Satellogic (SATL) Q1 2026 earnings summary

Executive summary

• Revenue grew 80% year-over-year to $6.1 million in Q1 2026, driven by increased Data & Analytics and Space Systems sales, with Asia-Pacific revenue up over 700% to $3.0 million.

• Achieved first positive net cash from operating activities ($0.2 million), with adjusted EBITDA loss improving 32% to $4.2 million and operating loss improving 33% to $6.4 million.

• Ended Q1 2026 with $121.9 million in cash and equivalents, bolstered by a $35 million direct offering.

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

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

Financial highlights

• Total revenue for Q1 2026 was $6.1 million, up from $3.4 million in Q1 2025, with Data & Analytics contributing $4.6 million and Space Systems $1.5 million.

• Operating loss improved to $6.4 million, and adjusted EBITDA loss improved to $4.2 million year-over-year.

• Net loss was $118.3 million, including a $113 million non-cash charge related to financial instruments revaluation.

• Cash and cash equivalents at quarter-end: $121.9 million, up from $94.4 million at year-end 2025.

• Net cash from operating activities reached $0.2 million, a $4.9 million improvement year-over-year.

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.

• Merlin revenue recognition will begin once fully operational in 2027, with a $30 million, five-year contract already secured.

• Recurring revenue from Aleph Observer and a robust pipeline across defense, sovereign, and commercial customers expected to support growth.

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

• Fully funded technology roadmap supported by strong cash position.