Sovereign Wins Drive the Turn, Next-Gen on Track for Next Inflection in 2H27.
 
Two-engine beat. Q2 revenue rose 3.6x to $15.9M, beating consensus by $6M. The upside was broad-based, with Data/Analytics and Space Systems adding $3.2M and $8.3M y/y, respectively.
 
Middle East drives data. Data & Analytics revenue grew 80% y/y to $7.1M, broadly matching the ~$3.5M y/y increase in MENA revenue, driven by the $18M persistent monitoring contract from May’26.
 
Sovereign demand converts. Space Systems revenue rose to $8.8M from $0.5M, with the first CEiiA (Portugal) satellite delivery accounting for nearly half of the $18M program. The second unit is expected to transfer ownership and operational control in Q3.