The numbers behind the mission.
Our funding strategy, allocation of capital and projected path to a commercially sustainable constellation.
R8 million. A defined direction.
The specified uses total R5.64 million (70.5%). The remaining R2.36 million (29.5%) is not allocated in the supplied plan; no additional use has been assumed.
A three-year orbital outlook.
An expanding orbital economy.
Illustrative planning conversion: 1 US dollar = R19.00. Not a live exchange rate.
| Metric · South African rand | 2028 12 satellites | 2029 20 satellites | 2030 32 satellites |
|---|---|---|---|
| Revenue | R57,000,000 | R95,000,000 | R152,000,000 |
| Operating expenses | R31,160,000 | R49,400,000 | R76,760,000 |
| Profit / EBITDA | R25,840,000 | R45,600,000 | R75,240,000 |
| CapEx · Launches & manufacturing | R9,120,000 | R12,160,000 | R18,240,000 |
| Free cash flow | R16,720,000 | R33,440,000 | R57,000,000 |
| Management gross margin assumption | 60.0% | 60.0% | 60.0% |
| Calculated direct-cost gross margin | 52.0% | 52.0% | 52.0% |
| EBITDA margin | 45.3% | 48.0% | 49.5% |
| Asset turnover · Management assumption | 3.13× | 3.13× | 3.13× |
The supplied 60% gross margin assumption does not reconcile with direct operating costs, which imply 52%. The 3.13× asset turnover ratio is supplied by management; a complete asset base was not provided for independent calculation.
Recurring revenue. Lean infrastructure.
Annual revenue per satellite
Ongoing business-to-business imagery and data analytics contracts.
Annual operating cost per satellite
Ground-station processing and amortised launch fees.
Annual fixed corporate overhead
Administrative costs, engineering salaries and local office operations.
All assumptions use the selected illustrative conversion of R19.00 per US dollar. Changes in exchange rates, launch timing, costs and contract conversion may materially affect results.
Scale with operating leverage.
EBITDA margin
45.3% → 49.5%. Fixed overhead declines relative to growing revenue.
Satellites in orbit
12 → 20 → 32 satellites. Deployment targets, not current fleet size.
Commercial traction, clearly stated.
38 signed LOIs · R172m
Letters of intent reflect commercial interest, not booked revenue or a guarantee of binding contracts.
R500,000 anticipated funding
Expected from the Democratic Alliance under a proposed City of Johannesburg imagery deal. Not yet received.
432% expected growth
Management’s six-month expectation. The growth measure and calculation basis have not yet been specified.