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Megaconstellation Monthly: 2026-08

The Megaconstellation Monthly is Quilty Space's monthly intelligence brief that highlights the month's latest developments along with a Quilty QuickTake on what it all means.

Megaconstellation Monthly

BlackSky (BKSY): 2026 Q2 Earnings Review & Financial Analysis

Gen-3 Momentum Drives a Breakout Quarter and Sets Up a Strong H2

Company Earnings Review

KVH Industries (KVHI): Q2 2026 Earnings Review & Financial Analysis

LEO Terminal Shipments up ~2x to 2,500; Airtime Revenues up 32% with Adoption Wave Ahead Q2 revenues grew 27% and AEBITDA grew 14%, marking the third straight quarter of double-digit top & bottom-line growth as accelerating LEO sales overtook GEO declines. Terminal surge continues. KVH shipped 2,500 terminals in Q2 – below Q1’s record of 3,100– but up ~2x from the 1,300 shipped in 2Q25. 1H shipments totaled 5,600, nearly matching the 5,700 terminals shipped in 2025. We are modeling ~2,300 vessel net adds in 2H26. Airtime revenues grew 32% y/y and 6% sequentially, propelled by a 33% increase in vessel count and despite a “substantial decrease” in GEO airtime/vessels.

Company Earnings Review

Telesat (TSAT) 2026 Q2 Earnings Review & Financial Analysis

Lightspeed Upsized and Funded, GEO Refinancing Now the Key Risk Revenue tumbles. Q2 revenue fell 25% y/y to $79.5M, reflecting broadcast non-renewals and lower Nimiq-5 pricing, alongside reduced broadband service and the loss of an ISP customer following expiry of government funding. Margins under pressure. Q2 AEBITDA fell 62% y/y to $22M, as broadcast (-30% y/y) and enterprise (-22% y/y) revenue declines were compounded by a 22% increase in opex, driven by Lightspeed development and GEO refinancing costs. AEBITDA margin contracted 27.4pp to 27.8%, the sharpest decline in five years. ESCP-P secured. Telesat LEO signed a $2.3B agreement (up to $2.7B including two five-year options) with Canada's Defense Investment Agency for Mil-Ka connectivity — the largest contract in company history — expanding the fully-funded Lightspeed constellation from 156 to 225 satellites (a >40% capacity increase) with no change to the 1Q28 service date.

Company Earnings Review

Viasat (VSAT): 2027 Q1 Earnings Review & Financial Analysis

Slow Start to FY27 But Guidance Affirmed; ViaSat-3 Derisked and Ready to Deliver?

Company Earnings Review

Europe's 2 GHz Reset

Brussels wants to re-license the 2 GHz band with ownership as the first gate every applicant must clear. Even incumbents that have held the spectrum for nearly two decades would have to reapply under a materially narrower regime. This Deep Dive maps the three lanes, the hurdles in front of each, and how close every contender comes to clearing them.

Sector Deep Dive

Eutelsat (ETL): 2026 Q4 Earnings Review & Financial Analysis

OneWeb revenue accelerates as Continuity fleet, IRIS2 take shape

Company Earnings Review

Gilat (GILT): 2026 Q2 Earnings Review & Financial Analysis

1H26 AEBITDA up 57% led by Record IFC Antenna Shipments; Full-Year Guidance Affirmed

Company Earnings Review

Megaconstellation Monthly: 2026-07

The Megaconstellation Monthly is Quilty Space's monthly intelligence brief that highlights the month's latest developments along with a Quilty QuickTake on what it all means. Some topics covered this month: Golden Dome's math met procurement reality. SDA awarded $1.75B for 36 Tranche 3 Tracking Layer satellites to L3Harris ($955M) and Sierra Space ($798M). At roughly $44M to $53M per spacecraft, the awards came in at twice the $22M figure CBO used in its Golden Dome estimate.   Amazon Leo finally showed its D2D hand. The company proposed a 5,105-satellite Big LEO constellation, left U.S. SCS authority off the application, and targeted first deployments in 2028.   Skylo filed for scale. Six days after Amazon Leo's D2D application, Skylo sought authority for up to 250 million Big LEO terminals without naming a satellite operator.   SpaceX won big in the cabin, then stumbled in the hangar. Indigo Partners committed more than 1,000 aircraft to Starlink across five airlines, Frontier handed SpaceX the IFC passenger portal, and some BizJet operators paused antenna installations after Starlink's price hike.   The FCC's final Ku | Ka | V processing round drew 13 applicants seeking more than 137,000 satellites. SpaceX alone accounted for 100,000 with its Gen3 filing.   Eutelsat introduced its post-OneWeb architecture. WorldVu Next proposes 528 Ku | Ka satellites with optical crosslinks, onboard processing, and a standards-based 3GPP waveform.   SDA reached its halfway point just as Congress debated its future. The agency now has 63 of 126 Transport Layer satellites on orbit, 62 operational, while draft NDAA language outlines the path toward folding the agency into the Space Force.   Leadership moved. Funding didn't. The Senate confirmed three senior Space Force nominees, but Congress still has not passed the money to bankroll SDN, SB-AMTI, or Golden Dome's orbital layer.   Launch permitting enters its deregulatory era. The FAA proposed waiving 13 environmental statutes only weeks after Earthjustice urged the FCC to evaluate every orbital data center under a single environmental review.

Megaconstellation Monthly

Market Monitor: 2026-07

Covering Space Sector Market Trends & Indices for July 2026...

Market Monitor