NorthStar Earth & Space Enterprises (NSTR) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached CAD 17.2M and operating income CAD 10.4M, driven primarily by 3 CSD services; customer concentration remained high.

• Business combination closed October 1; shares and warrants began trading on NYSE American October 2.

• Strategy focuses on expanding sensor coverage, broadening allied, civil and commercial customers, and converting demand into growth.

Financial highlights

• Q3 revenue was CAD 17.2M versus CAD 1.4M in Q3 2025; 3 CSD contributed CAD 16.8M.

• Q3 operating income was CAD 10.4M and net income CAD 7.7M, versus prior-year losses of CAD 3.1M and CAD 6.2M, respectively.

• 9M revenue was CAD 25.6M versus CAD 7.5M; operating expenses were CAD 28.2M versus CAD 13.5M.

• Excluding CAD 8.2M of non-recurring Spire legal costs, 9M operating income was CAD 5.8M with a 22% margin.

• In the pre-combination SPAC financial statements, Q3 net loss was $213,504 and 9M net income was $2.36M, mainly reflecting Trust Account interest.

Outlook and guidance

• FY 2026 revenue guidance was reiterated at CAD 41M, or US$30M, versus $10.6M in 2025.

• Backlog was CAD 10.4M at September 30, up from CAD 7.9M at June 30; ~65% was expected to be recognized as Q4 revenue.

• 21 additional dedicated space-based payloads are planned to begin launching in mid-2028; sensor augmentation is expected through 2026 and 2027.