HLEOOTCGuided Missiles & Space Vehicles & PartsUS GAAP · USD

Helio Corp /FL/

Helio Corp /FL/ is an aerospace technology and R&D holding company built around its wholly owned subsidiary, Heliospace. The business designs, engineers, assembles, and tests space-flight-qualified hardware and provides systems engineering, integration, test, and mission formulation services for government, commercial, private, and non-profit space customers.

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Revenue3.9m USD
−43.8 %y/y
Operating profit (EBIT)-3.7m USD
−111.9 %y/y
EBIT margin-95.4%
−70.1 ppy/y
Net income-4.0m USD
−116.4 %y/y
Free cash flow-2.1m USD

Fiscal year 2025 · change from previous year

Development 2024–2025

-5.0-2.50.02.55.07.5m USD2024: 6.9 m USD2024: EBIT -1.7 m USD20242025: 3.9 m USD2025: EBIT -3.7 m USD20253.9-3.7
RevenueOperating profit (EBIT)

Business

Share of revenue
Space hardware55 %

Custom aerospace hardware including antennas, sensors, and deployable systems for space missions.

Engineering and integration services30 %

Systems engineering, modeling, analysis, integration, and test work for mission programs.

Mission formulation support15 %

Early-stage mission design, testing, and launch support for science and exploration programs.

Customers

Helio sells to a mix of government, commercial, private, and non-profit customers, with NASA and related space programs appearing as important end markets. The company also serves universities, foundations, foreign space agencies, and private space companies, often as a direct contractor or subcontractor on mission-specific work. Demand is driven by program awards, mission timing, and technical requirements rather than recurring subscription-style revenue.

Government space programs

NASA and other public agencies buy antennas, sensors, and engineering support for mission-critical spacecraft programs.

Commercial space companies

Private space firms buy custom hardware and integration services for satellites, landers, and exploration missions.

Universities and foundations

Academic and philanthropic customers fund specialized payloads and mission support for science programs.

Non-profit and subcontracted programs

Non-profit entities and subcontracted work support government-linked missions and observatory projects.

Strategy

Helio’s near-term strategy is centered on winning and executing mission-specific aerospace work while navigating uneven NASA and government award activity. The company is also managing liquidity and debt while continuing to build credibility in space hardware and engineering programs across government and commercial markets.

Broaden customer mix beyond NASA-heavy demandShort term

NASA budget uncertainty and proposed cuts can slow awards and reduce backlog visibility.

Execute complex mission programs reliablyMedium term

The business depends on technical performance and on-time delivery for mission-critical hardware.

Preserve liquidity and access to capitalShort term

Operating losses and debt service create pressure on cash resources and financial flexibility.

Geography

Helio is a U.S.-based business with operations centered in Florida and a Delaware-incorporated operating subsidiary. The reports do not disclose a country revenue split, but the customer base includes U.S. government programs as well as foreign space agencies, so demand is tied to both domestic and international mission activity. Geography matters mainly through customer location, government budget exposure, and the ability to support space programs across different jurisdictions.

Risks

Helio is exposed to program timing risk, customer concentration in government-related space work, and funding volatility tied to NASA and other public budgets. The company also carries liquidity and leverage risk because it is loss-making, has debt obligations, and depends on timely contract awards and collections to fund operations.

Sorted by severity
NASA budget uncertainty and proposed cutsHigh

A meaningful share of work is tied to NASA missions and related government programs.

Exposure: Government space contracts

Program reformulation and contract delaysHigh

Mission changes can push out hardware demand and reduce near-term revenue.

Exposure: Mars Sample Return and other mission work

Liquidity and debt servicing pressureHigh

The company reported operating losses, low cash, and new note payable funding.

Exposure: Promissory notes and lease commitments

Customer concentration and award volatilityMedium

Revenue depends on a limited number of mission-specific contracts and customers.

ExposureNASACommercial spaceSubcontracted programs

Accounting

Judgemental items
Revenue recognition

Custom hardware and engineering contracts require judgment on timing and performance obligations.

Impact: Can shift revenue and margin between periods

Work in progress

Project costs and unbilled amounts must be tracked carefully for long-duration space programs.

Impact: Affects current assets and reported gross margin

Lease accounting

Facility lease commitments are material relative to the company’s scale.

Impact: Affects operating liabilities and cash flow presentation

Debt and interest expense

New notes payable and existing obligations increase financing costs and default risk.

Impact: Affects net loss and liquidity assessment

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Last updated: 28/04/2026