SA

Satellogic Inc. Class A Ordinary Shares Earnings Recaps

SATL Information Technology 2 recaps
Next earnings: November 9, 2026 (estimated) · full calendar
Q2 2026 Aug 7, 2026

Satellogic’s Q2 results impressed investors as revenue surged 259% year-over-year and the company achieved positive adjusted EBITDA for the first time, driving a +12.2% stock reaction. The market rewarded clear signs of operating leverage and growing sovereign defense contracts that provide strong revenue visibility.

Key takeaways
  • Revenue grew 259% year-over-year to $15.9 million in Q2, driven by sovereign satellite deliveries and expanding Data & Analytics subscriptions.
  • Gross margin stood at a healthy 82% (excluding depreciation), underscoring cost efficiency amid rapid growth.
  • Operating expenses rose only 46% versus revenue growth of 259%, enabling positive operating income (~$300,000) and positive adjusted EBITDA of $2.8 million for the quarter, both company firsts.
  • Contracted backlog totaled $80.7 million with $45.8 million expected within 12 months, supporting near-term revenue visibility.
  • Despite a GAAP net loss of $20 million due to significant noncash charges, adjusted operating cash flow was near breakeven for the first half, reflecting improving financial health.
Full recap
Q1 2026 May 13, 2026

Satellogic's shares dropped 13.2% after the quarter, reflecting investor concerns over cautious outlook elements and margin pressures despite solid revenue growth and operational milestones.

Key takeaways
  • Revenue grew 80% year-over-year to $6.1 million, driven by international expansion and new product launches.
  • Adjusted EBITDA loss narrowed by 32% to $4.2 million; however, the company remains unprofitable on this metric.
  • Positive net cash from operating activities was reported for the first time, signaling improved cash flow management.
  • The $121.9 million cash balance provides runway, but margin compression and the pace of scaling remain investor concerns.
  • Strengthened defense engagement with new strategic adviser Vice Admiral Whitworth and a $12 million sovereign defense contract announced.
Full recap

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