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.

• Adjusted EBITDA loss improved 32% to $4.2 million, and operating loss improved 33% to $6.4 million year-over-year.

• Achieved first positive net cash from operating activities ($0.2 million), a $4.9 million improvement year-over-year.

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

• Major strategic wins included new 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 generating $4.6 million and Space Systems $1.5 million.

• Asia-Pacific revenue grew to $3.0 million, Americas $2.0 million, and Europe $1.1 million.

• Net loss was $118.3 million, including a $113.0 million non-cash charge from fair value changes in financial instruments.

• Adjusted EBITDA loss improved to $4.2 million, and positive net cash from operating activities reached $0.2 million.

• Cash and cash equivalents at quarter-end: $121.9 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.

• Aleph Observer launched, providing persistent monitoring and analytics at scale.

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

• Continued growth expected across all geographic regions, especially Asia-Pacific, driven by structural demand for sovereign Earth observation.