NewSat’s full-year sales increased 29 percent year-over-year to $37.2 million. The operator’s revenues from teleports grew 24 percent to $3.1 million per month compared to the previous year. NewSat said the growth was driven by new contracts it signed with clients in the military, oil, gas, mining, maritime and construction industries.

   The operator is currently seeking funds for its Jabiru satellite program, which is scheduled to launch in mid-2014. While the company received $382 million in loans and guarantees from American and French credit agencies, NewSat Founder and CEO Adrian Ballintine said it has taken longer than expected to secure the final $200 million needed to reach its financing goals.

   “We have got our arms around far more money than what we need, and what we are doing is creating the best possible deal for our shareholders,” Ballintine said in a statement. “We want as little dilution as possible for shareholders. It is taking a little longer than we thought, but it’s a very tough world out there at the moment.”
   CMC Principal Market Strategist Mike McCarthy said that potential investors might still be trying to understand NewSat’s role in the market.

   “I not surprised the company was having trouble raising the debt, or equity. NewSat is clearly in transition from what looks like a renter of space to a provider of space, and that’s an enormous capital leap for any company,” McCarthy said in an Aug. 27 research note. “This problem will flip around once they establish some success in raising funds. If the company does develop as it looks like it could, the margins could be very interesting.”