Total Revenue

+4.7% (from $58.86M to $61.55M)

Total Revenue increased modestly, driven by improved market conditions and continued demand both domestically and internationally, building on the revenue mix improvements seen in prior periods. " "

U.S. Revenue

+6% (from $25.2M to $26.75M)

U.S. Revenue grew by 6% as stronger domestic sales and enhanced conversion of sales initiatives boosted revenue relative to Q4 2024, reflecting an ongoing focus on robust market engagement from the prior period. " "

Rest of World Revenue

+3.3% (from $33.65M to $34.8M)

Rest of World revenue rose steadily by 3.3%, indicating more gradual market penetration overseas and a continuation of the international growth trends observed earlier. " "

Cost of Revenue

−11.5% (from $26,371K to $23,339K)

A significant reduction in Cost of Revenue was achieved through operational efficiencies and cost-management measures that built on previous period improvements, contributing to stronger overall margins. " "

Gross Profit

+17.6% (from $32,481K to $38,215K)

Gross Profit increased by 17.6% due to higher revenue combined with reduced cost of revenue, creating a more efficient cost structure than in Q4 2024. " "

R&D Expenses

−19.1% (from $28,410K to $22,951K)

R&D expenses dropped by 19.1%, reflecting strategic cost optimizations and reduced spending on experimental initiatives compared to the higher investments made in Q4 2024. " "

Sales & Marketing Expenses

−22% (from $20,095K to $15,681K)

Marked decrease in Sales & Marketing expenses by nearly 22% shows effective cost-containment measures and improved efficiency in the marketing function relative to the prior period. " "

General & Administrative Expense

+5.7% (from $17,894K to $18,949K)

G&A expenses increased modestly by 5.7%, likely due to higher administrative overheads such as increased rent costs and other facility-related expenses, even as broader cost controls were implemented. " "

Operating Loss

−43% (from $33,918K to $19,366K)

Operating loss improved significantly, cutting the loss by roughly 43% as stronger gross profit and cost reductions (in R&D, Sales & Marketing, and G&A) surpassed the incremental revenue, building on prior period initiatives for cost optimization. " "

Net Loss

+16.9% (from $30,086K to $35,154K)

Despite operational improvements, net loss worsened by 16.9%, indicating that non-operational expenses or other one-off charges edged the bottom line further downward compared to the prior period. " "

Cash and Cash Equivalents

+40.7% (from $83,866K to $118,048K)

Cash and cash equivalents surged by 40.7%, driven by strong inflows from maturing available-for-sale securities and disciplined capital management, building on an improved liquidity profile from Q4 2024. " "

Total Stockholders’ Equity

−14.9% (from $518,018K to $441,286K)

Total Stockholders’ Equity declined by 14.9%, primarily due to accumulated net losses even as positive cash flows were realized, reflecting the impact of prior period losses that continued to weigh on the overall equity base. " "

Revenue

Q4 2025

$61 million to $63 million "

no current guidance

no current guidance

Non‑GAAP Gross Margin

Q4 2025

63% to 65% "

no current guidance

no current guidance

Adjusted EBITDA Profit

Q4 2025

$0 to $2 million "

no current guidance

no current guidance

Capital Expenditures (CapEx)

Q4 2025

$8 million to $11 million "

no current guidance

no current guidance

Revenue

Q1 Fiscal 2026

no prior guidance

$61 million to $63 million "

no prior guidance

Non‑GAAP Gross Margin

Q1 Fiscal 2026

no prior guidance

58% to 60% "

no prior guidance

Adjusted EBITDA Loss

Q1 Fiscal 2026

no prior guidance

minus $3 million to minus $2 million "

no prior guidance

Capital Expenditures (CapEx)

Q1 Fiscal 2026

no prior guidance

$11 million to $16 million "

no prior guidance

Revenue

FY 2026

no prior guidance

$260 million to $280 million "

no prior guidance

Non‑GAAP Gross Margin

FY 2026

no prior guidance

55% to 57% "

no prior guidance

Adjusted EBITDA Loss

FY 2026

no prior guidance

minus $13 million to minus $7 million "

no prior guidance

Capital Expenditures (CapEx)

FY 2026

no prior guidance

$50 million to $65 million "

no prior guidance

Cash Burn Reduction

FY 2026

no prior guidance

reduce cash burn by approximately 50% compared to fiscal 2025 "

no prior guidance

Government and Defense Contracts

Consistently discussed from Q1 through Q3 with emphasis on revenue growth in the Defense and Intelligence sector, pilot programs (e.g. DoD and NRO contracts), NATO and international defense deals " " " " " "

Q4 continued the focus with new high-value contracts such as the JSAT deal, enhanced maritime domain awareness initiatives, and continued discussions on global monitoring services " " " " " "

Recurring focus with expansion to larger, higher‐value contracts and increased emphasis on maritime domain awareness and international opportunities.

AI-powered Solutions and Integration

Featured in Q1 through Q3 via pilots, partner integrations, and product enhancements—ranging from road detection and forest carbon monitoring to AI-enabled pilots for defense and commercial applications " " " " " " "

Q4 emphasized strategic AI partnerships (e.g. with Anthropic) and product improvements including AI-accelerated satellite data extraction and resolution sharpening techniques " " "

Continues as a core strategic theme with deeper integration and collaboration, underlining its growing role as a business accelerant.

Satellite Technology Advancements and Fleet Expansion

Addressed in Q1 through Q3 with updates on Tanager-1, Pelican tech demos, and SuperDove operations; ongoing fleet improvements and technology demos were key points " " " " " " " " "

Q4 highlighted successful launches like Pelican 2, ambitious future fleet expansion (nearly 100 satellites planned), and advances like physics-based resolution sharpening " " "

Consistently high priority with escalating ambitions and technological enhancements to scale the satellite fleet.

Revenue Growth Projections and Financial Guidance

Discussed across Q1–Q3 with steady revenue guidance, margin targets, and a focus on improving adjusted EBITDA and managing CapEx, with caution noted due to timing of contracts and evolving customer usage " " " " " " " " "

Q4 provided FY26 and Q27 projections, detailed guidance on revenue and margin (with expectations for 55–57% non-GAAP margins), and highlighted reduced cash burn while managing satellite-related expenses " " " "

Steady improvement with cautious optimism; guidance becomes more defined and optimistic while still considering timing risks and partner cost impacts.

Commercial Sector Challenges and Agricultural Revenue Decline

Q1 through Q3 noted challenges, particularly in the agriculture vertical due to macroeconomic pressures and digital agriculture headwinds, with noticeable revenue declines and adjustments in customer strategies " " " " " "

Q4 reported over a 10% year-on-year decline but signaled stabilization and early signs of recovery in agricultural usage " "

Persistent challenges across periods—notably in agriculture—with Q4 showing initial stabilization but the sector remains soft.

Contract Conversion Delays and Renewal Issues

Mentioned in Q2 and Q3 with discussions on delayed renewals (e.g. NASA contract) and impacts on net retention, while Q1 referenced timing challenges in government pilots " " " " " " " " "

No explicit discussion in Q4.

Previously notable issues appear absent in Q4, suggesting a possible resolution or strategic de-emphasis on this topic.

International Expansion and Strategic Partnerships

Q1–Q3 consistently highlighted international growth opportunities and various strategic partnerships, including engagements with U.K. EO Data Hub, Kenya Space Agency, and partner-led initiatives " " " " " " "

Q4 emphasized strong international revenue growth across regions and a blockbuster partnership with JSAT, reinforcing their commitment to global expansion " "

Remains a key focus with increasing scale and high-profile partnerships driving strategic international market penetration.

Cost Management and Operational Efficiency

Across Q1 to Q3, the company discussed initiatives such as cloud infrastructure savings, headcount reductions, restructuring, and progressive EBITDA improvements aimed at better margins and operational efficiencies " " " " " " " " " "

Q4 underlined improved non-GAAP gross margins, first adjusted EBITDA profitability, reduced cash burn, and continued strategic CapEx discipline "

Consistent and gradually improving, with Q4 marking tangible progress towards profitability and tighter operational controls.

Macroeconomic Headwinds and Margin Pressure

Q1 and Q2 referenced macroeconomic challenges affecting agriculture and overall cost pressures, with discussions on cloud efficiencies partly offsetting these issues; Q3 did not specifically mention these factors " " " " " " " " "

Q4 explicitly acknowledged macroeconomic headwinds impacting revenue guidance and noted margin pressure due to factors like increased satellite depreciation and partner costs, while still setting longer-term margin targets " "

Recurring caution regarding external economic factors; while margin pressure persists, management remains focused on long‐term efficiency and margin improvement targets.

Declining Emphasis on EU Deforestation Regulation

In Q1, the EU deforestation regulation was discussed in the context of growing regulatory interest, with engagement from affected governments and companies as a potential long-term driver "

Not mentioned in Q2, Q3, or Q4.

The topic has dropped out of focus in recent periods, suggesting a strategic de-prioritization or that its impact is no longer central to current business discussions.