Total Revenue

Q1 2025 up ~121% (from $104.32M to $230.31M)

The extraordinary jump was driven by a dramatic expansion in both service and equipment revenue following the acquisition of Satcom Direct in Q4 2024. This contrasts with FY2024’s modest 1.7% increase where service revenue growth (up 2.8%) modestly offset a 2.7% decline in equipment revenue. " " "

Service Revenue

Q1 2025 up ~143.2% (from $81.67M to $198.61M)

Service revenue surged mainly due to the acquisition of Satcom Direct, which added new revenue streams (e.g. $119.1M overall, with $29.3M from Military/Government and $77.7M from satellite broadband) that were absent in the prior period. In contrast, in FY2024, the increase was largely driven by improvements in ARPU (from $3,380 to $3,481) and modest broadband growth. " " " " " "

Equipment Revenue

Q1 2025 up ~39.9% (from $22.65M to $31.70M)

The increase in equipment revenue was primarily due to the inclusion of Satcom Direct’s contributions—adding approximately $9.9M in Q1 2025—unlike previous periods where equipment revenue saw only modest increases (e.g., a 1% rise in FY2024) due to mixed trends between ATG broadband (up by about 2 million) and declines in other segments. " " "

Operating Income

Q1 2025 marginal increase ($34.67M to $35.19M)

Operating income grew only slightly despite a booming revenue base, leading to a significant compressions in operating margins from roughly 33% to 15%. This indicates that higher integration costs and increased expenses from the recent acquisition were not offset by the expanded top line. " "

Net Income

Q1 2025 down ~60% (from $30.49M to $12.04M)

Net income declined steeply due to the impact of disproportionately high non-operating expenses, notably a significant rise in interest expense that outweighed the benefits of higher operating revenue. This divergence highlights the challenge of integrating acquisitions profitably. " "

Interest Expense

Q1 2025 more than doubled (from $8.41M to $16.56M)

Interest expense surged (by over 96%) as a result of increased borrowing associated with the acquisition of Satcom Direct and other financing dynamics, which built on a prior period increase of 16.3% in FY2024 due to reduced benefits from interest rate caps. " " "