Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $51.7 million, an increase of $2.6 million or 5.2% compared to the same period last year [25] - Adjusted EBITDA for Q2 2025 was a loss of $3.4 million, compared to an adjusted EBITDA of $3.5 million in the prior year period [27] - Cash position at the end of Q2 2025 was $94.9 million, more than double the cash balance from a year ago [30] Business Line Data and Key Metrics Changes - Revenue growth was primarily driven by higher professional and engineering services, with increased revenues from the high-margin imagery and analytics business [25] - Adjusted imagery and analytics cost of sales for Q2 2025 was $7.2 million, up only $400,000 compared to the same period last year [26] - The company expects advanced services to ramp up once general availability begins in Q4 2025 [25] Market Data and Key Metrics Changes - Approximately 85% of the funded backlog of over $350 million is from international customers for Gen three services [15] - The company is seeing significant demand for Gen three services from a diverse international market, with multiple early access agreements signed [7][14] Company Strategy and Development Direction - The company is focused on capitalizing on the growing global market for real-time space-based intelligence solutions, with a strong emphasis on innovation and vertical integration [6][36] - The recent announcement of the Eros constellation represents a new growth and market expansion opportunity, targeting digital mapping applications [21][24] - The company aims to maintain a strong balance sheet and improved liquidity to unlock future growth opportunities [36] Management's Comments on Operating Environment and Future Outlook - Management noted near-term uncertainty from the U.S. government's fiscal year 2026 budget but remains confident in long-term opportunities [15][17] - The company anticipates a strong second half of the year, driven by the ramp-up of Gen three services and existing contracts [32][47] - Management emphasized the importance of international growth, which is expected to continue outpacing domestic growth [76] Other Important Information - The company successfully raised $185 million in an upsized convertible note offering, enhancing liquidity and financial flexibility [28] - The Eros initiative is expected to address a supply gap in the market starting around 2027, as legacy satellites age out of service [24] Q&A Session Summary Question: When will Gen three satellites be available for general use, and what impact will that have on revenue? - Management indicated that commercial availability in Q4 will lead to incremental revenue growth from existing contracts and new agreements [39][40] Question: What is the current status of U.S. government spending and new orders? - Management acknowledged the effects of the current budget process and anticipated continuing resolution, which have been factored into guidance [41][42] Question: Can you provide insights on the pipeline for new contracts? - Management noted an increase in interest and demand for Gen three services, with a growing pipeline of opportunities [43] Question: How does the image quality and delivery compare to competitors? - Management stated that their offering is highly differentiated in terms of performance and economics compared to competitors [44] Question: What is the significance of the backlog related to Gen three capacity? - A significant portion of the backlog is related to Gen three imagery and analytics, indicating strong demand [46] Question: How is the outlook for U.S. government spending affecting guidance? - Management indicated that while there is uncertainty, they expect demand for Gen three capabilities to remain strong [70] Question: What are the details regarding the Eros constellation? - Management stated that specifics will be shared closer to deployment, but it will leverage compelling economics similar to Gen three [68] Question: How is the international business performing? - Management confirmed that international growth is outpacing domestic growth, creating new opportunities [76]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $29.5 million, an increase of $5.3 million or 22% year-over-year, driven by higher professional and engineering services revenue [21][22] - Adjusted EBITDA for Q1 was a loss of $600,000 compared to a positive adjusted EBITDA of $1.4 million in the prior year quarter, primarily due to higher SG&A expenses [24] - Cash, restricted cash, and short-term investments at the end of Q1 2025 totaled $77 million, reflecting a 51% increase from the prior year quarter [26] Business Line Data and Key Metrics Changes - The company secured over $130 million in new contracts and renewals in the quarter, contributing to a 50% year-over-year growth in backlog to $366 million [9][12] - The backlog primarily consists of high-margin imagery and analytics services from the current Gen2 and future Gen3 satellite constellations [14] Market Data and Key Metrics Changes - The company is experiencing strong demand for space-based intelligence solutions, with significant interest from defense and intelligence agencies worldwide [9][33] - The company is expanding its customer base and entering new markets, particularly in India and other emerging markets for commercial space [9][10] Company Strategy and Development Direction - The company is focused on deploying additional Gen3 satellites, with plans to have eight Gen3 satellites operational by early 2026 [18][56] - The software-first strategy leverages over ten years of investment in the Spectra platform, providing a competitive advantage in the market [20] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the full-year outlook for 2025, maintaining revenue guidance between $125 million and $142 million despite geopolitical uncertainties [27][21] - The company is well-positioned to capitalize on the growing demand for space-based insights, particularly as governments accelerate their investments in sovereign capabilities [20][48] Other Important Information - The Gen3 satellite has completed testing and is delivering exceptional imagery, achieving up to NIRS-six quality, which is a commercial first for a satellite of this size [15][19] - The company is set to commence a regular cadence of additional Gen3 launches, with the second satellite on track for launch in Q2 [18] Q&A Session Summary Question: Impact of geopolitics on international customer discussions - Management noted continued strong demand worldwide, with a growing pipeline despite geopolitical dynamics [33] Question: AI's role in customer engagement - Customers are increasingly recognizing the need for AI to manage the volume of information and speed up insights [36] Question: Timeline for recognizing backlog - Management indicated that a reasonable amount of revenue from imagery and analytics will be recognized in the near term, with significant backlog extending beyond 2026 [41][42] Question: Proportion of new vs. existing customers in backlog - A large portion of the $130 million increase in backlog came from existing customers, with about 20 new customers included [46] Question: Sovereign capabilities and government interest - There is growing interest from governments in accelerating their space capabilities, with opportunities emerging worldwide [48] Question: Onboard computing and interlinks - Onboard computing is seen as an additional tool, with ongoing investments in optical crosslinks to improve latency [49] Question: Future satellite launches and operational capabilities - The company is on track to maintain a regular cadence of satellite launches, with plans for 12 satellites in operation by the end of 2026 [56] Question: Early access program for Gen3 imagery - Customers will receive early access to Gen3 imagery primarily for evaluation purposes, with full commercial operations expected in Q4 [84] Question: Geographic distribution of new customers - New customers are being acquired globally, with notable growth in Europe, the Middle East, and Asia [86]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $29.5 million, an increase of $5.3 million or 22% year-over-year, driven by higher professional and engineering services revenue [23] - Adjusted EBITDA for Q1 was a loss of $600,000 compared to a positive adjusted EBITDA of $1.4 million in the prior year quarter, primarily due to higher SG&A expenses [25] - Cash, restricted cash, and short-term investments at the end of Q1 2025 totaled $77 million, reflecting a 51% increase from the prior year quarter [27] Business Line Data and Key Metrics Changes - The company secured over $130 million in new contracts and renewals in the quarter, primarily from multiyear agreements [9][11] - Backlog grew 50% year-over-year to $366 million, indicating strong demand for space-based intelligence solutions [10][12] - Adjusted imagery and analytics cost of sales for Q1 was $3.8 million, up from $3.4 million in the prior year quarter, due to investments in operational efficiencies [24] Market Data and Key Metrics Changes - The company is expanding its customer base and entering new markets, particularly in defense and intelligence sectors [9] - There is a growing interest from governments worldwide to secure long-term contracts for imaging capacity [9] - The company is seeing strong demand for its commercial imagery and analytics services, with significant interest from international customers [34] Company Strategy and Development Direction - The company is focused on deploying its Gen three satellite constellation, with plans to have eight satellites operational by early 2026 [19][58] - A software-first strategy leveraging over ten years of investment in the Spectra platform is a key enabler for developing innovative space-based intelligence solutions [21] - The company aims to redefine the future of space-based intelligence by combining high-resolution imagery with AI-driven analytics [20] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about maintaining the full-year outlook for 2025 despite geopolitical and economic uncertainties [22] - The company is well-positioned to capitalize on the growing demand for space-based insights, particularly as governments accelerate their investments in sovereign capabilities [21][34] - Management highlighted the importance of AI in transforming satellite imagery into actionable insights, which is becoming critical for customers [38] Other Important Information - The Gen three satellite has completed testing and is delivering exceptional imagery, achieving up to NIRS-six quality [15] - The company plans to begin providing early access to Gen three imagery and analytics services to major customers in the summer, with general availability expected by Q4 [19][88] Q&A Session Summary Question: Impact of geopolitics on international customer discussions - Management noted continued strong demand worldwide and that national security remains a priority for governments, positioning the company well to address these needs [34] Question: AI's role in customer engagement - The company is seeing increased interest from customers in integrating AI to manage the volume of information generated by high-resolution imaging [38] Question: Backlog recognition timeline and relation to Gen three capacity - Management indicated that a reasonable amount of revenue from the backlog is expected to be recognized in the near term, particularly from imagery and analytics [42] Question: Proportion of backlog from new versus existing customers - A significant portion of the backlog increase was attributed to a large international deal with an existing customer, along with contributions from about 20 new customers [47] Question: Sovereign capabilities and government interest - There is growing interest from governments in accelerating their space capabilities, with opportunities emerging globally [49] Question: Future satellite launches and operational capabilities - The company is on track to maintain a regular cadence of satellite launches, with plans to have 12 satellites operational by the end of 2026 [58] Question: Early access program for Gen three imagery - Customers will receive early access to Gen three imagery primarily for evaluation purposes, with full commercial operations expected in Q4 [87]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $29.5 million, an increase of $5.3 million or 22% year-over-year, driven by higher professional and engineering services revenue [21][22] - Adjusted EBITDA for Q1 was a loss of $600,000 compared to a positive adjusted EBITDA of $1.4 million in the prior year quarter, primarily due to higher SG&A expenses [24] - The company ended Q1 2025 with $77 million in cash, restricted cash, and short-term investments, reflecting a 51% increase from the prior year quarter [26] Business Line Data and Key Metrics Changes - The company was awarded over $130 million in new contracts and renewal agreements in the quarter, primarily from multiyear contracts [7][10] - Backlog grew 50% year-over-year to $366 million, indicating strong demand for space-based intelligence solutions [9][11] Market Data and Key Metrics Changes - The company is expanding its customer base and entering new markets, with strong demand for space-based intelligence solutions [7][20] - There is growing interest from governments worldwide in accelerating their own sovereign capabilities, particularly in regions like India and Indonesia [49][50] Company Strategy and Development Direction - The company is focused on deploying additional Gen 3 satellites, with plans to have eight Gen 3 satellites operational by early 2026 [18][58] - The strategy includes leveraging advanced software and AI capabilities to enhance space-based intelligence solutions, providing a competitive advantage in the market [20][21] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about maintaining the full-year outlook for 2025, despite geopolitical and economic uncertainties [20][27] - The company is well-positioned to meet the growing demand for space-based insights, particularly as governments seek to expand their capabilities [20][21] Other Important Information - The Gen 3 satellite has completed testing and is delivering exceptional imagery, exceeding initial expectations [14][18] - The company is implementing an early access program for Gen 3 imagery, allowing select customers to evaluate the capabilities before full commercial availability [86] Q&A Session Summary Question: Impact of geopolitical uncertainty on international customer discussions - Management noted continued strong demand worldwide, with governments accelerating investments in sovereign capabilities despite geopolitical dynamics [32][34] Question: Role of AI in customer engagement - AI is becoming critical for customers to manage the volume of information and speed up insights, indicating a market shift in the last year [36][38] Question: Timeline for recognizing backlog - Management expects to see revenue from backlog in the near term, particularly from imagery and analytics lines [43][44] Question: Proportion of backlog from new versus existing customers - A significant portion of the $130 million backlog increase came from existing customers, with about 20 new customers contributing as well [48] Question: Importance of edge computing and interlinks - Onboard computing is a tool for enhancing performance, with ongoing investments in optical crosslinks to improve latency [51] Question: Image quality expectations for Gen 3 - The Gen 3 system is performing beyond expectations, achieving near six quality levels [56] Question: Future satellite launches - The company is on track to maintain a regular cadence of satellite launches, aiming for 12 satellites in operation by the end of 2026 [58] Question: Early access program for Gen 3 imagery - Customers will receive imagery at lower volumes for evaluation, with full commercial operations expected in Q4 [86][87] Question: Geographic distribution of new customers - New customers are being added globally, with significant interest from Europe, the Middle East, and Asia [88]