Growth Pushed to 2026, Insurance Windfall Funds Next-Gen Investments:
Modest topline. Q4 revenues declined 16% y/y to $18.5M, with milestones pushed to 2026. Full-year revenue grew 5% y/y to $60.8M, a sharp slowdown from ~30% growth in prior years and 12% below its $69M incoming 2025 backlog.
Data wins, Infra lags. Data revenue rose 64% y/y to $15M, supported by the $42M satellite services contract from May’25. Infrastructure contributed mere $3.6M (~20% of total), as Chile and Asian revenues deferred to 2026. Full-year infra revenue halved to $16M but expected to rebound 40% y/y in 2026 to $22.6M driven by RUNNER ramp (four customer satellites in production).
EBITDA positive. AEBITDA fell 28% y/y to $5.7M, tracking the 16% revenue decline and 15% rise in opex (claim settlement costs). Reported EBITDA, however, came in $35M in Q4, driven by $30M EROS C3 insurance income. We model 2026 AEBITDA at $27M (32% margin), supported by recurring data contracts and operating leverage.