Revenue Pipeline Builds, Merlin Is the Key Execution Test
 
Breakout quarter. Q1 revenue grew 80% y/y to $6M, led by a $1.6M increase in Data & Analytics demand and $1.1M higher Space Systems revenue. Data remained a core driver at $4.6M, up 54% y/y, driven by subscription wins across APAC and Europe, including Suhora/India, HEO, and Albania.
 
Subscription pivot. The launch of Aleph Observer in Feb’26 adds a second strategic layer, helping convert one-off imagery demand into multi-year monitoring subscriptions.
 
Asia revenue rose >7x y/y to $3M, now contributing ~48% of total revenue, supported by Australia’s HEO and Malaysia’s MHREOSP program. In contrast, the US contribution fell to ~30% from ~70% in 2025, due to budget timing.