Satellogic Inc. Q1 FY26 Results

"Q1 2026 marked a clear operational inflection point for Satellogic. Commercially, we continued to build momentum across our sovereign defense and intelligence customer base with revenue growing at 80% year-over-year. We also signed a $12 million agreement to deliver a fully commissioned, in-orbit NewSat satellite from our operational Aleph-1 constellation to a sovereign defense customer. This is the second sovereign in-orbit contract we have closed in the past two quarters and we believe this model is uniquely matched to the speed, capability, and unit-economics demands of modern sovereign defense procurement. With one of the largest high resolution constellations in the world, we have the ability to do this without impacting our ability to meet existing demand and expected future growth in our Data & Analytics business." "Q1 marked an important moment in Satellogic’s evolution in which the Company transitioned from a business defined by future potential to one capable of scaling its vertically integrated, high-margin platform. With expanding margins, a differentiated, protected technology base, a repeatable commercial engine, and a clear, fully funded path to sustained profitability and free cash flow generation, we believe Satellogic is increasingly positioned to capture the demand we see across government and commercial markets," concluded Kargieman.

"Our first quarter financial results reflect the commercial momentum and financial discipline we built exiting 2025, and they mark several important inflection points in our business. Revenue grew 80% year-over-year to $6.1 million on increased imagery demand from new and existing Data & Analytics customers; Operating loss improved 33%, from $9.5 million to $6.4 million, Adjusted EBITDA loss improved 32%, from $6.2 million to $4.2 million; and — most significantly — we generated $0.2 million of net cash from operating activities, the first quarter of positive operating cash flow in our history and a $4.9 million swing from the $4.7 million used in the prior-year period. This is meaningful validation that the operating leverage of our vertically integrated model is now visible in the financials. Net loss for the quarter was $118.3 million and included a $113.0 million non-cash expense relating to the change in fair value of financial instruments driven by our increasing stock price during the quarter and the corresponding remeasurement of our Secured Convertible Notes, warrants and earnout liabilities. Cash on hand is $121.9 million and provides us with the capital required for operational execution of our strategy." "We ended the quarter with $121.9 million in cash and cash equivalents, bolstered by the $35 million registered direct offering we completed in January 2026. Combined with the operational inflections we delivered in the quarter, this is the strongest balance sheet in our history and supports both our Merlin development timeline and the growth investments we expect to drive the business in 2026 and beyond," concluded Dunn.