• Space Situational Awareness (SSA) Services: NorthStar provides data and intelligence services to monitor objects in orbit, track space debris, predict potential collisions, and support the safe and sustainable operation of satellites.

Stewart Bain, CEO and Founder

Stewart Bain is the CEO and founder of NorthStar Earth & Space, a role he has held since the company's inception in 2018. He has over thirty years of experience in the aerospace sector, where he has focused on creating and commercializing disruptive technologies. His background includes contributions to the design of the Artemis SILEX demonstration, leading engineering teams for RadarSat 1 and 2 antennas, and work on systems for the International Space Station (ISS). He established a space optics systems center of excellence at CAL Corporation (now Honeywell) and was recognized with a NASA R&D 100 award. Bain is a founding member of the Board of Space Canada. He holds an MBA from Queen's University and a Master of Engineering from Carleton University.

Beth Michelson, Chief Financial Officer & President NorthStar US

Beth Michelson was appointed NorthStar's Chief Financial Officer in May 2024 and has served as President of NorthStar U.S. since December 2025. She has been a board member of NorthStar since December 2022. Michelson is a Partner with Cartesian Capital Group, a New York City-based global private equity firm that has been an investor in NorthStar since December 2022. She has been with Cartesian since its inception in 2006, bringing more than twenty years of experience in building businesses globally and leading numerous investments and acquisitions across 20 countries. Before joining Cartesian, she was a subadvisor to AIG Capital Partners and an Associate at Wasserstein Perella. Her career demonstrates a pattern of managing companies backed by private equity firms.

Peter Klimas, Chief Technology Officer

Peter Klimas serves as the Chief Technology Officer and Executive Director of Engineering at NorthStar Earth & Space. He is responsible for leading and overseeing NorthStar's engineering strategy. Klimas has a proven track record in both terrestrial and space-based multi-disciplinary projects and holds a Bachelor of Aerospace Engineering and an M.A.Sc in Mechanical and Aerospace Engineering.

Jean-Philippe Arseneau, Chief of Communications and PR Strategy

Jean-Philippe Arseneau holds the title of Chief of Communications and PR Strategy at NorthStar Earth & Space. A brief background is not readily available in the provided information.

Daniel O'Connell, Chief System of Systems Architect

Daniel O'Connell serves as the Chief System of Systems Architect for NorthStar Earth & Space. A brief background is not readily available in the provided information.

The most significant risk to NorthStar Earth & Space Enterprises' business is its **operational reliance on the performance and availability of its space-based sensor constellation**, including potential issues with third-party providers. The company's core service of Space Situational Awareness (SSA) and Space Domain Awareness (SDA) depends critically on its ability to detect, track, and characterize objects in orbit using its sensors. Evidence from August 2024 revealed significant problems with a "space as a service" contract, where one satellite failed in orbit, and others experienced on-board issues, leading to "far less usable data" than contractually stipulated. These issues included misaligned optical systems, contamination, and even visible cracks in the optical systems, impacting the delivery of usable data. Such failures directly hinder NorthStar's ability to provide its fundamental services and could severely impact its business and prospects.

Another key risk is NorthStar Earth & Space Enterprises being an **early-stage company with a history of financial losses and anticipated ongoing expenses**. As of October 2026, the company had just gone public with the aim to raise capital for constructing a comprehensive space-based sensor constellation. The development of advanced data analytics services is complex, and the company expects to incur significant expenses and continuing losses from operations. This financial profile poses a risk regarding its ability to fund its ambitious growth plans and achieve profitability in the future.

Finally, the **protection of NorthStar Earth & Space Enterprises' intellectual property (IP) portfolio** constitutes a significant risk. The company relies heavily on its proprietary algorithms, software, and imagery processing to deliver critical intelligence to its clients. A failure to adequately protect these intellectual property rights could severely harm its business and competitive position in the rapidly evolving space intelligence market.

NorthStar Earth & Space Enterprises (NSTR) operates in several significant addressable markets, primarily focused on space situational awareness, space domain awareness, and various earth observation services. The market sizes for their main products and services, along with the relevant regions, are as follows:

Space Situational Awareness (SSA) and Space Domain Awareness (SDA)

• The global Space Situational Awareness (SSA) market was estimated at USD 1.8 billion in 2025 and is projected to reach USD 1.9 billion in 2026, growing to USD 3 billion by 2035, at a compound annual growth rate (CAGR) of approximately 5.1% from 2026 to 2035. North America is a dominant region in this market. Another report valued the global SSA market at USD 1.7 billion in 2025, anticipating growth to USD 2.4 billion by 2033 with a CAGR of 4.0% from 2026 to 2033, with North America holding a 39% market share in 2025.
• The global Space Domain Awareness (SDA) market size reached USD 1.85 billion in 2024. This market is projected to grow at a CAGR of 7.9% from 2025 to 2033, reaching an anticipated total value of USD 3.71 billion by 2033. North America accounts for approximately USD 830 million of this market in 2024.

Earth Observation (EO) and Satellite-based Earth Observation

• The global earth observation market was valued at USD 5.1 billion in 2024 and is projected to grow from USD 5.6 billion in 2026 to USD 7.2 billion by 2030, at a CAGR of 6.2% from 2025 to 2030. North America held the largest share of this market, accounting for 45% of the revenue in 2024.
• The global satellite-based earth observation market reached USD 3.8 billion in 2025 and is expected to reach USD 5.9 billion by 2034, with a CAGR of 4.84% during the period of 2026-2034. North America accounted for the largest market share in this segment.
• The global commercial earth observation market was valued at USD 5.50 billion in 2025 and is projected to grow from USD 6.02 billion in 2026 to USD 12.34 billion by 2034, exhibiting a CAGR of 9.40%. North America dominated this market with a revenue share of 38% in 2025.

Airborne Spectral Imagery (Hyperspectral Imaging / Aerial Imaging)

• The global hyperspectral imaging market size was valued at USD 259.3 million in 2025 and is projected to grow from USD 292.5 million in 2026 to USD 729.9 million by 2034, exhibiting a CAGR of 12.11%. North America dominated the market with a 33.19% market share in 2025.
• The global airborne hyperspectral imager market size is predicted to grow from US$ 97 million in 2025 to US$ 355 million in 2032, at a CAGR of 20.7% from 2026 to 2032. North America and Europe each account for approximately 41% of the market share.
• The global aerial imaging market size is estimated at USD 5.91 billion in 2026 and is expected to reach approximately USD 18.22 billion by 2035, expanding at a CAGR of 13.38%. North America captured the largest market share of 35.14% in 2026.

NorthStar Earth & Space Enterprises (NSTR) is poised for future revenue growth over the next 2-3 years, driven by several key factors stemming from its core business in space situational awareness (SSA) and space domain awareness (SDA) services, coupled with recent strategic developments.

1. Growing Demand for Space Situational Awareness (SSA) and Space Domain Awareness (SDA) Services: NorthStar's primary business revolves around providing critical SSA and SDA services to commercial and government customers, enabling continuous, real-time operational pictures of the space domain. The increasing congestion in Earth's orbit, driven by a surge in new launches, escalates the need for robust infrastructure to monitor and protect high-value space assets, thereby expanding the market for NorthStar's offerings. The company is recognized as mission-critical by key defense, civil, and commercial customers, indicating sustained demand for its services.
2. Deployment and Expansion of Space-Based Sensor Constellation: A significant driver of future revenue is the ongoing deployment and expansion of NorthStar's proprietary constellation of space-based sensors. The company's recent public listing provides "unprecedented access to capital to scale our operations" and accelerate the deployment of this network. This expansion is crucial for delivering advanced, scalable SSA and geospatial intelligence services, enhancing its capacity to systematically and automatically catalog objects in Earth's orbit.
3. Expansion into New Markets and Geographies: NorthStar serves a diverse range of sectors, including defense, national security, civil, government, and commercial operations. The company aims to expand its sensing network, analytics platform, and operational services to meet the growing global demand for space intelligence, reflecting the increasing importance of space for security, commerce, and communications worldwide. The business model is designed to capitalize on "powerful secular tailwinds across defense, security, and commercial space," indicating strategic market expansion as a key growth area.
4. Advancement and Growth of Data Analytics Platform and Services: NorthStar is fundamentally a space intelligence and data analytics company, with its Space Information & Intelligence (Si²) platform transforming diverse observation data into actionable insights. The capital infused from its public market debut is also earmarked for the expansion of its data analytics platform. This will enable NorthStar to offer more advanced services such as real-time monitoring, threat detection, and predictive analytics, further solidifying its position and increasing its value proposition to customers across government, defense, and commercial sectors.

Share Issuance

• In October 2026, NorthStar Earth & Space completed a business combination with Viking Acquisition Corp. I, which valued NorthStar at an equity value of $300 million.
• NorthStar's equity holders were set to receive 30 million shares as part of the $300 million pre-money valuation.
• The transaction included $30 million in common-stock Private Investment in Public Equity (PIPE) financing.

Inbound Investments

• In October 2026, the company secured $30 million in common-stock Private Investment in Public Equity (PIPE) financing, anchored by Cartesian Capital Group and supported by Canadian and U.S. institutional investors.
• Cartesian Capital Group previously led NorthStar's $47 million Series C funding round in early 2023.

Capital Expenditures

• NorthStar's Capital Expenditure for the six months ended December 2025 was -$0.06 million.
• Proceeds from the $30 million PIPE financing are intended to support the continued deployment of NorthStar's dedicated space-based sensor constellation.
• Funds from the SPAC merger are specifically directed toward payload capital expenditures for proprietary sensors for future satellites, spacecraft integration, and the expansion of their data analytics platform.