Q4 2025 Blacksky Technology Inc Earnings Call

February 26, 2026

After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand to withdraw your question. Please press star 1 again I will now hand the conference over to Ali. Panella vice president of investor relations Ali. Please go ahead.

Operator: After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, please press star one again. I will now hand the conference over to Aly Bonilla, Vice President of Investor Relations. Aly, please go ahead.

Good morning, and thank you for joining us today. I'm joined by our chief executive officer, Brian oul and our Chief Financial Officer Henry. Dubois on today's call. Brian will provide some highlights on the quarter and give a strategic update on the business.

Aly Bonilla: Good morning. Thank you for joining us. Today, I'm joined by our Chief Executive Officer, Brian O'Toole and our Chief Financial Officer, Henry Dubois. On today's call, Brian will provide some highlights on the quarter and give a strategic update on the business. Henry will review the company's financial results and outlook for 2026. Following our prepared remarks, we will open the line for your questions. A replay of this conference call will be available later today. Information to access the replay can be found in today's press release. Additionally, a webcast of this earnings call will be available in the investor relations section of our website at www.blacksky.com. In conjunction with today's call, we have posted a quarterly earnings presentation on the investor relations website that you may use to follow along with our prepared remarks.

Henry will then review the company's Financial results and outlook for 2026.

Following our prepared remarks, we will open the line for your questions.

Operator: Ladies and gentlemen, thank you for joining us, and welcome to BlackSky Technology Q4 2025 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, please press star one again. I will now hand the conference over to Aly Bonilla, Vice President, Investor Relations. Aly, please go ahead.

A replay of this conference call will be available later today.

Information to access. The replay can be found in. Today's press release. Additionally, a webcast of this earnings call will be available in the investor relations section of our website at www.blu.com.

In conjunction with today's call, we have posted a quarterly earnings presentation on the investor relations website that you may use to follow along with our prepared remarks.

Aly Bonilla: Good morning, and thank you for joining us. Today, I'm joined by our Chief Executive Officer, Brian O'Toole, and our Chief Financial Officer, Henry Dubois. On today's call, Brian will provide some highlights on the quarter and give a strategic update on the business. Henry will review the company's financial results and outlook for 2026. Following our prepared remarks, we will open the line for your questions. A replay of this conference call will be available later today. Information to access the replay can be found in today's press release. Additionally, a webcast of this earnings call will be available in the investor relations section of our website at www.blacksky.com. In conjunction with today's call, we have posted a quarterly earnings presentation on the investor relations website that you may use to follow along with our prepared remarks.

Before we begin, let me remind you that we'll make forward-looking statements. During today's conference call including statements, about our plans, objectives, and future outlook.

Aly Bonilla: Before we begin, let me remind you that we'll make forward-looking statements during today's conference call, including statements about our plans, objectives, and future outlook. Actual results may differ materially as these statements are based on our current expectations as of today and are subject to risks and uncertainties, including those stated in our Form 10-K. BlackSky assumes no obligation to update forward-looking statements except as may be required by applicable law. In addition, during today's call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA and cash operating expenses. Definitions and reconciliations between our GAAP and non-GAAP results are included in our earnings press release and presentation, which are posted on our investor relations website. At this point, I'll turn the call over to Brian O'Toole. Brian?

Actual results May differ materially as these statements are based on our current expectations as of today and are subject to risks and uncertainties including those stated in our form 10K.

Black Sky assumes. No obligation to update forward-looking statements except as may be required by applicable law. In addition, during today's call, we will refer to certain non-gaap Financial measures, including adjusted ibida and cash operating expenses definitions and reconciliations between our gaap and non-gaap results are included in our earnings. Press release and presentation, which are posted on our investor relations website.

Aly Bonilla: Before we begin, let me remind you that we'll make forward-looking statements during today's conference call, including statements about our plans, objectives, and future outlook. Actual results may differ materially as these statements are based on our current expectations as of today and are subject to risks and uncertainties, including those stated in our Form 10-K. BlackSky assumes no obligation to update forward-looking statements except as may be required by applicable law. During today's call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA and cash operating expenses. Definitions and reconciliations between our GAAP and non-GAAP results are included in our earnings press release and presentation, which are posted on our investor relations website. At this point, I'll turn the call over to Brian O'Toole. Brian?

At this point, I'll turn the call over to Brian oul Brian.

Thanks, Allie and good morning everyone.

Thank you for joining us on today's call.

Beginning with slide 3.

I'm pleased to report that we delivered a strong finish to 2025.

With a near record performance in Q4.

Brian O'Toole: Thanks, Aly. Good morning, everyone. Thank you for joining us on today's call. Beginning with slide 3, I'm pleased to report that we delivered a strong finish to 2025 with a near-record performance in Q4. The momentum we are seeing in the business is driven by the successful deployment and demonstration of our Gen-3 satellites last year. Our Gen-3 satellites are highly differentiated in the market and are a fundamental step forward in our space capabilities, delivering proven on-orbit 35 centimeter imaging performance that is exceeding customer expectations. Now that these initial satellites are fully operational and validated by major customers around the world, we are seeing growing adoption and the ramping of revenues related to this new imaging capacity. Our progress on Gen-3 in 2025 was a significant operational milestone that is now a major catalyst for our future growth.

The momentum we are seeing in the business is driven by the successful deployment and demonstration of our gen 3 satellites last year.

Our gen 3 satellites are highly differentiated in the market.

And our fundamental step forward in our space capabilities.

Delivering proven on-orbit 35, CM Imaging performance.

That is exceeding customer expectations.

Now that these initial satellites are fully operational and validated by Major customers around the world.

Brian O'Toole: Thanks, Aly, and good morning, everyone. Thank you for joining us on today's call. Beginning with slide three, I'm pleased to report that we delivered a strong finish to 2025 with a near record performance in Q4. The momentum we are seeing in the business is driven by the successful deployment and demonstration of our Gen-3 satellites last year. Our Gen-3 satellites are highly differentiated in the market and are a fundamental step forward in our space capabilities, delivering proven on-orbit 35 centimeter imaging performance that is exceeding customer expectations. Now that these initial satellites are fully operational and validated by major customers around the world, we are seeing growing adoption and the ramping of revenues related to this new imaging capacity. Our progress on Gen-3 in 2025 was a significant operational milestone that is now a major catalyst for our future growth.

We are seeing growing adoption and the ramping of revenues related to this new Imaging capacity.

Our progress on gen 3 in 2025 was the significant operational milestone.

That is now a major Catalyst for our future growth.

Turning to slide 4.

In 2025 we successfully launched and commissioned 3 gen 3 satellites.

With each deployment, demonstrating our ability.

To rapidly. Bring new capacity, online.

Brian O'Toole: Turning to slide four. In 2025, we successfully launched and commissioned 3 Gen-3 satellites, with each deployment demonstrating our ability to rapidly bring new capacity online. Most notably, our last Gen-3 satellite began delivering very high-resolution imagery within 12 hours of launch and entered commercial operations in just 3 weeks, setting a new industry benchmark for satellites of this class of imaging performance and accelerating access for our customers. Gen-3 satellites are consistently delivering 35 cm imaging performance on par with much larger, more expensive, and complex satellite systems. Enhanced image clarity dramatically advances our real-time AI-enabled analytics. This level of imaging and analytics performance is driving new customer adoption, converting early access pilots into long-term subscription contracts, and unlocking Gen-3-related revenues from existing contracts.

most notably our last gen 3 satellite began delivering very high, resolution imagery

within 12 hours of launch.

And entered commercial operations in just 3 weeks.

Setting a new industry Benchmark, for satellites of this class of Imaging performance.

And accelerating access for our customers.

Gen 3 satellites are consistently delivering 35, CM Imaging performance.

On par with much larger more expensive and complex satellite systems.

Brian O'Toole: Turning to slide four. In 2025, we successfully launched and commissioned 3 Gen-3 satellites, with each deployment demonstrating our ability to rapidly bring new capacity online. Most notably, our last Gen-3 satellite began delivering very high-resolution imagery within 12 hours of launch and entered commercial operations in just 3 weeks, setting a new industry benchmark for satellites of this class of imaging performance and accelerating access for our customers. Gen-3 satellites are consistently delivering 35 centimeter imaging performance on par with much larger, more expensive, and complex satellite systems. Enhanced image clarity dramatically advances our real-time AI-enabled analytics. This level of imaging and analytics performance is driving new customer adoption, converting early access pilots into long-term subscription contracts, and unlocking Gen-3-related revenues from existing contracts.

Enhance, image Clarity to dramatically advances, our real-time AI enabled Analytics.

This level of Imaging and analytics performance.

Is driving new customer adoption.

Converting Early Access Pilots into long-term subscription contracts.

And unlocking, gen 3, related revenues.

From existing contracts.

We are on track to further expand the constellation throughout 2026.

With a pipeline of gen 3 satellites and production.

And our next satellite already at the launch site.

And some of our major highlights from last year.

Brian O'Toole: We are on track to further expand the constellation throughout 2026, with a pipeline of Gen-3 satellites in production and our next satellite already at the launch site. Now, let's move on to slide 5 and some of our major highlights from last year. First, as a result of strong global demand and the performance of our advanced Gen-3 satellites, we secured $240 million in contract bookings, with the majority comprised of international multiyear contracts. This success contributed to our growing backlog to $345 million, providing strong revenue visibility. Second, we delivered near-record revenue in Q4 of $35 million, representing a 16% year-over-year increase, which drove annual revenues to $107 million, with a significant step up in revenue contribution from international contracts. Third, we achieved our second consecutive year of positive adjusted EBITDA.

First.

As a result of strong, Global demand.

And the performance of our Advanced gen 3 satellites.

We secured 240 million in contract. Bookings.

With the majority comprised of international multi-year contracts.

This success contributed to our growing backlog to 345 million. Providing strong Revenue. Visibility

Second.

We delivered near record Revenue in Q4 of 35 million.

Brian O'Toole: We are on track to further expand the constellation throughout 2026, with a pipeline of Gen-3 satellites in production and our next satellite already at the launch site. Let's move on to slide 5 and some of our major highlights from last year. First, as a result of strong global demand and the performance of our advanced Gen-3 satellites, we secured $240 million in contract bookings. With the majority comprised of international multi-year contracts. This success contributed to our growing backlog to $345 million, providing strong revenue visibility. Second, we delivered near record revenue in Q4 of $35 million, representing a 16% year-over-year increase, which drove annual revenues to $107 million, with a significant step-up in revenue contribution from international contracts. Third, we achieved our second consecutive year of positive adjusted EBITDA.

Representing a 16% year-over-year, increase.

Which drove annual revenues to 107 million.

With a significant Step Up in Revenue contribution from International contracts.

Third.

We achieved our second consecutive year of positive adjusted Eva doc.

As a result of strong global demand.

this performance demonstrates disciplined execution, scalability and operating leverage of our business,

and finally,

We secured 240 million in contract. Bookings.

With the majority comprised of international multi-year contracts.

We significantly, strengthened our balance sheet and increased our liquidity position to over 225 million.

Brian O'Toole: This performance demonstrates disciplined execution, scalability, and operating leverage of our business. Finally, we significantly strengthened our balance sheet and increased our liquidity position to over $225 million. These highlights underscore the momentum in our business and the growing visibility toward free cash flow operations and long-term profitable growth. Moving to slide 6. Before we get to some of the operational highlights, I would like to take a moment to talk about how we are aligning the 3 key elements of our business to address a large and expanding market opportunity for space-based intelligence. These elements are not new to our strategy, but rather we are increasing the focus, visibility, and capture of these opportunities across 3 primary growth vectors.

These highlights underscore the momentum in our business.

This success contributed to our growing backlog to 345 million.

Providing strong Revenue visibility.

And the growing visibility toward free cash flow operations.

Second.

And long-term profitable growth.

Moving to slide 6.

We delivered near record Revenue in Q4 of 35 million.

Representing a 16% year-over-year, increase.

Before we get to some of the operational highlights, I would like to take a moment to talk about how we are lining.

Which drove annual revenue to 107 million.

The 3 key elements of our business.

To address a large and expanding Market opportunity.

For space-based intelligence.

With a significant Step Up in Revenue contribution from International contracts.

Third.

These elements are not new to our strategy but rather we are increasing the focus.

We achieved our second consecutive year of positive adjusted Eva doc.

Visibility and capture of these opportunities.

Across 3 primary growth vectors.

this performance demonstrates disciplined execution, scalability and operating leverage of our business,

With spending and demand expected to increase over the next decade.

and finally,

We are seeing growth opportunities in commercial space-based intelligence and AI services.

we significantly, strengthened our balance sheet and increased our liquidity position to over 225 million.

Sovereign Mission Solutions and advanced technology programs.

These highlights underscore the momentum in our business.

Brian O'Toole: With spending and demand expected to increase over the next decade, we are seeing growth opportunities in commercial, space-based intelligence and AI services, sovereign mission solutions, and advanced technology programs. Space-based intelligence and AI services is what we referred to in the past as our imagery and analytics business. This is our core high-margin subscription business that leverages our commercial satellite constellation and our Spectra AI platform to deliver real-time imagery, monitoring, and AI-enabled insights through subscription contracts. This name change better reflects the depth and breadth of the types of AI-enabled solutions we are bringing to market now and in the future. For the mission solutions element of our business, we have been winning new contracts for sovereign space-based intelligence solutions over the past several years, and for example, have successfully captured major programs with customers in India, Indonesia, and others for Gen-3-related solutions.

And the growing visibility toward free cash flow operations.

Space-based intelligence and AI Services is what we refer to in the past as our imagery and analytics business.

And long-term profitable growth.

This is our core high margin subscription business.

Moving to slide 6.

That leverages our commercial satellite constellation and our Spectra AI platform.

Before we get to some of the operational highlights, I would like to take a moment to talk about how we are lining.

The 3 key elements of our business.

To deliver real-time imagery monitoring and AI enabled insights through subscription contracts.

To address a large and expanding Market opportunity.

For space-based intelligence.

This name change better, reflects the depth and breadth.

These elements are not new to our strategy but rather we are increasing the focus.

Of the types of AI enabled Solutions. We are bringing to market now and in the future.

Visibility and capture of these opportunities.

For the mission Solutions. Element of our business.

Brian O'Toole: With spending and demand expected to increase over the next decade, we are seeing growth opportunities in commercial, space-based intelligence and AI services, sovereign mission solutions, and advanced technology programs. Space-based intelligence and AI services is what we referred to in the past as our imagery and analytics business. This is our core high-margin subscription business that leverages our commercial satellite constellation and our Spectra AI platform to deliver real-time imagery, monitoring, and AI-enabled insights through subscription contracts. For the mission solutions element of our business, we have been winning new contracts for sovereign space-based intelligence solutions over the past several years. For example, have successfully captured major programs with customers in India, Indonesia, and others for Gen-3-related solutions.

Across 3 primary growth vectors.

We have been winning new contracts for Sovereign space, base, intelligence Solutions,

Would spending and demand expected to increase over the next decade.

Over the past several years.

We are seeing growth opportunities in commercial space-based intelligence and AI services.

And for example, have successfully captured major programs with customers in India.

Sovereign Mission Solutions and advanced technology programs.

Indonesia and others for Gen 3, related Solutions.

We are now consolidating these types of programs into Mission Solutions.

Space-based intelligence and AI services is what we refer to in the past as our imagery and analytics business.

That include the delivery of satellites.

This is our core high margin subscription business.

Ground system hardware and software as well as the integration of these capabilities into customer environments.

That leverages our commercial satellite constellation and our Spectra AI platform.

Brian O'Toole: We are now consolidating these types of programs into mission solutions that include the delivery of satellites, ground system hardware and software, as well as the integration of these capabilities into customer environments. We are seeing increased demand for sovereign space-based intelligence solutions as a TAM expansion opportunity, and believe that this change will provide better visibility into this aspect of our business going forward. For the advanced technology programs part of our business, we have had a long-standing strategy to partner with key customers to develop and demonstrate advanced space and AI capabilities through funded R&D programs. Over the course of many years, these contracts have augmented our own internal R&D and capital investments, and have been instrumental in driving innovation and advancing leading-edge capabilities, such as inter-satellite optical cross links, next-generation satellites and payloads, and advanced multispectral AI and analytics solutions.

We are seeing increased demand for Sovereign, space-based intelligence Solutions.

Subscription contracts.

As a tam expansion opportunity.

This name change better, reflects the depth and breadth.

And believe that this change will provide better visibility into this aspect of our business going forward.

Of the types of AI-enabled solutions we are bringing to market now and in the future.

For the advanced technology programs part of our business.

For the mission Solutions. Element of our business.

We have had a long-standing strategy to partner with key customers to develop and demonstrate Advanced space.

We have been winning new contracts for Sovereign space, base, intelligence Solutions,

Over the past several years.

And AI capabilities through funded R&D programs.

And for example, have successfully captured major programs with customers in India.

Over the course of many years, these contracts have augmented our own internal R&D and capital Investments.

Indonesia and others for Gen 3, related solutions.

Brian O'Toole: We are now consolidating these types of programs into mission solutions that include the delivery of satellites, ground system hardware and software, as well as the integration of these capabilities into customer environments. We are seeing increased demand for sovereign space-based intelligence solutions as a TAM expansion opportunity, and believe that this change will provide better visibility into this aspect of our business going forward. For the advanced technology programs part of our business, we have had a long-standing strategy to partner with key customers to develop and demonstrate advanced space and AI capabilities through funded R&D programs. Over the course of many years, these contracts have augmented our own internal R&D and capital investments, and have been instrumental in driving innovation and advancing leading-edge capabilities, such as inter-satellite optical crosslinks, next-generation satellites and payloads, and advanced multispectral AI and analytics solutions.

And have been instrumental in driving, Innovation and advancing Leading Edge capabilities.

We are now consolidating these types of programs into Mission Solutions.

Such as inter satellite Optical cross links.

That include the delivery of satellites.

Next Generation satellites and payloads.

And advanced multi-spectral Ai and analytics Solutions.

Ground system hardware and software, as well as the integration of these capabilities into customer environments.

We expect this trend to continue.

We are seeing increased demand for Sovereign, space-based intelligence Solutions.

As customers around the world are seeking new and innovative ways.

As a tam expansion opportunity.

To accelerate Next Generation space and AI capabilities.

And believe that this change will provide better visibility into this aspect of our business going forward.

Brian O'Toole: We expect this trend to continue as customers around the world are seeking new and innovative ways to accelerate next-generation space and AI capabilities. We believe that these three elements are well-aligned to capture opportunities in a growing and expanding market. Now, let me share some recent highlights from each of these major elements of our business. Let's move on to slide 7 and some recent highlights under space-based intelligence and AI services. Throughout Q4 and carrying into this year, we are making good progress in closing new customers for early access Gen-3 pilot programs and quickly converting them into longer-term subscription contracts. One example is a new international customer that started with a small pilot and rapidly grew within a couple of months to what is now a seven-figure quarterly run rate to support their time-sensitive, mission-critical operations.

we believe that these 3 elements are well aligned to capture opportunities in a growing and expanding Market,

For the advanced technology programs part of our business.

We have had a long-standing strategy to partner with key customers to develop and demonstrate Advanced space.

And AI capabilities through funded R&D programs.

Let's move on to slide 7 and some recent highlights under space-based intelligence and AI services.

Throughout Q4 in carrying into this year.

Over the course of many years, these contracts have augmented our own internal R&D and capital Investments.

We are making good progress in closing. New customers for Early Access gen3 pilot programs.

And have been instrumental in driving innovation and advancing leading-edge capabilities.

And quickly converting that into longer term subscription contracts.

Such as inter satellite Optical cross links.

Next Generation satellites and payloads.

1 example is a new international customer that started with a small pilot.

Brian O'Toole: We expect this trend to continue as customers around the world are seeking new and innovative ways to accelerate next-generation space and AI capabilities. We believe that these three elements are well-aligned to capture opportunities in a growing and expanding market. Now, let me share some recent highlights from each of these major elements of our business. Let's move on to slide seven and some recent highlights under space-based intelligence and AI services. Throughout Q4 and carrying into this year, we are making good progress in closing new customers for early access Gen-3 pilot programs and quickly converting them into longer-term subscription contracts. One example is a new international customer that started with a small pilot and rapidly grew within a couple of months to what is now a 7-figure quarterly run rate to support their time-sensitive, mission-critical operations.

And advanced multi-spectral AI and analytics solutions.

And rapidly grew within a couple months.

We expect this trend to continue.

To what is now a 7-figure quarterly run rate.

As customers around the world are seeking new and innovative ways.

To support their time-sensitive mission critical operations.

To accelerate Next Generation space and AI capabilities.

For existing customers. We are adding access to gen 3 services and ramping revenues under those contracts.

We believe that these three elements are well aligned to capture opportunities in a growing and expanding market.

Now, let me share some recent highlights from each of these major elements of our business.

For example, in Q4, we moved into the next phase of a hundred million dollar multi-year subscription contract.

We announced last year.

Brian O'Toole: For existing customers, we are adding access to Gen-3 services and ramping revenues under those contracts. For example, in Q4, we moved into the next phase of a $100 million multi-year subscription contract we announced last year, and have now added assured access to Gen-3 imaging services to support this major international customer. As part of a seven-figure contract we announced last year with the U.S. government, we are ramping up their use of Gen-3 in their operations. Our leading AI capabilities continue to deliver incremental revenue with the award of additional options under the NGA Luno A contract. We also continued to win new orders through the U.S. Space Force Global Data Marketplace. We expect to continue this momentum and unlock additional revenue growth while we expand the Gen-3 constellation throughout the year. Now, let's turn to slide 8 in mission solutions.

And have now added a shared access to gen 3, Imaging services.

Let's move on to slide 7 and some recent highlights under space-based intelligence and AI services.

To support this major International customer.

Throughout Q4 and carrying into this year.

As part of a 7-figure contract, we announced last year with the US government.

we are making good progress in closing, new customers for Early Access gen 3, pilot programs,

We are ramping up their use of gen 3 in their operations.

and quickly converting them into longer term subscription contracts.

Our leading AI capabilities, continue to deliver incremental Revenue.

with the award of additional options under the NGA luno contract,

1 example is a new international customer that started with a small pilot.

And rapidly grew within a couple of months.

To what is now a 7-figure quarterly run rate.

We also continue to win new orders to the US space force global data Marketplace.

We expect to continue this momentum.

To support their time-sensitive mission critical operations.

Brian O'Toole: For existing customers, we are adding access to Gen-3 services and ramping revenues under those contracts. For example, in Q4, we moved into the next phase of a $100 million multi-year subscription contract we announced last year and have now added assured access to Gen-3 imaging services to support this major international customer. As part of a seven-figure contract we announced last year with the U.S. government, we are ramping up their use of Gen-3 in their operations. Our leading AI capabilities continue to deliver incremental revenue with the award of additional options under the NGA Luno contract. We also continued to win new orders through the U.S. Space Force Global Data Marketplace. We expect to continue this momentum and unlock additional revenue growth while we expand the Gen-3 constellation throughout the year. Let's turn to slide 8 in Mission Solutions.

And unlock additional Revenue growth while we expand the Gen 3 constellation throughout the year.

For existing customers. We are adding access to gen 3 services and ramping revenues under those contracts.

Now, let's turn to slide 8 emission Solutions.

For example, in Q4, we moved into the next phase of a hundred million dollar multi-year subscription contract.

We are continuing to see increasing demand for Gen 3 Sovereign solutions from governments around the world.

We announced last year.

And have now added assured access to gen, 3, Imaging services.

Just recently we announced an 8-figure multi-year contract with a new international customer.

To support this major International customer.

This new contract includes the delivery of a gen 3 satellite.

Brian O'Toole: We are continuing to see increasing demand for Gen-3 sovereign solutions from governments around the world. Just recently, we announced an 8-figure multi-year contract with a new international customer. This new contract includes the delivery of a Gen-3 satellite, ground station capabilities, and satellite operation support. In addition, it also includes assured access to our commercial imagery and analytics services that will be delivered through our space-based intelligence and AI services. Last year, we highlighted the capture of a new multiyear contract valued at over $30 million to integrate Gen-3 tactical ISR services into the operational environment of a major international customer. In Q4, we successfully delivered against some of the major milestones of that contract, which contributed to our strong Q4 performance.

As part of a 7-figure contract, we announced last year with the US government.

Ground station capabilities and satellite operations support.

We are ramping up their use of gen 3 in their operations.

In addition, it also includes assured access to our commercial imagery and analytic services.

Our leading AI capabilities, continue to deliver incremental Revenue.

That will be delivered through our space-based intelligent and AI services.

with the award of additional options under the NGA luno contract,

Last year, we highlighted the capture of a new multi-year contract.

We also continue to win new orders through the US space force, global data Marketplace.

valued at over million dollars to integrate, gen 3, tactical, ISR services,

We expect to continue this momentum.

Into the operational environment of a major International customer.

In Q4.

And unlock additional Revenue growth while we expand the Gen 3 constellation throughout the year.

We successfully delivered against some of the major Milestones of that contract.

Brian O'Toole: We are continuing to see increasing demand for Gen-3 sovereign solutions from governments around the world. Just recently, we announced an eight-figure multi-year contract with a new international customer. This new contract includes the delivery of a Gen-3 satellite, ground station capabilities, and satellite operation support. In addition, it also includes assured access to our commercial imagery and analytics services, that will be delivered through our space-based intelligence and AI services. Last year, we highlighted the capture of a new multi-year contract valued at over $30 million to integrate Gen-3 tactical ISR services into the operational environment of a major international customer. In Q4, we successfully delivered against some of the major milestones of that contract, which contributed to our strong Q4 performance.

Now, let's turn to slide 8 emission Solutions.

Which contributed to our strong Q4 performance?

We are continuing to see increasing demand for Gen 3 Sovereign solutions from governments around the world.

And finally, we continue our strong execution on some of our other contracts.

That included. Major Milestone deliveries.

Just recently we announced an 8-figure multi-year contract with a new international customer.

That drove conversion and burned down a prior unbilled receivables.

This new contract includes the delivery of a gen 3 satellite.

Moving to slide 9.

And some updates on our advanced technology programs.

Ground station capabilities and satellite operations support.

Brian O'Toole: Finally, we continued our strong execution on some of our other contracts that included major milestone deliveries that drove conversion and burn down of prior unbilled receivables. Moving to slide 9, some updates on our advanced technology programs. In parallel to our primary business, we continue to advance our space and AI capabilities through a number of customer-funded R&D programs. We are making significant progress on a number of key technology initiatives that include optical inter-satellite cross-links for next-generation, low-latency, space-based communications, the development of AROS, our future advanced large area mapping and change monitoring satellites, and advanced AI training, algorithm, and model development, including the deployment of real-time AI processing into space and edge environments. Throughout 2025, we continue to see increased interest from our customers to accelerate these and other future capabilities in support of long-term space-based intelligence imperatives.

In addition, it also includes assured access to our commercial imagery and analytic services.

In parallel to our primary business, we continue to advance our space and AI capabilities through a number of customer-funded R&D programs.

That will be delivered through our space-based intelligent and AI services.

We are making significant progress on a number of key technology initiatives.

Last year, we highlighted the capture of a new multi-year contract.

That include Optical inner satellite cross links.

For Next Generation, low, latency space-based Communications.

Valued at over $30 million to integrate, Gen 3, tactical ISR services.

The development of arrows.

Into the operational environment of a major International customer.

Our future Advanced large area mapping and change monitoring satellites.

In Q4.

And advanced AI training algorithm and model development.

Major Milestones of that contract.

Brian O'Toole: Finally, we continued our strong execution on some of our other contracts that included major milestone deliveries that drove conversion and burn down of prior unbilled receivables. Moving to slide 9, some updates on our advanced technology programs. In parallel to our primary business, we continue to advance our space and AI capabilities through a number of customer-funded R&D programs. We are making significant progress on a number of key technology initiatives that include optical inter-satellite crosslinks for next-generation, low-latency, space-based communications, the development of Eros, our future advanced large area mapping and change monitoring satellites, and advanced AI training, algorithm, and model development, including the deployment of real-time AI processing into space and edge environments. Throughout 2025, we continue to see increased interest from our customers to accelerate these and other future capabilities in support of long-term space-based intelligence imperatives.

Which contributed to our strong Q4 performance?

Including the deployment of real-time AI processing into space and Edge environments.

And finally, we continue our strong execution on some of our other contracts.

That included. Major Milestone deliveries.

Throughout 2025, we continue to see increased interest from our customers to accelerate these and other future capabilities.

That drove conversion and burned down a prior unbilled receivables.

in support of long-term space-based intelligence imperatives

Moving to slide 9.

And as a result, we expect to expand our portfolio of these types of projects.

And some updates on our advanced technology programs.

Throughout 2026.

The highlights in 2025 are a direct result of the successful deployment.

in parallel to our primary business, we continue to advance our space and AI capabilities through a number of customer funded R&D programs,

Demonstration and introduction of gen 3, Performance and capacity into the market.

We are making significant progress on a number of key technology initiatives.

Brian O'Toole: As a result, we expect to expand our portfolio of these types of projects throughout 2026. The highlights in 2025 are a direct result of the successful deployment, demonstration, and introduction of Gen-3 performance and capacity into the market. With proven and reliable on-orbit performance, we are seeing strong momentum across all aspects of these three key elements of our business and are excited to carry that momentum into 2026. With that, I'll now turn it over to Henry to go through the financial results. Henry?

With proven and reliable on orbit performance.

That include Optical Interstellar cross links.

For Next Generation, low, latency space-based Communications.

We are seeing strong momentum across all aspects of these 3 key elements of our business.

The development of arrows.

And our excited to carry that momentum into 2026.

Our future Advanced large area mapping and change monitoring satellites.

With that, I'll now turn it over to Henry to go through the financial results. Henry.

An advanced AI training algorithm and model development.

Thank you, Brian. And good morning everyone.

Including the deployment of real-time AI processing into space and Edge environments.

I'm pleased with the strong finish at 2025 and the strong momentum. We're seeing in the business.

Throughout 2025, we continue to see increased interest from our customers to accelerate these and other future capabilities.

We continue to focus on long-term profitable growth and have now delivered 2 consecutive years of positive, adjusted events.

Brian O'Toole: As a result, we expect to expand our portfolio of these types of projects throughout 2026. The highlights in 2025 are a direct result of the successful deployment, demonstration, and introduction of Gen-3 performance and capacity into the market. With proven and reliable on-orbit performance, we are seeing strong momentum across all aspects of these three key elements of our business, and are excited to carry that momentum into 2026. With that, I'll now turn it over to Henry to go through the financial results. Henry?

in support of long-term space-based intelligence imperatives.

Henry Dubois: Thank you, Brian. Good morning, everyone. I'm pleased with the strong finish to 2025 and the strong momentum we're seeing in the business. We continue to focus on long-term profitable growth and have now delivered two consecutive years of positive adjusted EBITDA. We strengthened our balance sheet as we ended the year with over $225 million in liquidity, and we have over $345 million of contracted backlog that is increasing our revenue visibility. Now, let's begin with slide 11. Total revenue for Q4 2025 was $35.2 million, up 16% year-over-year. This growth was primarily driven by a few key factors. First, as Brian mentioned earlier, we won a new Mission Solutions contract with an international customer.

And as a result, we expect to expand our portfolio of these types of projects.

Throughout 2026.

The year with over 225 million in liquidity and we have over 345 million of contracted backlog. That is increasing our Revenue visibility

Now, let's begin with slide 11.

The highlights in 2025 are a direct result of the successful deployment.

Demonstration and introduction of gen 3, Performance and capacity into the market.

Total revenue for the fourth quarter of 2025 was 35.2, Million up 16% year-over-year.

With proven and reliable on-orbit performance.

Growth was primarily driven by a few key factors.

We are seeing strong momentum across all aspects of these 3 key elements of our business.

And our excited to carry that momentum into 2026.

First, as Brian mentioned earlier, we won a new Mission Solutions contract with an international customer.

Henry Dubois: Thank you, Brian, and good morning, everyone. I'm pleased with the strong finish to 2025 and the strong momentum we're seeing in the business. We continue to focus on long-term profitable growth and have now delivered 2 consecutive years of positive adjusted EBITDA. We strengthened our balance sheet as we ended the year with over $225 million in liquidity, and we have over $345 million of contracted backlog that is increasing our revenue visibility. Let's begin with slide 11. Total revenue for the Q4 of 2025 was $35.2 million, up 16% year-over-year. This growth was primarily driven by a few key factors. First, as Brian mentioned earlier, we won a new Mission Solutions contract with an international customer.

With that, I'll now turn it over to Henry to go through the financial results. Henry.

Thank you, Brian. And good morning everyone.

This contract agreement includes a sale of a gen 3 satellite and other Mission Solution Services of which we were able to recognize a significant amount of Revenue within the quarter.

I am pleased with the strong finish to 2025 and the strong momentum. We're seeing in the business.

Second.

We continue to focus on long-term profitable growth and have now delivered 2 consecutive years of positive adjusted Ava.

Henry Dubois: This contract agreement includes the sale of a Gen-3 satellite and other Mission Solution services, of which we were able to recognize a significant amount of revenue within the quarter. Second, we achieved key program milestones against recently awarded Gen-3 contracts for tactical ISR service integration work that also contributed to increased revenues. Third, a number of our international customers ramped up use of their subscription access to our space-based intelligence and AI services, as well as additional orders received from NGA's LUNO program and from the US Space Force's Global Data Marketplace. The strong Q4 revenue performance demonstrates our ability to rapidly monetize Gen-3 capabilities. For the full year, our total revenues increased to $106.6 million.

We achieved Key Program Milestones against recently awarded gen 3 contracts for tactical ISR service integration work, that also contributed to increased revenues.

We strengthened our balance sheet as we ended the year with over 225 million in liquidity. And we have over 345 million of contracted backlog. That is increasing our Revenue visibility

Now, let's begin with slide 11.

and third, a number of our International customers ramped up use of their subscription access to our space-based intelligence and AI Services as well as additional orders received from nga's Luna program and from the US space forces, global data Marketplace,

Total revenue for the fourth quarter of 2025 was $35.2 million, up 16% year-over-year.

The strong Q4 Revenue, performance. Demonstrates our ability to rapidly monetize. Gen 3 capabilities.

Growth was primarily driven by a few key factors.

First.

For the full year, our total revenues increased to 106.6 million.

Henry Dubois: This contract agreement includes the sale of a Gen-3 satellite and other mission solution services, of which we were able to recognize a significant amount of revenue within the quarter. Second, we achieved key program milestones against recently awarded Gen-3 contracts for tactical ISR service integration work that also contributed to increased revenues. Third, a number of our international customers ramped up use of their subscription access to our space-based intelligence and AI services, as well as additional orders received from NGA's Luno program and from the U.S. Space Force's Global Data Marketplace. The strong Q4 revenue performance demonstrates our ability to rapidly monetize Gen-3 capabilities. For the full year, our total revenues increased to $106.6 million. This performance was attributable to the growth in our Mission Solutions business, the ramp-up of our Gen-3 capabilities, and continued expansion of our international customer base.

As Brian mentioned earlier, we want a new Mission Solutions contract with an international customer.

This performance was attributable to the growth. In our mission Solutions business. The ramp up of our gen 3 capabilities and continued expansion of our International customer base.

This contract agreement includes the sale of a Gen 3 satellite and other Mission Solution Services, of which we were able to recognize a significant amount of revenue within the quarter.

Second.

We were able to achieve this growth despite US government budget challenges.

Henry Dubois: This performance was attributable to the growth in our Mission Solutions business, the ramp-up of our Gen-3 capabilities, and continued expansion of our international customer base. We were able to achieve this growth despite US government budget challenges. In fact, revenues from international customers grew over 50% from the prior year and now represent more than half of our total revenues. Let's now turn to slide 12 and talk about cash operating expenses, which exclude stock-based compensation, depreciation, and amortization expenses. For Q4 2025, cash operating expenses were $17.7 million, compared to $16.9 million in the prior year period. For the full year, our cash operating expenses were $74.3 million, up from $64.9 million in 2024. This increase is primarily attributable to our LeoStella acquisition in 2024.

In fact, revenue from International, customers grew over 50% from the prior year and now represent more than half of our total revenues.

We achieved Key Program Milestones against recently awarded gen 3 contracts for tactical ISR service integration work, that also contributed to increased revenues.

Let's now turn to slide 12 and talk about cash operating expenses which excludes stock-based compensation, depreciation and amortization expenses.

For the fourth quarter of 2025.

Cash operating expenses were 17.7 million compared to 16.9 million in the prior year period.

The strong Q4 Revenue, performance. Demonstrates our ability to rapidly monetize. Gen 3 capabilities.

For the full year, our cash operating expenses were 74.3 million.

For the full year, our total revenues increased to 106.6 million.

Up from 64.9 million in 2024.

This increase is primarily attributable to our Leo, Stella acquisition in 2024.

Henry Dubois: We were able to achieve this growth despite US government budget challenges. In fact, revenues from international customers grew over 50% from the prior year, and now represent more than half of our total revenues. Let's now turn to slide 12 and talk about cash operating expenses, which excludes stock-based compensation, depreciation, and amortization expenses. For Q4 of 2025, cash operating expenses were $17.7 million, compared to $16.9 million in the prior year period. For the full year, our cash operating expenses were $74.3 million, up from $64.9 million in 2024. This increase is primarily attributable to our LeoStella acquisition in 2024. Moving to Slide 13.

Moving to slide 13.

This performance was attributable to the growth. In our mission Solutions business. The ramp up of our gen 3 capabilities and continued expansion of our International customer base.

We were able to achieve this growth despite U.S. government budget challenges.

Our adjusted ibitta for the fourth quarter of 2025 was 8.8 million. A 20% increase compared to an adjusted AA of 7.4 million in the prior year quarter.

In fact, revenues, from International, customers grew over 50% from the prior year and now represent more than half of our total revenues.

Henry Dubois: Moving to slide 13. Our adjusted EBITDA for Q4 2025 was $8.8 million, a 20% increase compared to an adjusted EBITDA of $7.4 million in the prior year quarter. The year-over-year increase of $1.4 million was primarily driven by higher revenues, as I outlined a moment ago, and continued responsible cost management. The strong Q4 performance drove full-year adjusted EBITDA to $900,000, delivering a second consecutive year of positive adjusted EBITDA. We continue to remain focused on scaling our revenue while maintaining operating discipline, which we believe will drive improving margins as we continue to sell more constellation capacity. Let's move on to our cash and liquidity position, as shown on slide 14....

The year-over-year increase of 1.4 million was primarily driven by higher revenues, as I outlined a moment ago, and continue to responsible cost management.

Let's now turn to slide 12 and talk about cash operating expenses which excludes stock-based compensation, depreciation and amortization expenses.

For the fourth quarter of 2025.

The strong Q4 performance drove full year. Adjusted IFA to 900,000, delivering a second consecutive year of positive adjusted. If it

Cash operating expenses were 17.7 million compared to 16.9 million in the prior year period.

For the full year, our cash operating expenses were 74.3 million.

Up from 64.9 million in 2024.

We continue to remain focused on scaling our Revenue. While maintaining operating discipline which we believe will drive improving margins, as we continue to sell more constellation capacity.

This increase is primarily attributable to our Leo, Stella acquisition in 2024.

Let's move on to our cash and liquidity position as shown on slide 14.

Henry Dubois: Our adjusted EBITDA for Q4 2025 was $8.8 million, a 20% increase compared to an adjusted EBITDA of $7.4 million in the prior year quarter. The year-over-year increase of $1.4 million was primarily driven by higher revenues, as I outlined a moment ago, and continued responsible cost management. The strong Q4 performance drove full-year adjusted EBITDA to $900,000, delivering a second consecutive year of positive adjusted EBITDA. We continue to remain focused on scaling our revenue while maintaining operating discipline, which we believe will drive improving margins as we continue to sell more constellation capacity. Let's move on to our cash and liquidity position, as shown on Slide 14.

Moving to slide 13.

We ended the fourth quarter of 2025 with 125.6 million of cash restricted cash and short-term Investments, which is more than double our cash balance of 53.8 million from a year ago

8 million, a 20% increase, compared to an adjusted AA of 7.4 million in the prior year quarter.

Henry Dubois: We ended Q4 2025 with $125.6 million of cash, restricted cash, and short-term investments, which is more than double our cash balance of $53.8 million from a year ago. During the quarter, we achieved major milestones across multiple contracts that triggered invoicing of prior unbilled receivables. As a result, we ended the year with $26.6 million of unbilled contract assets, a significant reduction from about $43 million at the end of Q3. With the billing from these milestones and the additional contracts we won, our accounts receivable balance ended at $37.6 million, which we expect to collect in the near term.

During the quarter, we achieved major Milestones across multiple contracts that triggered invoicing of prior unbilled receivables.

As a result, we ended the year.

The year-over-year increase of 1.4 million was primarily driven by higher revenues as I outlined a moment ago and continued responsible cost management.

With 26.6 million of unbilled contract assets. A significant reduction from about 43 million at the end of the third quarter.

The strong Q4 performance drove full year adjusted ibida to 900,000 delivering a second consecutive year of positive adjusted of its time.

With the billing, from these milestones, in the additional contracts, we won our accounts, receivable balance ended at 37.6 million, which we expect to collect in the near term.

We continue to remain focused on scaling our Revenue. While maintaining operating discipline which we believe will drive improving margins, as we continue to sell more constellation capacity.

Let's move on to our cash and liquidity position as shown on slide 14.

We also signed a new vendor financing agreement, securing additional gen 3, launches in 2026, which provides us with a total of 37.4 million in available launch financing.

Henry Dubois: We also signed a new vendor financing agreement, securing additional Gen-3 launches in 2026, which provides us with a total of $37.4 million in available launch financing. Taking all these items together brings our total liquidity position to over $225 million, or an 84% increase over the position we ended with in 2024. With this liquidity position and our continuing strong operating performance, we believe that we have sufficient liquidity to deploy our Gen-3 constellation, grow our business, and continue on our path towards positive free cash flow. Turning to the outlook on slide 15. We expect full year 2026 revenue to be between $120 million and $145 million, representing a 24% growth over 2025 at the midpoint of this range.

We ended the fourth quarter of 2025 with 125.6 million of cash restricted cash and short-term Investments, which is more than double our cash balance of 53.8 million from a year ago

Taking all these items together brings our total liquidity position to over 225 million or an 84% increase over the position. We ended with in 2024.

During the quarter, we achieved major Milestones across multiple contracts that triggered invoicing of prior unbilled receivables.

To his positive free cash flow.

Turning to the outlook on, slide 15.

As a result, we ended the year with 26.6 million of unbilled contract assets. A significant reduction from about 43 million at the end of the third quarter.

We expect full year 2026 Revenue to be between 120 million and 145 million.

Representing a 24% growth over 2025 at the midpoint of this range.

Henry Dubois: We also signed a new vendor financing agreement, securing additional Gen-3 launches in 2026, which provides us with a total of $37.4 million in available launch financing. Taking all these items together brings our total liquidity position to over $225 million, or an 84% increase over the position we ended with in 2024. With this liquidity position and our continuing strong operating performance, we believe that we have sufficient liquidity to deploy our Gen-3 constellation, grow our business, and continue on our path towards positive free cash flow. Turning to the outlook on Slide 15, we expect full year 2026 revenue to be between $120 million and $145 million, representing a 24% growth over 2025 at the midpoint of this range.

With the billing, from these milestones, in the additional contracts, we won our accounts, receivable balance ended at 37.6 million, which we expect to collect in the near term.

We also signed a new vendor financing agreement, securing additional gen 3, launches in 2026, which provides us with a total of 37.4 million in available launch financing.

This annual growth is driven by strong backlog visibility which we expect to convert into Revenue throughout the year continued gen 3. Satellite deployments delivering increased capacity to our customers and a growing pipeline of sales opportunities.

Henry Dubois: This annual growth is driven by strong backlog visibility, which we expect to convert into revenue throughout the year, continued Gen-3 satellite deployments, delivering increased capacity to our customers, and a growing pipeline of sales opportunities. Historically, our revenue performance in the second half of the year has always been stronger than in the first half. We anticipate this year to be the same. We expect full year 2026 adjusted EBITDA to be between $6 million and $18 million, reflecting our continued progress towards sustained profitability while maintaining investments in a number of growth initiatives. Capital expenditures for the full year 2026 are projected to be between $50 million and $60 million and are primarily focused on building out our Gen-3 constellation and advancing our next generation satellite and AI technologies.

Historically, our Revenue performance in the second half of the year has always been stronger than in the first half. And we anticipate this year to be the same

Taking all these items together brings our total liquidity position to over 225 million or an 84% increase over the position. We ended with in 2024.

We expect full year 2026, adjusted ibida to be between 6 million and 18 million reflecting, our continued progress towards sustained. Profitability while maintaining investments in a number of growth initiatives.

With this liquidity position and our continuing strong operating performance. We believe that we have sufficient liquidity to deploy our gen 3 constellation, grow our business and continue on our path towards positive free cash flow.

Returning to the outlook on slide 15.

We expect full year 2026 Revenue to be between 120 million and 145 million.

Capital expenditures for the full year. 2026 are projected to be between 50 and 60 million dollars and are primarily focused on building out our gen 3 constellation and advancing our next Generation satellite and AI Technologies.

Henry Dubois: This annual growth is driven by strong backlog visibility, which we expect to convert into revenue throughout the year, continued Gen-3 satellite deployments, delivering increased capacity to our customers, and a growing pipeline of sales opportunities. Historically, our revenue performance in the second half of the year has always been stronger than in the first half. We anticipate this year to be the same. We expect full year 2026 adjusted EBITDA to be between $6 million and $18 million, reflecting our continued progress towards sustained profitability while maintaining investments in a number of growth initiatives. Capital expenditures for the full year 2026 are projected to be between $50 million and $60 million, and are primarily focused on building out our Gen-3 constellation and advancing our next generation satellite and AI technologies.

Representing a 24% growth over 2025 at the midpoint of this range.

In summary, we're pleased with our fourth quarter and full year financial performance, the momentum, we're seeing across the business and our expanding International customer portfolio.

With that I'll now turn it back over to Brian for some closing, remarks. Brian.

Thanks Henry.

Henry Dubois: In summary, we're pleased with our Q4 and full year financial performance, the momentum we're seeing across the business, and our expanding international customer portfolio. With that, I'll now turn it back over to Brian for some closing remarks. Brian?

We're pleased with the strong finish to 2025.

In the momentum, we're carrying into 2026.

Historically, our Revenue performance in the second half of the year has always been stronger than in the first half. And we anticipate this year to be the same

Building on the success.

Proven on orbit performance and customer validation of gen 3.

We are off to a strong start to the year.

Brian O'Toole: Thanks, Henry. We're pleased with the strong finish to 2025 and the momentum we're carrying into 2026. Building on the success, proven on-orbit performance, and customer validation of Gen-3, we are off to a strong start to the year. The growing market opportunity for space-based intelligence is accelerating, and BlackSky is well positioned to meet this demand through an industry-leading space, ground, and AI technology stack that we are successfully leveraging across multiple lines of business to capitalize on a number of growth vectors. We enter 2026 with a strong balance sheet, a growing backlog of high visibility revenue for our space-based intelligence and AI services and mission solutions, and a clear and strong execution strategy for growth. This concludes our remarks for the call, and we'll now take your questions.

The growing Market opportunity for space-based intelligence is accelerating.

We expect full year 2026, adjusted ibida to be between 6 million and 18 million reflecting, our continued progress towards the same profitability while maintaining investments in a number of growth initiatives.

And black sky is well, positioned to meet this demand.

Through an industry-leading space ground and AI technology stack.

That we are successfully leveraging across multiple lines of business.

To capitalize on a number of growth vectors.

We enter 2026 with a strong balance sheet.

A growing backlog of high visibility Revenue.

In summary, we're pleased with our fourth quarter and full year financial performance, the momentum, we're seeing across the business and our expanding International customer portfolio.

For our space-based intelligence and AI services.

Emission Solutions.

With that. I'm now turn it back over to Brian for some closing, remarks. Brian.

And a clear and strong execution strategy for growth.

Thanks Henry.

We're pleased with the strong finish to 2025.

This concludes our remarks for the call and we'll now take your questions.

And the momentum we're carrying into 2026.

Building on the success.

Proven out orbit performance and customer, validation of gen 3.

We are off to a strong start to the year.

The growing market opportunity for space-based intelligence is accelerating.

And black sky is well, positioned to meet this demand.

Operator: We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, please press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Edison Yu with Deutsche Bank. Your line is now open. Please go ahead.

Through an industry-leading space ground and AI technology stack.

That we are successfully leveraging across multiple lines of business.

We will now begin the question and answer session. Please limit yourself to 1 question and 1 follow-up. If you would like to ask a question, please press star 1 to raise your hand to withdraw your question, please press star 1. Again we ask that you pick up your handset. When asking a question to allow for Optimum sound quality. If you are muted locally, please remember to unmute your device please. Stand by while we compile the Q&A roster,

To capitalize on a number of growth vectors.

Your first question comes from the line of Edison you with joysa bank, your line is now open, please go ahead.

We enter 2026 with a strong balance sheet.

A growing backlog of high visibility Revenue.

Good morning everyone and thank you for for taking your questions.

For our space-based intelligence and AI services.

And Mission Solutions.

And a clear and strong execution strategy for growth.

This concludes our remarks for the call and we'll now take your questions.

Edison Yu: Good morning, everyone, thank you for taking our questions. First, I wanted to ask about the new 8-figure sovereign deal. I guess it's falling under Mission Solutions now. Can you give us a little bit more detail, both in terms of the customer, the pacing of how that revenue gets recognized, and more generally, the pipeline of similar opportunities going forward about deals like this or structures like this?

First, I want to ask about the the new 8 figure, Sovereign deal. I guess it's falling under under Mission Solutions. Now, can you give us a little bit more detail both in terms of the, the customer, the the pacing of how that Revenue gets gets recognized and more generally, the, the pipeline of, of similar opportunities going forward about deals like this, or structures like this.

Uh, sure, good morning Edison. Um, thanks for the question. Um,

yeah, as we as we outlined in our remarks, uh, this is a

Please limit yourself to 1 question and 1 follow-up. If you would like to ask a question, please press star 1 to raise your hand to withdraw your question, please press star 1. Again we ask that you pick up your handset. When asking a question to allow for Optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compiled at the Q&A roster.

we'll call an initial contract for a gen 3, satellite that includes some ground.

Capability.

Brian O'Toole: Good morning, Edison. Thanks for the question. As we outlined in our remarks, this is a, we'll call it an initial contract for a Gen-3 satellite that includes some ground capability and software, as well as multi-year support services. It is bundled with a commercial contract for subscription-based access to our commercial constellation and AI services. That means that these types of contracts support both of those elements of our business. In this case, we were able to, as Henry mentioned, recognize a good portion of revenue of that in Q4 as you're able to make immediate deliveries.

Your first question comes from the line of Edison you with Deutsche Bank, your line is now open. Please go ahead.

Edison Yu: Good morning, everyone. Thank you for taking our questions. First, I wanted to ask about the new 8-figure sovereign deal. I guess it's falling under Mission Solutions now. Can you give us a little bit more detail, both in terms of the customer, the pacing of how that revenue gets recognized. More generally, the pipeline of similar opportunities going forward about deals like this or structures like this?

And software, as well as, uh, as well as multi-year Support Services. It is bundled with a

Good morning everyone and thank you for for taking your questions.

a commercial uh, contract for

first, I want to ask about the the new 8 figure, Sovereign deal,

Subscription-based access to our our commercial constellation and AI services. So

um,

that means that these types of contracts support. Both of those elements of our business.

Uh, this is a this, in this. In this case,

uh, we were able to as Henry mentioned recognize, uh,

Good portion of Revenue of that in the fourth quarter.

Brian O'Toole: Sure. Good morning, Edison. Thanks for the question. As we outlined in our remarks, this is a, we'll call it an initial contract for a Gen-3 satellite that includes some ground capability and software, as well as multi-year support services. It is bundled with a commercial contract for subscription-based access to our commercial constellation and AI services. That means that these types of contracts support both of those elements of our business. In this case, we were able to, as Henry mentioned, recognize a good portion of revenue of that in Q4, as we were able to make immediate deliveries.

I guess it's falling under Mission Solutions. Now, can you give us a little bit more detail both in terms of the, the customer, the the pacing of how that Revenue gets gets recognized and more generally, the, the pipeline of, of similar opportunities going forward about deals like this, or structures like this.

uh, as you're able to make immediate deliveries, um,

Uh, sure, good morning Edison. Um, thanks for the question. Um,

So uh, we we will move forward on their schedule to launch the satellite as quickly as we can. Um

Yeah, as we as we outlined in our remarks, uh, this is a we'll call an initial contract for a gen 3, satellite that includes some ground.

Capability.

Uh, either later this year or early next year. So,

Brian O'Toole: The strength of this is that we were able to pull a satellite off the production line and accelerate the customer's schedule. We will move forward on their schedule to launch the satellite as quickly as we can, either later this year or early next year. We are seeing a general trend where a number of these types of customers will start with a few satellites, with ambitions to expand much further beyond that and grow those over time.

uh,

we are seeing a general Trend where

And software, as well as, uh, as well as multi-year Support Services. It is bundled with a

uh commercial uh, contract for

Uh, a number of these types of customers will start with a few Satellites with ambitions to expand much further beyond that, and grow those over time.

Subscription-based access to our commercial constellation and AI services. So

um,

Yeah, just a follow up. Do you have a sense of how many of these type of?

that means that these types of contracts support. Both of those elements of our business.

Uh, this is a this, in this. In this case,

Programs or deals are in your pipeline. Is it is this something that's, you know, could be multiple countries? Dozens of countries, how, how does 1 think about that?

Uh, we were able to, as Henry mentioned, uh, recognize, uh,

Good portion of Revenue of that in the fourth quarter.

Yeah, I think we're building a very strong pipeline. We're seeing, we're seeing this type of

Edison Yu: Yeah, just to follow up, do you have a sense of how many of these type of programs or deals are in your pipeline? Is this something that's, you know, could be multiple countries, dozens of countries? How does one think about that?

uh, as you're able to make immediate deliveries, um,

Trend uh across a number of regions in the world and with a number of customers in each region.

The strength of this is that we were able to pull a satellite off the production line and accelerate the customer's schedule.

so, um,

I I think Edison the way we think about this as a tam.

Brian O'Toole: I think we're building a very strong pipeline. We're seeing this type of trend across a number of regions in the world and with a number of customers in each region. I think, Edison, the way we think about this as a TAM expansion opportunity, maybe to put this in some numbers, about maybe less than 5 years ago, there were under 12 or 15 countries that had sovereign space capability, now there's over 60. Many of them are in the early phases of building out their capability. This is a large and expanding market, and there's a number of customers that are coming into this with very little initial capability that we're able to help accelerate their long-term plans.

So uh, we we will move forward on their schedule to launch the satellite as quickly as we can. Um

Expansion opportunity. Maybe to maybe to put this in some numbers about

Uh, either later this year or early next year. So, uh,

maybe less than 5 years ago. There were under

we are seeing a general Trend where

12 or 15 countries that had Sovereign space capability. Now, there's over 60

Uh, a number of these types of customers will start with a few Satellites with ambitions to expand much further beyond that, and grow those over time.

And and so uh and there and many of them under the early phases of building out their capabilities. So

uh, this is a large and expanding market and there's a number of customers that are coming into this with

Yeah, just to follow up. Do you have a sense of how many of these type of?

uh, very little initial capability that we're able to help accelerate their

their long-term plans.

Brian O'Toole: Yeah, I think we're building a very strong pipeline. We're seeing this type of trend across a number of regions in the world and with a number of customers in each region. I think, Edison, the way we think about this as a TAM expansion opportunity, maybe to put this in some numbers, about maybe less than five years ago, there were under 12 or 15 countries that had sovereign space capability, now there's over 60. Many of them are in the early phases of building out their capability. This is a large and expanding market, and there's a number of customers that are coming into this with very little initial capability that we're able to help accelerate their long-term plans.

Programs or deals are in your pipeline. Is it is this something that's, you know, could be multiple countries? Dozens of countries. How does 1 think about that?

Yeah, I think we're building a very strong pipeline. We're seeing, we're seeing this type of

Gotcha, okay, to speak, 1 more and would you expect it? Now, another similar type of deal this year.

Trend. Uh,

Uh, as I said, we have a very strong pipeline. We have a number of deals, moving through the pipeline. Um,

Across a number of regions in the world and with a number of customers in each region.

so, um,

timing of international deals has always been

uh,

Edison Yu: Gotcha. If I could just sneak one more in, would you expect to announce another similar type of deal this year?

I I think Edison the way we think about this as a tam.

been uh,

Expansion opportunity. Maybe to maybe to put this in some numbers about

challenging to predict exactly. And just also keep in mind, these tend to be Lumpy

Brian O'Toole: Well, as I said, we have a very strong pipeline. We have a number of deals moving through the pipeline. Timing of international deals has always been challenging to predict exactly. Just also keep in mind, these tend to be lumpy. You know, these deals will come in, and then you'll see these spikes in revenue as we recognize revenue depending on the nature of the contract.

maybe less than 5 years ago. There were under

so, uh, you know, those these deals will come in and then you'll see these spikes in Revenue as we recognize

12 or 15 countries that had Sovereign space capability. Now, there's over 60

Revenue, uh, depending on the nature of the contract.

Great. Thank you.

And so, uh, there are many of them, and many of them are in the early phases of building out their capabilities. So,

Thanks Edison.

uh, this is a large and expanding market and there's a number of customers that are coming into this with

Your next question comes from the line of Jeff Van Reed with Craig Hallam Capital group. Your line is open, please go ahead.

uh, very little initial capability that we're able to help accelerate their

their long-term plans.

Edison Yu: Gotcha. If I could just sneak one more in: Would you expect to announce another similar type of deal this year?

Edison Yu: Great. Thank you.

Brian O'Toole: Thanks, Edison.

Operator: Your next question comes from the line of Jeff Van Rhee with Craig-Hallum Capital Group. Your line is open. Please go ahead.

Uh, great thanks for taking the questions, uh, maybe to start with you Henry on terms of the, um, the guide. If I look at the low end of the guide, what has to happen here to hit that in terms of new bookings versus already, having that in backlog.

Gotcha. If I could just take 1 more and would you expect to announce another similar type of deal this year?

Jeff Van Rhee: Great, thanks for taking the questions. Maybe to start with you, Henry, in terms of the guide. If I look at the low end of the guide, what has to happen here to hit that in terms of new bookings versus already having that in backlog?

Well, as I said, we have a very strong pipeline. We have a number of deals, moving through the pipeline. Um,

Timing of international deals is always been.

uh,

been uh,

challenging to predict exactly. And just also keep in mind, these tend to be Lumpy

Henry Dubois: We've got Jeff, thanks for the question. This is Henry. We've got strong visibility. We do have a backlog, as we said, maybe about $345 million. We've got nearly $75 million of that coming through in 2026. We also have renewals that are not yet in there, so that's kind of our standard modus operandi. We've got strong visibility to get into that, into the low end and actually into all the way into the full range there.

so, uh, you know, those these deals will come in and then you'll see these spikes in Revenue as we recognize

Revenue, uh, depending on the nature of the contract.

Edison Yu: Great. Thank you.

We've got a strong Jeff. Thanks for the question. This is Henry, um, we've got strong visibility. Uh, we do have a backlog as we said, maybe about 345 million. Uh, we've got, uh, nearly 75 million of that coming through. And, uh, and, and, uh, 2026. We also have renewals that are not yet in there. So, that's that's kind of our standard, uh, modus operandi. So we, we've got strong visibility to get into that, uh, into the low end and actually into all the way into the full, uh, full range there.

Brian O'Toole: Thanks, Edison.

Right. Thank you.

Operator: Your next question comes from the line of Jeff Van Riel with Craig-Hallum Capital Group. Your line is open. Please go ahead.

Thanks Edison.

Yeah. Is is, is the just to be clear is the low end? I I assuming, I mean, can you give a ballpark of how many, what, what kind of new bookings you need to make that? Or is it already in the bag?

Jeff Van Riel: Great, thanks for taking the questions. Maybe to start with you, Henry, in terms of the guide. If I look at the low end of the guide, what has to happen here to hit that in terms of new bookings versus already having that in backlog?

Your next question comes from the line of Jeff Van Reed with Craig Hallam Capital group. Your line is open, please go ahead.

Jeff Van Rhee: Yeah. Is the Just to be clear, is the low end assuming, I mean, can you give a ballpark of what kind of new bookings you need to make that, or is it already in the bag?

Well, as I said, we've got a fair bit of renewals in there, so we feel pretty comfortable at the. Obviously, we want to put a low end out that we didn't feel that that we could hit.

uh,

Henry Dubois: Jeff, thanks for the question. This is Henry. We've got strong visibility. We do have a backlog, as we've said, maybe about $345 million. We've got nearly $75 million of that coming through in 2026. We also have renewals that are not yet in there. That's kind of our standard modus operandi. We've got strong visibility to get into that into the low end and actually into all the way into the full range there.

Henry Dubois: Well, as I said, we've got a fair bit of renewals in there, so we're, we feel pretty comfortable. Obviously, we wouldn't put a low end out that we wouldn't feel that we could hit.

Jeff Van Rhee: Okay, got it. Henry, you mentioned on the guide in terms of linearity, assume it's back-end loaded. Can you expand a little bit? You had this large eight-figure customer. It sounds like a lot, maybe most of that revenue fell in Q4. How much of that does not recur in Q1? Just trying to get a sense of the step down and then how to build the ramp through the year.

Okay. Got it. And then um and then Henry you mentioned um uh on the guide in terms of linearity, as soon as back-end loaded you expand a little bit, you had this large 8 figure customer, it sounds like a lot. Maybe most of that Revenue fell in Q4, so how much of that it does not recur in q1, just trying to get a sense of the step down and then how to build the ramp through the year.

Jeff Van Riel: Yeah. Is the, just to be clear, is the low end, assuming... I mean, can you give a ballpark of how much, what kind of new bookings you need to make that, or is it already in the bag?

Jeff Van Rhee: Yeah. Is the, just to be clear, is the low end, assuming... I mean, can you give a ballpark of how much, what kind of new bookings you need to make that, or is it already in the bag?

We've got a strong Jeff. Thanks for the question. This is Henry, um, we've got strong visibility. Uh, we do have a backlog as we said, maybe about 345 million. Uh, we've got, uh, nearly 75 million of that coming through, in, uh, in in, uh, 2026. We also have renewals that are not yet in there. So, that's that's kind of our standard, uh, modus operandi. So, we've got strong visibility to get into that, uh, into the low end and actually into all the way into the full, uh, full range there.

Well, I guess the way I would look at, if you look at us historically over the last number of years. Um we've usually been in kind of like the uh 45 40, 45 less than 50% in the first half of the year and uh 55 to as much as 60% of the second half of the year and that's kind of the way I would be looking at it.

Henry Dubois: Well, I guess the way I would look at it, if you look at us historically over the last number of years, we've usually been in kind of like the 45, 40, 45, less than 50% in the first half of the year, and 55 to as much as 60% in the second half of the year. That's kind of the way I would be looking at it.

Henry Dubois: Well, as I said, we've got a fair bit of renewals in there, so we feel pretty comfortable that, obviously, we wouldn't put a low end out that we wouldn't feel that we could hit.

Yeah. Is is, is the just to be clear is the low end? I I assuming, I mean, can you give a ballpark of how many, what, what kind of new bookings you need to make that? Or is it already in the bag?

Well, as I said, we've got a fair bit of renewals in there, so we feel pretty comfortable at the. Obviously, we want to put a low end out that we didn't feel that that we could hit.

Jeff Van Riel: Okay, got it. Then, Henry, you mentioned on the guide in terms of linearity, assume it's back-end loaded. Can you expand a little bit? You had this large 8-figure customer. It sounds like a lot, maybe most of that revenue fell in Q4. How much of that does not recur in Q1? Just trying to get a sense of the step down and then how to build the ramp through the year.

Jeff Van Rhee: Okay, got it. Then, Henry, you mentioned on the guide in terms of linearity, assume it's back-end loaded. Can you expand a little bit? You had this large 8-figure customer. It sounds like a lot, maybe most of that revenue fell in Q4. How much of that does not recur in Q1? Just trying to get a sense of the step down and then how to build the ramp through the year.

Jeff Van Rhee: Got it. Okay, and then just last, on the Gen-3s, you know, obviously, I think compared to your initial hopes, expectations, the timeline of getting those in the sky has been slower than expected. Just curious, as you're looking back on kind of what's playing out there, is there anything that needs to change? You satisfied with the timelines it looks like in terms of how those are gonna roll? Where do you think you're gonna end 2026 in terms of the number of Gen-3s up?

Uh, got it. Okay. And then just last on the, um, on the Gen 3s, you know, obviously I think compared to your initial hopes expectations, the timeline of getting those in, the sky has been slower than expected, just curious as you're looking back on, kind of what's playing out there, is there anything that needs to change? Do you satisfied with the timelines? It looks like in terms of how those are going to roll and and where do you think you're going to end 2026 in, in terms of the number of gen 3s up?

Yeah, Jeff the way the way that we're looking at it right now is, you know we we've got these first 3 up.

Henry Dubois: Well, I guess the way I would look at it, if you look at us historically over the last number of years, we've usually been in kind of like the 45, 40, 45, less than 50% in the first half of the year, and 55% to as much as 60% in the second half of the year. That's kind of the way I would be looking at it.

Uh okay. Got it. And then um and then Henry you mentioned um uh on the guide in terms of linearity, as soon as back-end loaded you expand a little bit, you had this large 8 figure customer, it sounds like a lot. Maybe most of that Revenue fell in Q4, so how much of that it does not recur in q1, just trying to get a sense of the step down and then how to build the ramp through the year.

Performing exceptionally. Well.

uh, and and that performance is driven, uh,

Brian O'Toole: Yeah, Jeff, the way that we're looking at it right now is, you know, we've got these first three up, and they're meeting and exceeding expectations, performing exceptionally well. That performance has driven the revenue ramp that we're experiencing in Q4 and taking into this year. We have the next one already at the launch site. Our goal will be to have eight to nine Gen-3s on orbit by the end of this year. We're in very good shape. As we mentioned, we had found a issue in testing on the prior satellite. This is very typical with your first few satellites.

the revenue ramps, uh, that we're experiencing in the fourth quarter and taking into the

uh, into this year.

Uh, we have the the next 1 already at the launch site.

Jeff Van Riel: Got it. Okay. Just last, on the Gen-3s, you know, obviously, I think compared to your initial hopes, expectations, the timeline of getting those in the sky has been slower than expected. Just curious, as you're looking back on kind of what's playing out there, is there anything that needs to change? You satisfied with the timelines it looks like in terms of how those are gonna roll? Where do you think you're gonna end 2026 in terms of the number of Gen-3s up?

Well, I guess the way I would look at it, if you look at us historically over the last number of years, we've usually been in kind of like the 40, 45, less than 50% in the first half of the year, and 55% to as much as 60% in the second half of the year. That's kind of the way I would be looking at it.

Jeff Van Rhee: Got it. Okay. Just last, on the Gen-3s, you know, obviously, I think compared to your initial hopes, expectations, the timeline of getting those in the sky has been slower than expected. Just curious, as you're looking back on kind of what's playing out there, is there anything that needs to change? You satisfied with the timelines it looks like in terms of how those are gonna roll? Where do you think you're gonna end 2026 in terms of the number of Gen-3s up?

Our goal will have, will be to have 8 to 9 gen 3s on over by the end of this year.

Um, the

Uh, we're in, we're in very good shape. As we mentioned, we had, we had found an issue in testing on the prior satellite.

but um,

we, uh,

this is, this is very typical with your first few satellites.

uh, or or remind you in with our Gen 2 constellation,

Brian O'Toole: Yeah, Jeff, the way that we're looking at it right now is, you know, we've got these first three up, and they're meeting and exceeding expectations, performing exceptionally well. And that performance has driven the revenue ramp that we're experiencing in Q4 and taking into this year. We have the next one already at the launch site. Our goal will be to have eight to nine Gen-3s on orbit by the end of this year. We're in very good shape. As we mentioned, we found a issue in testing on the prior satellite. This is very typical with your first few satellites.

Uh, we started with a similar Cadence. And then we quickly got to the point where

Yeah, Jeff the way the way that we're looking at it right now is, you know we we've got these first 3 up.

Uh, at 1 point, we launched 6 satellites within 20 days.

so, uh, we we are, um,

And they're meeting and exceeding. Expectations performing exceptionally well.

Brian O'Toole: I'll remind you, in with our Gen-2 constellation, we started with a similar cadence, we quickly got to the point where, at one point we launched 6 satellites within 20 days.

We are on track and the satellites are performing. Well, on our production operations are ramping.

uh, and and that performance is driven, uh,

the revenue ramp uh that we're experiencing in the fourth quarter and taking into the

Uh, into this year.

Yeah. Yeah. And congrats. I mean that first flight performance is is pretty exceptional in the imagery just looks outstanding. So, uh, best of luck. Thanks, Jeff.

Uh, we have the the next 1 already at the launch site.

Jeff Van Rhee: Mm.

Brian O'Toole: We are on track, and the satellites are performing well, and our production operations are ramping.

Our goal will have, will be to have 8 to 9 gen 3s on over by the end of this year.

Your next question comes from the line of Timothy Horne with Oppenheimer. Your line is open. Please go ahead.

Um, the

Chris Quilty: Yeah. Yeah, and congrats. I mean, that first flight performance is pretty exceptional, and the imagery just looks outstanding. Best of luck.

Jeff Van Rhee: Yeah. Yeah, and congrats. I mean, that first flight performance is pretty exceptional, and the imagery just looks outstanding. Best of luck.

uh, we're we're in very good shape. As we mentioned, we had, we found an issue in testing on the prior satellite.

Brian O'Toole: Thanks, Jeff.

but um,

Operator: Your next question comes from the line of Timothy Horan with Oppenheimer. Your line is open. Please go ahead.

we, uh,

Oh, thanks guys. Um, any updated thoughts on is there an inflection point for where you get some scale? Uh, when you get like 678 satellites when maybe more General availability and you see a little bit more operating leverage, you know, just

Brian O'Toole: I'll remind you in with our Gen-2 constellation, we started with a similar cadence, and then we quickly got to the point where at one point we launched six satellites within 20 days. We are on track, and the satellites are performing well, and our production operations are ramping.

thoughts on what what the critical number is there.

this is, this is very typical with your first few satellites.

Timothy Horan: Thanks, guys. Any updated thoughts on, is there an inflection point for where you get some scale, when you hit like six, seven, eight satellites, when maybe more general availability and you see a little bit more operating leverage? You know, just thoughts on what the critical number is there.

Uh, or remind you in with our Gen 2 constellation.

Yeah, good morning Tim. Um I I guess we don't think of it that way. Um

Uh, we started with a similar Cadence. And then we quickly got to the point where

I think the the way we are seeing is the the the 3 we have up there have been sufficient.

Uh, at 1 point, we launched 6 satellites within 20 days.

To uh, put in front of customers so they can.

so, uh, we we are, um,

uh,

Brian O'Toole: Yeah. Good morning, Tim. I guess we don't think of it that way. I think the way we are seeing it is the 3 we have up there have been sufficient to put in front of customers so they can validate the performance and how they integrate this capability into their operations. Our sales cycle reflects that, along with unlocking revenues from existing contracts. The thing that maybe keep in mind is the number of satellites does not indicative of revenue. There's some companies with hundreds of satellites that have a certain revenue profile and others that have 6 to 8, that have a completely different revenue profile.

Jeff Van Riel: Yeah. Yeah, congrats. I mean, that first flight performance is pretty exceptional, and the imagery just looks outstanding. Best of luck.

Jeff Van Rhee: Yeah. Yeah, congrats. I mean, that first flight performance is pretty exceptional, and the imagery just looks outstanding. Best of luck.

We are on track and the satellites are performing. Well, on our production operations are ramping.

validate the performance and how they integrate this capability into their operations.

And our sales cycle reflects that along with.

Brian O'Toole: Thanks, Jeff.

Operator: Your next question comes from the line of Timothy Horan with Oppenheimer. Your line is open. Please go ahead.

Yeah, yeah. And congrats—I mean, that first flight performance is pretty exceptional, and the imagery just looks outstanding. So, uh, best of luck. Thanks, Joe.

Uh, unlocking revenues from existing contracts. So

the, the thing that

Maybe keep in mind, is the number of satellites does not. Um,

Timothy Horan: Thanks, guys. Any updated thoughts on, is there an inflection point for where you get some scale, when you hit like 6, 7, 8 satellites, when maybe more general availability and you see a little bit more operating leverage? You know, just thoughts on what the critical number is there?

Your next question comes from the line of Timothy Horne with Oppenheimer. Your line is open. Please go ahead.

Is not indicative of of Revenue. There's some companies with hundreds of satellites.

That have a certain Revenue profile and others that have 6 to 8, that have a completely different Revenue profile.

So uh we view it more as customer adoption rate.

Oh, thanks guys. Um, any updated thoughts on is there an inflection point for where you get some scale? Uh, when you hit like 6, 78 satellites when maybe more General availability and you see a little bit more operating leverage, you know, just

Brian O'Toole: Yeah. Good morning, Timothy. I guess we don't think of it that way. I think the way we are seeing it is the 3 we have up there have been sufficient to put in front of customers so they can validate the performance and how they integrate this capability into their operations. Our sales cycle reflects that, along with unlocking revenues from existing contracts. The thing that maybe keep in mind is the number of satellites does not indicative of revenue. There's some companies with hundreds of satellites that have a certain revenue profile and others that have 6 to 8, that have a completely different revenue profile.

The thoughts on what the critical number is there.

uh, and unlocking performance and we scale that capacity commensurate with

the level of service that we need to deliver whether it's uh, Imaging.

Yeah, good morning Tim. Um I I guess we don't think of it that way. Um

Brian O'Toole: We view it more as customer adoption rate, and unlocking performance, and we scale that capacity commensurate with the level of service that we need to deliver, whether it's imaging, performance and quality, revisit, or low latency delivery with AI-enabled intelligence. It's a customer ramping and capacity ramping trend that we're working toward.

I think the the way we are seeing it is the the the 3 we have up there have been sufficient.

Performance and quality revisit uh or low latency delivery with AI enabled intelligence. So it's a it's a customer ramping.

To uh, put in front of customers so they can.

uh,

Uh, and capacity ramping, uh, Trend that we're working toward.

validate the performance and how they integrate this capability into their operations.

And our sales cycle reflects that along with.

Uh, unlocking revenues from existing contracts. So

the, the thing that

Got it, it does sound like you are a little bit capacity constrained on the manufacturing line, but I think you're implying that that's going to accelerate your ability to. Yeah. Um accelerate, your manufacturer of the satellites is that pretty accurate

Maybe keep in mind, is the number of satellites does not. Um,

Timothy Horan: Got it. It does sound like you are a little bit capacity constrained on the manufacturing line, I think you're implying that that's gonna accelerate your ability to, yep, accelerate your manufacture of these satellites. Is that pretty accurate?

Yeah, I wouldn't call it a capacity constrained. I would call it being very measured with the first several satellites.

Is not indicative of of Revenue. There's some companies with hundreds of satellites.

Brian O'Toole: We view it more as customer adoption rate, and unlocking performance, and we scale that capacity commensurate with the level of service that we need to deliver, whether it's imaging, performance and quality, revisit, or low latency delivery with AI-enabled intelligence. It's a customer ramping, and capacity ramping, trend that we're working toward.

That have a certain Revenue profile and others that have 6 to 8, that have a completely different Revenue profile.

um, to ensure that the ones that are going up, there are meeting our quality standards and and we are

So uh we view it more as customer adoption rate.

Brian O'Toole: Yeah, I wouldn't call it capacity constrained. I would call it being very measured with the first several satellites, to ensure that the ones that are going up there are meeting our quality standards. We are, in parallel, optimizing supply chain and our production processes to hit an operating cadence out of production. As I said, this is typical, and we are feeling very good about where we are.

uh, and unlocking performance and we scale that capacity commensurate with

in parallel optimizing supply chain and our production processes to hit a operating Cadence out of production. So as I said, this is typical

The level of service that we need to deliver, whether it's imaging.

um, and we are feeling very good about where we are.

Or low latency deliver with AI enabled intelligence. So it's a it's a customer ramping.

Got it. And then lastly, just the um any thoughts on us spend uh, you at this point from the government, what you kind of expecting this year? Are you seeing improvements there?

Uh, and capacity ramping, uh, Trend that we're working toward.

Timothy Horan: Got it. It does sound like you are a little bit capacity constrained on the manufacturing line, but it... I think you're implying that that's gonna accelerate your ability to, yep, accelerate your manufacture of these satellites. Is that pretty accurate?

Timothy Horan: Got it. Lastly, just any thoughts on US spend at this point from the government? What are you kind of expecting this year, or are you seeing improvements there?

Yeah, I think uh, let me just say, you know, we're happy that Congress approved. The, the 26 budget, uh, which includes funding for ecl and other commercial imagery and analytics initiatives, both that

NGA and space force.

Got it, it does sound like you are a little bit capacity-constrained on the manufacturing line, but I think you're implying that that's going to accelerate your ability to, yeah, um, accelerate your manufacture of these satellites. Is that pretty accurate?

So uh, for El

Brian O'Toole: Yeah, I think, let me just say, you know, we're happy that Congress approved the 26 budget, which includes funding for EOCL and other commercial imagery and analytics initiatives, both at NGA and Space Force. For EOCL, we've taken a conservative approach in our forecast this year, and we expect that'll take some time into Q2 across all of these programs before we get better visibility into how this funding is gonna be appropriated to specific programs and contracts. We're seeing increased interest across the government in expanding use of commercial imagery and analytics.

We take on that conservative approach in our forecast this year. And we expect

Yeah, I wouldn't call it capacity, constraint. I would call it being very measured with the first several satellites.

That will take some time into Q2.

across all of these programs, before we get better, visibility into how

um, to ensure that the ones that are going up, there are meeting our quality standards and and we are

this funding is going to be appropriated to spe specific programs and contracts but

um,

we're seeing increased interest across the government and expanding use of commercial, imagery and Analytics.

In parallel optimizing supply chain and our production processes to hit a operating Cadence on a production. So, as I said, this is typical

Thank you.

Um, and we are feeling very good about where we are.

Timothy Horan: Got it. Lastly, just, any thoughts on US spend, at this point from the government? What are you kind of expecting this year, or are you seeing improvements there?

Your next question comes from the line of

Jason Schmidt with Lake Street.

In is open. Please go ahead.

Got it. And then lastly, just to—um, any thoughts on us? Spend a year at this point in the government. Uh, what you kind of...

Brian O'Toole: Yeah, I think, let me just say, you know, we're happy that Congress approved the 2026 budget, which includes funding for EOCL and other commercial imagery and analytics initiatives, both at NGA and Space Force. For EOCL, we've taken a conservative approach in our forecast this year, and we expect that it'll take some time into Q2 across all of these programs before we get better visibility into how this funding is going to be appropriated to specific programs and contracts. We're seeing increased interest across the government in expanding use of commercial imagery and analytics.

This year or are you thinking improvements there?

Timothy Horan: Thank you.

Operator: Your next question comes from the line of Jaeson Schmidt with Lake Street. Your line is open. Please go ahead.

NGA and space force.

And I guess relatedly what you're seeing from sort of a sales cycle timeline, when it comes to some of these generic contracts.

Jaeson Schmidt: Hey, guys. Thanks for taking my questions. Just following up on the new eight-figure contract. Just curious how long you were in discussions with that customer before inking that contract? I guess relatedly, what you're seeing from sort of a sales cycle timeline when it comes to some of these Gen-3 contracts?

So uh, for El

I think it, I think the way we think about it,

Jason. It's um.

we taken that conservative approach in our forecast this year, and we expect

These are 12 to 18 months type sales Cycles. Um, and

that will take some time into Q2 across all of these programs before we get better, visibility into how

Um, in this in this uh, particular case, this was at the at the faster end of that. Um

this funding is going to be appropriated to specific programs and contracts, but

so, um,

Brian O'Toole: Yeah, I think the way we think about it, Jaeson, it's, these are 12 to 18-month type sales cycles. In this particular case, this was at the faster end of that. I think we're seeing a very consistent trend around that length of sales cycle.

um,

Timothy Horan: Thank you.

we're seeing increased interest across the government and expanding use of commercial, imagery and Analytics.

I think we're seeing a very consistent Trend around that, that length of sales, sales cycle.

Thank you.

Operator: Your next question comes from the line of Jaeson Schmidt with Lake Street. Your line is open. Please go ahead.

Your next question comes from the line of Jason Schmidt with Lake Street. Your line is open, please go ahead.

Okay, that's helpful. And then just as a follow up um not looking for specifics, but just curious at a high level if the pricing of the Gen 3 capacity is in line with your prior expectations.

Jaeson Schmidt: Okay, that's helpful. Just as a follow-up, not looking for specifics, but just curious at a high level, if the pricing of the Gen 3 capacity is in line with your prior expectations?

Oh, it's it's exactly in line with our expectations and what we have modeled in our business plan.

Um, the the thing that, um,

the thing that you need to,

Again, thanks for taking my questions, uh, just following up on the new 8, figure contract, just curious. How long you were in discussions with that customer before, inking, that contract. And I guess related to lie what you're seeing from. Sorry about sales, cycle timeline, when it comes to some of these gendering contracts,

yeah, I think it I think the way we think about it,

Jason. It's um.

Brian O'Toole: Oh, it's exactly in line with our expectations and what we have modeled in our business plan. The thing that you need to keep in mind is we have increased the pricing commensurate with the, from Gen 2 to Gen 3, with the improved 35 centimeter capability. Yeah, also keep in mind that these Gen 3 satellites are producing imagery at a level of performance of much larger and more expensive satellites that, in some cases, can be 10 times more expensive. These compelling economics are really enabling us to provide our customers with exceptional value at competitive prices, while delivering strong margin performance to the business.

keep in mind as we have increased the pricing commensurate with the from Gen 2 to gen 3 with the improved 35 cm

These are 12 to 18 months type sales Cycles. Um, and

Capability.

Um, also keep in mind that these gen 3 satellites are producing imagery.

Um, in this, in this—uh, particular case, this was at the faster end of that. Um—

so, um,

at a level of performance, a much larger and more expensive satellites that

In some cases can be 10 times more expensive.

so, these types of

I think we're seeing a very consistent Trend around that, that length of sales, sales cycle.

Jaeson Schmidt: Okay, that's helpful. Just as a follow-up, not looking for specifics, but just curious at a high level, if the pricing of the Gen-3 capacity is in line with your prior expectations?

these compelling economics are really enabling us to provide our customers with

Exceptional value at competitive prices, while delivering, strong margin performance to the business.

Brian O'Toole: It's exactly in line with our expectations and what we have modeled in our business plan. The thing that you need to keep in mind, as we have increased the pricing commensurate with the, from Gen-2 to Gen-3, with the improved 35 centimeter capability. Yeah, also keep in mind that these Gen-3 satellites are producing imagery at a level of performance of much larger and more expensive satellites that, in some cases, can be 10 times more expensive. These compelling economics are really enabling us to provide our customers with exceptional value at competitive prices, while delivering strong margin performance to the business.

All right, perfect. Thanks guys.

Okay, that's helpful. And then just as a follow-up um not looking for specifics, but just curious at a high level if the pricing of the Gen 3 capacity is in line with your prior expectations.

Thank you.

Oh, it's it's exactly in line with our expectations and what we have modeled in our business plan.

Your next question comes from the line of Chris quilty with quilty space. Your line is open, please go ahead.

and gentlemen, uh,

Um, the the thing that, um,

the thing that you need to,

Jaeson Schmidt: All right. Perfect. Thanks, guys.

Brian O'Toole: Thank you.

Operator: Your next question comes from the line of Chris Quilty with Quilty Space. Your line is open. Please go ahead.

keep in mind as we have increased the pricing commensurate with the from Gen 2 to gen 3 with the improved 35 cm

capability.

Um, yeah, also keep in mind that these gen 3 satellites are producing imagery.

Chris Quilty: Morning, gentlemen. Looking out to 2026. Thank you, by the way, for providing the new segment reporting. That's definitely helpful. Can you give us a sense of what sort of a breakdown you expect revenue-wise between the segments? I'm thinking it's probably like a 70-30-ish on the imagery and analytics. The second part of the question for Henry. Can you just talk to us about the accounting methodology for the sale of satellites to customers, both during the production process? Is there a, you know, percentage completion, or is it done more at final sale?

at a level of performance, a much larger and more expensive satellites that

In some cases can be 10 times more expensive.

so, these types of

these compelling economics are really enabling us to provide our customers with

Exceptional value at competitive prices, while delivering, strong margin performance to the business.

Henry Dubois: All right, perfect. Thanks, guys.

Brian O'Toole: Thank you.

Looking out to 26 and and thank you, by the way, for providing the new, uh, segment, uh, reporting. That's that's definitely helpful. Can you give us a sense of what, sort of a breakdown, you expect revenue-wise between the segments. I'm, I'm not thinking it's probably like a 7030 is on the, uh, imagery and analytics. Uh, and the second part of the question, uh, for Henry, can you just talk to us about the, um, accounting methodology for the sale of satellites to customers both during the production process is there? Uh, you know, percentage completion, uh, or uh, is it done more at at final sale?

Operator: Your next question comes from the line of Chris Quilty with Quilty Space. Your line is open. Please go ahead.

All right, perfect. Thanks guys. Thank you.

Yeah. Uh, good morning Chris. Thanks. Thanks for the question. Uh, let me, let me take the first question before I hand it over to Henry. Um,

Chris Quilty: Morning, gentlemen. Looking out to 26, and thank you, by the way, for providing the new segment reporting. That's definitely helpful. Can you give us a sense of what sort of a breakdown you expect revenue-wise between the segments? And I'm thinking it's probably like a 70/30-ish on the imagery and analytics. The second part of the question for Henry, can you just talk to us about the accounting methodology for the sale of satellites to customers, both during the production process? Is there a, you know, percentage completion, or is it done more at final sale?

Your next question comes from the line of Chris quilty with quilty space. Your line is open, please go ahead.

Yeah, I think the the mix uh is really consistent with where we've been in the past. This is just providing some visibility across those 3 elements. We

Morning, gentlemen. Uh, looking at Q2 '26, and thank you, by the way, for providing the new, uh,

Brian O'Toole: Yeah. Good morning, Chris. Thanks for the question. Let me take the first question before I hand it over to Henry. Yeah, I think the mix is really consistent with where we've been in the past. This is just providing some visibility across those three elements. We expect that the space intelligence and AI services to contribute, you know, somewhere in that 60% to 70% of our revenues, which is that's our higher margin subscription element of our business. The mission solutions, you know, think of that being in this kind of 25% range at this point, but we expect that to grow. We expect them all to grow. That may grow a little bit more disproportionately, as those are larger deals.

Expect that the space space intelligence and AI services to contribute.

you know, somewhere in that 60 to 70% of our of our revenues, which is, that's our higher margin subscription,

Element of our business. Um,

the mission Solutions. Um,

You know, think of that being in this kind of, 25% range at this point, but we expect that to grow.

Segment, uh, reporting. That's that's definitely helpful. Can you give us a sense of what sort of a breakdown you expect revenue-wise between the segments. I'm, I'm not thinking it's probably like a 7030 is on the, uh, imagery and analytics. Uh, and the second part of the question, uh, for Henry, can you just talk to us about the, um, accounting methodology for the sale of satellites to customers?

We expect them all to grow. Um, that may that may grow a little bit more disproportionately as those are larger deals.

And then finally the uh, technology development programs.

Brian O'Toole: Yeah. Good morning, Chris. Thanks, thanks for the question. Let me, let me take the first question before I hand it over to Henry. Yeah, I think the mix is really consistent with where we've been in the past. This is just providing some visibility across those three elements. We expect that the space-based intelligence and AI services to contribute, you know, somewhere in that 60% to 70% of our, of our revenues, which is, that's our higher margin subscription element of our business. The mission solutions, you know, think of that being in this kind of 25% range at this point, but we expect that to grow. We expect them all to grow. That may grow a little bit more disproportionately, as those are larger deals. Then finally, the technology development programs.

Both during the production process is there uh you know, percentage completion. Uh or uh is it done more at that final sale?

Uh, as I said, we've had a long history of those. Um,

Yeah. Uh, good morning Chris. Thanks. Thanks for the question. Uh, let me, let me take the first question before I hand it over to Henry. Um,

and we we expect to kind of sustain that and grow it, you know, think roughly

Brian O'Toole: Finally, the technology development programs. As I said, we've had a long history of those, and we expect to kind of sustain that and grow it, you know, think roughly, you know, 15% or so of our, of our total revenue. No, really, not much change in the blend, but just providing better visibility.

You know, 15% or so, of our of our total revenue. So no, really not much change in the blend, but just providing better visibility.

Yeah, I think the the mix uh is really consistent with where we've been in the past. This is just providing some visibility across those 3 elements. We

Expect that the space base intelligence and AI services to contribute.

You know, somewhere in that 60 to 70% of our revenues, which is—that's our higher margin subscription,

Element of our business. Um,

the mission Solutions. Um,

Henry Dubois: All right, Chris.

Chris Quilty: Henry?

Henry Dubois: Yeah. Looking at kind of the mission solutions line, given the fact that these satellites do have some customization associated for each individual client because of the way they need to operate them a little bit, we are able to look at it from kind of an ETC basis or kind of a percent complete, as you're calling it. We do expect to be able to get some revenue recognition as we march through, and that's what we were able to do with this eight-figure contract in the Q4.

You know, think of that being in this kind of, 25% range at this point, but we expect that to grow.

All right, Chris kind of Henry, yeah, looking at kind of the mission Solutions line, uh, given the fact that these satellites do have some customization, uh, Associated for each individual client, because of the way they need to operate them a little bit. Um, we are able to look at it from kind of an Etc basis or, uh, kind of a percent complete as you're calling it. Uh, so that there that we do expect to be able to get some Revenue recognition, uh, as we have marked through. And that's what we were able to do, uh, with this 8, figure contract in the fourth quarter,

We expect them all to grow. Um, that may that may grow a little bit more disproportionately as those are larger deals.

Brian O'Toole: As I said, we've had a long history of those. We expect to kind of sustain that and grow it, you know, think roughly, you know, 15% or so of our total revenue. No, really, not much change in the blend, but just providing better visibility.

And then finally the uh, technology development programs.

Uh, as I said, we've had a long history of those. Um,

and we we expect to kind of sustain that and grow it, you know, think roughly

Chris Quilty: Great. When you look at the, you know, the international sales model, I mean, we've certainly seen kind of two different models. One, where transfer the satellite, you know, to the customer. Another where you operate the satellite as a bespoke element of that customer's, you know, customer ownership, you're operating it, and you monetize in different regions. Do you prefer either of those margins? What direction do you see that trend line going? Are there significant, you know, modeling considerations we should think about, you know, depending upon which model you use?

You know, 15% or so, of our of our total revenue. So no, really not much change in the blend, but just providing better visibility.

Henry Dubois: All right, Chris.

Chris Quilty: Henry?

Model. I mean, we've certainly seen kind of 2 different models 1 where transfer of this satellite, you know, to the customer, uh, another where you operate the satellite, uh, as a bespoke element of that customer's, you know, customer ownership you're operating at and you monetize in different regions.

Henry Dubois: Yeah. Looking at kind of the mission solutions line, given the fact that these satellites do have some customization associated for each individual client because of the way they need to operate them a little bit, we are able to look at it from kind of an ETC basis or, kind of a percent complete, as you're calling it. We do expect to be able to get some revenue recognition as we march through, and that's what we were able to do with this figure contract in Q4.

Prefer either of those margins. What direction do you see that, that trend line going and are there significant? You know, modeling, uh uh considerations. We should think about, you know, depending upon which model you use.

yeah, Chris I I'm not sure we would say we prefer 1

Model versus the other. I think what we're doing now is being responsive to how our customers want to structure these contracts.

Chris Quilty: Great. When you look at the, you know, the international sales model, I mean, we've certainly seen kind of two different models. One, where transfer the satellite, you know, to the customer, another, where you operate the satellite, as a bespoke element of that customer's, you know, customer ownership. You're operating it, and you monetize in different regions. Do you prefer either of those margins? What direction do you see that trend line going? Are there significant, you know, modeling, considerations we should think about, you know, depending upon which model you use?

All right, Chris kind of Henry, yeah, looking at kind of the mission Solutions line, uh, given the fact that the satellites uh, do have some customization uh, Associated for each individual client, because of the way they need to operate them a little bit. Um, we are able to look at it from kind of an Etc basis or, uh, kind of a percent complete as you're calling it. Uh, so that there that we do expect to be able to get some Revenue recognition, uh, as we have marked through. And that's what we were able to do, uh, with this 8, figure contract in the fourth quarter,

um, the as I mentioned before,

um, you know

Brian O'Toole: Yeah, Chris, I'm not sure we would say we prefer one model versus the other. I think what we're doing now is being responsive to how our customers want to structure these contracts. As I mentioned before, you know, in the mission solutions, it's essentially giving them sovereign capability and control that may include operational support, leveraging our commercial infrastructure. And then bundling that with our commercial services, that are giving them higher performing revisit and real-time AI-enabled intelligence that augment that. There's a number of different business models, whether it's a constellation as a service or, you know, a turnkey system.

In the mission Solutions, it's essentially giving them Sovereign capability and control that may include.

Operational Support, uh, leveraging, our commercial infrastructure.

Um but and and then bundling that with our commercial.

Uh, services.

Um that are giving them higher performing revisit and real-time AI enabled intelligence that augment that. So

There's, there's a number of different business models.

uh, whether it's a constellation as a service or you know, a turnkey system,

um,

Do you prefer either of those margins? What direction? Do you see that? That trend line going and are there significant? You know, modeling, uh uh considerations. We should think about, you know, depending upon which model you use.

we've developed a strategy where we're flexible to meet the customer where they are.

yeah, Chris I I'm not sure we would say we prefer 1

And beyond that Journey for them in the long haul of how they want to expand this over time.

Model versus the other. I think what we're doing now is being responsive to how our customers want to structure these contracts.

Um,

the, as I mentioned before,

Brian O'Toole: We've developed a strategy where we're flexible to meet the customer where they are, and be on that journey for them in the long haul of how they want to expand this over time.

um, you know

Uh, for a historical. Yes, we will. Historically they will.

Great.

In the mission Solutions, it's essentially giving them Sovereign capability and control that may include.

Thanks gentlemen. Thank you. Chris.

Chris Quilty: Great. Henry, are you gonna give the quarterly breakdown of the new segment reporting in the K?

Operational Support, uh, leveraging, our commercial infrastructure.

Your next question comes from the line of Austin. Mueller with canaccord, genuity your line is open, please go ahead.

Um but and and then bundling that with our commercial.

Henry Dubois: For a historical, yes, we will. Historically, they will need.

Uh, services.

Chris Quilty: Great. Thanks, gentlemen.

Brian O'Toole: Thank you, Chris.

Operator: Your next question comes from the line of Austin Moeller with Canaccord Genuity. Your line is open. Please go ahead.

Um that are giving them higher performing revisit and real-time AI enabled intelligence that augment that. So

There’s a number of different business models.

Brian O'Toole: We've developed a strategy where we're flexible to meet the customer where they are and be on that journey for them in the long haul of how they want to expand this over time.

uh, whether it's a constellation as a service or you know, a turnkey system,

Hi, good morning, Brian Henry. So, just my first question, can you comment on the nro having 200 of its own satellites in orbit? Now, do you know what modality they are? They like EO infrared star. And, would you consider that to be complimentary or competitive to, uh, gen 3?

Brian O'Toole: We've developed a strategy where we're flexible to meet the customer where they are and be on that journey for them in the long haul of how they want to expand this over time.

Austin Moeller: Hi, good morning, Brian and Henry. Just my first question, can you comment on the NRO having 200 of its own satellites in orbit now? Do you know what modality they are? Are they like EO, infrared, and SAR? Would you consider that to be complementary or competitive to Gen-3?

um,

we've developed a strategy where we're flexible to meet the customer where they are.

Well, I think, I think the US government, and, and other major governments have always had their own sovereign,

And beyond that Journey for them in the long haul of how they want to expand this over time.

Chris Quilty: Great. Henry, are you gonna give a quarterly breakdown of the new segment reporting in the K?

capability for critical National Security needs that that's been

uh, the case for a long time, I think, what's important to understand,

Henry Dubois: For a historical, yes, we will. Historically, there will be.

Great Henry, are you going to give the quarterly breakdown of the new segment reporting in the k?

Henry Dubois: For a historical, yes, we will. Historically, there will be.

Brian O'Toole: Well, I think the US government and other major governments have always had their own sovereign capability for critical national security needs. That's been the case for a long time. I think what's important to understand in the US government is that there's several unique missions that the US government has moved to commercial capabilities, and that those set of requirements have long been allocated to what is now EOCL, but prior to that, EnhancedView and the predecessor contract. I think the way we look at it is, we're not competing with those systems, we're augmenting them. We can move much quicker in the innovation cycles.

in the US government is that there's there's uh several unique missions that

Chris Quilty: Great. Thanks, gentlemen.

Uh, for a historical. Yes, we will. Historically there will be

Brian O'Toole: Thank you, Chris.

great.

The US government is uh moved to commercial capabilities.

Operator: Your next question comes from the line of Austin Moeller with Canaccord Genuity. Your line is open. Please go ahead.

and,

Thanks gentlemen. Thank you. Chris.

That, uh, those set of requirements. Um,

Have long been.

Austin Moeller: Hi, good morning, Brian and Henry. Just my first question, can you comment on the NRO having 200 of its own satellites in orbit now? Do you know what modality they are? Are they like EO, infrared, or SAR? Would you consider that to be complementary or competitive to Gen-3?

Your next question comes from the line of Austin. Mueller with canaccord, genuity your line is open, please go ahead.

Allocated to what is now EOL. But prior to that, uh,

uh, enhanced View and the predecessor contract, so,

Uh I I think the way the way we look at it is we're not competing.

With those systems. We're augmenting them.

um,

Brian O'Toole: Well, I think the U.S. government and other major governments have always had their own sovereign capability for critical national security needs. That's been the case for a long time. I think what's important to understand in the U.S. government, is that there's several unique missions that the U.S. government has moved to commercial capabilities. That those set of requirements have long been allocated to what is now EOCL, but prior to that, EnhancedView and the predecessor contract. I think the way we look at it is, we're not competing with those systems, we're augmenting them. We can move much quicker in the innovation cycles.

Hi, good morning, Brian. And Henry. So just my first question: Can you comment on the NRO having 200 of its own satellites in orbit now? Do you know what modality they are? Are they like EO, infrared, SAR? And would you consider that to be complementary or competitive to Gen 3?

We can move much quicker uh in the Innovation Cycles. Uh, we can provide a resilient

Well, I think, I think the US government, and, and other major governments have always had their own sovereign,

Augmentation capability and then also.

capability for critical National Security needs that that's been

Which is extremely important is everything we do is unclassified, which is sharable with our allies. So,

uh, the case for a long time, I think, what's important to understand,

Um, it's not a competition. It's an augmentation and it's serving a very specific.

Brian O'Toole: We can provide a resilient augmentation capability, and then also, which is extremely important, is everything we do is unclassified, which is shareable with our allies. It's not a competition, it's an augmentation, and it's serving very specific missions that have been allocated to the commercial industry.

in the US government is that there's there's uh several unique missions that

Missions that have been allocated to the commercial industry.

Okay.

The US government has moved to commercial capabilities.

and,

That, uh, those set of requirements. Um,

Have long been.

uh,

Was in 2026 now that the budget was passed. I know it's, it's usually classified but I don't know if that's been devolved yet. It's still it's a classified budget line.

uh, enhance View and the predecessor contract, so

[Analyst] (Jefferies): Okay. Are you able to comment on what the size of the commercial imagery budget was in 2026 now that the budget was passed? I know it's usually classified, but I don't know if that's been divulged yet.

Austin Moeller: Okay. Are you able to comment on what the size of the commercial imagery budget was in 2026 now that the budget was passed? I know it's usually classified, but I don't know if that's been divulged yet.

Okay, great. I'll pass it back there. Thank you. Thanks Austin.

Uh I I think the way the way we look at it is we're not competing.

With those systems. We're augmenting them.

um,

Your next question comes from the line of Scott. Buck with HC Wayne Wayne Wright and Co your line is open. Please go ahead.

Brian O'Toole: It's a classified budget line.

We can move much quicker uh in the Innovation Cycles. Uh, we can provide a resilient

[Analyst] (Jefferies): Okay, great. I'll pass it back there. Thank you.

Austin Moeller: Okay, great. I'll pass it back there. Thank you.

Augmentation capability and then also.

Brian O'Toole: Thanks, Austin.

Operator: Your next question comes from the line of Scott Buck with H.C. Wainwright & Co. Your line is open. Please go ahead.

Which is extremely important is everything we do is unclassified, which is sharable with our allies. So,

um, if it's not a competition, it's an augmentation and it's serving a very specific

Scott Buck: Hi, good morning, guys. Thanks for the time. Brian, I'm curious, you have talked about the significant international demand. Could we get a little more granular there? Is that Asia, is that Europe, or what can you tell us about where that's coming from? Second, what do you think was left on the table in the US in terms of revenue from the shutdown during the end of 2025?

Hi, good morning guys. Thanks for the the time. Uh Brian. Of course you guys talked about the significant International demand, can we get a little more granular? There? Is that Asia, is that Europe? What can you tell us about? Uh about where that's coming from? And then second, what do you think? Was the left on the table in the US in terms of revenue from the the shutdown during the end of 25?

missions that have been allocated to the commercial industry.

Austin Moeller: Okay. Are you able to comment on what the size of the commercial imagery budget was in 2026, now that the budget was passed? I know it's usually classified, but I don't know if that's been divulged yet.

Okay.

Yeah, I think Scott, I think we're seeing on the mission solution side internationally. Pretty much demand.

Almost in every major region across the world, you know, Europe, Middle East.

Brian O'Toole: It's a classified budget line.

Uh asia-pacific, uh, Southeast Asia.

It was in 2026. Now that the budget was passed—I know it's usually classified, but I don't know if that's been devolved yet. It's still a classified budget line.

Austin Moeller: Okay, great. I'll pass it back there. Thank you.

Brian O'Toole: Yeah, I think, Scott, I think we're seeing on the mission solution side, internationally, pretty much demand almost in every major region across the world, you know, Europe, Middle East, Asia Pacific, Southeast Asia, et cetera. So, like I said, you know, the number of countries that are putting significant dollars into building sovereign space capability, both for national security and economic development purposes, is growing very rapidly. We do have a pretty strong pipeline worldwide. I think, on the, what was left on the table question, we talked about the impact of some of those those government budget changes that we addressed in August. I don't know, Henry, if you want to maybe comment on that again, but I think we shared those numbers.

Brian O'Toole: Thanks, Austin.

Etc. Uh so um, like I said,

Operator: Your next question comes from the line of Scott Buck with H.C. Wainwright & Co. Your line is open. Please go ahead.

Okay, great. I'll pass it back there. Thank you. Thanks Austin.

you know, the number of countries that are are

Scott Buck: Hi, good morning, guys. Thanks for the time. Brian, I'm curious, you guys talked about the significant international demand. Can we get a little more granular there? Is that Asia, is that Europe, or what can you tell us about where that's coming from? Second, what do you think was left on the table in the US in terms of revenue from the shutdown during the end of 2025?

Your next question comes from the line of Scott, buck with HC, Wayne White, Wayne Wright, and Co your line is open. Please go ahead.

putting significant dollars into building uh, Sovereign space capability, both for National Security and

Development purposes is growing very rapidly. Um,

And so we do have a pretty strong pipeline worldwide.

um,

I think, um,

On the what was left on the table question. We talked about the impact.

Brian O'Toole: Yeah, I think, Scott, we're seeing on the mission solution side, internationally, pretty much demand almost in every major region across the world. You know, Europe, Middle East, Asia Pacific, Southeast Asia, et cetera. Like I said, you know, the number of countries that are putting significant dollars into building, sovereign space capability, both for national security and economic development purposes, is growing very rapidly. We do have a pretty strong pipeline worldwide. I think, on the, what was left on the table question, we talked about the impact of some of those government, budget changes that we addressed in August. I don't know, Henry, if you wanna maybe comment on that again, but I think we shared those numbers.

Hi, good morning, guys. Thanks for the time. Uh, Brian, I'm curious—you guys talked about the significant international demand. Can we get a little more granular there? Is that Asia? Is that Europe? Or what can you tell us about, uh, about where that's coming from? And then, second, what do you think was left on the table in the U.S. in terms of revenue from the shutdown during the end of '25?

Of, uh, some of those uh, those government budget.

changes that we that we addressed in August, um,

Yeah, I think Scott, I think we're seeing on the mission solution side internationally. Pretty much demand.

Almost in every major region across the world, you know, Europe, Middle East.

Uh asia-pacific, uh, Southeast Asia.

Etc. Uh so um, like I said,

you know, the number of countries that are are are

I don't know, Henry, if you want to maybe comment on again but I think we shared those numbers. Yeah, we we have shared. Uh Scott. I mean back in some of our prior, uh, earnings calls. We did talk about how with the budget cuts and the impact that we had, uh, that it was that was in the neighborhood of about 2 million dollars per month, um, starting in August, so about a 10 million hit for the year. Um,

Henry Dubois: Yeah, we have shared, Scott. I mean, back in some of our prior earnings calls, we did talk about how with the budget cuts and the impact that we had, that was in the neighbor of about $2 million per month, starting in August, so about a $10 million hit for the year. That's what we've stated.

that that's what, uh,

That's what we've stated.

putting significant dollars into building uh, Sovereign space capability, both for National Security and

Economic Development purposes is growing very rapidly. Um,

And so we do have a pretty strong pipeline worldwide.

um,

Great. I appreciate uh, appreciate that. And then as we move closer to 27, could you give us a little more color on on how the rollout of arrows would would work?

I think, um,

Uh, and maybe some color on what the opportunity. The revenue opportunity looks like versus

Uh, the imagery of your business.

On the what was left on the table question. We talked about the impact.

Scott Buck: Great. I appreciate that. As we move closer to 27, could you give us a little more color on how the rollout of AROS would work? Maybe some color on what the opportunity, the revenue opportunity looks like versus the imagery business.

Of, uh, some of those, uh, those government, uh, budget.

Yeah, the the arrows satellite is a tam expansion opportunity for us. Our gen 3 capability is

changes that we that we addressed in August, um,

Is high frequency, high frequency Dynamic monitoring of strategic sites.

Of interest. Um,

Brian O'Toole: Yeah. The AROS satellite is a TAM expansion opportunity for us. Our Gen-3 capability is high-frequency dynamic monitoring of strategic sites of interest. AROS is being designed as a large area mapping, digital mapping capability for large area change monitoring. Think of the large imagery demands and collection required for things like Google Maps and other digital platforms, including in support of next generation AI capabilities, the development of digital twins. AROS is being designed specifically for those set of requirements. The Gen-3 and AROS satellites will work cooperatively to deliver a high value service to our customers that need both of those capabilities.

arrows is being designed as a large area map, mapping digital mapping capability.

For large area change monitoring.

think of

the large imagery.

I don't know, Henry, if you want to maybe comment on that again, but I think we shared those numbers. Yeah, we we have shared. Uh, Scott. I mean, back in some of our prior, uh, earnings calls. We did talk about how with the the budget cuts and the impact that we had, uh, that it, that was in the neighborhood of about 2 million dollars per month, um, starting in August, so about a 10 million hit for the year. Um,

so that that's what, uh,

Scott Buck: Great. I appreciate that. As we move closer to 2027, could you give us a little more color on how the rollout of Eros would work? Maybe some color on what the opportunity, the revenue opportunity looks like versus the imagery business.

uh, demands and collection required for things like Google Maps and other digital

That's what we've stated.

platforms, including

Uh, in support of uh Next Generation, AI capabilities, the development of digital twins.

Great. I appreciate, uh, appreciate that. And then as we move closer to 27, could you give us a little more color on on how the roll out of arrows would would work?

and so Eros is is uh, being designed specifically

Uh, and maybe some color on what the opportunity. The revenue opportunity looks like versus

for those that are requirements and

Brian O'Toole: Yeah. The Eros satellite is a TAM expansion opportunity for us. Our Gen-3 capability is high-frequency dynamic monitoring of strategic sites of interest. Eros is being designed as a large area mapping, digital mapping capability for large area change monitoring. Think of the large imagery demands and collection required for things like Google Maps and other digital platforms, including in support of next generation AI capabilities, the development of digital twins. Eros is being designed specifically for those set of requirements. The Gen-3 and the Eros satellites will work cooperatively to deliver a high-value service to our customers that need both of those capabilities.

Uh, the image of your business.

the, the Gen 3 and and the arrows satellites will work cooperatively.

Yeah, the the arrows satellite is a tam expansion opportunity for us. Our gen 3 capability is

To uh, to deliver a high-value service to our customers that need both of those.

Is high frequency, high frequency Dynamic monitoring of strategic sites.

Capabilities. Um, and then also it's a commercial

Of interest. Um,

Expansion opportunity, particularly an area of digital mapping and other civil. And um,

arrows is being designed as a large area map, mapping digital mapping capability.

For large area change monitoring.

And other civil type markets that require that type of mapping. So,

um,

think of

the large imagery.

Brian O'Toole: It's a commercial expansion opportunity, particularly in the area of digital mapping and other civil type markets that require that type of mapping. It's a purpose-built satellite for a new market opportunity.

it's a purpose-built satellite for for a new market opportunity.

Uh, demands and collection required for things like Google Maps and other digital.

Great. Appreciate the call their their guys. Uh that's that's all I have.

platforms, including

Thanks Scott.

Uh, in support of uh Next Generation, AI capabilities, the development of digital twins.

Your next question comes from the line of Sheila. Kayalu with Jeffrey's. Your line is open. Please go ahead.

and so Eros is is uh, being designed specifically

Good morning everyone. This is Billy on for Sheila. Uh, thanks for taking our questions.

Scott Buck: Great. I appreciate the color there, guys. That's all I have.

for those that are requirements and

Brian O'Toole: Thanks, Scott.

Operator: Your next question comes from the line of Sheila Kahyaoglu with Jefferies. Your line is open. Please go ahead.

the, the Gen 3 and and the arrows satellites will work cooperatively.

To uh, to deliver a high-value service to our customers that need both of those.

[Analyst] (Jefferies): Good morning, everyone. This is Billy on for Sheila. Thanks for taking our questions. Just on the cash operating expenses, you've held them relatively flat while growing revenue, which is great. What are some of the drivers of the cost management? As Gen-3 continues to scale, how are you thinking about OpEx and operating leverage?

Um just on the the cash operating expenses. You've held them relatively flat while while growing Revenue which is great. Um what are some of the drivers of the cost management and and as gen 3 continues to scale, how are you thinking about Opex and and operating Leverage

Capabilities. Um, and then also it's a commercial

Yeah, I think I'll start, I can hand it over to Henry.

expansion opportunity, particularly an area of digital mapping and other civil. And um,

so, you know, we have a we have from day 1 been building a platform that

And other civil-type markets that require that type of mapping. So,

um,

Gives us significant operating leverage. Um, as we

uh,

Scott Buck: Great. Appreciate the color there, guys. That's all I have.

Brian O'Toole: Yeah, I think I'll start, I can hand it over to Henry. You know, we have from day one, been building a platform that gives us significant operating leverage. As we get the business over the fixed-price cost of running that and maintaining it, that's where you see significant margin performance that goes to the bottom line for every incremental amount of capacity that we sell. You can see that in our EBITDA margin performance over the last couple of years as we've been monetizing that capacity off of a fixed operating, generally fixed operating base. I don't know, Henry, if you want to add anything.

Brian O'Toole: Thanks, Scott.

Great. Appreciate the call there guys. Uh that that's all I have.

Operator: Your next question comes from the line of Sheila Kahyaoglu with Jefferies. Your line is open. Please go ahead.

Thanks Scott.

As we get the business over the, uh, fixed price cost of running that, uh, and maintaining it. That's where you see significant margin performance. That goes to the bottom line, for every incremental,

Uh, amount of capacity that we sell.

Billy: Good morning, everyone. This is Billy on for Sheila. Thanks for taking our questions. Just on the cash operating expenses, you've held them relatively flat while growing revenue, which is great. What are some of the drivers of the cost management? As Gen-3 continues to scale, how are you thinking about OpEx and operating leverage?

Your next question comes from the line of Sheila. Kayalu with Jeffrey's. Your line is open. Please go ahead.

so you can see that in our ibida margin performance over the last couple years as we've been monetizing that

Good morning everyone. This is Billy on for Sheila. Uh, thanks for taking our questions.

capacity off of fixed off of a fixed operating.

um, just on the the

Generally fixed operating base.

Brian O'Toole: Yeah, I think I'll start. I can hand it over to Henry. You know, we have, from day one, been building a platform that gives us significant operating leverage. As we get the business over the fixed price cost of running that and maintaining it, that's where you see significant margin performance that goes to the bottom line for every incremental amount of capacity that we sell. You can see that in our EBITDA margin performance over the last couple of years as we've been monetizing that capacity off of a generally fixed operating base. I don't know, Henry, if you want to add anything?

Cash operating expenses, you've held them relatively flat while while growing Revenue which is great. Um what are some of the drivers of the cost management and and as gen 3 continues to scale, how are you thinking about Opex and and operating Leverage

Um, I know Henry, if you want to add any things, I think you covered it there, Brian. I mean, we we, we're disciplined in kind of cost management. We do make investments in sales marketing, and, and other R&D type stuff. So that we are always making sure that we're we're growing, but we're also quite disciplined to make sure that we, uh, we provide the leverage, uh, so that as we grow our Top Line, it will drop to the bottom.

Henry Dubois: I think you covered it there, Brian. I mean, we're disciplined in kind of cost management. We do make investments in sales, marketing, and other R&D type stuff, so that we are always making sure that we're growing, but we're also quite disciplined to make sure that we provide the leverage so that as we grow our top line, it will drop to the bottom.

yeah, I think I'll start, I can hand it over to Henry to, you know, we have a we have from day 1, been building a platform that gives us significant operating leverage um as we

uh,

as we get the business over the, uh, fixed price cost of running that, uh, and maintaining it. That's where you see significant margin performance. That goes to the bottom line, for every incremental,

Uh, amount of capacity that we sell.

Great. Thanks helpful. And then just 1 more on free cash flow for 2026. Uh, what do you see as the major moving pieces, as you progress, you know, towards positive free cash flow and and for 2026, like what are they working? Capital needs and for the, you know, 55 million in capex. How do you think about the mix between, uh, gen 3, Investments, and AI Technologies?

so you can see that in our ibida margin performance over the last couple years as we've been monetizing that

Capacity off of fixed, off of a fixed operating.

Generally fixed operating base.

[Analyst] (Jefferies): ...For the, you know, $55 million in CapEx, how do you think about the mix between Gen-3 investments and AI technologies?

[Analyst] (Jefferies): For the, you know, $55 million in CapEx, how do you think about the mix between Gen-3 investments and AI technologies?

Henry Dubois: I think you covered it there, Brian. I mean, we're disciplined in kind of cost management. We do make investments in sales, marketing, and other R&D type stuff, so that we are always making sure that we're growing, but we're also quite disciplined to make sure that we provide the leverage, so that as we grow our top line, it will drop to the bottom.

Henry Dubois: Well, we don't break CapEx down between those two in our guidance. As you can look historically, I mean, we typically have a neighborhood of about $12 to 15 million of kind of general corporate development CapEx, AI CapEx, etc. The big thing there is, as we're guiding, we're growing the adjusted EBITDA, which is a surrogate for operating cash flow. We believe that we'll be able to hit the target ranges that we're putting out there.

Sound between those 2 and our in our guidance. But as you can look, historically, I mean, we typically have the neighborhood of about 12 to 15 million dollars of kind of General corporate uh development uh capex, AI, capex, Etc. Um, but the big thing there is as we we're guiding we're we're growing the adjusted of it, which is a surrogate for operating cash flow. Um, and we believe that we'll be able to hit the uh, the target ranges that we're putting out there.

Um, I know Henry, if you want to add any, I think you covered it there, Brian. I mean, we we, we're disciplined in kind of cost management. We do make investments in sales marketing, and, and other R&D type stuff. So that we are always making sure that we're we're growing, but we're also quite disciplined to make sure that we, uh, we provide the leverage, uh, so that as we grow our Top Line, it will drop to the bottom.

Billy: Great, thanks. Helpful. Just one more on free cash flow for 2026. What do you see as the major moving pieces as you progress, you know, towards positive free cash flow? For 2026, like, what are the working capital needs? For the, you know, $55 million in CapEx, how do you think about the mix between Gen-3 investments and AI technologies?

[Analyst] (Jefferies): Great, thanks. Helpful. Just one more on free cash flow for 2026. What do you see as the major moving pieces as you progress, you know, towards positive free cash flow? For 2026, like, what are the working capital needs? For the, you know, $55 million in CapEx, how do you think about the mix between Gen-3 investments and AI technologies?

Great. Thanks. That's all I have.

Thank you.

Your next question comes from the line of Greg burns with Saudi. Your line is open, please go ahead.

Morning. Um,

Just to follow up on the, the EO funding. And I know it's

[Analyst] (Jefferies): Great. Thanks. That's all I have.

Henry Dubois: Thank you.

The budgets classified. So maybe you don't have an exact number. But do you have any sense of whether or not?

Operator: Your next question comes from the line of Greg Burns with Sidoti. Your line is open. Please go ahead.

Henry Dubois: Well, we don't break CapEx down between those two in our guidance. As you can look historically, I mean, we typically have a neighborhood of about $12 to 15 million of kind of general corporate development CapEx, AI CapEx, et cetera. The big thing there is, as we're guiding, we're growing the adjusted EBITDA, which is a surrogate for operating cash flow. We believe that we'll be able to hit the target ranges that we're putting out there.

For the, you know, 55 million in capex. How do you think about the mix between, uh, gen 3 Investments, and AI Technologies?

The cuts the proposed Cuts were enacted or if funding was restored to Historic levels.

Greg Burns: Morning. Just to follow up on the EOCL funding. I know the budget's classified, so maybe you don't have an exact number. Do you have any sense of whether or not the cuts, the proposed cuts were enacted or if funding was restored to historic levels?

uh, as I yeah, as I mentioned earlier it is it is classified but um

what we are seeing is, um,

There's multiple budget lines.

Um, there's been a couple that have been added.

And uh, we're sorting through.

Brian O'Toole: As I mentioned earlier, it is classified. What we are seeing is, there's multiple budget lines. There's been a couple that have been added. We're sorting through how that is gonna play out in actual implementation. We're seeing some positive trends out of that, but we have to see how this shakes out over the next quarter.

Um, how that is going to play out in actual implementation. So,

um, we're seeing some positive trends.

Well, we don't break. We don't break capex down between those 2 and our in our guidance. But as you can look historically, I mean, we typically have the neighborhood of about 12 to 15 million dollars of kind of General corporate uh development uh capex, AI capex, Etc. Um, but the big thing there is as we, we're guiding we should we're growing the adjusted if it's, uh, which is a surrogate for operating cash flow. Um, and we believe that we'll be able to hit the, uh, the target ranges that we're putting out there.

Billy: Great, thanks. That's all I have.

[Analyst] (Jefferies): Great, thanks. That's all I have.

Henry Dubois: Thank you.

Um, out of that. But we have to see how this shakes out over the next quarter.

Great. Thanks. That's all I have.

Operator: Your next question comes from the line of Greg Burns with Sidoti. Your line is open. Please go ahead.

Thank you.

okay, um, and I guess did, is any part of your guidance range is that include

Greg Burns: Morning. Just to follow up on the EOCL funding. I know the budget's classified, so maybe you don't have an exact number, but do you have any sense of whether or not the cuts, the proposed cuts were enacted or if funding was restored to historic levels?

Your next question comes from the line of Greg burns with Saudi. Your line is open, please go ahead.

That.

Morning. Um,

Just a follow up on the the oh funding. And I know it's

That, um, the level of revenue from Esa cos cocl stepping back up or is that not?

Greg Burns: Okay. I guess, is any part of your guidance range, does that include that, the level of revenue from EOCL stepping back up, or is that not anywhere in your guidance, and that is potential kind of upside?

The budget's classified, so maybe you don't have an exact number. But do you have any sense of whether or not?

Not anywhere in your guidance and that is potential. Kind of upside. Uh, I'll just say we've taken a very conservative. Yeah, we've taken a very conservative approach

The cuts—the proposed cuts—were enacted, or if funding was restored to historic levels.

Uh, to our forecast, this year relative to EOL.

uh, as I yeah, as I mentioned earlier it is it is classified but um

And we'll see where this lands uh you know by by by by later in the second quarter.

what we are seeing is, um,

Okay, all right. Great. Thanks.

There's multiple budget lines.

Brian O'Toole: I'll just say we've taken a very conservative approach, to our forecast this year relative to EOCL, and we'll see where this lands, you know, by later in Q2.

Um, there's been a couple that have been added.

Your next question.

And uh, we're sorting through.

Um, how that is going to play out in actual implementation. So,

Comes from the line of Greg pendy with clear Street. Your line is open. Please go ahead.

um, we're seeing some positive trends.

Um, out of that. But we have to see how this shakes out over the next quarter.

Greg Burns: Okay. All right, great. Thanks.

Operator: Your next question comes from the line of Greg Pendy with Clear Street. Your line is open. Please go ahead.

Okay, um, and I guess, did— is any part of your guidance range, does that include...

That.

Greg Pendy: Hey, guys. Thanks for taking my question. Just one real quick one. Under the old reporting, your K's and Q's would break down imagery versus data software and analytics. I think at the beginning of the call, you mentioned sort of that flywheel effect of getting the better imagery feeding into the AI capabilities. Thus far, the data software and analytics growth has been pretty stagnant. Can you kind of give us a little bit of color on how the improved imagery kind of feeds into that area and how it would play out in 2026 with the better imagery? Thanks.

Hey guys, thanks for taking my question. Just 1 real quick 1 under the old reporting, your uh case and cues would break down imagery versus data software and analytics. And I think I the beginning of the call, you mentioned sort of that flywheel stacked up getting the better imagery feeding into the AI capabilities. Um, thus far the data software.

That, um, the level of revenue from ESL, cocl, stepping back up, or is that not?

Brian O'Toole: I'll just say we've taken a very conservative approach to our forecast this year relative to EOCL, and we'll see where this lands, you know, by later in Q2.

Not anywhere in your guidance and that is potential. Kind of upside. Uh, I'll just say we've taken a very conservative. Yeah, we've taken a very conservative approach

Uh, to our forecast, this year relative to EOL.

Analytics, growth has been pretty stagnant, so you can you kind of give us a little bit of color on how the improved imagery kind of feeds into, um, that area and how it would play out in 2026 with the better imagery. Thanks.

Yeah, I think just first off, you know, last year

Greg Burns: Okay. All right, great. Thanks.

and we'll see where this lands uh you know by by by later in the second quarter,

Okay, all right. Great. Thanks.

Because of the government, uh, budget issues that had an impact on the growth of that line.

Operator: Your next question comes from the line of Greg Pendy with Clear Street. Your line is open. Please go ahead.

uh, but now

um,

Your next question comes from the line of Greg pendy with clear Street. Your line is open, please go ahead.

Brian O'Toole: I think just first off, you know, last year, because of the government budget issues, that had an impact on the growth of that line. Now, that is being offset by the strong demand we're seeing in the international markets, particularly around Gen-3. The expansion of the improved AI capability that Gen-3 brings as well. The pricing increase. We are very, we have very good visibility on how that line is gonna be growing going forward.

The that is being offset by the strong demand. We're seeing in the international markets, particularly around gen 3.

so, um, and then the expansion of the improved AI capability

That gen 3 brings as well. So,

And then and then the the pricing increase. So we

Uh we have we we are very uh we have very good visibility on on how that line is going to be growing going forward.

Got it, thanks.

Thanks Greg.

Your next question comes from the line of Dame storms. Dave storms with Stonegate, your line is open, please go ahead.

Brian O'Toole: I think just first off, you know, last year, because of the government budget issues, that had an impact on the growth of that line. That is being offset by the strong demand we're seeing in the international markets, particularly around Gen-3. The expansion of the improved AI capability that Gen-3 brings as well, so. The pricing increase. We are very, we have very good visibility on how that line is gonna be growing going forward.

So, can you kind of give us a little bit of color on how the improved imagery kind of feeds into, um, that area and how it would play out in 2026 with the better imagery? Thanks.

Yeah, I think just first off, you know, last year

Greg Pendy: Got it. Thanks.

Brian O'Toole: Thanks, Greg.

Because of the government, uh, budget issues, that had an impact on the growth of that line.

Operator: Your next question comes from the line of Dave Storms with Stonegate. Your line is open. Please go ahead.

uh, but now

um,

The that is being offset by.

Dave Storms: Morning. Thanks for taking my questions. I want to circle back to cash management. Henry, I believe in your prepared remarks, you mentioned that we should see an accounts receivable burn throughout the year. Just curious if you could give us any more color there, maybe some of the puts and takes on working capital management, and if we should expect that AR balance may get back down to 2024 levels or not?

Good morning and thanks for taking my questions. I want to uh, Circle back to cash management. Uh, Henry, I believe, you know, prepared remarks. You mentioned that we should see an accounts receivable burn throughout the year. Uh, just curious, if you could give us any more color there, maybe some of the puts it takes on working Capital Management and if we should expect that our balance, we need to get back down to 2024 levels or not.

The strong demand we're seeing in the international markets, particularly around gen 3.

So um and then the expansion of the improved AI capability that gen 3 brings as well. So

And then, and then, the pricing increase. So, we

Henry Dubois: Yeah, I mean, when you take a look in the press release and the balance sheet there, our accounts receivable on about the that $37.5 million mark. A lot of that, as you might imagine, when we sign a contract late in the year and there's a fair bit of revenue, we bill for it, but you haven't lapsed that through that typical 30, 45 day receipt cycle. You'd expect to kind of be able to bring that stuff back down. With the mission solutions, we may get some lumpiness on that, but we've never had a problem with collecting our receivables.

Uh we have we we are very uh we have very good visibility on on how that line is going to be growing going forward.

Greg Pendy: Got it. Thanks.

Brian O'Toole: Thanks, Greg.

Got it, thanks.

Operator: Your next question comes from the line of Dave Storms with Stonegate. Your line is open. Please go ahead.

Thanks Greg.

Yeah, I mean, when you take a look in the press release in the, the balance sheet Theory, uh our Council, see about the that 37 and a half million dollar Mark. Um, a lot of that you might have imagined when we signed a contract late in the year and there's a fair bit of Revenue. Um, we we build for it. Uh, but you haven't elapsed that through that, the typical 30 45 de receipt cycle. So we would expect to kind of be able to bring that stuff back down, um, with the mission Solutions, we may get some lumpiness on that. Um, but we've never had a problem with collecting a receivables.

Henry Dubois: Morning. Thanks for taking my questions. I want to circle back to cash management. Henry, I believe in your prepared remarks, you mentioned that we should see an accounts receivable burn throughout the year. Just curious if you could give us any more color there, maybe some of the puts and takes on working capital management, and if we should expect that AR balance may get back down to 2024 levels or not? Yeah, I mean, when you take a look in the press release and the balance sheet there, our accounts receivable is about the $37.5 million mark.

Your next question comes from the line of Dame storms. Dave storms with Stonegate, your line is open, please go ahead.

Morning.

Dave Storms: Understood. Very helpful. Thank you. If I could just ask one clarifying question. I think you mentioned earlier in the call that the sales cycle is typically 12 to 18 months, and I think that was specific to those eight-figure contracts. Are you seeing a similar sales cycle for, call it, the 45 additional sovereign nations that have kind of come online in the last five years, or do they tend to have a little bit of a longer sales cycle?

Henry Dubois: Yeah, I mean, when you take a look in the press release and the balance sheet there, our accounts receivable is about the $37.5 million mark. A lot of that, as you might imagine, when we sign a contract late in the year and there's a fair bit of revenue, we bill for it, but you haven't lapsed that through that, typical 30,45 day receipt cycle, we would expect to kind of be able to bring that stuff back down. With the Mission Solutions, we may get some lumpiness on that, but we've never had a problem with collecting our receivables.

Specific to it, there's 8 figure contracts. Are you seeing a similar sales cycle for call it the 45 additional Sovereign Nations that have kind of come online in The Last 5 Years, or do they tend to have a little bit of a longer sales cycle?

Take my questions. I want to, uh, circle back to cash management. Uh, Henry, I believe in your prepared remarks you mentioned that we should see an accounts receivable burn throughout the year. Uh, just curious if you could give us any more color there—maybe some of the puts and takes on working capital management, and if we could expect that our balance, we need to get back down to 2024 levels or not.

I think they're all a little different, Dave. Um, it's hard to

Henry Dubois: A lot of that, as you might imagine, when we sign a contract late in the year and there's a fair bit of revenue, we bill for it, but you haven't lapsed that through that, typical 30,

Uh especially when you have uh customers that are doing this for the first time and and implementing new acquisition programs. So

Brian O'Toole: 45 day receipt cycle, we would expect to kind of be able to bring that stuff back down. With the Mission Solutions, we may get some lumpiness on that, but we've never had a problem with collecting our receivables.

Um, you know, my, my range in sales cycle is really a general number.

Brian O'Toole: I think they're all a little different, Dave. It's hard to especially when you have customers that are doing this for the first time and implementing new acquisition programs. You know, my range in sales cycle is really a general number. We'll see some go faster, we'll see some take longer.

Uh, we'll see some go faster. We'll see some take longer.

Understood. Thank you very much. Thanks Dave.

Yeah, I mean, when you take a look in the press release of the, the balance sheet Theory, uh, our Council. See about the that 37 and a half million dollar Mark. Um, a lot of that. As you might imagine when we signed a contract later in the year and there's a fair bit of Revenue, um, we we build for it. Uh, but you haven't elapsed that through that, the typical 30 45 de receipt cycle. So we would expect to kind of be able to bring that stuff back down, um, with the mission Solutions, we may get some lumpiness on that. Um, but we've never had a problem with collecting a receivables.

Dave Storms: Understood. Very helpful. Thank you. If I could just ask one clarifying question. I think you mentioned earlier in the call that sales cycle is typically 12 to 18 months, and I think that was specific to those 8-figure contracts. Are you seeing a similar sales cycle for, call it, the 45 additional sovereign nations that have kind of come online in the last 5 years, or do they tend to have a little bit of a longer sales cycle?

It's understood very helpful. Thank you.

There are no further questions at this time. This concludes today's call, thank you for attending. You may now disconnect

Dave Storms: Understood. Thank you very much.

Brian O'Toole: Thanks, Dave.

Operator: There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

Brian O'Toole: I think they're all a little different, Dave. It's hard to, especially when you have customers that are doing this for the first time and implementing new acquisition programs. You know, my range in sales cycle is really a general number. We'll see some go faster, we'll see some take longer.

And if I could just ask 1, uh, clarifying question, I think you mentioned earlier in the call that sales cycle is typically 12 to 18 months, uh, and I think that was specific to, there's 8 figure contracts, are you seeing a similar sales cycle for call it the 45 additional Sovereign Nations that have kind of come online in The Last 5 Years, or do they tend to have a little bit of a longer sales cycle?

I think they're all a little different, Dave. Um, it's hard to

Uh especially when you have uh customers that are doing this for the first time and and implementing new acquisition programs. So

Um, you know, my range in sales cycle is really a general number.

Uh, we'll see some go faster. We'll see some take longer.

Dave Storms: Understood. Thank you very much.

Brian O'Toole: Thanks, Dave.

Understood. Thank you very much. Thanks Dave.

Operator: There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

There are no further questions at this time. This concludes today's call, thank you for attending. You may now disconnect

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