Satellogic Inc. Class A Ordinary Shares Q2 2026 Earnings Recap

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.