Unibap (UNIBAP) Investor Update summary

Edge computing in space: technology and market overview

• Unibap specializes in space-grade edge computers, focusing on high-performance, user-friendly, and reliable solutions for satellite missions, particularly in Low Earth Orbit (LEO).

• Their hardware integrates CPUs, GPUs, VPUs, and FPGAs, enabling advanced AI inference, data processing, and autonomous operations directly on satellites.

• Use cases include compressing and analyzing space data, payload control through sensor fusion, and autonomous decision-making such as collision avoidance.

• Unibap's solutions are tested for space qualification, including vibration, thermal vacuum, radiation, and electromagnetic compatibility, with iX5 and iX10 models achieving high technology readiness levels.

• The company has demonstrated its technology in multiple missions, including collaborations with defense agencies and commercial partners, and supports a growing portfolio of third-party software applications.

Market trends and growth ambitions

• The space computing market is growing at 12% CAGR, while edge computing in space is expanding faster at 21% CAGR, with non-traditional, software-centric approaches expected to gain share.

• Small satellite launches are increasing, with over 2,800 in 2023 and a significant portion relevant for Unibap's solutions, especially in remote sensing and technology development.

• The US Space Development Agency is driving demand for rapid innovation, standardization, and hybrid requirements, favoring suppliers like Unibap.

• Unibap targets medium-term customer revenue growth of 30-50% annually, with a revised 2024 outlook of 70% growth, and plans to expand its US presence in 2025.

• The company is shifting its business mix toward higher-margin software and flight hardware, introducing SaaS models and focusing on constellation projects.

Operational and financial updates

• Production capacity is being scaled to 100 computer units per year, with ongoing efforts to secure qualification and constellation projects.

• Technology maturity for the iX10 platform is progressing, with TRL9 expected in early 2025 due to customer-driven postponement.

• Unibap has broadened its software portfolio and reduced customization services, aiming for improved financial performance through a mix shift.

• Recent milestones include new investments, partnerships, and successful delivery and qualification of hardware for multiple missions.

• The company maintains a holistic offering of hardware, software, and services, emphasizing reliability, open platforms, and fast delivery.