Satellogic (SATL) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $15.9M, up 259% year-over-year, with first-ever positive operating income ($0.3M) and Adjusted EBITDA ($2.8M), driven by growth in Data & Analytics and Space Systems.

• Major sovereign and defense contract wins included an $18M persistent monitoring agreement and a $12M satellite sale, alongside expanded strategic partnerships and AI collaborations.

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

• Ended the quarter with $112.8M in cash and $80.7M in remaining performance obligations, supporting ongoing strategic initiatives.

• Added senior industry leaders to the board and sales team, including retired Lt. Gen. Michael E. Williamson and Vice Admiral Frank D. Whitworth III.

Financial highlights

• Q2 2026 revenue: $15.9M (+259% YoY); H1 2026 revenue: $22.0M (+181% YoY); Data & Analytics: $7.1M, Space Systems: $8.8M.

• Gross margin reached 82% in Q2 (exclusive of depreciation); cost of revenue rose 137% to $2.8M.

• Net loss for Q2 2026 was $20.0M, primarily due to a $19.7M non-cash fair value charge from financial instruments.

• Adjusted EBITDA for Q2 2026 was $2.8M, a $6.7M improvement year-over-year.

• Cash and cash equivalents totaled $112.8M as of June 30, 2026.

Outlook and guidance

• Merlin constellation’s first launch remains on track for Q4 2026, with full operational capability in H1 2027, fully funded by existing contracts.

• $80.7M in remaining performance obligations, with $45.8M expected to be recognized as revenue within one year.

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