LeoLabs Achieves Record Bookings, Solidifying its Lead in the Space Domain Awareness and Space Traffic Management Markets

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Aug 06, 2024, 09:00 ET

Company wins over $20M in contract awards during the first half of 2024 across a diverse set of government and commercial customers to fuel over 100% year-over-year revenue growth

MENLO PARK, Calif., Aug. 6, 2024 /PRNewswire/ -- LeoLabs, the leading provider of integrated solutions that persistently monitor activity in space to reveal threats to safety and security, today announced it won over $20M in contracts in the first half of 2024. This significant milestone is fueling over 100% year-over-year revenue growth and underscores the company's rapid ascent as a leader in the commercial markets for Space Domain Awareness (SDA) and Space Traffic Management (STM).

In the first half of 2024, the company booked new contracts to support SDA and STM missions across an expanding global customer base. This includes the U.S. Space Force, the U.S. Department of Commerce, and several unnamed U.S. and international government customers. The company is proud to now support eight nations including the space commands and civil space agencies of key U.S. Allies and Partners and is trusted by commercial space operators that own 75% of the operational satellites in Low Earth Orbit (LEO).

LeoLabs provides the U.S. Space Command's Joint Commercial Operations Cell and several U.S. Allies with persistent monitoring of high interest objects in LEO and supports NOAA's Office of Space Commerce in the advancement of its U.S. Traffic Coordination System for Space (TraCSS). The company is also developing next-generation radar technology for the U.S. Air Force Research Lab via a Phase II Small Business Innovation Research award that aims to enhance tracking of noncooperative launches, smaller orbital debris, and objects in Very Low Earth Orbit.

"LeoLabs has established itself as an industry leader," said Tony Frazier, who joined the company as CEO in March. "The strong demand we experienced in the first half of 2024 reflects the emerging threats in space that require our unique capabilities and expertise. We are committed to being a critical mission partner for U.S., Allied, and commercial spacecraft operators and will continue to invest in new capabilities that help our customers counter current and future threats."

The company is focused on developing several key markets as it continues to scale. This includes supporting the SDA missions of the 41 countries identified by U.S. Space Command as essential to its "Partner to Win" strategy and applying LeoLabs' STM capabilities to support civil space missions globally. LeoLabs is also experiencing strong interest in its next-generation radar technology to take on emerging missions for U.S. and Allied partners.

Founded in 2016, LeoLabs has scaled its operations to address the acceleration of the global space economy. In 2019, fewer than 900 operational satellites inhabited LEO. Today, there are over 9,000 satellites and 13,000 pieces of debris larger than 10 cm. Forecasts indicate the number of operational satellites could exceed 12,000 by the end of 2024 and upwards of 70,000 by 2030. The intersection of orbital congestion and adversarial activities in space has led to unprecedented demand for LeoLabs' capabilities.

About LeoLabs (www.leolabs.space):

LeoLabs is the leading provider of integrated solutions that persistently monitor activity in space to reveal threats to safety and security. Through our unique global radar network and AI-enabled data analytics platform, we analyze millions of measurements per day across more than 22,000 objects to maintain a living map of orbital traffic. LeoLabs is transforming how commercial satellite operators, launch providers, and government agencies see, understand, and act on opportunities to protect and defend their assets in space. For more information, visit leolabs.space.

SOURCE LeoLabs, Inc.