satellogic, Satrec Initiative, and Spire.
Revenue breakout. Sector revenue rose 50% y/y to a record $267M, the strongest growth in two years, with both imagery and satellite system segments growing equally. Planet (+58%) and HawkEye 360 (+87%) accounted for roughly two-thirds of the ~$90M increase. Blacksky rebounded 50% as Gen-3 subscriptions ramped, while Satellogic grew 3.6x as space-systems deliveries added a new growth leg.
Opex grew 25% y/y in support of sovereign pursuits but declined as a share of revenue from 91% to a new record low of 75%.
Industry backlog grew 8% y/y to ~$2.1B, representing 2.3x TTM revenues, down from 2.7x in Q1. BlackSky led the pack at 3.5x.
Profits in sight. Q2 AEBITDA reached $23M vs a $12M loss in Q1. The sector generated 9 cents for every dollar of revenue, supported by five profitable players. Only Spire remained in the red. Planet contributed largest share ($14M), although its full-year guide ($3–10M) implies a profit reversal in 2H. We model the sector at breakeven in 2026, with $28M of AEBITDA and a 3% margin.
