u/koolmarskid

SATL's 2025 revenue grew 38% to $17.7 million (Q4 up 94%), remaining performance obligations (RPO) hit $65.1 million, and recent capital raises removed immediate going-concern risks. The growing backlog (3.7x annual sales) and new sovereign/defense contracts indicate a successful transition toward high-value, recurring monitoring infrastructure, giving the company a real growth runway now that bankruptcy risk is off the table. Buy SATL as a speculative, early-stage space infrastructure play with significant upside if their new Merlin constellation and government contracts execute successfully. Extreme shareholder dilution (~49% share increase recently), high cash burn, expensive valuation (16.8x trailing sales), and reliance on third-party launches.