Satellogic (SATL) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $15.9 million, up 259% year-over-year, marking the first-ever positive operating income ($0.3M) and Adjusted EBITDA ($2.8M), driven by strong growth in Data & Analytics and Space Systems and major sovereign and defense contract wins.

• Expanded strategic partnerships, including collaborations with SynMax and SpaceKnow, and added senior industry leaders and board members to strengthen defense sector engagement.

• Merlin constellation remains on track for October/Q4 2026 launch, with full operational capability expected in H1/H2 2027, fully funded by existing contracts.

• Vertical integration and scalable infrastructure enable persistent global intelligence and support commercial momentum.

• Ended Q2 with $112.8 million in cash and $80.7 million in remaining performance obligations.

Financial highlights

• Q2 2026 revenue: $15.9M (+259% YoY); H1 2026 revenue: $22.0M (+181% YoY); gross margin reached 82% (exclusive of depreciation).

• Positive operating income of $0.3M and Adjusted EBITDA of $2.8M in Q2 2026; net loss of $20.0M, including a $19.7M non-cash charge.

• Cash and cash equivalents at June 30, 2026: $112.8M; remaining performance obligations totaled $80.7M.

• Operating expenses rose 46% YoY to $15.7M; SG&A expenses increased 61% to $8.6M; cost of sales (excluding depreciation) rose 137% to $2.8M.

• Free cash flow for H1 2026: $(11.3)M; adjusted operating cash flow for Q2 2026 was $(0.3)M, a significant improvement YoY.

Outlook and guidance

• Merlin constellation’s first launch is scheduled for October/Q4 2026, with full operational capability expected in H1/H2 2027, fully funded by existing contracts.

• $45.8M of remaining performance obligations expected to be recognized as revenue within one year; strong top-line visibility with $80.7M in contracted backlog.

• Leadership expects commercial momentum to continue, driven by demand for persistent monitoring and AI-powered analytics.

• Management acknowledges reliance on a small number of large contracts and the need for continued capital investment.