Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Management is pivoting the company from a lunar delivery specialist to a 'next-generation space prime' capable of building, connecting, and operating integrated space infrastructure.
Revenue growth of over 4x year-over-year was primarily driven by execution across satellite manufacturing, CLPS missions, and the Near Space Network Services (NSNS) programs. Strategic acquisitions of Lanteris, KinetX, and Goonhilly Earth Station have expanded the addressable market from $20 billion to over $150 billion by adding satellite production, deep space navigation, and ground segment capabilities. The company is intentionally investing in inventory and production capacity ahead of contract awards to meet increasing customer demands for faster delivery and higher volume.
Diversification efforts have successfully shifted the backlog composition to 49% commercial and 14% national security, reducing reliance on civil space (NASA) contracts. Operational loss in Q2 was impacted by a $14.7 million estimated-at-complete (EAC) adjustment for the IM-4 mission to accommodate specific payload changes. Reaffirmed full-year revenue guidance of $900 million to $1 billion, with the primary variable being the timing of contract definitization rather than customer demand.
Management expects positive adjusted EBITDA for the full year, supported by higher-margin contributions from the satellite manufacturing business. Free cash flow is projected to improve in the second half of the year as strategic investments in long-lead inventory stabilize and milestone receivables are collected. The lunar communications constellation (Altus satellites 2-5) has been accelerated for a simultaneous launch in 2028 to achieve fully operational capability ahead of NASA's Artemis missions.
The company anticipates an additional $300 million in bookings through the second half of the year as current Authority to Proceed (ATP) awards are fully definitized. Elevated CapEx is expected to continue in coming quarters to support the accelerated production of all five NSNS satellites and ground segment upgrades. A $17 million milestone payment to SpaceX for the IM-4 mission contributed to the $84 million cash deployment during the quarter.
The company raised $235 million in net proceeds through its at-the-market (ATM) program to provide liquidity for current operations and growth initiatives. Management flagged $8 million in acquisition-related transaction and integration costs during the quarter as a non-recurring headwind to profitability. Nvidia-level potential. 30M+ investors trust Moby to find it first.
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