Data Drives Growth, Infra And EBITDA Remain Key Watchpoints
Q3 revenues grew 5% y/y to $15.7M, driven by ramp-up of new 2024-2025 contracts with Customer A. YTD revenue reached $42M (up 17.5% y/y). ISI has secured >$50M in new awards in 2025, following a standout 2024 with >$120M in wins.
Data revenue doubled y/y to $14M as recurring satellite services and Intelligence contracts now run at a $40-45M annual rate. Infrastructure revenue remained modest at $1.7M (~11% of total), with milestone gains offset by the completion of Customer D program. We expect a Q4 step-up and $30M of infra revenue in 2025 (up 7% y/y)
Gross margin expanded by 420 bp to 62%, driven by an 89% data revenue mix.