Satellogic (SATL) Q4 2025 earnings summary

Executive summary

• Achieved 38% year-over-year revenue growth to $17.7 million in 2025, with Q4 revenue up 94% year-over-year, driven by data and analytics expansion and major new contracts in Portugal, India, and Europe.

• Operating expenses decreased 25% year-over-year, supporting improved profitability and a 48% improvement in adjusted EBITDA loss.

• Ended 2025 with $94.4 million in cash, the strongest balance sheet to date, after raising $90 million in October 2025 and $35 million in January 2026.

• Launched Aleph Observer for persistent, AI-driven monitoring and announced the fully funded Merlin constellation for daily global remapping at one-meter resolution.

• Completed U.S. redomiciling, unlocking access to U.S. government and allied defense contracts.

Financial highlights

• Full-year 2025 revenue was $17.7 million, up 38% year-over-year, with Q4 revenue at $6.2 million, up 94% year-over-year.

• Net loss improved to $4.8 million from $116.3 million in 2024, driven by favorable changes in fair value of financial instruments and reduced operating loss.

• Adjusted EBITDA loss improved to $17.4 million from $33.7 million in 2024.

• Operating expenses declined to $48.7 million from $65.1 million, with reductions across all cost lines.

• Cash and equivalents at year-end: $94.4 million, up from $22.5 million prior year.

Outlook and guidance

• Merlin constellation fully funded by customer contracts, with first launch expected in October 2026 and full system operational in H1 2027.

• Aleph Observer product live, supporting persistent global intelligence and recurring revenue streams.

• Backlog of $65.1 million in non-cancelable remaining purchase obligations, with $28.6 million expected to be recognized within one year.

• Management expects continued revenue growth in 2026, with analyst estimates considered conservative.

• Improved cost structure and strong cash position extend operating runway and support growth initiatives for 2026.