Iceye reported 2025 revenue of $294 million, generated $153 million in operating cash flow and finished the year with a $1.76 billion backlog. The Finnish radar‑satellite hardware and services provider said it expects revenues to roughly double in 2026 as it scales launches and service sales.
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Briefing
Iceye’s 2025 results show material commercial scale: $294M revenue, $153M operating cash flow and a $1.76B backlog — indicating strong contracted demand for SAR data and services.
The backlog and guidance to double revenue next year place Iceye alongside other smallsat imagery operators; compare recent peer revenue and backlog data for market benchmarking (see peer revenue and backlog data).
Rapid scaling depends on launches, manufacturing and capital; the broader funding environment for constellation growth is illustrated by recent space-capital rounds (see recent space-capital rounds).
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ICEYE targets €1bn revenue in 2026 as €1.5bn defense backlog drives growth • SpaceWatch Africa
Space Intel Report
• Peter B de Selding