0001753539-26-000124
SEC filingQ2营收增50.1%至$33.3M，Space-based intelligence & AI services驱动，亏损收窄49.5%。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $33,316K | $22,199K | +50.1% |
| Gross Profit | $24,267K | $15,952K | +52.1% |
| Gross Margin | 72.9% | 71.9% | +100bps |
| Operating Income | -$7,799K | -$13,940K | +44.1% |
| Operating Margin | -23.4% | -62.8% | +3940bps |
| Net Income | -$20,834K | -$41,239K | +49.5% |
| Diluted EPS | -$0.54 | -$1.27 | +57.5% |
| Adjusted EBITDA | $4,738K | -$2,817K | +$7,555K |
| Operating Cash Flow | -$5,881K | $19,965K | -$25,846K |
| Free Cash Flow | -$13,168K | $1,097K | -$14,265K |
Q2营收$33.3M，同比+50.1%，主要受Space-based intelligence & AI services增长36.3%至$24.5M驱动，新assured contracts贡献显著。Mission solutions营收$5.1M，同比+386.3%，其中EAC净有利调整$1.8M（有利$3.7M，不利$1.9M）贡献较大。Advanced technology programs营收$3.7M，同比+16.8%。
毛利率72.9%，同比+100bps，主要因高毛利的Space-based intelligence & AI services占比提升。经营亏损收窄至-$7.8M，经营利润率-23.4%，同比改善3940bps，反映营收增长带来的经营杠杆。
净亏损-$20.8M，同比收窄49.5%，主要因经营亏损改善及衍生品损失减少（-$10.5M vs -$24.4M）。Adjusted EBITDA转正至$4.7M，为上市以来首次季度转正，显示核心业务盈利能力改善。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Space-based intelligence & AI services | $24,507K | +36.3% | — | — | 新assured contracts |
| Mission solutions | $5,111K | +386.3% | — | — | EAC净有利调整$1.8M |
| Advanced technology programs | $3,698K | +16.8% | — | — | 新合同驱动 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $234.2M | +$109.7M |
| Total Debt | $210.8M | +$9.7M |
| Inventory | $6.2M | 持平 |
| Contract Assets | $26.5M | -$2.8M |
| Contract Liabilities | $23.0M | -$8.0M |
| Operating Cash Flow | -$5.9M | -$25.8M |
| Capex | $31.2M | +$12.3M |
| Free Cash Flow | -$13.2M | -$14.3M |
现金及短投$244.1M，流动性充足。经营现金流为负，主要因去年Q1收到预付款高基数。Capex主要投向Gen-3卫星建设。债务$210.8M，其中Convertible Senior Notes $185M，利率8.25%。
资本配置：Q2通过ATM融资净流入$160.2M，主要用于卫星建设和运营。无回购、分红。债务增加$9.7M，主要为卫星发射vendor financing。
指引：未提供正式指引。
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