Satellogic (SATL) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record $16.0M, up 342% YoY; Adjusted EBITDA was positive for a second consecutive quarter at $1.17M.

• 9M revenue was $38.1M, up 232% YoY and more than double FY2025 revenue of $17.7M.

• Merlin.01 launched October 1, is operating, and has entered payload commissioning; initial Merlin-service revenue is expected in H2 2027.

Financial highlights

• Q3 revenue was $16.0M versus $3.6M YoY; operating loss narrowed 72% to $2.3M from $8.1M.

• Q3 Adjusted EBITDA was $1.17M versus a $4.93M loss; 9M Adjusted EBITDA loss was $0.22M versus $15.02M.

• Q3 GAAP net income was $28.3M versus $4.0M; 9M net loss was $110.0M versus $35.3M, primarily reflecting a $102.7M net non-cash fair-value charge.

• 9M operating loss narrowed to $8.4M from $23.9M as revenue rose to $38.1M from $11.5M.

• Q3 gross margin was 77.9%, up 1,015 bps YoY; engineering expense was $3.8M and SG&A was $9.9M.

Outlook and guidance

• Additional Merlin launches are planned for H1 2027; operational service and initial Merlin-based revenue are expected in H2 2027.

• Transfers under the ~$37M sovereign agreement for three satellites are expected by mid-2027, subject to contractual and regulatory milestones; the agreement is expected in Q4 RPO.

• Launch slots are secured through H1 2029; production is being scaled with commitments while maintaining disciplined spending and working toward positive free cash flow.

• Merlin is designed for daily global remapping, onboard change detection, alerts within 30 minutes, and cueing NewSat Mark VI for 50-centimeter follow-up imagery.