Satellogic Reports Third Quarter 2026 Financial Results

(NASDAQ: SATL) Satellogic Inc. reported financial results for the third quarter ended September 30, 2026. Third quarter revenue reached a record $16.0 million, up 342% year-over-year, following $15.9 million in the second quarter. For the first nine months of 2026, revenue totaled $38.1 million, more than double the full-year 2025 revenue. The company completed the second satellite delivery under its $18 million agreement with Portugal’s CEiiA. Over the past 12 months, Satellogic announced four in-orbit satellite agreements covering seven satellites and expanded work with defense and intelligence partners, including Innovative Defense Technologies and SynMax. A new sovereign satellite agreement to sell three in-orbit satellites was signed after quarter-end for approximately $37 million, bringing the total announced value of sovereign satellite agreements to approximately $67 million over the past year. In Data & Analytics, Aleph Observer, launched in February 2026, supports recurring monitoring of hundreds of sites and contributed to $6.6 million in third quarter revenue. Space Systems revenue for the quarter was $9.5 million. The company launched two NewSat Mark VI satellites and one NewSat Mark V in October 2026 for its sovereign Space Systems program. Merlin.01, the first satellite in the Merlin constellation, was launched on October 1, 2026, 18 months after program kickoff, and is now operating in orbit with payload commissioning underway. Additional Merlin launches are planned for the first half of 2027, with operational service and initial revenue from Merlin-based services expected in the second half of 2027. Third quarter operating loss narrowed by $5.8 million, or 72%, to $2.3 million, and Adjusted EBITDA improved to positive $1.2 million from a loss of $4.9 million, marking the second consecutive quarter of positive Adjusted EBITDA. Third quarter GAAP net income was $28.3 million, including a $30.0 million non-cash gain from changes in the fair value of financial instruments. Cash and cash equivalents totaled $106.5 million at quarter-end, and total remaining performance obligations were $66.9 million, down from $80.7 million at June 30, 2026. Quarterly capital expenditures were $6.2 million, primarily for Merlin and NewSat production. The company’s secured convertible note principal remained unchanged at $18.0 million. For the first nine months of 2026, Data & Analytics revenue was $18.3 million and Space Systems revenue was $19.8 million. Operating loss for the nine months narrowed to $8.4 million from $23.9 million, and Adjusted EBITDA loss improved to $0.2 million from $15.0 million. Nine-month GAAP net loss was $110.0 million, primarily reflecting a $102.7 million net non-cash fair value charge related to financial instruments, including the conversion of $12.0 million of secured convertible note principal. Net cash used in operating activities for the quarter was $10.4 million, and non-GAAP Adjusted Net Cash Used in Operating Activities was $5.5 million. Year-to-date capital expenditures totaled $17.4 million. The company appointed Vice Admiral Frank D. “Trey” Whitworth, U.S. Navy (Ret.), as President; Jamil Kawar as Senior Vice President, Space Systems; and Dustin Greer as Interim CFO. The search for a permanent CFO continues. The company will host a conference call on November 10, 2026, at 4:30 p.m. Eastern time.