The combination of accelerating revenue, improving margins, strong backlog, and de-risked funding positions SATL for sustained growth in 2026. The Merlin constellation launch in October 2026 could be a major catalyst, especially given its defense-first focus and AI-enabled real-time alerting. Traders should monitor execution on satellite launches and conversion of performance obligations into revenue.
Price Chart
Executive Summary
Satellogic reported strong Q4 and full-year 2025 results with 94% YoY revenue growth to $6.2 million and 38% annual growth to $17.7 million, driven by Data & Analytics demand. The company improved its cost structure, reducing operating expenses and cutting net cash burn by 25%, while securing $94.4 million in cash and $65.1 million in remaining performance obligations. It also announced the fully funded $30 million Merlin constellation for daily global remapping, with first launch targeted for October 2026.
Key Financial Metrics
Key Facts
- Q4 2025 revenue grew 94% YoY to $6.2 million; full-year revenue increased 38% to $17.7 million
- Non-GAAP Adjusted EBITDA loss improved 48% YoY to $17.4 million for the year
- Net cash used in operating activities decreased 25% to $26.9 million in 2025
- Ended 2025 with $94.4 million in cash; $35 million follow-on offering completed in January 2026
- Remaining performance obligations totaled $65.1 million, with $28.6 million expected within one year
- Signed $18 million satellite supply deal with CEiiA in Portugal and a $30 million contract funding the Merlin constellation
- Launched Aleph Observer for persistent monitoring and introduced NextGen satellites with 30cm resolution
Financial Impact
Revenue up 38% to $17.7M, operating cash burn down 25% to $26.9M, $94.4M cash on hand
Risk Factors
- Revenue growth heavily influenced by favorable changes in fair value of financial instruments (non-operational gain)
- Merlin constellation and NextGen satellite deployment timelines are ambitious and subject to launch or technical delays
- Customer concentration risk: large contracts with CEiiA, Albania, and unnamed strategic customers represent significant revenue exposure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3258864 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | 8-K/A | $4.71 | awaiting T+60 | — | $3.92 (−16.77%) |
Sep 3, 2026 7w ago | Press Release | $4.63 | awaiting T+60 | — | $3.92 (−15.33%) |
May 26, 2026 22w ago | Press Release | $10.74 $5.53 | ▼ −48.51% | ▼ −51.23% | $3.92 (−63.50%) |
Apr 27, 2026 26w ago | Press Release | $6.27 $3.76 | ▼ −40.06% | ▼ −44.84% | $3.92 (−37.43%) |
Apr 27, 2026 26w ago | Press Release | $6.27 | awaiting T+60 | — | $3.92 (−37.43%) |
Mar 24, 2026 31w ago | Press Release | $5.38 $6.03 | ▲ +12.08% | ▼ −2.24% | $3.92 (−27.14%) |
Mar 19, 2026 31w ago | S-3 | $3.59 $6.69 | ▼ −86.35% | ▼ −71.93% | $3.92 (−9.19%) |
Mar 19, 2026 31w ago | Press Release | $3.28 $6.69 | ▲ +103.96% | ▲ +89.62% | $3.92 (+19.51%) |
US Market Status
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