Reco d Thi d Qua te Reve ue of $16.0 Millio , Up 342% Yea -ove -Yea , with a Seco d Co secutive Qua te of Positive Adjusted EBITDA
Me li .01 Lau ched Octobe 1 a d Now Ope ati g, Adva ci g Pe siste t Global I tellige ce St ategy
Afte Qua te -E d New Space Systems Satellite Ag eeme t to Sell Th ee I -O bit Satellites fo App oximately $37 Millio
Comme cial Custome Co ve sio Accele ates with Fou I -O bit Satellite Ag eeme ts Cove i g Seve Satellites Ove the Last Twelve Mo ths
Ma ageme t to Host Webcast a d Co fe e ce Call Novembe 10, 2026 at 4:30 p.m. ET
NEW YORK, Nov. 10, 2026 (GLOBE NEWSWIRE) — Satellogic I c. (NASDAQ: SATL), the i f ast uctu e compa y fo Pe siste t Global I tellige ce (PGI), today epo ted its fi a cial esults fo the thi d qua te e ded Septembe 30, 2026.
“We delive ed a excelle t thi d qua te , with eco d eve ue a d ou seco d co secutive qua te of positive Adjusted EBITDA,” said Satellogic Fou de a d CEO Emilia o Ka giema . “Reve ue g ew 342% yea -ove -yea to $16.0 millio , followi g $15.9 millio i the seco d qua te , as we co ti ued to execute ac oss both Data & A alytics a d Space Systems. Fo the fi st i e mo ths of 2026, eve ue eached $38.1 millio , mo e tha twice what we ge e ated i all of 2025. These esults demo st ate the p og ess we a e maki g i scali g the busi ess a d co ve ti g comme cial activity i to eve ue.
“We completed the seco d satellite delive y u de ou $18 millio ag eeme t with Po tugal’s CEiiA, demo st ati g ou ability to delive wo ki g sove eig capabilities o accele ated timeli es. Ove the past 12 mo ths, we have a ou ced fou i -o bit satellite ag eeme ts cove i g seve satellites a d expa ded ou wo k with defe se a d i tellige ce pa t e s, i cludi g I ovative Defe se Tech ologies a d Sy Max. We exte ded ou six-yea elatio ship with HEO th ough a ew th ee-yea No -Ea th Imagi g ag eeme t. Afte qua te -e d, we sig ed a ew sove eig satellite ag eeme t to sell th ee i -o bit satellites fo a total co t act value of app oximately $37 millio . This additio al ag eeme t ow b i gs the a ou ced value of these sove eig satellite ag eeme ts to app oximately $67 millio ove the past yea . I Data & A alytics, Aleph Obse ve is helpi g us move custome s f om i dividual image y o de s towa d ecu i g mo ito i g p og ams. This shift moves custome s f om image y that a swe s questio s towa d Pe siste t Global I tellige ce that powe s decisio s. Buildi g o these elatio ships a d addi g to ou backlog emai s a p io ity as we co ti ue to g ow the busi ess.
“I Octobe , we also lau ched two NewSat Ma k VI satellites a d a additio al NewSat Ma k V fo ou sove eig Space Systems p og am. Ou Space Systems p og am gives allied gove me ts a pathway f om comme cial access to dedicated, sove eig -co t olled capability. The p og am builds o a body of p oof poi ts that i cludes Po tugal’s pu chase of a sove eig satellite, ou executio of the fi st comme cial i -o bit t a sfe of a satellite, Tata’s ope atio of dedicated capacity fo I dia, a d HEO’s fi st-of-its-ki d sove eig capability fo Aust alia. The Ma k V lau ch is a di ect espo se to the g owi g dema d we a e seei g f om gove me ts that wa t to ow thei i tellige ce capability.
“Ou ew Ma k VI satellites a e equipped with i te -satellite li ks, allowi g them to commu icate di ectly i o bit a d ope ate as a coo di ated system. The system is desig ed to allow a detectio o o e satellite to t igge taski g o a othe without eve y decisio passi g th ough the g ou d, sho te i g the time f om detectio to follow-up image y. That capability u de pi s ou Sli gshot III wo k with IDT fo the Office of Naval Resea ch a d will e able ou Me li co stellatio to cue ou Ma k VI satellites fo high- esolutio follow-up o ce the co stellatio e te s se vice.
“The Octobe 1 lau ch of Me li .01, the fi st satellite i ou Me li co stellatio , ma ked a othe majo milesto e, achieved just 18 mo ths afte p og am kickoff, o schedule a d o budget. Me li .01 is ow ope ati g i o bit, with payload commissio i g u de way si ce mid-Octobe . Me li .01 suppo ts ou Fi st Missio s P og am, th ough which we have begu i itial e gageme t with custome s o Me li .01 image y a d cha ge detectio s. We pla to lau ch additio al Me li satellites i the fi st half of 2027, with ope atio al se vice a d i itial eve ue f om Me li -based se vices expected to begi i the seco d half of 2027. O ce fully ope atio al, the co stellatio is desig ed to emap the pla et daily, detect cha ges o boa d, a d di ect ou high- esolutio satellites to a eas equi i g close obse vatio . That is how we i te d to expa d pe siste t mo ito i g beyo d the locatio s custome s al eady k ow to cha ges occu i g ac oss the globe,” co cluded Ka giema .
Dusti G ee , Satellogic I te im CFO, added, “Ou fi a cial esults eflect st o g eve ue g owth, which is t a slati g i to substa tial yea -ove -yea imp oveme t i ope ati g pe fo ma ce. Thi d qua te eve ue i c eased 342% yea -ove -yea to $16.0 millio . Ope ati g loss a owed by $5.8 millio , o 72%, to $2.3 millio , while Adjusted EBITDA imp oved to positive $1.2 millio f om a loss of $4.9 millio , ma ki g ou seco d co secutive qua te of positive Adjusted EBITDA. Fo the fi st i e mo ths of 2026, Adjusted EBITDA was ea ly b eakeve at a $0.2 millio loss, compa ed to a loss of $15.0 millio a yea ago. Thi d qua te GAAP et i come of $28.3 millio i cluded a $30.0 millio o -cash gai f om cha ges i the fai value of fi a cial i st ume ts. This gai is ot i dicative of u de lyi g ope ati g pe fo ma ce.
“We e ded Septembe with $106.5 millio i cash a d cash equivale ts a d $66.9 millio i total emai i g pe fo ma ce obligatio s, eflecti g co t acts i place at Septembe 30. Remai i g pe fo ma ce obligatio s dec eased f om $80.7 millio at Ju e 30, p ima ily eflecti g eve ue ecog ized upo delive y of the seco d CEiiA satellite. The Septembe 30 bala ce excludes the ew app oximately $37 millio sove eig satellite ag eeme t sig ed afte qua te -e d. Ou liquidity positio a d the Me li p og am’s full fu di g th ough custome co t acts leave us well positio ed to execute ou p oductio pla fo the Me li a d NewSat fleet. We a e bala ci g these g owth i vestme ts with discipli ed spe di g as we wo k towa d positive f ee cash flow,” co cluded G ee .
- Ge e ated eco d qua te ly eve ue of $16.0 millio , up 342% yea -ove -yea , i cludi g $6.6 millio i Data & A alytics eve ue a d $9.5 millio i Space Systems eve ue. Ope ati g loss a owed 72% to $2.3 millio , a d Adjusted EBITDA was positive $1.2 millio , ma ki g the seco d co secutive qua te of positive Adjusted EBITDA. Cash a d cash equivale ts totaled $106.5 millio at qua te -e d.
- Completed the i -o bit delive y of the seco d NewSat Ma k V satellite u de the p eviously a ou ced $18 millio ag eeme t with Po tugal’s CEiiA, co t ibuti g to thi d qua te Space Systems eve ue. Ove the past 12 mo ths, Satellogic has a ou ced fou i -o bit satellite ag eeme ts cove i g seve satellites, i cludi g the sale of NewSat-34 to HEO, a $12 millio satellite t a sfe to a sove eig defe se custome a d the ew sove eig ag eeme t sig ed afte qua te -e d desc ibed below.
- Co ti ued expa di g Data & A alytics, which ge e ated $6.6 millio i thi d qua te eve ue, mo e tha double the p io -yea pe iod. Aleph Obse ve , lau ched i Feb ua y 2026 with its fi st custome sig ed i Ap il, suppo ts ecu i g mo ito i g of hu d eds of sites i a custome ’s a ea of i te est a d will se ve as a fou datio fo b oade cove age as Me li e te s se vice.
- Successfully lau ched Me li .01 aboa d SpaceX’s T a spo te -18 missio o Octobe 1, 2026, 18 mo ths afte p og am kickoff, alo gside two NewSat Ma k VI satellites equipped with i te -satellite li ks a d o e sove eig -p og am NewSat Ma k V. All fou spacec aft made co tact a d etu ed good subsystem health epo ts.
- Me li .01 is ope ati g, with sola a ays deployed a d payload commissio i g u de way si ce mid-Octobe , suppo ti g the Compa y’s Fi st Missio s P og am a d i itial custome e gageme t o ea ly Me li data. Additio al Me li lau ches a e pla ed fo the fi st half of 2027, with ope atio al se vice a d i itial eve ue f om Me li -based se vices expected to begi i the seco d half of 2027. Whe fully ope atio al, the co stellatio is desig ed to emap the pla et daily i o e-mete -class image y, detect cha ge o boa d, delive ale ts withi 30 mi utes a d cue NewSat Ma k VI satellites fo 50-ce timete follow-up image y.
- Expa ded wo k with I ovative Defe se Tech ologies o the U.S. Office of Naval Resea ch’s Sli gshot III p og am. O -o bit activities a d tests a e pla ed fo 2027 a d 2028, with six NewSat Ma k VI satellites to be i teg ated ove the 18 mo ths followi g the Septembe a ou ceme t to suppo t auto omous, low-late cy ma itime domai awa e ess.
- Sig ed a th ee-yea No -Ea th Imagi g ag eeme t with HEO that u s th ough 2029 a d i cludes a seve -figu e mi imum a ual commitme t i each of its th ee yea s. The ag eeme t cove s NewSat Ma k IV, Ma k V a d Ma k VI satellites, i cludi g the ewest ISL-equipped spacec aft, a d exte ds a six-yea wo ki g elatio ship.
- A ou ced a ag eeme t fo Sy Max’s Theia platfo m to se ve as the cha el fo Me li -de ived ma itime i tellige ce, i cludi g vessel t acki g, da k-vessel ide tificatio , sa ctio s-evasio mo ito i g a d illegal fishi g a alysis.
- Suppo ted HEO’s e dezvous a d p oximity ope atio s campaig , du i g which Satellogic-built Co ti uum-1 i spected a de elict ocket body f om withi 27 kilomete s at esolutio as sha p as seve ce timete s pe pixel, demo st ati g space domai awa e ess capabilities without ew ha dwa e.
- Subseque t to qua te -e d, sig ed a app oximately $37 millio ag eeme t cove i g the i -o bit t a sfe of a NewSat Ma k V a d two NewSat Ma k VI satellites. The t a sfe s a e expected to be complete by mid-2027, subject to sta da d co t actual a d egulato y milesto es.
- St e gthe ed leade ship with the appoi tme ts of Vice Admi al F a k D. “T ey” Whitwo th, U.S. Navy (Ret.), fo me Di ecto of the Natio al Geospatial-I tellige ce Age cy, as P eside t; Jamil Kawa , who b i gs mo e tha two decades of ae ospace, defe se a d space expe ie ce, i cludi g se io i te atio al satellite sales oles at BlackSky a d ICEYE, as Se io Vice P eside t, Space Systems; a d Dusti G ee as I te im CFO. The sea ch fo a pe ma e t CFO co ti ues.
Thi d qua te eve ue i c eased $12.4 millio , o 342%, to a eco d $16.0 millio f om $3.6 millio i the p io -yea pe iod. Data & A alytics eve ue, i cludi g Co stellatio -as-a-Se vice, was $6.6 millio compa ed with $3.2 millio , d ive by highe co t act volumes a d task o de s. Compa ed with $7.1 millio i the seco d qua te , the seque tial cha ge p ima ily eflected the lowe o -cash eve ue ecog ized u de the Compa y’s Pala ti ag eeme t. Space Systems eve ue was $9.5 millio , i cludi g the delive y of the seco d CEiiA satellite, compa ed with $0.5 millio i the p io -yea pe iod.
Cost of eve ue, excludi g dep eciatio , was $3.5 millio compa ed with $1.2 millio a yea ago, eflecti g the cost of the sale of a satellite du i g the pe iod a d i c eased cloud computi g a d g ou d statio activity. E gi ee i g expe se was $3.8 millio ve sus $2.6 millio , a d selli g, ge e al a d admi ist ative expe se was $9.9 millio ve sus $6.4 millio , p ima ily eflecti g i vestme t i pe so el a d comme cial capabilities. Ope ati g loss a owed 72% to $2.3 millio f om $8.1 millio . Adjusted EBITDA imp oved to positive $1.2 millio f om a loss of $4.9 millio , ma ki g the seco d co secutive qua te of positive Adjusted EBITDA.
Thi d qua te GAAP et i come was $28.3 millio compa ed with $4.0 millio i the p io -yea pe iod. The 2026 esult i cluded a $30.0 millio o -cash gai f om cha ges i the fai value of fi a cial i st ume ts, ve sus $11.9 millio a yea ago. The gai p ima ily eflected emeasu eme t of wa a t a d ea out liabilities ahead of thei fi st-qua te 2027 expi atio s a d is ot i dicative of u de lyi g ope ati g pe fo ma ce.
Cash a d cash equivale ts we e $106.5 millio as of Septembe 30, 2026, compa ed with $94.4 millio at yea -e d 2025. Net cash used i ope ati g activities was $10.4 millio fo the qua te ve sus $8.4 millio a yea ago, eflecti g wo ki g capital timi g, i cludi g highe eceivables. U de GAAP, $4.8 millio of p oceeds f om a i -o bit satellite sale we e classified as i vesti g cash flow. I cludi g those p oceeds, o -GAAP Adjusted Net Cash Used i Ope ati g Activities was $5.5 millio ve sus $8.4 millio . Qua te ly capital expe ditu es totaled $6.2 millio , p ima ily fo Me li a d NewSat p oductio , ve sus $1.3 millio .
Total emai i g pe fo ma ce obligatio s we e $66.9 millio at Septembe 30, 2026, compa ed with $80.7 millio at Ju e 30, 2026, p ima ily eflecti g eve ue ecog ized upo delive y of the seco d CEiiA satellite. The Septembe 30, 2026 bala ce eflects co t acts i place at qua te -e d, i cludi g the HEO No -Ea th Imagi g ag eeme t, a d excludes $1.0 millio of va iable co side atio that was co st ai ed as of Septembe 30, 2026. The Septembe 30 bala ce excludes the ew sove eig satellite ag eeme t desc ibed above, which was sig ed afte qua te -e d. Of the Septembe 30, 2026 bala ce, $33.4 millio is expected to be ecog ized as eve ue withi o e yea , $8.7 millio i the followi g yea , $8.2 millio i yea th ee a d $16.6 millio the eafte . Secu ed Co ve tible Note p i cipal emai ed u cha ged at $18.0 millio .
Fo the fi st i e mo ths of 2026, eve ue i c eased 232% to $38.1 millio f om $11.5 millio , exceedi g full-yea 2025 eve ue of $17.7 millio by 115%. Data & A alytics eve ue was $18.3 millio compa ed with $10.1 millio , while Space Systems eve ue eached $19.8 millio compa ed with $1.3 millio . Ope ati g loss a owed to $8.4 millio f om $23.9 millio , a d the Adjusted EBITDA loss imp oved to $0.2 millio f om $15.0 millio .
Ni e-mo th GAAP et loss was $110.0 millio ve sus $35.3 millio a yea ago, p ima ily eflecti g a $102.7 millio et o -cash fai value cha ge elated to the Compa y’s fi a cial i st ume ts, i cludi g the effects of sha e-p ice app eciatio a d the co ve sio of $12.0 millio of Secu ed Co ve tible Note p i cipal. Net cash used i ope ati g activities was $18.8 millio ve sus $17.4 millio . I cludi g $13.2 millio of i -o bit satellite sale p oceeds epo ted i i vesti g activities, o -GAAP Adjusted Net Cash Used i Ope ati g Activities was $5.7 millio ve sus $17.4 millio , a $11.8 millio imp oveme t. Yea -to-date capital expe ditu es totaled $17.4 millio ve sus $4.0 millio .
Satellogic’s Chief Executive Office Emilia o Ka giema a d I te im Chief Fi a cial Office Dusti G ee will host a co fe e ce call, followed by a questio -a d-a swe pe iod. The co fe e ce call will be accompa ied by a p ese tatio , which ca be viewed du i g the webcast o accessed followi g the call via the i vesto elatio s sectio of the Compa y’s website.
To access the call, please use the followi g i fo matio :
| Tuesday, Novembe 10, 2026 | 4:30 p.m. Easte time (1:30 p.m. Pacific time) | 1-877-407-0752 | 1-201-389-0912 | 13763257 | https://viavid.webcasts.com/sta the e.jsp?ei=1779304&tp_key=7ad56fbb10 |
A telepho e eplay will be available app oximately th ee hou s afte the call a d will u th ough Novembe 24, 2026, by diali g 1-844-512-2921 f om the U.S., o 1-412-317-6671 f om i te atio al locatio s, a d e te i g eplay pi umbe : 13763257. The eplay ca also be viewed th ough the webcast li k above a d the p ese tatio utilized du i g the call will be available i the Compa y’s i vesto elatio s sectio he e.
To suppleme t ou Co de sed Co solidated Fi a cial Stateme ts, which a e p epa ed a d p ese ted i acco da ce with U.S. GAAP, we use the followi g o -GAAP measu es: EBITDA, Adjusted EBITDA, F ee Cash Flow, a d Adjusted Net Cash Used i Ope ati g Activities. The p ese tatio of this fi a cial i fo matio is ot i te ded to be co side ed i isolatio o as a substitute fo , o supe io to, the fi a cial i fo matio p epa ed a d p ese ted i acco da ce with U.S. GAAP.
We defi e No -GAAP EBITDA as et i come (loss) excludi g i te est i come, et, i come taxes, dep eciatio a d amo tizatio . I te est i come, et is i te est i come less i te est expe se. We did ot i cu amo tizatio expe se du i g the th ee a d i e mo ths e ded Septembe 30, 2026 a d 2025.
We defi e No -GAAP Adjusted EBITDA as No -GAAP EBITDA fu the adjusted fo othe (expe se) i come, et, cha ges i the fai value of fi a cial i st ume ts, a d stock-based compe satio . Othe (expe se) i come, et co sists p ima ily of fo eig cu e cy gai s a d losses.
We defi e No -GAAP F ee Cash Flow as et cash used i ope ati g activities, less payme ts fo capital expe ditu es, plus p oceeds f om the sale of i -o bit satellites.
We defi e No -GAAP Adjusted Net Cash Used i Ope ati g Activities as et cash used i ope ati g activities plus p oceeds f om the sale of i -o bit satellites.
As of Ja ua y 1, 2026, we updated ou methodology to exclude i te est i come f om EBITDA a d Adjusted EBITDA. This cha ge alig s ou epo ti g with i dust y pee s a d bette se ves ou goal of p ovidi g useful i fo matio ega di g ou ope ati g pe fo ma ce by e su i g that o -ope ati g i come a d losses a e excluded f om ou No -GAAP p ofitability measu es. The p io pe iod has bee ecast usi g the updated methodology.
The followi g table p ese ts a eco ciliatio of No -GAAP EBITDA a d No -GAAP Adjusted EBITDA to ou et i come (loss) fo the pe iods i dicated.
| (i thousa ds of U.S. dolla s) | $ | 28,304 | $ | 3,967 | $ | (110,047 | ) | $ | (35,266 | ) | I te est i come, et | (829 | ) | (272 | ) | (2,789 | ) | (734 | ) | I come tax (be efit) expe se | 258 | 119 | 2,237 | 794 | Dep eciatio | 1,107 | 1,502 | 3,644 | 6,037 | | | | | Cha ge i fai value of fi a cial i st ume ts | (29,999 | ) | (11,882 | ) | 102,691 | 10,791 | Othe expe se (i come), et (1) | (18 | ) | (14 | ) | (471 | ) | 533 | Stock-based compe satio | 2,347 | 1,653 | 4,515 | 2,824 | | | | |
(1) Othe expe se (i come), et i cludes fo eig excha ge gai o loss a d othe o -ope ati g i come a d expe ses ot co side ed i dicative of ou o goi g ope atio al pe fo ma ce.
The followi g table p ese ts a eco ciliatio of No -GAAP F ee Cash Flow to cash flows used i ope ati g activities fo the pe iods i dicated.
| (i thousa ds of U.S. dolla s) | | | | | Pu chases of p ope ty a d equipme t | (6,214 | ) | (1,338 | ) | (17,399 | ) | (4,027 | ) | P oceeds f om sale of i -o bit satellites | 4,840 | — | 13,175 | — | | | | |
The followi g table p ese ts a eco ciliatio of No -GAAP Adjusted Net Cash Used i Ope ati g Activities to cash flows used i ope ati g activities fo the pe iods i dicated.
| | | | | P oceeds f om sale of i -o bit satellites | 4,840 | — | 13,175 | — | | | | |
Fou ded i 2010, Satellogic (NASDAQ: SATL) builds the i f ast uctu e fo Pe siste t Global I tellige ce (PGI): co ti uous, p oactive awa e ess of the places, assets, a d activities that matte . The compa y combi es high-cade ce satellite collectio , best-i -class tech ology, AI-accele ated wo kflows, a d sove eig -t usted a chitectu e to help custome s move f om episodic image y to pe siste t mo ito i g p og ams.
Satellogic se ves allied defe se a d i tellige ce age cies, civil gove me ts, a d comme cial ma kets that eed eliable, scalable awa e ess of cha ge ac oss la ge po tfolios of sites. Custome s ca begi with discove y, expa d i to pe siste t mo ito i g, a d build towa d dedicated o sove eig -co t olled capacity as thei missio equi eme ts g ow.
To lea mo e, please visit: https://www.satellogic.com
This p ess elease co tai s “fo wa d-looki g stateme ts” withi the mea i g of the U.S. fede al secu ities laws. The wo ds “a ticipate”, “believe”, “co ti ue”, “could”, “estimate”, “expect”, “i te ds”, “may”, “might”, “pla ”, “possible”, “pote tial”, “p edict”, “p oject”, “should”, “would” a d simila exp essio s may ide tify fo wa d-looki g stateme ts, but the abse ce of these wo ds does ot mea that a stateme t is ot fo wa d-looki g. These fo wa d-looki g stateme ts a e based o Satellogic’s cu e t expectatio s a d beliefs co ce i g futu e developme ts a d thei pote tial effects o Satellogic. Fo wa d-looki g stateme ts a e p edictio s, p ojectio s a d othe stateme ts about futu e eve ts that a e based o cu e t expectatio s a d assumptio s a d, as a esult, a e subject to isks a d u ce tai ties. These stateme ts a e based o va ious assumptio s, whethe o ot ide tified i this p ess elease. These fo wa d-looki g stateme ts a e p ovided fo illust ative pu poses o ly a d a e ot i te ded to se ve, a d must ot be elied o by a i vesto as, a gua a tee, a assu a ce, a p edictio o a defi itive stateme t of fact o p obability. Actual eve ts a d ci cumsta ces a e difficult o impossible to p edict a d will diffe f om assumptio s. Ma y actual eve ts a d ci cumsta ces a e beyo d the co t ol of Satellogic. Ma y facto s could cause actual futu e eve ts to diffe mate ially f om the fo wa d-looki g stateme ts i this p ess elease, i cludi g but ot limited to: (i) ou ability to ge e ate eve ue as expected, i cludi g due to challe ges c eated by mac oeco omic co ce s, geopolitical u ce tai ty (e.g., t ade elatio ships), fi a cial ma ket fluctuatio s a d elated facto s, (ii) ou ability to effectively ma ket a d sell ou PGI se vices a d to co ve t ou pipeli e of pote tial co t acts i to actual eve ues, (iii) ma ket accepta ce of ou PGI se vices a d ou depe de ce upo ou ability to keep pace with the latest tech ological adva ces, i cludi g those elated to a tificial i tellige ce a d machi e lea i g, (iv) isks elated to the secu ed co ve tible otes, (v) the pote tial loss of o e o mo e of ou la gest custome s, (vi) the co side able time a d expe se elated to ou sales effo ts a d the le gth a d u p edictability of ou sales cycle, (vii) isks a d u ce tai ties associated with defe se- elated co t acts, (viii) isks elated to ou p ici g st uctu e, (ix) ou ability to scale p oductio of ou satellites as pla ed, (x) u fo esee isks, challe ges a d u ce tai ties elated to ou expa sio i to ew busi ess li es, (xi) ou depe de ce o thi d pa ties, i cludi g SpaceX, to t a spo t a d lau ch ou satellites i to space, (xii) ou elia ce o thi d-pa ty ve do s a d ma ufactu e s to build a d p ovide ce tai satellite compo e ts, p oducts, o se vices a d the i ability of these ve do s a d ma ufactu e s to meet ou eeds, (xiii) ou depe de ce o g ou d statio a d cloud-based computi g i f ast uctu e ope ated by thi d pa ties fo value-added se vices, a d a y e o s, dis uptio , pe fo ma ce p oblems, o failu e i thei o ou ope atio al i f ast uctu e, (xiv) isks elated to ce tai mi imum se vice equi eme ts i ou custome co t acts, (xv) ou ability to ide tify suitable acquisitio ca didates o co summate acquisitio s o acceptable te ms, o ou ability to successfully i teg ate acquisitio s, (xvi) competitio fo PGI se vices, (xvii) isks elated to cha ges i tax laws a d egulatio s, i cludi g the “O e Big Beautiful Bill Act,” (xviii) isks elated to cha ges i t ade policy a d the elated impact o mac oeco omic co ditio s, i cludi g fu the expa sio s of U.S. expo t co t ols a d ta iffs, as well as elated etaliato y actio s, (xix) challe ges with i te atio al ope atio s o u expected cha ges to the egulato y e vi o me t i ce tai ma kets, (xx) u k ow defects o e o s i ou p oducts, (xxi) isks elated to the capital-i te sive atu e of ou busi ess a d ou ability to aise adequate capital to fi a ce ou busi ess st ategies, (xxii) u ce tai ties beyo d ou co t ol elated to the p oductio , lau ch, commissio i g, a d/o ope atio of ou satellites a d elated g ou d systems, softwa e a d a alytic tech ologies, (xxiii) the failu e of the ma ket fo PGI se vices to achieve the g owth pote tial we expect, (xxiv) isks elated to ou satellites a d elated equipme t becomi g impai ed, (xxv) isks elated to the failu e of ou satellites to ope ate as i te ded, (xxvi) p oductio a d lau ch delays, lau ch failu es, a d damage o dest uctio to ou satellites du i g lau ch, (xxvii) sig ifica t isks a d u ce tai ties elated to ou i su a ce that may ot be cove ed by i su a ce, (xxviii) the impact of geopolitical dis uptio s (i cludi g the o goi g co flict i the Middle East), atu al disaste s, u usual o p olo ged u favo able weathe co ditio s, public health eme ge cies o othe developme ts outside of ou co t ol o ou busi ess a d satellite lau ch schedules, (xxix) isks elated to ou ability to p otect ou i tellectual p ope ty c itical to the desig a d fu ctio of ou satellites a d ou PGI se vices, a d (xxx) the a ticipated be efits of ou domesticatio may ot mate ialize. The fo egoi g list of facto s is ot exhaustive. You should ca efully co side the fo egoi g facto s a d the othe isks a d u ce tai ties desc ibed i the “Risk Facto s” sectio of Satellogic’s A ual Repo t o Fo m 10-K a d othe docume ts filed o to be filed by Satellogic f om time to time with the Secu ities a d Excha ge Commissio . These fili gs ide tify a d add ess othe impo ta t isks a d u ce tai ties that could cause actual eve ts a d esults to diffe mate ially f om those co tai ed i the fo wa d-looki g stateme ts. Fo wa d-looki g stateme ts speak o ly as of the date they a e made. Reade s a e cautio ed ot to put u due elia ce o fo wa d-looki g stateme ts, a d Satellogic assumes o obligatio a d does ot i te d to update o evise these fo wa d-looki g stateme ts, whethe as a esult of ew i fo matio , futu e eve ts, o othe wise. Satellogic ca give o assu a ce that it will achieve its expectatio s.
| (i thousa ds of U.S. dolla s, except sha e a d | pe sha e amou ts) | Se vice eve ue | $ | 7,610 | $ | 3,633 | $ | 20,565 | $ | 11,460 | P oduct eve ue | 8,431 | — | 17,502 | — | Total eve ue | 16,041 | 3,633 | 38,067 | 11,460 | Cost of se vice eve ue | 2,133 | 1,171 | 5,223 | 3,597 | Cost of p oduct eve ue | 1,409 | — | 2,592 | — | Cost of eve ue | 3,542 | 1,171 | 7,815 | 3,597 | E gi ee i g | 3,825 | 2,629 | 9,979 | 7,449 | Selli g, ge e al a d admi ist ative | 9,851 | 6,413 | 25,008 | 18,259 | Dep eciatio | 1,107 | 1,502 | 3,644 | 6,037 | Total costs a d expe ses | 18,325 | 11,715 | 46,446 | 35,342 | I te est i come, et | 829 | 272 | 2,789 | 734 | Cha ge i fai value of fi a cial i st ume ts | 29,999 | 11,882 | (102,691 | ) | (10,791 | ) | Othe i come (expe se), et | 18 | 14 | 471 | (533 | ) | Total othe i come (expe se), et | 30,846 | 12,168 | (99,431 | ) | (10,590 | ) | I come tax be efit (expe se) | (258 | ) | (119 | ) | (2,237 | ) | (794 | ) | Fo eig cu e cy t a slatio (loss) gai , et of tax | (42 | ) | 107 | (840 | ) | 1,113 | Basic et i come (loss) pe sha e fo the pe iod att ibutable to holde s of Commo Stock | $ | 0.18 | $ | 0.04 | $ | (0.74 | ) | $ | (0.35 | ) | Basic weighted-ave age Commo Stock outsta di g | 154,733,319 | 105,984,243 | 149,347,566 | 101,982,971 | Diluted et i come (loss) pe sha e fo the pe iod att ibutable to holde s of Commo Stock | $ | 0.14 | $ | (0.02 | ) | $ | (0.74 | ) | $ | (0.35 | ) | Diluted weighted-ave age Commo Stock outsta di g | 179,276,336 | 130,984,243 | 149,347,566 | 101,982,971 |
| (i thousa ds of U.S. dolla s, except sha e a d pa value amou ts) | Cash a d cash equivale ts | $ | 106,545 | $ | 94,430 | Rest icted cash | 2,557 | 7,407 | Accou ts eceivable, et of allowa ce of $25 a d $52, espectively | 12,118 | 8,548 | I ve to ies | 476 | 2,090 | P epaid expe ses a d othe cu e t assets | 5,139 | 2,699 | Total cu e t assets | 126,835 | 115,174 | P ope ty a d equipme t, et | 38,767 | 24,650 | Ope ati g lease ight-of-use assets | 6,193 | 7,048 | I vestme t i equity secu ities | 14,336 | — | Othe o -cu e t assets 1 | 1,397 | 4,431 | Accou ts payable | $ | 5,247 | $ | 2,432 | Wa a t liabilities | 8,702 | 5,818 | Ea out liabilities | 680 | 554 | Ope ati g lease liabilities | 1,320 | 1,174 | Co t act liabilities | 6,713 | 10,609 | Acc ued expe ses a d othe liabilities | 3,217 | 1,918 | Total cu e t liabilities | 25,879 | 22,505 | Secu ed Co ve tible Notes at fai value | 85,950 | 56,110 | Ope ati g lease liabilities | 5,168 | 6,099 | Co t act liabilities | 3,000 | 4,000 | Othe o -cu e t liabilities | 4,179 | 2,063 | Commitme ts a d co ti ge cies | P efe ed stock, $0.0001 pa value, 5,000,000 sha es autho ized, 0 sha es issued a d outsta di g as of Septembe 30, 2026 a d Decembe 31, 2025 | — | — | Class A Commo Stock, $0.0001 pa value, 385,000,000 sha es autho ized, 144,077,945 sha es issued a d 143,510,122 sha es outsta di g as of Septembe 30, 2026 a d 125,639,916 sha es issued a d 125,072,093 sha es outsta di g as of Decembe 31, 2025 | — | — | Class B Commo Stock, $0.0001 pa value, 15,000,000 sha es autho ized, 10,582,641 sha es issued a d outsta di g as of Septembe 30, 2026 a d Decembe 31, 2025 | — | — | T easu y stock, at cost, 567,823 sha es as of Septembe 30, 2026 a d Decembe 31, 2025 | (8,603 | ) | (8,603 | ) | Additio al paid-i capital | 587,199 | 473,486 | Accumulated othe comp ehe sive (loss) i come | (309 | ) | 531 | Accumulated deficit | (514,935 | ) | (404,888 | ) |
| (i thousa ds of U.S. dolla s) | Net loss | $ | (110,047 | ) | $ | (35,266 | ) | Adjustme ts to eco cile et loss to et cash used i ope ati g activities: | Dep eciatio expe se | 3,644 | 6,037 | Ope ati g lease expe se | 1,507 | 1,234 | Defe ed tax expe se (be efit) | 1,992 | — | Stock-based compe satio | 4,515 | 2,824 | Cha ge i fai value of fi a cial i st ume ts, et of i te est paid o Secu ed Co ve tible Notes | 100,157 | 7,479 | Fo eig excha ge diffe e ces | (284 | ) | (102 | ) | Loss o disposal of p ope ty a d equipme t | 580 | 471 | Release of estimated c edit losses o accou ts eceivable | (29 | ) | (60 | ) | Equity i et (i come) loss of affiliate | — | (21 | ) | No -cash cha ge i co t act liabilities | (276 | ) | (262 | ) | Adjustme t fo p oceeds o sale of i -o bit satellites | (13,175 | ) | — | Cha ges i ope ati g assets a d liabilities: | Accou ts eceivable | (4,154 | ) | (20 | ) | I ve to ies | 2,027 | — | P epaid expe ses a d othe cu e t assets | (2,453 | ) | 2,008 | Accou ts payable | 1,312 | (1,475 | ) | Co t act liabilities | (4,349 | ) | 2,397 | Acc ued expe ses a d othe liabilities | 1,640 | (1,626 | ) | Ope ati g lease liabilities | (1,438 | ) | (1,053 | ) | Pu chases of p ope ty a d equipme t | (17,399 | ) | (4,027 | ) | P oceeds f om sale of i -o bit satellites | 13,175 | — | Payme ts fo withholdi g taxes elated to the et sha e settleme t of equity awa ds | (1,830 | ) | (980 | ) | P oceeds f om issua ce of Commo Stock u de ATM P og am, et of t a sactio costs | — | 7,448 | P oceeds f om Registe ed Di ect Offe i gs, et of t a sactio costs | 32,795 | 18,769 | P oceeds f om exe cise of stock optio s | 235 | 1,745 | Net i c ease i cash, cash equivale ts a d est icted cash | 8,145 | 5,520 | Effect of fo eig excha ge ate cha ges o cash a d cash equivale ts | 78 | 148 | Cash, cash equivale ts a d est icted cash – begi i g of pe iod | 102,092 | 23,682 |
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1 $1,213 of Rest icted cash i cluded i Othe o -cu e t assets
