Satellogic Posts Record $16.04 Million in Revenue and Adjusted Loss per Share
Key Facts
Satellogic posted record revenue of $16.04 million in the third quarter of 2026, exceeding consensus estimates of $14.02 million by 14.4%, according to Earnings Whispers data. Revenue rose 341.5% from the same period a year earlier. The company, however, missed estimates for adjusted loss per share: it reported a loss of $0.03 per share, compared with an expected loss of $0.01. This result differs from the accounting net income reported by the company, which included a large non-cash gain from the revaluation of financial instruments. The quarterly picture was therefore a mix of strong sales growth and operational improvement, alongside an adjusted loss per share that was wider than expected.
Net income under generally accepted accounting principles was $28.3 million, compared with $4.0 million in the third quarter of 2025. Satellogic said its 2026 result included a non-cash gain of $30.0 million from changes in the fair value of financial instruments. This means reported net income alone does not reflect the operating performance of the business during the quarter. At the operating level, the loss narrowed 72% to $2.3 million from $8.1 million a year earlier. Adjusted EBITDA also turned to a profit of $1.2 million, after a loss of $4.9 million in the year-earlier period. This was the second consecutive quarter in which the company posted positive adjusted EBITDA.
Revenue growth came from its Data & Analytics and Space Systems businesses, with different drivers behind the increases. Data & Analytics revenue was about $6.6 million, up from $3.2 million a year earlier, which the company attributed to higher contract volumes and task orders. Space Systems revenue reached $9.5 million, compared with $0.5 million in the same period last year. That figure included delivery of the second satellite to CEiiA. The delivery underscores the role of large contracts and their completion dates in driving Space Systems revenue from one quarter to the next. It also shows that record quarterly growth combined increased analytics activity with revenue tied to a satellite delivery.
Sales growth extended through the first nine months of the year, with revenue rising 232% to $38.1 million from $11.5 million in the corresponding period of 2025. That total exceeded the company's revenue for all of 2025, which was $17.7 million, by 115%. At the end of September, cash and cash equivalents stood at $106.5 million. Remaining performance obligations were $66.9 million, down from $80.7 million at the end of June. The company said the decline in remaining performance obligations mainly reflected revenue recognition upon delivery of the second satellite to CEiiA. Meanwhile, net cash used in operating activities was $10.4 million for the quarter, compared with $8.4 million a year earlier, while capital expenditures reached $6.2 million, mostly for production of Merlin and NewSat satellites.
After the quarter ended, Satellogic signed an agreement worth about $37 million to sell 3 satellites already in orbit, with the transfer expected by mid-2027, subject to the agreement's conditions. On the Merlin project, Chief Executive Emiliano Kargieman said Merlin.01 was launched on October 1 and is operating in orbit, and that testing of its payload began in mid-October. The company plans to launch additional Merlin satellites in the first half of 2027. It expects to begin operational service and generate initial revenue from Merlin services in the second half of the same year. SATL shares closed at $3.97 on November 9, 2026. These timelines place completion of the agreement and the start of Merlin services among the company's announced upcoming milestones.