Satellogic (SATL) Q1 2026 earnings summary

Executive summary

• Revenue grew 80% year-over-year to $6.1 million in Q1 2026, driven by strong commercial momentum, increased Data & Analytics and Space Systems sales, and significant expansion in Asia Pacific.

• Adjusted EBITDA loss improved 32% to $4.2 million, and the company achieved its first quarter of positive net cash from operating activities ($0.2 million), a $4.9 million improvement year-over-year.

• Net loss widened to $118.3 million, primarily due to a $113 million non-cash charge from fair value changes in financial instruments.

• Ended Q1 with $121.9 million in cash and equivalents, bolstered by a $35 million direct offering and strong contract wins.

• Major strategic wins included new sovereign defense contracts, satellite sales, successful launches, and the appointment of Vice Admiral Frank Whitworth as strategic advisor, strengthening defense and intelligence engagement.

Financial highlights

• Total revenue: $6.1 million, up from $3.4 million in Q1 2025.

• Data & Analytics revenue: $4.6 million; Space Systems revenue: $1.5 million.

• Asia-Pacific revenue grew over 700% year-over-year to $3.0 million; Americas: $2.0 million; Europe: $1.1 million.

• Operating loss improved 33% to $6.4 million; Adjusted EBITDA loss improved to $4.2 million.

• Net loss: $118.3 million, including a $113 million non-cash charge from financial instruments.

• Positive net cash from operating activities: $0.2 million.

Outlook and guidance

• Merlin constellation, an AI-first, defense-oriented satellite system, is fully funded and on track for first launch in Q4 2026, with full deployment expected in H1 2027.

• Recurring revenue from Aleph Observer and a robust pipeline across defense, sovereign, and commercial customers underpin growth expectations.

• Merlin’s revenue recognition to begin in 2027 as services become operational; $30 million contract over five years already secured.

• Remaining performance obligations at quarter-end totaled $64.8 million, with $29.2 million expected to be recognized within one year.