Total Revenue

Increased by 4.6% (from $58,852K to $61,554K)

A modest revenue increase reflects a stabilization following previously stronger growth, suggesting that initiatives supporting customer expansion and sector diversification continue to contribute, though at a slower pace compared to earlier periods. " "

Cost of Revenue

Declined by 11.5% (from $26,371K to $23,339K)

Reduced Cost of Revenue is driven by lower depreciation expense (as high-resolution satellites have fully depreciated) and diminished hosting costs, aligning with prior period adjustments which now yield favorable cost outcomes. " "

Gross Profit

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

Gross Profit improvement resulted from the combined effect of higher revenue and significant cost reductions, illustrating enhanced operational efficiency relative to previous periods. " "

Total Operating Expenses

Decreased by 13% (from $66,399K to $57,581K)

Lower operating expenses stem from targeted cost optimization measures in R&D, Sales & Marketing, and General & Administrative areas, building on prior period initiatives to streamline spending. " "

Operating Loss

Improved by 42.9% (from $(33,918)K to $(19,366)K)

The reduction in operating loss is attributable to the improved gross profit and lower operating expenses, marking a significant turnaround relative to prior losses despite remaining in the red. " "

Net Loss

Widened by 16.8% (from $(30,086)K to $(35,154)K)

Net Loss deterioration is primarily due to a dramatic negative swing in other income/expense items, which offset operating improvements; it highlights the impact of non-operating factors such as fair value adjustments compared to the prior period. " "

Total Other Income (Expense)

Reversed to a swing of $(14,692)K from $3,403K

A sharp decline in other income mainly reflects a substantial negative change in the fair value of warrant liabilities and lower interest income, turning a previously positive figure into a significant drag on net income. " "

Cash and cash equivalents

Increased by approximately 40% (from $83,866K to $118,048K)

A robust increase in cash balances was driven by strong cash inflows from investing activities—especially the maturities and sales of available-for-sale securities—and lower operating cash outflows relative to previous periods. " "

Short-term investments

Fell by approximately 51.7% (from $215,041K to $104,027K)

The significant decline in short-term investments indicates a strategic rebalancing of liquidity; funds were likely redeployed to support operating improvements and capital expenditures, contrasting with the higher levels maintained in the previous period. " "

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.