Weak signal · 25 June 2026, 22:34 UTC
IRIS2 government revenue already flowing in Q1 2026
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As the brief logged it
SES Q1 2026 results (published ~May 2026) show €189M government revenue "aided by projects such as IRIS2 Rendez-vous 1." This means SES is already earning revenue under the concession contract milestone framework — the IRR review awaited by Space Intel Report is about full capex commitment authorization, not programme activation. Positive framing: SES's IRR hurdle is being evaluated against a live revenue stream, not a purely forward-looking model.
Provenance
Logged in the brief of 25 June 2026.
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