EARNINGS REVIEW
Q2 2026
Period ended Dataset checked
Revenue expansion has not yet translated into positive operating cash flow.
Space Systems supplied most quarterly revenue. Gross profit increased, while operating losses and first-half cash outflows persisted. Contract backlog belongs to future execution analysis; it is not recognized revenue.[1][2][3]
Income statement
Q2 2026US GAAP. Original amounts in thousands have been converted to USD millions.
| Measure / basis | Q2 2026 | Q2 2025 | YoY |
|---|---|---|---|
Revenue[1]DefinitionConsolidated reported amount for the stated period. | 234.1 | 144.5 | +62.0% |
Gross profit[1]DefinitionConsolidated reported amount for the stated period. | 84.6 | 46.4 | +82.3% |
Operating income / loss[1]DefinitionConsolidated reported amount for the stated period. | −57.5 | −59.6 | NM |
Net income / loss[1]DefinitionConsolidated reported amount for the stated period. | −49.3 | −66.4 | NM |
Diluted EPS[1]DefinitionBasic and diluted loss per common share; antidilutive awards are excluded. | −0.08 | −0.13 | NM |
2026-04-01 — 2026-06-30 · Single quarter
Revenue by business
Q2 2026Two reportable segments; their revenues reconcile to consolidated revenue.
| Measure / basis | Q2 2026 | Q2 2025 | YoY |
|---|---|---|---|
Space Systems[2]DefinitionReportable-segment revenue; not product revenue. | 189.5 | 97.9 | +93.6% |
Launch Services[2]DefinitionReportable-segment revenue; launch bookings are not recognized revenue. | 44.6 | 46.6 | −4.4% |
2026-04-01 — 2026-06-30 · Single quarter
Cash generation & investment
H1 2026Six-month cash flows, not Q2 alone. Spending is shown as a positive amount.
| Measure / basis | H1 2026 | H1 2025 | YoY |
|---|---|---|---|
Operating cash flow[3]DefinitionConsolidated reported amount for the stated period. | −134.4 | −77.5 | NM |
PP&E and software purchases[3]DefinitionCash expenditure shown as a positive spending amount; excludes acquisitions. | 53.1 | 60.7 | −12.5% |
2026-01-01 — 2026-06-30 · Cumulative period
Management outlook
Forward-lookingGuidance is not included in this reviewed dataset. Consult the linked issuer materials for the outlook.
What to verify next
Research questionsSeparate signed work from reported sales[2]
Space Systems and Launch Services have different delivery and recognition patterns.
WatchTrack segment revenue and gross profit against dated delivery milestones; keep backlog and options separate.
Source documents 3 references · definitions and page locations
- 2026 Q2 Form 10-Q ↗Open saved report · PDF p. 10
Statement of operations, printed p. 6; USD thousands · Checked 2026-11-06
- 2026 Q2 Form 10-Q ↗Open saved report · PDF p. 45
Note 18, Segments; USD thousands · Checked 2026-11-06
- 2026 Q2 Form 10-Q ↗Open saved report · PDF p. 14
Cash-flow statement, printed p. 8 continuation; USD thousands · Checked 2026-11-06