Improved Financial Performance
Net loss of $61 million, improved from a net loss of $138 million in Q2 FY 2025, primarily due to favorable service revenue mix, lower depreciation and amortization, and lower SG&A expenses.
Revenue and EBITDA Growth
Revenue grew 2% year-over-year, with a 3% growth in the Defense and Advanced Technologies segment. Adjusted EBITDA increased by 3% year-over-year.
Strong Awards and Backlog
Awards were $1.5 billion, up 17%, and backlog increased to a record of $1.2 billion, up 31% year-over-year.
Positive Free Cash Flow
Generated $69 million in free cash flow for the quarter and $147 million on a trailing 12-month basis, achieving positive free cash flow for three consecutive quarters.
Strategic Developments
The company announced plans to form Equitus with Space 42 and potentially other operators to enhance their mobile satellite services.