In this Report: M&A Stock Performance, Peer Group Valuations, and Company Profiles on: Eutelsat OneWeb, Iridium, JSAT, KVH, Hughes, SES, Telesat, and Viasat.
Industrywide revenues remained broadly flat y/y with a modest q/q decline (-4%), as LEO/MEO uplift is yet to materialize at scale. Backlog slipped to $17B (-1% y/y), barely covering 1.5x annualized revenue.
Government (+7%) and Mobility (+18%) carried the quarter, with SES out front on its IRIS² ramp and aviation gains. The legacy base kept eroding — Video and Consumer fell 7% and 22%, respectively.
The SpaceRISE consortium cleared the first major Iris2 hurdle (Rendezvous-1), but SES’ Board is yet to sign off. Approval anchors medium-term revenue for SES and Eutelsat alike; rejection frees SES's €1.8B capex commitment and reopens the capital-allocation debate.
Q1 deal activity stayed thin — the lone public transaction was SES's ~€800M hybrid raise to refinance its NC26 notes - liability management more than growth capital. With next-gen builds now largely funded, the sector's focus is shifting from raising capital to repairing balance sheets.
