Some companies stay in the “promise” category because nothing confirms that future revenue will actually arrive. Here, the confirmation is in long-term contracts. The company is still loss-making, but it is signing much more work for the coming years, and it is doing it while keeping gross margin high, around 59%. That suggests the product can scale without relying on heavy discounting.

The next growth wave may come from a place that is steady rather than trendy. If security and defense spending rises, satellite data is often pulled into multi-year programs and repeat contracts. The company reported roughly $672 million of contracted commitments that have not been billed yet, which shifts the key question to execution: how quickly signed work turns into revenue.

Top points of the analysis

• Gross margin around 58.9%, but operating margin still negative.

• Revenue for the fiscal year was $244.4 million. USD 244m and +10.7% year-on-year.

• Unbilled Accounts Payable (AOP) at end of Q3 FY2026 approx.…