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Satellogic
(NASDAQ:SATL)
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Rating:52Neutral
Price Target:
$4.50
▼(-12.28% Downside)
Action:Reiterated
Date:08/07/26
Overall score reflects a high-growth story with improving operational signals from the earnings call (first-time positive operating income/adjusted EBITDA and clear 2027 positive free-cash-flow target), but still weighed down by weak trailing financial fundamentals (large TTM losses, negative operating and free cash flow, and higher leverage). Technicals are mixed, offering only moderate support, while valuation signals are limited due to negative earnings and no dividend.
Positive Factors
Revenue Growth and Profitability Inflection
Exceptional revenue growth alongside first-time positive operating income and adjusted EBITDA indicates improving operating leverage and customer adoption. If this trend persists, Satellogic could convert scale into stronger earnings power and reduce the duration of its profitability transition.
Negative Factors
Persistent Net Losses and Cost Structure
Strong gross margin has not yet translated into sustainable company-level profitability because operating costs remain far above revenue. Continued large losses could require additional financing, constrain investment choices, and delay the point at which growth produces durable shareholder value.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Profitability Inflection
Exceptional revenue growth alongside first-time positive operating income and adjusted EBITDA indicates improving operating leverage and customer adoption. If this trend persists, Satellogic could convert scale into stronger earnings power and reduce the duration of its profitability transition.
Read all positive factors
Satellogic (SATL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$713.35M
Dividend YieldN/A
Average Volume (3M)5.21M
Price to Earnings (P/E)―
Beta (1Y)1.85
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees154
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-0.61
Shares Outstanding143,157,270
10 Day Avg. Volume3,569,670
30 Day Avg. Volume5,209,537
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$10.08Price Target Upside96.49% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.93
Revenue Forecast (FY)$37.63M
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 services generated by its satellite constellation. Key revenue streams include: (1) Imagery and data product sales, where customers pay for satellite imagery and asso...
Satellogic Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call showcased a clear financial inflection with outsized revenue growth (259% YoY in Q2), first-time positive operating income and adjusted EBITDA, strong gross margins (82%), expanding sovereign and subscription wins, solid cash balance ($112.8M) and deleveraging to $18M secured debt. These positives are tempered by a GAAP net loss driven by a large noncash charge, ongoing operating cash consumption (Q2 net cash used $8.6M), reliance on proceeds from an in-orbit satellite sale to achieve adjusted breakeven in H1, continued lumpiness of Space Systems deals, and execution/timing risk tied to the Merlin launch and scale-up. Overall, the company presented meaningful progress toward recurring, higher-margin subscription revenue and improved profitability metrics while still facing near-term cash flow and execution risks.Positive Updates
Record Revenue Growth and First-Time Profitability Milestones
Q2 revenue grew 259% year-over-year to $15.9 million; first half 2026 revenue of $22.0 million, up 181% YoY. Company reported positive quarterly operating income (just over $300k) and positive adjusted EBITDA of $2.8 million — both firsts in company history.
Negative Updates
GAAP Net Loss Driven by Large Noncash Charge
GAAP net loss for the quarter was $20.0 million, which includes a $19.7 million noncash fair-value remeasurement charge tied to financial instruments and stock-price movement.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue Growth and First-Time Profitability Milestones
Q2 revenue grew 259% year-over-year to $15.9 million; first half 2026 revenue of $22.0 million, up 181% YoY. Company reported positive quarterly operating income (just over $300k) and positive adjusted EBITDA of $2.8 million — both firsts in company history.
Read all positive updates
Company Guidance
The company guided that 2026 should be a “major step” toward sustained profitability with Merlin on track to launch in October 2026 (first flight ready), two additional Merlin launches planned in H1 2027 and full operational service expected in H2 2027, which management says should help the business cross into positive free cash flow in 2027; near-term financials cited on the call included Q2 revenue of $15.9M (up 259% YoY) and H1 revenue of $22M (up 181% YoY), an 82% gross margin (ex-depreciation), positive Q2 operating income of just over $300k and positive adjusted EBITDA of $2.8M (adjusted EBITDA loss improved to a $1.4M YTD loss vs. $10.1M prior year), $80.7M of non‑cancelable remaining performance obligations with $45.8M expected within 12 months (backlog additions of $28.6M and $12.7M recognized this quarter), $112.8M cash on hand, secured convertible debt reduced from $30M to $18M (deleverage $12M), Q2 net cash used in operating activities of $8.6M (adjusted operating cash flow H1 ~breakeven at $100k including $8.3M satellite sale), and continued investment in sales hires and ramped production to capture sovereign and subscription demand.Satellogic Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
41
Neutral
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 31.91M | 17.71M | 12.87M | 10.07M | 6.01M | 4.25M |
| Gross Profit | 25.18M | 5.09M | 7.85M | 5.02M | 2.73M | 2.37M |
| EBITDA | -96.18M | -23.28M | -100.69M | -34.63M | -16.15M | -77.08M |
| Net Income | -103.90M | -4.78M | -116.27M | -61.02M | -36.64M | -96.31M |
Balance Sheet | ||||||
| Total Assets | 196.25M | 151.30M | 61.69M | 76.38M | 143.85M | 49.92M |
| Cash, Cash Equivalents and Short-Term Investments | 112.81M | 94.43M | 22.49M | 23.48M | 76.53M | 8.53M |
| Total Debt | 96.49M | 63.38M | 79.95M | 3.93M | 8.24M | 111.54M |
| Total Liabilities | 162.37M | 90.78M | 114.72M | 24.71M | 37.66M | 289.35M |
| Stockholders Equity | 33.88M | 60.53M | -53.03M | 51.67M | 106.20M | -239.43M |
Cash Flow | ||||||
| Free Cash Flow | -42.17M | -34.26M | -40.93M | -64.46M | -95.71M | -39.67M |
| Operating Cash Flow | -26.29M | -26.89M | -35.89M | -49.57M | -68.46M | -28.44M |
| Investing Cash Flow | -7.54M | -7.38M | -5.03M | -14.44M | -30.85M | -11.23M |
| Financing Cash Flow | 123.42M | 112.51M | 37.45M | -83.00K | 164.34M | 28.64M |
Satellogic Technical Analysis
Negative
5.13
Price Trends
4.74
Negative
6.12
Negative
4.76
Negative
Market Momentum
-0.06
Positive
43.13
Neutral
12.82
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 5.13 is below the 20-day moving average (MA) of 5.31, above the 50-day MA of 4.74, and above the 200-day MA of 4.76, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 43.13 is Neutral, neither overbought nor oversold. The STOCH value of 12.82 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $715.04M | 148.58 | 2.59% | 0.50% | 3.04% | ― | |
61 Neutral | $2.63B | -42.86 | -18.45% | ― | 62.82% | 52.15% | |
54 Neutral | $641.71M | -19.46 | -41.18% | ― | 86.66% | -97.48% | |
52 Neutral | $713.35M | -7.57 | -3465.39% | ― | ― | ― | |
47 Neutral | $838.96M | -11.24 | -55.79% | ― | 4.07% | 45.58% | |
43 Neutral | $50.47M | -0.30 | -221.31% | ― | 11.15% | 7.27% |
* Industrials Sector Average
SATL
Satellogic
4.64
1.04
28.89%
LPTH
Lightpath Technologies
9.67
4.36
82.11%
MLAB
Mesa Laboratories
127.78
64.43
101.71%
MVIS
Microvision
1.65
-15.00
-90.09%
BKSY
BlackSky Technology
20.50
3.87
23.27%
OUST
Ouster
36.43
8.13
28.73%
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.