olivLaw · US equity research
Satellogic Inc. SATL
Radio & Tv Broadcasting & Communications Equipment · SIC 3663 · Vertical: Radio & Tv Broadcasting & Communications Equipment (SIC 3663)
Satellogic is a vertically integrated Earth observation company that designs, manufactures and operates high-resolution satellites for governments and commercial customers. It aims to move customers from episodic imagery to persistent monitoring, and revenue has risen sharply, reaching 15.9 million USD in the second quarter of 2026 while the Merlin constellation prepares to launch.
At the close of 05 Nov 2026, Satellogic Inc. (SATL) stock was 2.89 USD (−9.97% on the day), with market capitalisation 78.9 m USD, beta 2.53, 52-week range 1.27–10.74 USD. Latest reported quarter (Q2 2026): revenue of 15.9 m USD (+258.5% YoY), net income of -20.0 m USD, diluted EPS -0.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 29.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 2.76 – 4.89
- in the lower half of the band · %B 0.06 · band width 55.6%
- SMA 50 / 200
- 4.68 / 5.29
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.49 / -0.43
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −47.5% | −5.9% | −41.6 pp | — |
| 3 months | −42.7% | −4.6% | −38.0 pp | — |
| 6 months | −56.3% | +0.2% | −56.6 pp | — |
| Year to date | +54.5% | +7.4% | +47.1 pp | — |
| 1 year | +65.1% | +8.2% | +56.9 pp | −3.5% |
| 3 years | +268.6% | +68.4% | +200.2 pp | +60.1% |
| 5 years | −70.9% | +56.5% | −127.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 m | 3.2 m | 3.4 m | 4.4 m | 3.6 m | 6.2 m | 6.1 m | 15.9 m |
| Cost of revenue | 1.2 m | 1.2 m | 1.2 m | 1.2 m | 1.2 m | 1.3 m | 1.5 m | 2.8 m |
| Research & development | 1.3 m | 1.7 m | 1.4 m | 1.2 m | 1.2 m | 1.2 m | 1.4 m | 1.5 m |
| SG&A | 6.7 m | 7.4 m | 6.5 m | 5.4 m | 6.4 m | 7.5 m | 6.5 m | 8.6 m |
| Operating income | -11.5 m | -11.4 m | -9.5 m | -6.3 m | -8.1 m | -7.1 m | -6.4 m | 266.0 k |
| Pre-tax income | -11.8 m | -70.1 m | -31.9 m | -6.7 m | 4.1 m | 30.4 m | -118.3 m | -18.1 m |
| Income tax | 281.0 k | 789.0 k | 715.0 k | -40.0 k | 119.0 k | -121.0 k | 40.0 k | 1.9 m |
| Net income | -12.1 m | -70.9 m | -32.6 m | -6.7 m | 4.0 m | 30.5 m | -118.3 m | -20.0 m |
| Diluted EPS | -0.13 | -0.77 ≈ | -0.34 | -0.06 | -0.02 | 0.13 ≈ | -0.84 | -0.13 |
| Operating cash flow | -8.4 m ≈ | -3.6 m | -4.7 m | -4.3 m ≈ | -8.4 m ≈ | -9.5 m | 158.0 k | -8.6 m ≈ |
| Capex | 1.0 m ≈ | 703.0 k | 1.9 m | 776.0 k ≈ | 1.3 m ≈ | 3.3 m | 5.6 m | 5.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | unavailable | 0 | 4.2 m | 6.0 m | 10.1 m | 12.9 m | 17.7 m |
| Revenue YoY | unavailable | unavailable | unavailable | +41.6% | +67.6% | +27.8% | +37.6% |
| Net income | -20.8 m | -113.9 m | -117.7 m | unavailable | unavailable | -116.3 m | -4.8 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -1.34 | -5.78 | -0.66 | -0.68 | -1.28 | -0.18 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | -2,772.3% | unavailable | unavailable | -903.4% | -27.0% |
| Free cash flow | -22.4 m | -27.0 m | -39.7 m | -95.7 m | -64.5 m | -40.9 m | -34.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 94.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 60.5 m USD
- Total assets
- 151.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.12x
- ROE
- unavailable
- ROA
- -4.5%
- FCF margin
- -193.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 4.2 m | 6.0 m | 10.1 m | 12.9 m | 17.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Cost of revenue | 0 | 1.9 m | 3.3 m | 5.1 m | 5.0 m | 4.9 m | SEC (XBRL)· 19 Mar 2026verified |
| Gross profit | 0 ≈ | 2.4 m ≈ | 2.7 m ≈ | 5.0 m ≈ | 7.8 m ≈ | 12.8 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Research & development | 5.9 m | 9.6 m | 13.1 m | 10.7 m | 7.5 m | 5.0 m | SEC (XBRL)· 19 Mar 2026verified |
| SG&A | 8.0 m | 36.6 m | 37.2 m | 35.0 m | 33.0 m | 25.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | -22.4 m | -68.6 m | -90.9 m | -69.4 m | -52.2 m | -31.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Interest expense | 43.0 k | 9.7 m | 1.7 m | 0 | — | — | SEC (XBRL)· 15 Apr 2024verified |
| Pre-tax income | -21.4 m | -96.5 m | -32.1 m | -51.9 m | -113.4 m | -4.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | 148.0 k | -232.0 k | 4.6 m | 9.1 m | 2.9 m | 673.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Net income | -113.9 m | -117.7 m | — | — | -116.3 m | -4.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | -1.34 | -5.78 | -0.66 | -0.68 | -1.28 | -0.18 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | 16.0 m | 16.7 m | 83.8 m | 89.5 m | 91.2 m | 134.1 m | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 17.3 m | 8.5 m | 76.5 m | 23.5 m | 22.5 m | 94.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Receivables | — | 1.2 m | 1.4 m | 901.0 k | 1.5 m | 8.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Inventories | — | — | — | — | 0 | 2.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | 18.0 m | 12.4 m | 81.2 m | 26.6 m | 27.9 m | 115.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Property, plant & equipment, net | 34.9 m | 32.5 m | 48.0 m | 41.1 m | 27.2 m | 24.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Total assets | 54.6 m | 49.9 m | 143.9 m | 76.4 m | 61.7 m | 151.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Short-term debt | 125.1 m | 108.5 m | 0 | — | — | — | SEC (XBRL)· 27 Apr 2023verified |
| Long-term debt | 33.8 m | 108.5 m | — | — | — | — | SEC (XBRL)· 27 Apr 2023verified |
| Current liabilities | 131.3 m | 283.7 m | 30.1 m | 21.4 m | 34.6 m | 22.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Total liabilities | 171.9 m | 289.4 m | 37.7 m | 24.7 m | 114.7 m | 90.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Equity | -117.3 m | -232.9 m | 106.2 m † | 51.7 m † | -53.0 m † | 60.5 m † | SEC (XBRL)· 19 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -11.2 m | -28.4 m | -68.5 m | -49.6 m | -35.9 m | -26.9 m | SEC (XBRL)· 19 Mar 2026verified |
| Capex | 15.8 m | 11.2 m | 27.3 m | 14.9 m | 5.0 m | 7.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Free cash flow | -27.0 m ≈ | -39.7 m ≈ | -95.7 m ≈ | -64.5 m ≈ | -40.9 m ≈ | -34.3 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Investing cash flow | -15.8 m | -11.2 m | -30.9 m | -14.4 m | -5.0 m | -7.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | 18.2 m | 28.6 m | 164.3 m | -83.0 k | 37.5 m | 112.5 m | SEC (XBRL)· 19 Mar 2026verified |
| Share repurchases | 0 | 0 | 8.6 m | 0 | — | — | SEC (XBRL)· 15 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 78.9 m USD
Key indicators
Coverage and freshness
Score by group
72% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 78.9% | 97 (on a fixed band) | 15% |
| EBIT margin · Quality | -66.8% | 25 (vs peers) | 12% |
| FCF margin · Quality | -132.2% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 43.3% | 100 (on a fixed band) | 24% |
| Revenue growth (YoY) · Growth | 37.6% | 75 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.3x | 90 (on a fixed band) | 9% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -53.4% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial90/100 · 1/2 factors with a value
- Growth92/100 · 2/2 factors with a value
- Quality45/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Satellogic Inc. (SATL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 17.7 m USD in 2025; YoY growth 37.6%; net margin -325.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 78.9%
- Revenue CAGR 3Y: 43.3%
- Revenue growth (YoY): 37.6%
- Current ratio: 2.3x
What contradicts it
- EBIT margin: -66.8%
- FCF margin: -132.2%
- FCF yield: -53.4%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Radio & Tv Broadcasting & Communications Equipment (SIC 3663) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| QCOMQualcomm Inc | 167.7 bn | 12.3 | 52.8% | 31.6% | −2.6% | −7% / +21% |
| MSIMotorola Solutions, Inc. | 85.5 bn | 41.6 | 77.2% | 16.5% | +8.0% | +40% / +60% |
| UIUbiquiti Inc. | 31.1 bn | 32.4 | 91.1% | 29.3% | +27.2% | −12% / +358% |
| PLPlanet Labs PBC | 3.0 bn | — | -72.0% | -95.1% | +25.9% | −4% / +368% |
| ONDSOndas Inc. | 2.6 bn | 15.4 | 20.1% | 96.0% | +605.3% | −43% / +313% |
| VISNVistance Networks, Inc. | 1.1 bn | 0.1 | — | 504.0% | +39.7% | −73% / +224% |
| HLITHarmonic Inc. | 1.0 bn | — | -11.7% | -13.7% | −26.2% | −3% / −16% |
| BKSYBlacksky Technology Inc | 791.5 m | — | -20.1% | -24.9% | +4.4% | +8% / +81% |
| UMACUnusual Machines, Inc. | 557.5 m | — | -14.0% | -75.9% | +101.2% | +23% / unavailable |
| GILTGilat Satellite Networks Ltd. | 493.2 m | 19.6 | 5.2% | 4.6% | +47.9% | −43% / +5% |
| BKTIBK Technologies Corp | 242.4 m | 18.9 | 30.6% | 15.0% | +12.5% | +1% / +395% |
| AVNWAviat Networks, Inc. | 217.2 m | 89.3 | 1.0% | 0.6% | +1.2% | −23% / −44% |
| CRNTCeragon Networks Ltd | 186.5 m | — | -1.2% | -0.6% | −14.1% | +3% / +12% |
| VUZIVuzix Corp | 154.5 m | — | -122.7% | -519.0% | +9.1% | −32% / −13% |
| SATLSatellogic Inc. | 78.9 m | — | — | -325.6% | +37.6% | +65% / +269% |
| AIRGAirgain, Inc. | 52.3 m | — | -23.7% | -13.6% | −14.6% | −2% / +66% |
| WATTEnergous Corporation | 38.8 m | — | -32.8% | -76.4% | +633.1% | +12% / −88% |
| CMTLComtech Telecommunications Corp | 35.6 m | — | -50.5% | -14.5% | −17.0% | −61% / −90% |
| KUSTKustom Entertainment, Inc. | 20.8 m | — | -323.8% | -126.5% | +1.7% | −98% / −100% |
| ERICEricsson Lm Telephone Co | — | — | 27.9% | 12.0% | −4.5% | +9% / +113% |
| NOKNokia Corporation | — | — | 3.1% | 3.3% | +3.5% | +23% / +114% |
1- and 3-year price returns: for SATL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Satellogic is a vertically integrated Earth observation company that designs, manufactures and operates high-resolution satellites for governments and commercial customers. It aims to move customers from episodic imagery to persistent monitoring, and revenue has risen sharply, reaching 15.9 million USD in the second quarter of 2026 while the Merlin constellation prepares to launch.
SWOT
Strengths
- The company says it produces satellites at low cost through vertical integration and in-house manufacturing, with a patented camera design that captures far more imagery than competitors.
- Its non-ITAR design lets it offer sovereign and defense solutions quickly to clients who cannot receive export-controlled technology.
Weaknesses
- The company has not yet shown a sustained ability to generate revenue, and its annual report describes it as an early-stage business.
- Revenue depends on a small number of large customers, and losing one of them could materially affect results.
- The second-quarter 2026 net result was hit by non-cash fair value changes in financial instruments, which makes underlying profitability harder to read.
Opportunities
- Persistent monitoring contracts and the Merlin launch could extend the market toward global monitoring, if timelines are met.
- Sovereign demand for satellites and in-house capabilities could open new contracts outside the United States.
- Partnerships with analytics providers could widen distribution of products to defense and commercial customers.
Threats
- Launch delays or failures could postpone deliveries and expected revenue.
- Competition from established operators and other NewSpace companies could limit market share.
- High capital needs and dilution from convertible instruments could constrain funding of the strategy.
Risks
- Customer concentrationhigh
Revenue is concentrated among a small number of government and commercial customers, and defense contracts have limited duration, which makes revenue fluctuate from year to year.
- Launch and constellation riskshigh
Satellites can face delays, launch failures or damage, and the Merlin launch is scheduled for the fourth quarter of 2026 with full operation planned for the first half of 2027.
- Capital requirementshigh
The company has reported large accumulated losses and negative operating cash flow, and financing through shares and convertible notes can dilute existing shareholders.
- Becoming a U.S. government contractormedium
If the company becomes a U.S. government contractor, it will face stricter regulation, and changes in defense budgets could reduce revenue.
- Operational and market risksmedium
Dependence on third-party ground stations and cloud infrastructure, together with competition and international risks, could affect operations and growth.
Investment thesis
What would need to be true (bull case)
- If revenue from the second quarter of 2026 and its growth rate hold, the company could show that its vertically integrated model can become profitable.
- The reported contract portfolio and remaining performance obligations could give visibility into revenue in coming quarters.
- If Merlin launches and operates on schedule, the company could become a global monitoring provider with low marginal cost per data unit.
What would break the thesis
- Revenue in 2025 was modest, and growth in 2026 starts from a small base, which makes it hard to extrapolate the current pace.
- Dependence on time-limited government contracts could produce irregular revenue and pressure on cash flow.
- The positive operating result in the second quarter came with a net loss, and convertible debt and at-the-market programs could dilute shareholders.
What to watch
- First Merlin satellite launchQ4 2026
- Revenue and operating profitability in the coming quartersQ3 2026
- Full operating capability of the Merlin constellationH1 2027
- Development of cash balance and use of the 50 million USD at-the-market programnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Satellogic, founded in 2010 and incorporated in the U.S., designs, manufactures and operates Earth observation satellites, delivering data and analytics to governments and commercial customers. It assembles satellites in Montevideo, Uruguay, within a free-trade zone, and presents its non-ITAR design as an advantage for sovereign and defense clients. It had 17 operational satellites at end-2025, and its 2026 filings describe a fleet of 19 satellites in orbit.
Segments
Data & Analytics
This line covers imagery sales, the Constellation as a Service offering and the Aleph Observer platform, which the company describes as its most predictable revenue source. It generated 16.0 million USD of the 17.7 million USD in 2025 revenue, and 7.1 million USD in the second quarter of 2026.
Space Systems
This line sells satellites and related services to sovereign customers, who can own, assemble and integrate their own satellites with company support. Its revenue is more volatile: 1.7 million USD in 2025, but 8.8 million USD in the second quarter of 2026 on sovereign deliveries.
Market context
The company argues the Earth observation market is supply-constrained and could grow if data becomes cheaper and more frequent. Research cited in its annual report puts cumulative global Earth observation satellite manufacturing revenue at about 31 billion USD in 2026 and about 101 billion USD by 2034, with roughly 95 countries running related programs 1.
The market is split between established operators with few large, expensive satellites and NewSpace entrants that could compete on cost but often trade off resolution or capacity. A World Economic Forum projection cited by the company estimates a cumulative 3.8 trillion USD contribution to global GDP between 2023 and 2030, mainly from agriculture, utilities and government.
Trends
- Shift from episodic imagery to persistent monitoringtailwind
Customers might prefer monitoring subscriptions over single orders, which could support recurring revenue from Aleph Observer. If the transition is slower than the company expects, growth in this line could fall short.
- Government and defense demandmixed
Government interest in sovereign Earth observation capacity supports satellite and service sales, as shown by the contracts of more than 18 million USD and 12 million USD reported in 2026. Reliance on a few large customers and time-limited programs could, however, make revenue uneven.
- Scaling the Merlin constellationmixed
The first Merlin launch is expected in the fourth quarter of 2026 and full operating capability in the first half of 2027. If the timetable holds, the company could extend global monitoring, though launch delays are a known risk.
- Financing and cost of capitalheadwind
Prolonged inflation and high interest rates could raise funding costs in a sector that requires heavy investment. The company has used at-the-market programs and convertible notes, and dilution pressure remains a point to watch.
Competitive position
Satellogic compares itself with established operators that use large, expensive satellites in a one-to-one tasking model, and with other NewSpace players. The company says its advantage comes from low per-satellite cost, capture capacity and a non-ITAR design, but it does not present independent comparative data.
Competition is also shaped by partnerships and geospatial analytics providers that can integrate data from several operators. Satellogic announced collaborations with SynMax and SpaceKnow for AI-powered geospatial intelligence products, which points to a partnership strategy alongside direct competition.
- Established high-resolution imagery operators
Described in the filing as running small fleets of large, expensive satellites with imagery priced against satellite cost; not named individually in the sources reviewed.
- NewSpace geospatial data providers
Companies building low-cost imaging satellites that, according to the filing, either lack sufficient resolution or trade resolution for capacity.
- SynMax
Partner announced in June 2026 for AI-powered geospatial intelligence products; a collaborator rather than a rival.
- SpaceKnow
Partner announced in June 2026 for geospatial analytics aimed at defense and commercial customers; a collaborator rather than a rival.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Satellogic taps former US geospatial-intelligence chief as presidentCNA (Channel NewsAsia) · 08 Sept 2026 · EN
The latest news item in our archive is from 08 Sept 2026; the newest SEC filing is from 09 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (amendment)09 Oct 2026Departure or appointment of officers
- Current report08 Sept 2026Departure or appointment of officers
- Current report27 Aug 2026Departure or appointment of officers
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report28 Jul 2026Departure or appointment of officers
- Current report08 Jun 2026Departure or appointment of officers
- Current report04 Jun 2026Shareholder vote
- Current report04 Jun 2026Departure or appointment of officers
- Quarterly report12 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Satellogic Inc. · 19 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Satellogic Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Satellogic Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.