Satellogic Inc. (SATL)
NASDAQ:SATL
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Satellogic
(NASDAQ:SATL)
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Rating:51Neutral
Price Target:
$8.50
▲(22.66% Upside)
Action:Reiterated
Date:05/28/26
The score is held down primarily by weak financial performance—large ongoing losses, negative free cash flow, and a stressed balance sheet with negative equity and higher debt. Technicals are constructive with a clear uptrend and positive MACD, but overbought readings add near-term risk. Earnings-call commentary was directionally positive (strong growth, improving EBITDA, first positive operating cash flow, higher cash), yet sustainability and revenue lumpiness remain key uncertainties, and valuation offers limited support given negative earnings.
Positive Factors
Consistent revenue acceleration
An 80% YoY jump in Q1 revenue, built on multi-year growth, indicates durable top-line momentum. Strong growth expands the base for operating leverage, improves pipeline conversion odds for recurring sales, and supports a multi-quarter path toward scale and improved cash generation.
Negative Factors
Deteriorated leverage and negative equity
Sharp debt growth and negative equity constrain financial flexibility and raise refinancing and dilution risk. This capital structure limits ability to fund capex or absorb shocks, increasing dependency on external financing and potentially elevating long-term cost of capital and covenant sensitivity.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent revenue acceleration
An 80% YoY jump in Q1 revenue, built on multi-year growth, indicates durable top-line momentum. Strong growth expands the base for operating leverage, improves pipeline conversion odds for recurring sales, and supports a multi-quarter path toward scale and improved cash generation.
Read all positive factors
Satellogic (SATL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.41B
Dividend YieldN/A
Average Volume (3M)9.77M
Price to Earnings (P/E)―
Beta (1Y)1.35
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees137
SectorIndustrials
Sector Strength72
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.54
Shares Outstanding137,661,450
10 Day Avg. Volume12,291,785
30 Day Avg. Volume9,766,912
Financial Highlights & Ratios
PEG Ratio0.44
Price to Book (P/B)3.37
Price to Sales (P/S)11.53
P/FCF Ratio-5.96
Enterprise Value/Market Cap0.83
Enterprise Value/Revenue56.96
Enterprise Value/Gross Profit75.86
Enterprise Value/Ebitda-13.84
Forecast
1Y Price Target
$10.60Price Target Upside52.96% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.67
Revenue Forecast (FY)$36.30M
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 individua...
How the Company Makes Money
Satellogic primarily makes money by selling access to Earth observation data and geospatial intelligence products derived from its satellite constellation. Its revenue model generally centers on (1) data/imagery licensing and subscriptions, where ...
Satellogic Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 17, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational inflection point: very strong revenue growth (+80%), meaningful improvement in adjusted EBITDA (-32%), the company’s first positive operating cash flow, a strengthened cash position ($121.9M), multiple sovereign and commercial wins, Aleph Observer now in market, and Merlin fully funded and on schedule. Material negatives include a large GAAP net loss driven by a $113M noncash fair-value charge, continued adjusted EBITDA losses (albeit improving), the marginal nature of operating cash flow that may not be fully sustainable quarter-to-quarter, and some expense and timing risk from lumpy Space Systems revenue and backlog timing. On balance, the operational momentum, capital runway and funded roadmap were presented as outweighing near-term accounting charges and timing risks.Positive Updates
Strong Revenue Growth
Total revenue increased 80% year-over-year to $6.1 million in Q1 2026 (from $3.4 million in Q1 2025), driven primarily by a $1.6 million increase in imagery orders and a $3.0 million increase in data & analytics revenue.
Negative Updates
Large GAAP Net Loss Driven by Noncash Fair Value Charge
Net loss for the quarter was $118.3 million, which includes a $113 million noncash change in fair value of financial instruments (remeasurement of secured convertible notes, warrants and earn-outs) tied to share price movement—this significantly depresses GAAP earnings despite being non-operational.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue increased 80% year-over-year to $6.1 million in Q1 2026 (from $3.4 million in Q1 2025), driven primarily by a $1.6 million increase in imagery orders and a $3.0 million increase in data & analytics revenue.
Read all positive updates
Company Guidance
Satellogic guided that 2026 should be a “meaningful step” toward sustained profitability, citing an 80% YoY revenue increase to $6.1M in Q1, a 32% improvement in adjusted EBITDA loss to $4.2M, and the first positive net cash from operating activities ($0.2M), supported by $121.9M cash on hand (up from $94.4M) and a strengthened pipeline (company-stated Space Systems pipeline just under $1B) and RPO/backlog of $64.8M (with $29.2M expected within 1 year, $7.9M in years 1–2, $7.5M in years 2–3 and $20.2M thereafter); management expects Merlin — fully funded by a $30M, 5‑year contract — to be an important driver of free cash flow with a first launch targeted for October 2026 and initial constellation rollout complete in H1 2027, while Aleph Observer (launched Feb) should shift mix toward recurring subscriptions (hundreds of sites, ~3‑hour image delivery) and the company’s ~ $1.3M all‑in satellite cost and ~10x imagery throughput per satellite underpin the economics of scale.Satellogic Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
24
Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.43M | 17.71M | 12.87M | 10.07M | 6.01M | 4.25M |
| Gross Profit | 15.34M | 5.09M | 7.85M | 5.02M | 2.73M | 2.37M |
| EBITDA | -84.05M | -23.28M | -100.69M | -34.63M | -16.15M | -77.08M |
| Net Income | -90.50M | -4.78M | -116.27M | -61.02M | -36.64M | -96.31M |
Balance Sheet | ||||||
| Total Assets | 188.06M | 151.30M | 61.69M | 76.38M | 143.85M | 49.92M |
| Cash, Cash Equivalents and Short-Term Investments | 128.95M | 94.43M | 22.49M | 23.48M | 76.53M | 8.53M |
| Total Debt | 149.71M | 63.38M | 79.95M | 3.93M | 8.24M | 111.54M |
| Total Liabilities | 213.59M | 90.78M | 114.72M | 24.71M | 37.66M | 289.35M |
| Stockholders Equity | -25.53M | 60.53M | -53.03M | 51.67M | 106.20M | -239.43M |
Cash Flow | ||||||
| Free Cash Flow | -33.02M | -34.26M | -40.93M | -64.46M | -95.71M | -39.67M |
| Operating Cash Flow | -22.01M | -26.89M | -35.89M | -49.57M | -68.46M | -28.44M |
| Investing Cash Flow | -11.01M | -7.38M | -5.03M | -14.44M | -30.85M | -11.23M |
| Financing Cash Flow | 143.33M | 112.51M | 37.45M | -83.00K | 164.34M | 28.64M |
Satellogic Technical Analysis
Neutral
6.93
Price Trends
7.39
Positive
5.45
Positive
4.04
Positive
Market Momentum
0.77
Positive
51.30
Neutral
22.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SATL, the sentiment is Neutral. The current price of 6.93 is below the 20-day moving average (MA) of 8.80, below the 50-day MA of 7.39, and above the 200-day MA of 4.04, indicating a neutral trend. The MACD of 0.77 indicates Positive momentum. The RSI at 51.30 is Neutral, neither overbought nor oversold. The STOCH value of 22.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SATL.
Satellogic Risk Analysis
Satellogic disclosed 59 risk factors in its most recent earnings report. Satellogic reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Satellogic Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $563.64M | 86.94 | 2.14% | 0.79% | 3.38% | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $1.80B | -17.59 | -98.63% | ― | -8.93% | 1.81% | |
61 Neutral | $1.07B | -41.37 | -41.18% | ― | 86.66% | -97.48% | |
57 Neutral | $2.93B | -49.76 | -22.20% | ― | 57.34% | 50.64% | |
51 Neutral | $1.41B | -13.50 | 402.23% | ― | ― | ― | |
45 Neutral | $201.19M | -2.04 | -139.20% | ― | -64.10% | 31.45% |
* Industrials Sector Average
SATL
Satellogic
8.67
4.96
133.69%
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450.00%
MLAB
Mesa Laboratories
105.26
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8.27%
MVIS
Microvision
0.60
-0.51
-45.59%
BKSY
BlackSky Technology
42.38
31.16
277.72%
OUST
Ouster
44.93
32.14
251.29%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.