Satellogic Inc. (SATL)
NASDAQ:SATL
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Satellogic
(NASDAQ:SATL)
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Rating:49Neutral
Price Target:
$6.00
▼(-13.42% Downside)
Action:Reiterated
Date:06/05/26
The score is held down primarily by weak financial fundamentals (large losses, negative free cash flow, and negative equity with higher debt). Technicals are mixed with longer-term trend support but near-term softness, while valuation lacks support due to negative earnings and no dividend. The earnings call adds a modest positive offset due to clear YoY improvement and increased cash runway, but execution and cash-flow sustainability remain key risks.
Positive Factors
Revenue Growth
Sustained top-line expansion—TTM growth plus an 80% YoY Q1 surge—indicates improving commercial traction and market adoption. Over 2–6 months this supports operating leverage, a larger addressable customer base and better conversion of pipeline into recurring sales if execution remains consistent.
Negative Factors
Large Losses
Very large GAAP and recurring losses relative to revenue are a persistent structural problem. Continued negative profitability limits retained capital for growth, increases reliance on external funding, and can constrain strategic investment or product development absent sustained margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained top-line expansion—TTM growth plus an 80% YoY Q1 surge—indicates improving commercial traction and market adoption. Over 2–6 months this supports operating leverage, a larger addressable customer base and better conversion of pipeline into recurring sales if execution remains consistent.
Read all positive factors
Satellogic (SATL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$893.91M
Dividend YieldN/A
Average Volume (3M)10.79M
Price to Earnings (P/E)―
Beta (1Y)1.50
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees137
SectorIndustrials
Sector Strength72
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.55
Shares Outstanding137,661,450
10 Day Avg. Volume10,342,589
30 Day Avg. Volume10,794,779
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 Cap0.85
Enterprise Value/Revenue37.31
Enterprise Value/Gross Profit49.69
Enterprise Value/Ebitda-9.07
Forecast
1Y Price Target
$8.83Price Target Upside27.47% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.93
Revenue Forecast (FY)$37.36M
Satellogic Business Overview & Revenue Model
Company Description
Satellogic Inc. specializes in the development and deployment of compact, high-resolution Earth observation satellites, delivering live, commercial-grade geospatial data. These continuous data feeds provide critical insights that empower a diverse...
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
Negative
6.93
Price Trends
7.67
Negative
5.87
Positive
4.26
Positive
Market Momentum
-0.52
Positive
37.70
Neutral
10.70
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SATL, the sentiment is Negative. The current price of 6.93 is below the 20-day moving average (MA) of 7.97, below the 50-day MA of 7.67, and above the 200-day MA of 4.26, indicating a neutral trend. The MACD of -0.52 indicates Positive momentum. The RSI at 37.70 is Neutral, neither overbought nor oversold. The STOCH value of 10.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
64 Neutral | $951.26M | -37.86 | -41.18% | ― | 86.66% | -97.48% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $525.42M | 78.55 | 3.71% | 0.79% | 3.38% | ― | |
59 Neutral | $2.97B | -51.58 | -22.20% | ― | 57.34% | 50.64% | |
51 Neutral | $1.08B | -12.03 | -98.63% | ― | -8.93% | 1.81% | |
49 Neutral | $893.91M | -9.39 | 402.23% | ― | ― | ― | |
44 Neutral | $125.52M | -1.23 | -139.20% | ― | -64.10% | 31.45% |
* Industrials Sector Average
SATL
Satellogic
6.03
2.49
70.34%
LPTH
Lightpath Technologies
15.15
12.17
408.39%
MLAB
Mesa Laboratories
95.10
-2.07
-2.13%
MVIS
Microvision
0.36
-0.77
-67.79%
BKSY
BlackSky Technology
28.99
12.52
76.02%
OUST
Ouster
46.57
22.87
96.50%
Satellogic Corporate Events
Executive/Board ChangesShareholder Meetings
Satellogic Stockholders Approve Directors and Auditor at Meeting
Positive
Jun 4, 2026
On June 3, 2026, Satellogic Inc. held its 2026 annual meeting of stockholders virtually, where investors voted on board composition and audit oversight matters. Stockholders elected Class II directors Tom Killalea and Miguel Gutierrez to terms exp...
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.