Space-tracking firm NorthStar reports C$17.2 million third-quarter revenue in first results since listing

NorthStar Earth & Space, a Montreal company that tracks objects in orbit for defense and civil customers, reported revenue of C$17.2 million for the third quarter of 2026, against C$1.4 million a year earlier, in its first quarterly results since its shares began trading in New York. The results, furnished to the US Securities and Exchange Commission on November 12, are those of the operating company before its October 1 merger with Viking Acquisition Corp. I, a company already listed in New York. NorthStar's common shares and warrants trade on NYSE American as NSTR and NSTR.WS. Amounts here are in Canadian dollars unless marked US$.

One customer, most of the revenue

The increase came mainly from progress on NorthStar's program with the Royal Canadian Air Force's 3 Canadian Space Division (3 CSD) and from new awards, the company said, and it recognized C$16.8 million of revenue from the 3 CSD contract in the quarter. That customer accounted for about 98% of quarterly revenue. NorthStar delivers six products and services to the division and had eight active government contracts in Canada, the United States and Europe at the end of September. Founder and chief executive Stewart Bain said the work with 3 CSD "highlights the immediate demand for sovereign and responsive Space Domain Awareness services from commercial enterprise."

Over nine months NorthStar still lost C$11.1 million, after C$8.2 million of legal costs tied to its dispute with Spire Global, the satellite company.

What NorthStar sells

NorthStar describes itself as a space intelligence and data analytics company offering round-the-clock space situational awareness and space domain awareness: in its words, "detecting, tracking, and characterizing objects and threats" in orbit. It combines optical data from sensors hosted on other companies' spacecraft with ground-based radar, optical and radio-frequency data from partner networks, and is preparing to deploy more dedicated space-based sensors. Besides 3 CSD, its customers include the US Space Force's Joint Commercial Operations, DARPA, the Luxembourg Space Agency and the European Space Agency, it says.

During the quarter it signed an agreement with Kepler Communications to host NorthStar's optical sensors on Kepler's optical data relay satellites, and secured up to C$2 million of funding and advice from the National Research Council of Canada to develop modular sensor technology.

Cash, debt and the merger

On September 30 the operating company held C$0.3 million in cash and C$145.1 million of total debt. When the merger closed it received gross proceeds of US$30 million from a private placement, giving pro forma cash of about C$33 million. About 96% of Viking's public shares were redeemed, which reduced the net proceeds, and NorthStar says it expects to moderate the pace of some planned capital spending, including the purchase and launch of more sensors. Management believes its cash, expected collections and the placement proceeds will cover its needs for at least the next 12 months.

NorthStar reiterated revenue guidance of C$41 million (US$30 million) for 2026, against C$10.6 million in 2025. Backlog rose to C$10.4 million on September 30 from C$7.9 million on June 30, and about 65.4% of it is expected to become revenue in the next quarter, roughly C$6.8 million by our arithmetic. Among the assumptions behind its outlook, the company lists securing anticipated new contract awards and modifications on time. It had 41.3 million common shares outstanding on November 11, with up to 10 million more issuable if revenue-based targets are met.

The Spire award

The dispute goes back to a March 2022 contract under which Spire Global Subsidiary, Inc. agreed to build, launch and operate four satellites that would deliver images and data to NorthStar. They launched in January 2024. NorthStar says one was lost in space and the others did not work as the contract required, and it began arbitration at the International Chamber of Commerce in September 2024. According to NorthStar's filing, the tribunal on July 31, 2026, dismissed NorthStar's claims, granted part of Spire's counterclaim and directed NorthStar to pay US$6.76 million due under a Spire promissory note, including interest, with further interest at 18% a year until paid, and C$7.6 million in damages and Spire's legal and arbitration costs. NorthStar says it paid US$2.77 million on October 28 and expects to pay US$4.16 million and C$1.22 million this month.

Spire Global's own account, in a Form 8-K it filed on August 5, says NorthStar's claims, as last amended, sought $45.9 million in damages and that Spire denied them all. In Spire's account, the tribunal dismissed all of them, including the claims of fraudulent misrepresentation and breach of contract, and granted Spire's counterclaims on the promissory note, on costs from an interlocutory injunction NorthStar had obtained in Ontario's Superior Court of Justice and on the costs of the arbitration. Spire put the final award in its favor at approximately $12.4 million, immediately payable; its filing names no currency for either amount.