Revenue Growth and Valuation Overview
A Business Model with Strong Operating Leverage
Description
Cloud Hosting Costs
Commentary
Low incremental cost to serve a data
subscription model
Long-Term Target¹
15-20%
24
24
COGS
Mission Operations Teams
Technical Support
Professional Services
"
Self-serve model drives high gross
margins
Spacecraft & Engineering Operations
Software Development & Data Science
R&D investments in tools for enhanced
data insights and analytics
16-19%
R&D
"
Space investments in new ESG data
sets and ML-readiness
S&M
Sales (Direct & Channel)
Marketing
Customer Success
Scalable model through platform
24-27%
ecosystem
"
Multi-year subscription model drives
high Customer Lifetime Value
G&A
Corporate Functions (Finance, HR,
Legal, Regulatory)
Overhead allocated across departments
Scales with absorption of public
company costs
Capex
Space Capex includes Bill of Materials,
manufacturing, and launch ground
stations (non-leased)
Leasehold improvements
6-9%
Agile approach drives manufacturing
efficiency and reduced Bill of Materials
costs
5-8%
Satellite payback period <1 year
Long-Term FCF² Margin:
20-35%
p
'Represents expense as a percentage of revenue.
2Free Cash Flow defined as Adjusted EBITDA less capital expenditures, and free cash flow margin as the percentage of free cash flow relative to net revenue during a given period.View entire presentation