Financial Data and Key Metrics Changes - The company generated $81.3 million in revenue, representing approximately 33% year-over-year growth, marking another quarter of growth acceleration [5][18] - Non-GAAP gross margin was 60% in the quarter, down from 64% in the same quarter of the previous fiscal year [22] - Adjusted EBITDA profit was $5.6 million, marking the fourth sequential quarter of Adjusted EBITDA profitability [5][23] - The backlog was $734.5 million at the end of the quarter, representing a year-over-year increase of 216% [5][25] - Free Cash Flow was positive for the third consecutive quarter, reinforcing expectations of being Free Cash Flow positive for the full fiscal year [5] Business Line Data and Key Metrics Changes - Revenue from the defense and intelligence sector grew over 70% year-on-year, driven by strong performance in data subscription and satellite services [6][19] - Civil government sector revenue was up approximately 1% year-over-year and up approximately 15% quarter-over-quarter [9] - Revenue from the commercial sector was moderately down both year-over-year and quarter-over-quarter, attributed to a focus on large government customers [10] Market Data and Key Metrics Changes - Revenue growth was distributed globally, with approximately 38% year-over-year growth in both Asia-Pacific and EMEA, 30% in North America, and 7% in Latin America [20] - The end-of-period customer count was 910, flat on a sequential basis, reflecting a focus on large customer opportunities [21] Company Strategy and Development Direction - The company is focusing on AI-enabled solutions for government customers, which are expected to unlock growth in the commercial sector [11] - Strategic projects include the OWL next-generation monitoring fleet and Project SunCatcher, aimed at enabling scaled AI computing in space [14][15] - The acquisition of Bedrock Research is expected to accelerate the roadmap for AI-enabled solutions and support scaling to meet market demand [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving Adjusted EBITDA profitability for FY26, highlighting strong execution and strategic wins in the government sector [17][28] - The company anticipates continued revenue growth and a solid increase in average revenue per customer, indicating successful sales strategies [21][22] - Management remains optimistic about the future, citing robust demand for satellite services and AI-enabled analytics [12][13] Other Important Information - The company raised $460 million of convertible debt in September, significantly strengthening its balance sheet [18][24] - Capital expenditures in Q3 were approximately $27.7 million, driven by prepayments for favorable pricing in hardware procurements [23] Q&A Session Summary Question: Guidance on revenue and margin - Management noted that Q4 guidance reflects some one-time items from Q3 and adjustments due to downsized contracts, impacting revenue and margins [30][31] Question: Details on Bedrock acquisition - Bedrock specializes in remote sensing, AI, and national security data, integrating various data sets for government contracts [32][33] Question: Feasibility of Project SunCatcher - Management believes Project SunCatcher is a viable long-term project, with significant market opportunities as space infrastructure costs decrease [35][36] Question: Progress on JSAT and Germany deals - JSAT is performing well, with the team meeting and exceeding customer expectations, contributing positively to financial forecasts [39] Question: Revenue flow from Pelican satellites - Revenue from Pelican satellites is expected to scale gradually as contracts are secured, with no anticipated irregularities [51][53] Question: Clarity on EOCL contract cutbacks - Management indicated strong interest from the government in leveraging new technologies, despite cutbacks, and expects growth in this area [52]