Mission Control · Feb 2026 Snapshot
Card border indicates risk status:
On track / favourable
Watch / minor variance
At risk / needs attention
Cash at Month-End
$23.49M
▼ $1.46M vs Jan-26
-5.8% month-on-month
Revenue YTD
$0.90M
▼ 98.1% below Target
YTD Target: $46.1M
Headcount MTD
46
▼ -10 vs Budget (56)
Ramp slower than planned
Payroll MTD
$0.89M
▼ -24.2% vs Budget
Budget: $1.17M
CapEx MTD
$0.51M
▼ -87.4% vs Budget
GSE equipment partially commissioned
OpEx MTD
$0.66M
▼ -42.8% vs Budget
Budget: $1.15M
YTD Jan–Feb 26 Actual vs Budget Spend ($M)
YTD Jan-Feb 2026 OpEx Mix
Payroll
Power & Maint
IT & Infra
Consulting
Freight
Insurance
Lease Rental
G&A
Biz Dev
Facility OVH
Marketing
YTD Jan-Feb 2026 Payroll by Function
Board Narrative · February 2026
- Orbitworks closed February with $23.49M cash, representing a 16-month runway, c.2 months ahead of the budgeted plan owing to the delayed headcount ramp-up, and deferred spends.
- Headcount increased from 34 to 46 employees, signalling acceleration in the hiring ramp, though still below the 56 FTE budget, with placement for key roles in BD and Ind Ops are in progress.
- Revenues recognised reached $0.90M YTD, driven by milestone achievements under the Loft Optical I&T contract and the ADMA reservation milestone.
- OpEx and CapEx remained below budget, primarily due to deferred Systems Infrastructure spending, lower power utilisation pending connection of the 2MW load, and reduced marketing consulting costs as the team partially transitioned in-house. This decrease was slightly offset by customs fees paid for the delivery of the TVAC system. CapEx timing remains the main driver, with commissioning expenditures expected to ramp in the coming months.
P&L Performance · Actual vs Budget · Feb 2026
Revenue YTD (Jan+Feb)
$0.90M
Two milestones recognised
Jan: $0.40M + Feb: $0.50M
EBITDA YTD (Jan+Feb)
($0.65M)
▲ +$1.79M vs Budget
Budget: ($2.44M)
EBITDA Monthly Progression (USD '000)
Actual vs Budget — YTD Jan–Feb 2026 (USD)
| Line Item | Actual | Budget | Variance | Var % | Commentary |
|---|---|---|---|---|---|
| Revenue | 900,613 | N/A | — | — | Reservation milestone from ADMA contract recorded in Feb-26 — no revenue was budgeted |
| People Costs | |||||
| Salaries & Employee | (890,835) | (1,284,429) | +393,594 | +30.6% | Headcount ramp lower than anticipated (46 vs. 56 budgeted); related training and travel also lower |
| Total People Costs | (890,835) | (1,284,429) | +393,594 | +30.6% | |
| Operating Costs (excl. People) | |||||
| IT & Infrastructure | (116,446) | (404,779) | +288,333 | +71.2% | PLM/PDM licence subscriptions deferred to future months |
| Power & Maintenance | (126,561) | (243,233) | +116,672 | +48.0% | Cleanroom consumables and power utilization below budget; 2MW connection delayed |
| Facility, Equip & Handling | (15,373) | (93,376) | +78,004 | +83.5% | Lower consumables in AIT and Manufacturing with commissioning of equipment deferred |
| Lease Rental | (56,858) | (59,959) | +3,101 | +5.2% | Facility lease rental charges — variance NM |
| Professional & Consulting | (120,286) | (89,990) | -30,296 | -33.7% | Includes recruitment, subscriptions, accounting, tax and legal consulting fees — NM |
| Insurance | (64,759) | (39,373) | -25,386 | -64.5% | Property insurance costs — Variance NM |
| Freight & Logistics | (65,315) | (40,872) | -24,443 | -59.8% | Freight and shipping costs above plan from TVAC system shipment in Feb-26 |
| Marketing | (9,116) | (104,180) | +95,064 | +91.2% | Website costs deferred, event spend lower, and in-house team build-up |
| Business Development | (40,987) | (50,993) | +10,007 | +19.6% | BD travel, meals, hotels — NM |
| G&A | (43,834) | (26,988) | -16,845 | -62.4% | Primarily utilities and other office-related spends — Variance NM |
| Total OpEx | (659,534) | (1,153,744) | +494,210 | +42.8% | Aggregate operating expenditure below budget |
| EBITDA | (649,755) | (2,438,173) | +1,788,418 | +73.4% | Unbudgeted revenue milestone and lower spend drove favourable EBITDA vs budget |
* Direct costs are not yet displayed and will be shown as program costs are developed in upcoming months.
Cash Management & Runway Analysis
Cash · Feb-26
$23.49M
▼ -$1.46M MoM
-5.8% month-on-month
Runway **
16 mo
▲ +2 mo vs Budget
Budget assumed 14 months
Burn Rate · Steady State *
$1.38M
▼ -5.3% vs Budget
Budget: $1.46M/month
Drop-Dead Date ***
1-Jul-27
~16 months from Feb-26
Projected cash-out date
Monthly Cash Balance (USD $M) — Since Inception
Cash Narrative
Cash closed at $23.49M at Feb-26, providing approximately 16 months of runway, about two months more than budgeted. The modest extension is primarily driven by the timing of the headcount ramp, and deferred sat infrastructure spends, resulting in lower near-term cash burn without increasing overall cost commitments.
* Steady-state Burn Rate is the Company's ongoing US$ monthly spending level based on current headcount and operating structure, excluding program-specific or one-time project costs.
** Runway reflects the number of months the Company can operate before cash is depleted, based on the steady-state burn rate.
*** Drop-dead date is the projected date when cash would be exhausted after factoring in expected receipts from signed contracts and committed inflows.
Revenue Pipeline & Contract TCV (TCV — Total Contract Value)
Total Expected TCV
$213.4M
Pipeline total (incl SatOps)
2026 Revenue Target
$46.1M
1.95% YTD achieved
Pipeline Achievement Gauge — TCV by Status
Contract Detail
All Contracts — Feb 2026
Financial KPI Scorecard · Feb 2026 · Orbitworks SPC
KPI Performance vs Industry Benchmarks
| KPI | Actual Feb-26 | Benchmark | Industry Range | Status |
|---|---|---|---|---|
| Liquidity | ||||
| Current / WC Ratio | 3.45× | 2.0× | 1.2–2.0 (ideal for healthy liquidity) | Above Range |
| Acid Test Ratio | 3.41× | 1.3× | 0.8–1.3 (inventory can be bulky) | Above Range |
| Cash Ratio | 1.67× | 0.5× | 0.2–0.5 (avoid idle cash in volatile markets) | High Cash |
| Operating Cash Ratio | -0.45× | 0.8× | 0.5–1.0 (target >0.8 for resilience) | Pre-Revenue |
| Leverage | ||||
| Debt (Liabilities) Ratio | 0.007 | 0.7 | 0.4–0.7 (structured long-term debt) | Very Low Debt |
| Debt to Equity Ratio | 0.007 | 1.0 | 0.8–2.5 (>2.0 in asset-heavy E&P/EPC) | Very Low |
| Profitability (Early Revenue Phase) | ||||
| EBITDA % | -66.3% | 15% | 15–35% (service firms 15–25%) | Ramp Phase |
| Net Profit % | -89.5% | 10% | 5–20% (>10% is healthy) | Ramp Phase |
| ROA (Annualized) | -2.9% | 10% | 5–10% (higher in asset-light) | Ramp Phase |
| ROE (Annualized) | -2.9% | 25% | 15–25% (high ROE with low debt ideal) | Ramp Phase |
| ROCE (Annualized) | -2.1% | 20% | 10–20% (capital efficiency) | Ramp Phase |
Context — Pre-Revenue Phase
Profitability KPIs are not yet meaningful indicators for Orbitworks as the company is in its pre-revenue operational ramp phase. Liquidity ratios reflect a cash-rich balance sheet post-funding — high current and cash ratios are expected and intentional. Leverage ratios show minimal debt, appropriate for a space manufacturing startup funded primarily through equity. Profitability metrics will normalise as Altair, French Gov, and other major contracts reach milestone delivery gates through 2026.