BKSY Q2 2026 - Preliminary Earnings Alert
Event: Quartr Q2 2026 event Retrieved: 2026-08-06T11:35:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available | financials=earnings release only | transcript=not yet available (call 2026-08-06 12:30Z)
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue / total revenue | $33.316m | $30.722m | Beat +$2.594m | +8.4% |
| EPS / GAAP basic and diluted | $(0.54) | $(0.377) | Miss −$0.163 | −43.3% |
- Consensus scorecard, bulleted equivalent:
- Revenue / total revenue: Quartr actual $33.316m against API Ninjas consensus $30.722m - Beat +$2.594m, +8.4%.
- EPS / GAAP basic and diluted: Quartr actual $(0.54) against API Ninjas consensus $(0.377) - Miss −$0.163, −43.3%.
Reported results and guidance
| Metric ($000s unless noted) | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Space-based intelligence & AI services revenue | $24,507 | $17,982 | +36.3% |
| Mission solutions revenue | $5,111 | $1,051 | +386.3% |
| Advanced technology programs revenue | $3,698 | $3,166 | +16.8% |
| Total revenue | $33,316 | $22,199 | +50.1% |
| Space-based intelligence & AI services costs, excluding D&A | $5,395 | $3,460 | +55.9% |
| Mission solutions costs, excluding D&A | $1,601 | $384 | +316.9% |
| Advanced technology programs costs, excluding D&A | $2,053 | $2,403 | −14.6% |
| Total cost of sales | $9,049 | $6,247 | +44.9% |
| Total cost of sales as a percentage of revenue | 27% | 28% | −1 pt |
| Selling, general and administrative | $23,778 | $22,667 | +4.9% |
| Research and development | $291 | $17 | +1,612% |
| Depreciation and amortization | $7,997 | $7,208 | +10.9% |
| Total costs and expenses | $41,115 | $36,139 | +13.8% |
| Operating loss | $(7,799) | $(13,940) | −44.1% |
| Loss on derivatives | $(10,517) | $(24,435) | −57.0% |
| Interest income | $1,348 | $677 | +99.1% |
| Interest expense | $(3,865) | $(3,509) | +10.1% |
| Other (expense) income, net | $(1) | $3 | to an expense |
| Loss before income taxes | $(20,834) | $(41,204) | −49.4% |
| Income tax expense | - | $(35) | removed |
| Net loss | $(20,834) | $(41,239) | −49.5% |
| Net loss per share, basic and diluted | $(0.54) | $(1.27) | −57.5% |
| Weighted average common shares, basic and diluted (000s) | 38,424 | 32,473 | +18.3% |
| Operating expenses (company definition) | $32,066 | $29,892 | +7.3% |
| Cash operating expenses (non-GAAP) | $20,003 | $19,396 | +3.1% |
| Adjusted EBITDA (non-GAAP) | $4,738 | $(2,817) | +$7,555 |
| Adjusted EBITDA margin (non-GAAP) | 14.2% | not meaningful | n/a |
- Q2 income statement, bulleted equivalent (Q2 2026 vs Q2 2025): space-based intelligence and AI services revenue $24,507k vs $17,982k (+36.3%); mission solutions revenue $5,111k vs $1,051k (+386.3%); advanced technology programs revenue $3,698k vs $3,166k (+16.8%); total revenue $33,316k vs $22,199k (+50.1%); total cost of sales $9,049k vs $6,247k, 27% vs 28% of revenue; SG&A $23,778k vs $22,667k (+4.9%); R&D $291k vs $17k; D&A $7,997k vs $7,208k; total costs and expenses $41,115k vs $36,139k; operating loss $(7,799)k vs $(13,940)k; loss on derivatives $(10,517)k vs $(24,435)k; interest income $1,348k vs $677k; interest expense $(3,865)k vs $(3,509)k; loss before income taxes $(20,834)k vs $(41,204)k; net loss $(20,834)k vs $(41,239)k; net loss per share $(0.54) vs $(1.27); weighted average shares 38,424k vs 32,473k; operating expenses $32,066k vs $29,892k; cash operating expenses $20,003k vs $19,396k; adjusted EBITDA $4,738k vs $(2,817)k, a $7,555k improvement, at a 14.2% margin.
| Six-month item ($000s unless noted) | 6M 2026 | 6M 2025 | Change |
|---|---|---|---|
| Space-based intelligence & AI services revenue | $41,026 | $34,811 | +17.9% |
| Mission solutions revenue | $7,120 | $10,893 | −34.6% |
| Advanced technology programs revenue | $5,944 | $6,039 | −1.6% |
| Total revenue | $54,090 | $51,743 | +4.5% |
| Total cost of sales | $16,381 | $18,847 | −13.1% |
| Selling, general and administrative | $46,340 | $44,109 | +5.1% |
| Research and development | $461 | $262 | +76.0% |
| Depreciation and amortization | $17,244 | $14,444 | +19.4% |
| Total costs and expenses | $80,426 | $77,662 | +3.6% |
| Operating loss | $(26,336) | $(25,919) | +1.6% |
| Loss on derivatives | $(18,734) | $(22,534) | −16.9% |
| Loss before income taxes | $(50,497) | $(53,987) | −6.5% |
| Net loss | $(50,497) | $(54,052) | −6.6% |
| Net loss per share, basic and diluted | $(1.35) | $(1.71) | −21.1% |
| Cash operating expenses (non-GAAP) | $38,808 | $38,326 | +1.3% |
| Adjusted EBITDA (non-GAAP) | $(358) | $(3,434) | +$3,076 |
- Six-month results, bulleted equivalent (6M 2026 vs 6M 2025): space-based intelligence and AI services revenue $41,026k vs $34,811k (+17.9%); mission solutions revenue $7,120k vs $10,893k (−34.6%); advanced technology programs revenue $5,944k vs $6,039k (−1.6%); total revenue $54,090k vs $51,743k (+4.5%); total cost of sales $16,381k vs $18,847k; SG&A $46,340k vs $44,109k; R&D $461k vs $262k; D&A $17,244k vs $14,444k; total costs and expenses $80,426k vs $77,662k; operating loss $(26,336)k vs $(25,919)k; loss on derivatives $(18,734)k vs $(22,534)k; loss before income taxes $(50,497)k vs $(53,987)k; net loss $(50,497)k vs $(54,052)k; loss per share $(1.35) vs $(1.71); cash operating expenses $38,808k vs $38,326k; adjusted EBITDA $(358)k vs $(3,434)k.
| Adjusted EBITDA reconciliation ($000s) | Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 |
|---|---|---|---|---|
| Net loss | $(20,834) | $(41,239) | $(50,497) | $(54,052) |
| Interest income | $(1,348) | $(677) | $(2,372) | $(1,250) |
| Interest expense | $3,865 | $3,509 | $7,797 | $6,852 |
| Income tax expense | - | $35 | - | $65 |
| Depreciation and amortization | $7,997 | $7,208 | $17,244 | $14,444 |
| Loss on derivatives | $10,517 | $24,435 | $18,734 | $22,534 |
| Stock-based compensation expense | $4,312 | $3,454 | $8,417 | $6,351 |
| Severance | $180 | $6 | $252 | $332 |
| Litigation, settlements and related costs | $32 | $77 | $50 | $215 |
| Non-recurring transaction costs | $17 | $375 | $17 | $1,031 |
| Impairment and asset disposals | - | - | - | $44 |
| Adjusted EBITDA | $4,738 | $(2,817) | $(358) | $(3,434) |
- Adjusted EBITDA reconciliation, bulleted equivalent: from a net loss of $(20,834)k in Q2 2026, add back interest income $(1,348)k, interest expense $3,865k, D&A $7,997k, loss on derivatives $10,517k, stock-based compensation $4,312k, severance $180k, litigation and settlements $32k and non-recurring transaction costs $17k to reach adjusted EBITDA of $4,738k. The same bridge produces $(2,817)k in Q2 2025, $(358)k for six months 2026 and $(3,434)k for six months 2025.
| Cash operating expense reconciliation ($000s) | Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 |
|---|---|---|---|---|
| Operating expenses | $32,066 | $29,892 | $64,045 | $58,815 |
| Depreciation and amortization | $(7,997) | $(7,208) | $(17,244) | $(14,444) |
| Stock-based compensation for SG&A costs | $(4,066) | $(3,288) | $(7,993) | $(6,045) |
| Cash operating expenses | $20,003 | $19,396 | $38,808 | $38,326 |
- Cash operating expense reconciliation, bulleted equivalent: operating expenses $32,066k (Q2 2026), $29,892k (Q2 2025), $64,045k (6M 2026), $58,815k (6M 2025); less D&A of $7,997k, $7,208k, $17,244k and $14,444k; less SG&A stock-based compensation of $4,066k, $3,288k, $7,993k and $6,045k; equals cash operating expenses of $20,003k, $19,396k, $38,808k and $38,326k.
| Balance sheet item ($000s) | 30 Jun 2026 | 31 Dec 2025 | Change |
|---|---|---|---|
| Cash and cash equivalents | $36,897 | $42,445 | −13.1% |
| Restricted cash | $9,965 | $1,103 | +803.4% |
| Short-term investments | $197,283 | $82,006 | +140.6% |
| Accounts receivable, net | $27,959 | $34,139 | −18.1% |
| Contract assets | $26,025 | $28,595 | −9.0% |
| Inventories | $6,178 | $6,178 | unchanged |
| Prepaid expenses and other current assets | $5,482 | $12,329 | −55.5% |
| Total current assets | $309,789 | $206,795 | +49.8% |
| Property and equipment, net | $90,980 | $79,037 | +15.1% |
| Operating lease right of use assets, net | $5,559 | $3,418 | +62.6% |
| Goodwill | $10,279 | $10,279 | unchanged |
| Intangible assets, net | $3,500 | $4,422 | −20.9% |
| Satellite work in process | $95,608 | $80,651 | +18.5% |
| Other assets | $1,311 | $1,644 | −20.3% |
| Total assets | $517,026 | $386,246 | +33.9% |
| Accounts payable and accrued liabilities | $13,787 | $14,945 | −7.7% |
| Contract liabilities - current | $18,995 | $20,518 | −7.4% |
| Debt, current portion | $11,672 | $7,937 | +47.1% |
| Other current liabilities | $8,639 | $16,061 | −46.2% |
| Total current liabilities | $53,093 | $59,461 | −10.7% |
| Operating lease liabilities | $10,059 | $7,579 | +32.7% |
| Derivative liabilities | $39,171 | $20,648 | +89.7% |
| Long-term debt, net of current portion | $199,166 | $193,180 | +3.1% |
| Other liabilities | $4,005 | $10,503 | −61.9% |
| Total liabilities | $305,494 | $291,371 | +4.8% |
| Additional paid-in capital | $988,473 | $821,319 | +20.4% |
| Accumulated deficit | $(776,945) | $(726,448) | +7.0% |
| Total stockholders' equity | $211,532 | $94,875 | +123.0% |
| Total liabilities and stockholders' equity | $517,026 | $386,246 | +33.9% |
| Class A shares outstanding (000s) | 40,628 | 35,930 | +13.1% |
- Balance sheet, bulleted equivalent (30 Jun 2026 vs 31 Dec 2025): cash and cash equivalents $36,897k vs $42,445k; restricted cash $9,965k vs $1,103k; short-term investments $197,283k vs $82,006k; accounts receivable $27,959k vs $34,139k; contract assets $26,025k vs $28,595k; inventories $6,178k in both periods; prepaid and other current assets $5,482k vs $12,329k; total current assets $309,789k vs $206,795k; property and equipment $90,980k vs $79,037k; operating lease right of use assets $5,559k vs $3,418k; goodwill $10,279k in both periods; intangibles $3,500k vs $4,422k; satellite work in process $95,608k vs $80,651k; other assets $1,311k vs $1,644k; total assets $517,026k vs $386,246k; accounts payable and accrued liabilities $13,787k vs $14,945k; current contract liabilities $18,995k vs $20,518k; current debt $11,672k vs $7,937k; other current liabilities $8,639k vs $16,061k; total current liabilities $53,093k vs $59,461k; operating lease liabilities $10,059k vs $7,579k; derivative liabilities $39,171k vs $20,648k; long-term debt $199,166k vs $193,180k; other liabilities $4,005k vs $10,503k; total liabilities $305,494k vs $291,371k; additional paid-in capital $988,473k vs $821,319k; accumulated deficit $(776,945)k vs $(726,448)k; total stockholders' equity $211,532k vs $94,875k; Class A shares outstanding 40,628k vs 35,930k.
| Six-month cash flow ($000s) | 6M 2026 | 6M 2025 |
|---|---|---|
| Net cash (used in) provided by operating activities | $(5,881) | $19,965 |
| Purchase of property and equipment | $(7,287) | $(8,096) |
| Satellite work in process | $(23,892) | $(10,772) |
| Purchases of short-term investments | $(178,997) | $(56,953) |
| Proceeds from maturities of short-term investments | $65,250 | $26,000 |
| Net cash used in investing activities | $(144,926) | $(49,821) |
| Proceeds from equity issuances, net of issuance costs | $160,170 | $40,861 |
| Proceeds from warrants exercised | $123 | - |
| Proceeds from options exercised and ESPP shares purchased | $805 | $180 |
| Repayments of debt | $(3,938) | $(563) |
| Payments for debt issuance costs | - | $(175) |
| Withholding tax payments on vesting of restricted stock units | $(3,039) | $(1,086) |
| Payments for deferred offering costs | - | $(31) |
| Net cash provided by financing activities | $154,121 | $39,186 |
| Net increase in cash, cash equivalents and restricted cash | $3,314 | $9,330 |
| Cash, cash equivalents and restricted cash, beginning of year | $43,548 | $14,378 |
| Cash, cash equivalents and restricted cash, end of period | $46,862 | $23,708 |
- Cash flow, bulleted equivalent: operating activities used $5,881k in 6M 2026 against providing $19,965k in 6M 2025; investing used $144,926k against $49,821k, comprising property and equipment purchases of $7,287k versus $8,096k, satellite work in process of $23,892k versus $10,772k, purchases of short-term investments of $178,997k versus $56,953k and maturities of $65,250k versus $26,000k; financing provided $154,121k against $39,186k, comprising net equity issuance proceeds of $160,170k versus $40,861k, warrant exercise proceeds of $123k, option and ESPP proceeds of $805k versus $180k, debt repayments of $3,938k versus $563k, debt issuance costs of nil versus $175k, RSU withholding tax payments of $3,039k versus $1,086k and deferred offering costs of nil versus $31k; net cash rose $3,314k versus $9,330k to $46,862k versus $23,708k.
Guidance (full year 2026, reaffirmed - previously updated on 7 May 2026):
| Metric | FY2026 guide | Prior FY2026 guide | 6M 2026 actual |
|---|---|---|---|
| Revenue | $130m to $150m | $130m to $150m (updated 7 May 2026) | $54.090m |
| Adjusted EBITDA | $12m to $24m | $12m to $24m (updated 7 May 2026) | $(0.358)m |
| Capital expenditures | $50m to $60m | $50m to $60m (updated 7 May 2026) | $31.179m |
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Guidance, bulleted equivalent: full-year 2026 revenue of $130-150m, adjusted EBITDA of $12-24m and capital expenditures of $50-60m, all reaffirmed at the levels last updated on 7 May 2026. Against first-half revenue of $54.1m, the range implies $75.9-95.9m in the second half; against first-half adjusted EBITDA of $(0.4)m, it implies $12.4-24.4m in the second half; against first-half capital expenditures of $31.2m (property and equipment plus satellite work in process), it implies $18.8-28.8m in the second half.
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Scorecard recap: total revenue of $33.316m beat consensus by 8.4% while GAAP basic and diluted loss per share of $(0.54) missed the $(0.377) estimate by 43.3%.
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CEO Brian E. O'Toole said "strong sales performance is accelerating revenue and earnings growth, driven by a 50% growth in space-based intelligence services from Q1," and cited "an expanding customer base, a growing pipeline, and increasing backlog."
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The company raised $150 million during the quarter through the issuance of 3.6 million shares under its at-the-market equity programme; cash, restricted cash and short-term investments totalled $244.1 million at 30 June 2026.
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Capital expenditures for the second quarter were $15.4 million.
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The next two Gen-3 satellites are expected to launch in the third quarter.
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Contract wins disclosed: an eight-figure NRO contract to accelerate development of AROS, a digital mapping system positioned as a commercial alternative for foundation imagery; an international pilot converted to a seven-figure Gen-3 and Gen-2 subscription; renewal awards over seven figures supporting the NGA Luno programme; several six-figure commercial monitoring contracts; multiple U.S. R&D contracts for Gen-3 AI solutions; and continued orders through the U.S. Space Force Global Data Marketplace.
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International revenue is stated in the release headline to have grown 200% year over year; the release does not provide a geographic revenue table.
Key bullish aspects
- Total revenue grew 50.1% year over year to $33.3m and beat consensus by 8.4%.
- Adjusted EBITDA turned positive at $4.7m from $(2.8)m a year earlier, a $7.6m swing, at a 14.2% margin.
- Space-based intelligence and AI services - the highest-margin line - reached a record $24.5m, up 36.3% year over year and, per the company, up 50% sequentially from Q1 2026.
- The operating loss narrowed 44.1% to $(7.8)m and the net loss narrowed 49.5% to $(20.8)m.
- Cost of sales fell to 27% of revenue from 28% despite a 44.9% increase in absolute cost of sales.
- Cash operating expenses rose only 3.1% year over year to $20.0m against 50.1% revenue growth, so the cost base is close to fixed.
- Six-month cash operating expenses of $38.8m are up only 1.3% year over year.
- SG&A grew 4.9% against 50.1% revenue growth.
- The balance sheet was materially strengthened: $150m raised in the quarter under the at-the-market programme, taking cash, restricted cash and short-term investments to $244.1m and total stockholders' equity to $211.5m from $94.9m at year end.
- Full-year 2026 guidance was reaffirmed across revenue, adjusted EBITDA and capital expenditures.
- Mission solutions revenue rose to $5.1m from $1.1m, a near-fivefold increase in the quarter.
- Satellite work in process rose 18.5% over six months to $95.6m and the next two Gen-3 satellites are expected to launch in Q3 2026, so constellation capacity continues to build.
- The disclosed contract wins span the NRO, NGA, the U.S. Space Force Global Data Marketplace, international government and commercial customers, which the company describes as a diversifying base; the release headline states international revenue grew 200% year over year.
- Interest income nearly doubled to $1.3m on the larger investment balance.
- Accounts receivable fell 18.1% over six months to $28.0m while quarterly revenue rose, and prepaid expenses and other current assets fell 55.5%.
Key bearish aspects
- The loss per share of $(0.54) missed consensus by 43.3%, and the six-month loss per share is $(1.35).
- The improvement in net loss is driven by derivatives, not operations: the company itself attributes the $20.4m year-over-year improvement "primarily" to changes in the gain/(loss) on derivatives, which move with the share price. The derivative loss was still $(10.5)m in the quarter.
- Six-month revenue grew only 4.5% to $54.1m; the 50% quarterly growth rate is against a weak Q2 2025 comparison, and mission solutions revenue fell 34.6% over six months to $7.1m.
- Six-month operating loss widened slightly to $(26.3)m from $(25.9)m.
- Six-month adjusted EBITDA is $(0.4)m, so the entire $12-24m full-year adjusted EBITDA guidance rests on the second half.
- The reaffirmed revenue guidance of $130-150m implies second-half revenue of $75.9-95.9m against $54.1m delivered in the first half - the low end requires a 40% sequential-half increase and the high end requires 77%.
- Operating cash flow was negative $(5.9)m in the first half against positive $20.0m a year earlier, a $25.8m deterioration.
- Share count is rising quickly: weighted average shares rose 18.3% year over year to 38.4m, Class A shares outstanding rose 13.1% over six months to 40.6m, and 3.6 million shares were issued in the quarter alone.
- Additional paid-in capital rose $167.2m over six months while the accumulated deficit widened $50.5m to $(776.9)m.
- Derivative liabilities rose 89.7% over six months to $39.2m.
- Total debt rose to $210.8m from $201.1m over six months, and interest expense of $3.9m in the quarter exceeds adjusted EBITDA of $4.7m.
- Capital intensity is high and rising: satellite work in process consumed $23.9m of cash in the first half against $10.8m a year earlier, and first-half total capital expenditure of $31.2m exceeds first-half revenue growth in dollar terms.
- Restricted cash rose to $10.0m from $1.1m over six months; unrestricted cash and cash equivalents actually fell 13.1% to $36.9m, with the increase held in short-term investments.
- Contract liabilities - current fell 7.4% over six months to $19.0m, and contract assets fell 9.0% to $26.0m.
- Advanced technology programs revenue is roughly flat over six months at $5.9m while its costs fell 25.2%, and R&D expense of $0.3m in the quarter is negligible against a company positioning on next-generation capability.
Key uncertainties
- The company states international revenue grew 200% year over year but provides no geographic revenue disclosure, so the size, customer concentration and durability of that international base cannot be assessed.
- Backlog is described as "increasing" in the CEO quotation but is not quantified anywhere in the release, and no book-to-bill or pipeline figure is given.
- Contract wins are described only by order of magnitude - "eight-figure," "seven-figure," "six-figure" - with no contract value, term, or revenue recognition profile.
- The 50% sequential growth in space-based intelligence services is stated by the CEO but the release contains no Q1 2026 comparative column; the implied Q1 figure of $16.5m is derived from the six-month total less the quarter.
- The reaffirmed guidance carries a $20m revenue range and a $12m adjusted EBITDA range on a $130-150m revenue base, and the release gives no phasing between Q3 and Q4 or any indication of where within the ranges the company expects to land.
- The second-half adjusted EBITDA implied by guidance is $12.4-24.4m against $4.7m in the best quarter to date; the release does not bridge that step-up.
- Whether the two Gen-3 satellites expected to launch in Q3 contribute revenue in 2026, and how much of the guided second-half revenue depends on them, is not stated.
- Loss on derivatives of $(10.5)m in the quarter is tied to warrants and other equity instruments measured at fair value; the release gives no strike, quantity or sensitivity detail, so future GAAP results remain exposed to the share price in an unquantified way.
- The at-the-market equity programme raised $150m in the quarter; the remaining capacity, and whether further issuance is planned, are not disclosed.
- Restricted cash rose $8.9m over six months without explanation of what it secures.
- Other current liabilities fell 46.2% and other liabilities fell 61.9% over six months, together a $14.0m reduction that is not explained.
- The transition from negative $(5.9)m operating cash flow to the cash generation implied by the full-year adjusted EBITDA guidance is not addressed.
- Mission solutions revenue fell 34.6% over six months while rising nearly fivefold in the quarter; the release does not explain the volatility or indicate a normal run rate.
- Total debt of $210.8m against a $244.1m cash and investments position leaves the company roughly net cash neutral; no maturity schedule, covenant, or interest rate detail is provided.
- The 8:30 a.m. EDT call on 6 August 2026 has not occurred and no Quartr transcript exists, so management's account of backlog, the second-half ramp, and Gen-3 launch timing is not assessed at this stage.
Market context
- API Ninjas snapshot: BKSY $25.18 on NYSE, volume 753,871, quote timestamped 2026-08-06T11:13:25Z, retrieved 2026-08-06T11:35:00Z. The release was published pre-market on 2026-08-06; this is a single pre-market quote of unstated session basis, not a measured reaction to the release.
Source limitations
- Every actual above comes from the Quartr Q2 2026 earnings release document (3672842) attached to Quartr event 662358. Quartr standardized financials for this event are not yet populated, and the slide deck (3976211) attached to this event was not read for this preliminary.
- API Ninjas supplied no actual or difference fields for this event, so each beat/miss is calculated locally as Quartr actual minus API Ninjas estimate. The API row carried no fiscal year or quarter and is dated 2026-08-06, matching the Quartr event date exactly, so the exact ticker-and-date match is the path used.
- The company reports a single GAAP per-share figure, basic and diluted loss per share, which is the figure used in the scorecard. No adjusted or non-GAAP per-share measure is presented.
- Adjusted EBITDA and cash operating expenses are non-GAAP measures as defined by the company. The company has not reconciled its non-GAAP full-year outlook to GAAP.
- Total cost of sales of $9,049k (Q2 2026), $6,247k (Q2 2025), $16,381k (6M 2026) and $18,847k (6M 2025) is not printed as a subtotal; it is the sum of the three cost lines the company defines as cost of sales, and each sum reconciles to the company's stated cost-of-sales percentage of revenue.
- "Operating expenses" of $32,066k as used by the company in its narrative and reconciliation is total costs and expenses less cost of sales; both figures are shown above.
- First-half capital expenditure of $31.179m is the sum of the cash flow statement's property and equipment purchases ($7,287k) and satellite work in process ($23,892k); the company does not print a combined capital expenditure line, and it separately states second-quarter capital expenditures of $15.4m.
- The document's text extraction separates the cash flow statement's working-capital change lines from their labels in a way that could not be resolved by arithmetic; those individual lines are therefore omitted. The operating, investing and financing totals shown above were derived by check: the investing and financing detail lines each sum to their stated totals in both periods, and the operating total in each period is the residual that reconciles the stated net increase in cash to the stated beginning and ending balances, which themselves equal the balance sheet's cash plus restricted cash.
- Balance sheet, income statement and adjusted EBITDA figures were each verified by footing: total current assets, total assets, total current liabilities, total liabilities, total stockholders' equity and total liabilities and equity all foot in both periods; the three revenue lines sum to total revenue and the six cost lines sum to total costs and expenses in all four periods; operating loss, loss before income taxes and net loss all foot in all four periods; every per-share figure equals its net loss divided by the stated share count; and the adjusted EBITDA and cash operating expense reconciliations foot in all four periods.
- Year-over-year percentage changes and margin-point changes above are calculated from the release's own figures; where the release prints a percentage, the calculated value agrees.
- The condensed consolidated statements in this release are unaudited.
- Balance sheet comparatives are to 31 December 2025, the fiscal year end, not to the prior-year quarter; cash flow comparatives are six-month periods.
- The release states restated prior guidance only by reference to the 7 May 2026 update; the guidance issued before that date is not reproduced in this release.
- The company's stated 200% international revenue growth and 50% sequential growth in space-based intelligence services are reproduced as claimed; neither is supported by a table in this release.
Source links
- Quartr Q2 2026 earnings release
- Quartr release highlights page
- Quartr release financial results discussion page
- Quartr release 2026 outlook page
- Quartr release statements of operations page
- Quartr release balance sheet page
- Quartr release cash flow page
- Quartr release adjusted EBITDA reconciliation page
- Quartr release cash operating expense reconciliation page