Satellogic (SATL) Q2 2025 earnings summary

Executive summary

• Revenue increased 27% year-over-year to $4.4 million for Q2 2025, driven by growth in Asset Monitoring, Space Systems, and new contracts.

• Operating loss narrowed to $6.3 million from $14.7 million year-over-year, reflecting cost control measures and workforce reductions.

• Net loss for Q2 2025 was $6.7 million, a significant improvement from $18.1 million in Q2 2024.

• Awarded a $30 million multi-year contract for an AI-first satellite constellation and selected for Malaysia's Earth Observation Satellite Project.

• As of June 30, 2025, 21 satellites were in orbit, with 20 operational and one in testing.

Financial highlights

• Q2 2025 revenue: $4.4 million (up 27% year-over-year); H1 2025 revenue: $7.8 million (up 15% year-over-year).

• Q2 2025 net loss: $6.7 million; H1 2025 net loss: $39.2 million.

• Q2 2025 operating loss: $6.3 million; H1 2025 operating loss: $15.8 million.

• Cash and cash equivalents as of June 30, 2025: $32.6 million, up from $22.5 million at year-end 2024.

• Net cash used in operating activities dropped 62% for the six months ended June 30, 2025, to $9.1 million.

Outlook and guidance

• Management expects Asset Monitoring and recent contract wins to drive future growth and solidify market position.

• The company is taking a measured approach to expanding its satellite constellation, targeting 200 satellites long-term.

• Ample near-term liquidity is expected to support execution of strategic initiatives.

• Substantial doubt exists about the ability to continue as a going concern without additional capital; management is actively seeking new financing.