Core Revenue Hits Post-Divestiture High, NOAA and RFGL Wins Set Up 2H Ramp
 
Results inline. Q2 core revenue (ex-maritime) grew 16% y/y and 19% q/q to $16.6M, marking the strongest quarter since the maritime divestiture. Growth was driven by higher Space Services deliveries as the 15 satellites launched in 1Q26 became fully operational, alongside RFGL data purchases.
 
AEBITDA loss narrowed 16% y/y to $8.6M on lower opex (down 20% y/y). With most restructuring now behind, management expects the cost base to normalize, while 2H improvement should be driven by revenue contributions from the 9 additional customer satellites launched in Jul’26