Satellogic (SATL) AI Stock Analysis

• Market Cap: $512.89M
• Dividend Yield: N/A
• Average Volume (3M): 4.59M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.94
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 137
• Sector: Industrials
• Sector Strength: 72
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.18
• Shares Outstanding: 132,284,090
• 10 Day Avg. Volume: 3,123,988
• 30 Day Avg. Volume: 4,589,269
• PEG Ratio: 0.61
• Price to Book (P/B): 3.37
• Price to Sales (P/S): 11.53
• P/FCF Ratio: -5.96
• Enterprise Value/Market Cap: 0.78
• Enterprise Value/Revenue: 22.63
• Enterprise Value/Gross Profit: 78.71
• Enterprise Value/Ebitda: -17.21
• 1Y Price Target: $6.17
• Price Target Upside: 71.77% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.19
• Revenue Forecast (FY): $29.26M

• Rating: 47 Neutral
• Price Target: $3.50 ▼(-2.51% Downside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is held back primarily by weak financial performance—ongoing losses and significant negative operating/free cash flow indicate continued reliance on external funding despite improving revenue and gross margin. Technicals are moderately supportive (price above key moving averages and RSI in positive territory) but not strongly confirmed by MACD. Valuation remains challenging given the negative P/E and lack of dividend support.

Positive Factors

Revenue scale and improved gross margins

Meaningful revenue growth with a durable gross margin improvement implies stronger unit economics and product-market fit for imagery and analytics. Higher gross margins allow the business to leverage fixed costs, improving the path to operating leverage if sales continue to scale and OPEX is controlled.

Commercial contract: $18M CEiiA satellite deal

A multi‑million supply and in‑orbit delivery contract with a national engineering center materially increases revenue visibility and validates hardware plus services capability. It strengthens European/government relationships and creates recurring program and follow‑on opportunity potential beyond a one‑off sale.

Improving capitalization; equity turned positive

Restoring positive equity and a larger asset base reduces immediate solvency concerns and improves financing optionality. A stronger capital base supports continued constellation deployment and contract execution while bolstering partner and customer confidence for multi‑year programs.

Negative Factors

Persistent negative operating and free cash flow

Sustained negative operating and free cash flow indicate ongoing cash burn and dependence on external financing to fund operations and satellite builds. Long‑term strategy execution—fleet expansion, R&D, and contracts—will be constrained unless cash conversion reverses or reliable external capital is secured.

Structural unprofitability (EBIT/EBITDA negative)

Despite revenue growth, the company remains EBITDA negative, meaning core operations do not yet generate surplus cash. Continued losses limit reinvestment, risk further dilution if funded by equity, and require either sustained margin expansion or material cost reduction to achieve durable profitability.

Notable leverage and balance sheet volatility

Material debt levels combined with prior equity volatility increase refinancing and covenant risk, reducing strategic flexibility. Debt service and potential financing needs can crowd out growth investments or force unfavorable capital raises, making long‑term planning and operational scaling more fragile.

Satellogic Business Overview & Revenue Model

Company Description

Satellogic Inc. builds and operates nano satellites for commercial-grade Earth observation in real-time. It offers data streams that are used in decision-making processes for various branches of government, organizations, businesses, and individuals. Its satellites are used for applications in agriculture, pipeline monitoring, critical infrastructure monitoring, disaster response, illegal logging, border patrol, port security, and other applications. The company was founded in 2010 and is based in Palo Alto, California.

How the Company Makes Money

Satellogic makes money primarily by monetizing data and services generated from its satellite constellations. Key revenue streams include: (1) Sale and licensing of Earth observation data: The company sells access to satellite imagery and related geospatial datasets to customers under contracts that can be structured as subscriptions, usage-based access, or data delivery agreements (contract structure varies by customer and program). (2) Analytics and information products: In addition to raw imagery, Satellogic can generate higher-level products (e.g., processed imagery and insights derived from satellite data) and charge for those value-added outputs; the extent and breakdown of this revenue is null. (3) Satellite and mission-related services: The company may generate revenue from engineering, integration, mission operations, or other services associated with deploying and operating Earth observation capabilities for customers; specific program details and materiality are null. (4) Government and institutional contracting: A significant portion of demand for Earth observation data is typically driven by public-sector procurement, where revenue is earned through multi-month or multi-year contracts, task orders, and renewals; Satellogic’s customer mix and contract concentration by agency are null. Significant partnerships or exclusive distribution arrangements, if any, are null.

Satellogic Financial Statement Overview

Summary

Revenue is scaling and gross margin improved materially (~66% TTM vs ~45% in 2022), but the company remains structurally unprofitable with deeply negative EBIT/EBITDA. Cash flow is the biggest drag: operating cash flow (-$26.9M TTM) and free cash flow (-$34.3M) remain meaningfully negative despite some improvement versus 2024. The balance sheet has improved with equity turning positive (~$60.5M), but meaningful debt (~$63.4M) and prior equity volatility keep financing risk elevated.

Income Statement

Revenue has scaled meaningfully (from $6.0M in 2022 to $12.9M in 2024 and $17.7M in TTM (Trailing-Twelve-Months)), and gross margin has improved to ~66% in TTM (Trailing-Twelve-Months) from ~45% in 2022—showing stronger unit economics. However, the company remains structurally unprofitable: EBIT and EBITDA are still deeply negative in TTM (Trailing-Twelve-Months), and net margin is very weak, indicating operating costs remain far above the current revenue base despite the loss narrowing versus 2024.

Balance Sheet

The balance sheet shows improving capitalization: stockholders’ equity moved from negative in 2024 to positive (~$60.5M) in TTM (Trailing-Twelve-Months), alongside a larger asset base (~$151.3M). That said, leverage is still notable with total debt of ~$63.4M in TTM (Trailing-Twelve-Months), and equity volatility over recent years (negative in 2024 and 2021) highlights financing risk and a history of balance sheet instability.

Cash Flow

Cash generation remains the key weakness: operating cash flow is negative across all periods and was -$26.9M in TTM (Trailing-Twelve-Months), with free cash flow also negative at -$34.3M—implying ongoing cash burn and continued reliance on external funding. While cash burn improved versus 2024 (less negative operating and free cash flow), the business has not yet demonstrated an ability to self-fund operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.71M	12.87M	10.07M	6.01M	4.25M
Gross Profit	5.09M	7.85M	5.02M	2.73M	2.37M
EBITDA	-23.28M	-100.69M	-34.63M	-16.15M	-77.08M
Net Income	-3.44M	-116.27M	-61.02M	-36.64M	-96.31M
Balance Sheet
Total Assets	151.30M	61.69M	76.38M	143.85M	49.92M
Cash, Cash Equivalents and Short-Term Investments	94.43M	22.49M	23.48M	76.53M	8.53M
Total Debt	63.38M	79.95M	3.93M	8.24M	111.54M
Total Liabilities	90.78M	114.72M	24.71M	37.66M	289.35M
Stockholders Equity	60.53M	-53.03M	51.67M	106.20M	-239.43M
Cash Flow
Free Cash Flow	-34.26M	-40.93M	-64.46M	-95.71M	-39.67M
Operating Cash Flow	-26.89M	-35.89M	-49.57M	-68.46M	-28.44M
Investing Cash Flow	-7.38M	-5.03M	-14.44M	-30.85M	-11.23M
Financing Cash Flow	112.51M	37.45M	-83.00K	164.34M	28.64M

Satellogic Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.59
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SATL, the sentiment is Positive. The current price of 3.59 is above the 20-day moving average (MA) of 3.15, above the 50-day MA of 3.53, and above the 200-day MA of 3.06, indicating a bullish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 58.51 is Neutral, neither overbought nor oversold. The STOCH value of 50.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SATL.

Satellogic Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
MLAB	58 Neutral	$441.99M	29.91	2.14%	0.79%	7.39%	99.34%
BKSY	56 Neutral	$965.19M	-193.07	-77.78%	―	-5.13%	-37.34%
LPTH	53 Neutral	$663.07M	―	-70.17%	―	36.85%	-77.93%
SATL	47 Neutral	$512.89M	-59.38	9.32%	―	―	―
OUST	47 Neutral	$1.26B	-20.19	-26.89%	―	30.20%	35.80%
MVIS	45 Neutral	$205.01M	-1.68	-137.37%	―	-67.66%	13.39%

Satellogic Corporate Events

Satellogic signs $18M satellite supply deal with CEiiA

On January 12, 2026, Satellogic announced an $18 million agreement with Portugal’s Centre of Engineering and Product Development (CEiiA) for the supply and in-orbit delivery of two NewSat Mark V 50cm-class imaging satellites, which are expected to transfer to Portuguese ownership and operational control in the second quarter of 2026. The deal will strengthen Portugal’s contribution to the Atlantic Constellation and boost European sovereign Earth observation capacity, with more than 85% of components sourced from Europe and a structured knowledge-transfer program designed to support national capacity building, reinforce the regional industrial base, and enhance the constellation’s role in civil, environmental, security and defense applications.

The most recent analyst rating on (SATL) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Satellogic stock, see the SATL Stock Forecast page.