Satellogic Inc. Q2 FY26 Results

The second quarter delivered a decisive demonstration of the operating leverage in our vertically-integrated PGI infrastructure model. Strong operational execution drove a 259% year-over-year increase in our revenue, delivering $15.9 million in the quarter. Additionally, we generated positive operating income and positive Adjusted EBITDA. This is the inflection point we have been building toward — a business capable of converting commercial momentum into profitability. We have already successfully delivered the first satellite to Portugal’s CEiiA program, representing the halfway point in the $18 million two-satellite program. We also continued to advance the infrastructure behind PGI. During the quarter we announced strategic collaborations with SynMax and SpaceKnow to develop AI-powered geospatial intelligence products on our platform, and we expanded our international defense engagements, including an additional one-year agreement valued at more than $18 million with an international defense customer, as well as a $12 million agreement to deliver an in-orbit satellite to a sovereign defense customer. Our Merlin constellation — the fully-funded, AI-first detection layer that will take our work with Aleph Observer from known-site monitoring to whole-world continuous awareness — remains on track for a first launch in the fourth quarter of 2026 and full operational capability in the first half of 2027. We have a capital-efficient constellation built for rapid replenishment, one of the largest high-resolution constellations in the world, a repeatable commercial engine, and the technology and IP leadership needed to achieve true global persistent monitoring. Satellogic is positioned to deliver the sovereign-trusted decision advantage that defense, intelligence, government, and commercial customers demand.

Our second quarter results mark a milestone in the financial evolution of the Company. Revenue grew 259% year-over-year to $15.9 million; operating income was positive $0.3 million, an improvement of $6.6 million from an operating loss of $6.3 million in the prior-year period. Net loss for the quarter was $20.0 million and included a $19.7 million non-cash charge relating to the change in fair value of financial instruments, driven primarily by the appreciation of our stock price during the quarter and the corresponding remeasurement of our Secured Convertible Notes, warrants and earnout liabilities. This fair value charge is non-cash and is not indicative of our underlying operating performance. On a Non-GAAP basis, adjusted EBITDA was positive $2.8 million, a $6.7 million improvement from a $3.9 million loss a year ago and the first quarter of positive Adjusted EBITDA in our history. These results reflect the combination of top-line growth and the cost discipline we have maintained as we scale our business. We continue to strengthen our capital structure: during the quarter the noteholder converted $12.0 million of principal into 10.0 million shares of Class A common stock, reducing outstanding Secured Convertible Note principal to $18.0 million from $30.0 million at year-end 2025. We ended the quarter with $112.8 million in cash and cash equivalents and remaining performance obligations of $80.7 million, providing both the capital and the contracted visibility to execute our strategy, including the continued build-out of the Merlin constellation.