Executive Summary

Q3 revenue was $39.6M, essentially flat YoY (adjusted +15% ex NASA services wind-down) and down sequentially from a record Q2, while Adjusted EPS of $(0.22) beat consensus by ~~$0.13; Adjusted EBITDA loss of $(17.7)M was worse than consensus and reflects heavier innovation and Starlab ramp investment . Versus S&P consensus: revenue missed (~~$39.6M vs ~$40.5M*) and EPS beat (($(0.22) vs ~$(0.35)*) .
Defense & National Security remained the growth engine (+31% YoY to $28.5M), offset by Space Solutions (-41% YoY to $11.7M) due to planned NASA services contract wind-down .
FY25 guidance maintained with a positive bias: revenue “towards the high end” of $165–$170M and Adjusted EBITDA of $(63)M to $(60)M; backlog rose to $188.6M (book-to-bill 1.25) providing visibility into 4Q and 2026 .
Balance sheet remains a differentiator: $413.3M cash, total liquidity $613.3M, no debt—supporting organic growth and accretive M&A (EMSI, ExoTerra post-Q3; BridgeComm tech; Latent AI investment) .

What Went Well and What Went Wrong

What Went Well
- Defense & National Security revenue grew 31% YoY on NGI and an undisclosed program, underscoring traction in missile defense and ISR opportunities . CEO: “We continued to build momentum…delivering substantial growth across our core defense business…driving a backlog that increased to $189 million” .
- Backlog and bookings strength: book-to-bill 1.25; backlog to $188.6M, with management confident year-end backlog will exceed the >$200M level at which 2025 began .
- Strategic moves broaden tech stack: acquisitions (EMSI, ExoTerra) and IP additions (BridgeComm optical comms) plus Latent AI investment; CFO expects 2026 growth lift, with both businesses margin-accretive and positive EBITDA .
What Went Wrong
- Profitability headwinds: Adjusted EBITDA loss widened to $(17.7)M (vs $(8.8)M YoY) due to higher innovation and scaling costs ahead of growth; free cash flow outflow deepened to $(49.9)M in Q3 .
- Space Solutions declined 41% YoY to $11.7M on the planned NASA services contract wind-down; management expect headwinds to persist into 1H26 before improving .
- Revenue missed consensus (modestly), and Adj. EBITDA underperformed consensus (S&P: ~$16.2M* loss expected vs $(20.9)M actual), reflecting heavier program ramp and innovation outlays .

Financial Results

Metric	Q3 2024	Q2 2025	Q3 2025 Actual	Q3 2025 Consensus	Surprise
Revenue ($M)	$39.6	$45.7	$39.6	$40.5*	$(0.9)M (~2.4%)
Adjusted EPS ($)	$(1.56)	$(0.60)	$(0.22)	$(0.35)*	+$0.13
Adjusted EBITDA ($M)	$(8.8)	$(9.1)	$(17.7)	$(16.2)*	$(1.5)M

Notes: Consensus values marked with * are from S&P Global; see Estimates Context below.

Segment revenue and mix

Segment ($M)	Q3 2024	Q3 2025	YoY $	YoY %
Defense & National Security	$21.8	$28.5	$+6.7	+30.9%
Space Solutions	$19.8	$11.7	$(8.1)	(40.9)%
Intersegment Eliminations	$(2.0)	$(0.6)	+$1.35	(68.8)%
Total Net Sales	$39.6	$39.6	$(0.01)	—

KPIs and cash

KPI	Q2 2025	Q3 2025
Book-to-Bill	—	1.25
Backlog ($M)	$170.9	$188.6
Starlab milestones achieved (cumulative)	25	27
Starlab cash receipts (quarter/YTD/inception)	$22.5M (Q2)	$4.0M / $46.5M YTD / $173.7M ITD
Cash & Equivalents ($M)	$468.9	$413.3
Total Liquidity ($M)	$668.9	$613.3
Free Cash Flow ($M)	$(27.2)	$(49.9)
Innovation spend (% of net sales)	84.6%	124.7%
Innovation ex-Starlab (% of net sales)	17.8%	18.9%

Guidance Changes

Metric	Period	Previous Guidance (Q2)	Current Guidance (Q3)	Change
Revenue	FY2025	$165M–$170M	“Towards the high end” of $165M–$170M	Maintained; bias upward
Adjusted EBITDA	FY2025	$(63)M to $(60)M	$(63)M to $(60)M	Maintained

Management also reiterated confidence in exiting FY25 with backlog above the level at which 2025 began, supported by a robust pipeline, while noting uncertainty from the government shutdown is reflected in guidance .

Earnings Call Themes & Trends

Topic	Q2 2025 Mentions	Q1 2025 Mentions	Q3 2025 Current Period	Trend
AI/technology initiatives (edge AI, Palantir, Latent AI)	Edge computing initiative with Palantir/NVIDIA (Vista); ISR software growth; M&A focused on software/ISR	Not available in document set	Latent AI minority investment to enable edge AI; BridgeComm optical comms IP integration	Expanding AI-at-edge and comms stack
Missile defense (NGI) and Golden Dome	CDR passed on NGI; NGI ~$50M FY25; pipeline in missile defense including space-to-space interceptor	Not available	NGI ramp continues; Golden Dome multiple team proposals; SBI awards expected near term	Strengthening visibility and content expansion
Space Solutions and NASA budget	Space Solutions down on NASA services roll-off; CLD funding intact; ISS mission management mixed	Not available	Space Solutions -41% YoY; return to growth expected after 1H26 with new awards timing-dependent	Transition year, recovery set-up into 2H26
Starlab execution & funding	4 milestones in Q2; $22.5M cash; CDR planned Dec 2025; Phase II award in 2026; CLD funding robust	Not available	2 milestones in Q3; $4.0M receipts; Series A raise progressing with marquee investors; 2029 launch target	Continued milestone cadence; funding traction
Macro/government shutdown	—	—	Shutdown incorporated into outlook; limited impact expected on converting pipeline/backlog	Monitored risk; manageable so far

Management Commentary

Strategic posture: “We built a company that can operate with the scale and discipline of a prime contractor, but with the agility and innovation engine of a high-growth technology company…We maintain a fortress balance sheet with $413 million in cash, $200 million in available credit, and no debt” .
Growth drivers: “Defense and national security revenue increased…31% year-over-year, driven by continued execution on key propulsion and sensing programs…We have submitted multiple Golden Dome-related proposals in partnership with several major primes and neoprimes” .
M&A rationale: EMSI (radar AI software) and ExoTerra (electric propulsion) “enhance our ability to compete for higher-value programs…accelerate the innovation curve, and expand our relevance” .
CFO on outlook: “We now expect revenue to come near the upper end of the guidance range of $165 million–$170 million…For the full year, we reiterate adjusted EBITDA between negative $60 million and $63 million” .

Q&A Highlights

2026 impact of acquisitions: ExoTerra and EMSI seen as “significantly” driving 2026 growth; both margin-accretive and immediately positive EBITDA, with revenue and revenue synergies over 3–5 years .
Starlab timing vs shutdown: CDR in Dec 2025; CLD Phase II RFP late 2025/early 2026; award early 2026; shutdown could affect timing if prolonged, but current timeline intact; backlog build into year-end remains on track .
Starlab capitalization: Series A raise progressing with “name-brand investors,” with more detail expected around Investor Day; milestone payments continue to offset investment needs .
Build vs CapEx-light strategy: Focus on high-value subsystems (propulsion, GNC, comms) and U.S.-based manufacturing verticalization where strategically important; not pursuing full satellite builds near term .
NGI milestones and capacity: CDR passed; sequential NGI growth expected into 4Q and 2026; potential future CapEx or M&A to expand manufacturing/engineering as needed .

Estimates Context

Metric	Q2 2025 Actual	Q2 2025 Consensus	Surprise	Q3 2025 Actual	Q3 2025 Consensus	Surprise
Revenue ($M)	$45.7	$35.5*	+$10.2M	$39.6	$40.5*	$(0.9)M
Adjusted EPS ($)	$(0.60)	$(0.26)*	$(0.34)	$(0.22)	$(0.35)*	+$0.13
Adjusted EBITDA ($M)	$(9.1)	$(13.1)*	+$4.0M	$(17.7)	$(16.2)*	$(1.5)M

Consensus figures marked with * are from S&P Global. Values retrieved from S&P Global.

Implications:

Q3: Mixed vs consensus—modest revenue miss but materially better EPS; EBITDA loss wider than expected, suggesting higher near-term investment headwinds than modeled .
Q2 (for trend): Big top-line beat vs modest EBITDA loss, showing operating leverage is not yet flowing through due to scaling costs, consistent with management’s “investing ahead of growth” commentary .

Key Takeaways for Investors

Defense engine intact and broadening: NGI ramp and Golden Dome/SBI positioning underpin multi-year growth with increasing content potential; book-to-bill >1 supports visibility into 4Q and 2026 .
Profitability near-term pressured by innovation and program ramps, but management reiterates FY25 EBITDA range and signals margin expansion longer-term as scale and mix improve .
Starlab is progressing on schedule (27 milestones, Dec CDR) with Series A capital formation underway and marquee partners joining—potential 2026 Phase II award is a key catalyst .
Balance sheet optionality: $613M liquidity and no debt give significant capacity for accretive M&A and capability verticalization—management expects 2026 uplift from EMSI/ExoTerra .
Estimate revisions: Expect upward EPS revisions (less negative) for Q3; revenue models may trim slightly; EBITDA forecasts may need higher investment assumptions near term given Q3 underperformance vs consensus .
Trading setup: Near-term stock drivers include evidence of continued backlog build in 4Q, Golden Dome/SBI award news flow, Starlab Series A investor disclosures and Dec CDR outcome, and incremental NGI milestones .

Appendix: Additional Data Points

GAAP results: Net loss attributable to common shareholders $(16.3)M; GAAP diluted loss/share $(0.28) in Q3 .
Non-GAAP: Adjusted net loss $(12.9)M; Adjusted EPS $(0.22) in Q3; Adjusted EBITDA $(17.7)M .
Space Solutions press updates: Vivace selected to manufacture Starlab primary structure (MAF, New Orleans); Space Applications Services joins Starlab JV to expand EU footprint and payload ops capability .

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