Revenue Scales, Debt Eases, But H2 Bookings Remain Key
 
Revenue 2x. Q1 revenues more than doubled to $18.7M, inline with our expectations, driven by recognition on the Customer A’s $42M contract (signed May’25) and infra deliveries to Asian customer (Customer F).
Healthy revenue mix. Data revenue rose 78% y/y to $13M, supported by Customer A. Infrastructure contributed $5.6M, or ~30% of total revenue, as ISI progressed development of two RUNNER satellites for its Asian customer.
Stable profits. Q1 AEBITDA increased to $7.3M from $0.4M a year ago, reflecting strong operating leverage as revenue scales. Margin improved to 39%, close to ISI’s target range, supported by favorable revenue mix. We model 2027 AEBITDA of $34M, or 34% margin, backed by $142.5M of backlog visibility.