Satellogic Inc. (SATL) Earnings
Satellogic Inc. is expected to report next earnings on November 9, 2026 (in NaN days), with a consensus EPS estimate of $-0.01. SATL has beaten EPS estimates in 2 of its last 5 reported quarters (average surprise -25.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $-0.03 | $-0.13 | -420.0% | $16M | +66.3% |
| May 12, 2026 | $-0.05 | $-0.04 | +20.0% | $6M | +15.8% |
| Mar 19, 2026 | $-0.06 | $0.17 | +383.3% | $6M | +62.4% |
| Aug 12, 2025 | — | $-0.06 | — | $4M | — |
| Mar 26, 2025 | — | $-0.70 | — | $347000 | — |
| Aug 15, 2024 | — | $-0.18 | — | $3M | — |
| Apr 25, 2024 | — | $-0.15 | — | $6M | — |
| Sep 21, 2023 | $-0.18 | $-0.33 | -85.7% | $3M | -91.0% |
| Apr 27, 2023 | $-0.27 | $-0.34 | -27.0% | $4M | -85.8% |
| Mar 31, 2023 | — | $-0.17 | — | $2M | — |
| Aug 2, 2022 | — | $-0.13 | — | $2M | -79.1% |
| May 3, 2022 | — | $-0.25 | — | $1M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Financial Milestone - Q2 2026 total revenue grew 259% YoY to $15.9 million; first-half 2026 total revenue grew 181% YoY to $22 million - Achieved first positive quarterly operating income ($0.3 million) and first positive adjusted EBITDA ($2.8 million) in company history; revenue grew 259% while operating expenses only increased 46%, demonstrating strong operating leverage of the vertically integrated model - Ended Q2 with $112.8 million in cash and cash equivalents; secured convertible debt reduced from $30 million to $18 million after an equity conversion; total non-cancelable remaining performance obligations (RPO) reached $80.7 million, with $45.8 million expected to be realized within the next 12 months ### Commercial and Operational Updates - Secured four key sovereign and defense wins: delivered the first satellite for Portugal's 18 million CEA program (converting nearly half to recognized revenue); secured a full-scale $18 million Aleph Observer defense contract moving from trial to deployment in under six months; closed a $12 million in-orbit satellite delivery agreement for a sovereign defense customer; announced strategic AI geospatial intelligence collaborations with Synmax and Spacenote - Expanded the sales team with three senior industry leaders and ramped up satellite production at the Montevideo facility to support core programs and sovereign deliveries; added retired Lieutenant General Michael E. Williamson to the board as an independent director - The persistent global intelligence market is structurally shifting from legacy transactional, episodic imagery to always-on multi-quarter subscription monitoring, driven by heightened geopolitical tension, growing defense budgets, and AI/analytics adoption; Aleph Observer, launched in February 2026, grew data and analytics revenue 54% sequentially Q2 2026 to $7.1 million - Satellogic's three-layer integrated infrastructure for persistent global intelligence: (1) Operational 50-centimeter resolution Mark V/VI constellation powering daily monitoring and subscription revenue via Aleph Observer; (2) Merlin daily global baseline detection constellation, with the first satellite fully integrated, tested, and on track for October 2026 launch, with full operational service planned for H2 2027; (3) 30-centimeter NextGen precision verification layer currently in development - CFO Rick Dunn will depart August 21 after 7.5 years with the company; senior vice president and corporate controller Dustin Greer will serve as interim CFO while a permanent replacement is recruited
Guidance
- Management expects 2026 to be a major step toward sustained profitability, with positive free cash flow expected to be achieved in 2027 once Merlin enters operational service - The full Merlin constellation is expected to be on orbit by H1 2027, with full commercial service starting in H2 2027; the program remains fully funded to complete the global baseline detection layer - Management expects the strong pipeline of sovereign and defense opportunities to continue converting to contracted backlog at an accelerated pace through H2 2026 and into 2027
Segment performance
By product segment: 1) Space Systems: Generated $8.8 million in revenue, accounting for 55% of total Q2 2026 revenue, driven by sovereign customer satellite deliveries. 2) Data and Analytics: Generated $7.1 million in revenue, accounting for 45% of total Q2 2026 revenue, driven by expanding customer subscriptions for persistent monitoring. By geographic segment: 1) Europe: $9.2 million, 58% of total revenue; 2) Middle East and North Africa: $3.6 million, 22% of total revenue; 3) Americas: $2.3 million, 14% of total revenue; 4) Asia Pacific: $0.9 million, 6% of total revenue.
Risks & headwinds
- Forward-looking statements (including Merlin launch and profitability targets) are subject to risks and uncertainties that could cause actual results to differ materially from expectations, with additional risk details available in Satellogic's SEC filings - Large sovereign and defense deals typically have long, variable sales cycles that can range from 4-6 months to 3 years, creating uncertainty around the timing of pipeline conversion - New subscription products like Aleph Observer require customer familiarization and budget allocation, which could slow conversion to full programs compared to current expectations
Analyst Q&A
Q: What remaining milestones for Merlin's October launch should investors track, what is the cadence for future launches, and when will full service be available? /
A: The first Merlin satellite has completed all functional and environmental testing and is ready for integration onto the SpaceX transporter mission. Only launch campaign activities (shipping, rocket integration) remain, which Satellogic has completed over 50 times previously. Two additional Merlin launches are planned for H1 2027, with the full constellation operational and delivering full commercial service in H2 2027, with early customer collaboration starting right after the October 2026 first launch.
Q: What progress has Aleph Observer made on its 2026 pilot program, and how are pilots converting? /
A: 2026 was planned as a year of pilots to let customers adapt to the new persistent monitoring product, but conversion has outpaced expectations. One pilot converted to an $18 million full-scale program in less than six months. Pilots are ongoing across all regions Satellogic serves, with more conversion updates expected in H2 2026.
Q: What is the status of the potential follow-on contract with Palantir, and what are the terms going forward? /
A: The current Palantir contract was structured as a barter transaction (no net cash to Satellogic) that helped establish the relationship early on. Palantir values Satellogic's data, and discussions are ongoing for a follow-on agreement. Satellogic is now at a mature enough stage that it will not pursue barter arrangements going forward, and expects any new agreement to be cash-based.
Q: What is the revenue potential of the existing constellation for data subscriptions, and is $65 million a reasonable cap? /
A: $65 million is not a reasonable cap; the existing constellation has significant unencumbered capacity, and revenue potential is much higher than that. The same monitored coverage can be sold to multiple customers, so there is no one-to-one link between captured sites and customer count, leaving substantial room for additional revenue growth.
Q: What is the status of the ~$1 billion space systems pipeline, how qualified are the opportunities? /
A: The pipeline remains around $1 billion in size, and every opportunity in the pipeline has a customer with an identified need and defined budget, so all are qualified. Conversion timelines vary widely by deal, from 4-6 months to multiple years, as each sovereign deal has unique procurement processes.