Satellogic Inc.

Satellogic Inc. (SATL) reported FY 2025 revenue of $17.7 million, a 37.7% increase from $12.9 million in 2024, driven by growth in Data & Analytics including CaaS ($16.0 million, up 44%) partially offset by stable Space Systems ($1.7 million). Operating loss narrowed to $31.0 million from $52.2 million, reflecting lower costs: cost of sales $4.9 million (down from $5.0 million), engineering $10.4 million (down from $14.4 million), SG&A $25.7 million (down from $33.0 million), and depreciation $7.7 million (down from $12.7 million). Net loss improved dramatically to $4.8 million from $116.3 million, boosted by $25.9 million change in fair value of financial instruments and $1.6 million interest income, offset by $0.7 million tax expense. Comprehensive loss was $3.7 million after $1.1 million foreign currency gain. Balance sheet strengthened with total assets at $151.3 million (up from $61.7 million), cash & equivalents $94.4 million, and stockholders' equity $60.5 million (from deficit -$53.0 million). Net cash from financing $112.5 million, primarily $111.9 million stock issuance, offset operating cash use of $26.9 million and investing $7.4 million, yielding $78.3 million cash increase. Forward, focus on Aleph Observer, Merlin constellation (launch Q4 2026), Space Systems growth, and non-ITAR advantages for sovereign EO markets.

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