Orders up 361%: future revenue is increasingly under contract, even if profits are still missing

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…