Satellogic Inc.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because it is open whether the business can carry itself without satellite sales: the first operating profit of $0.3 million in Q2 2026 rests on $8.3 million of product revenue from satellite sales, operating activities used $8.6 million of cash, and two customers account for about 73 percent of quarterly revenue. It is not red, because $112.8 million of cash covers first-half 2026 free cash flow of −$11.3 million many times over, shareholders’ equity is positive at $33.9 million and the only financial debt is $18.0 million of convertible notes due in 2028; valuation and dilution are questions of price and do not set the rating. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Satellogic builds Earth observation satellites in-house and has grown for years: $17.7 million of revenue in 2025, $22.0 million in the first half of 2026 alone, plus $112.8 million of cash. The first operating profit in Q2 2026, however, rests on selling a satellite out of orbit; without it there would be an operating loss of about $6.9 million, and operating activities used $8.6 million of cash. Two customers carry about three quarters of quarterly revenue, and another pays in software. Convertible notes and warrants turn every rise in the stock into a book loss and hold out 70.9 million new shares. Not investment advice.
Growth
Revenue rose without interruption from $4.2 million (2021) to $17.7 million (2025); in the first half of 2026 it was $22.0 million. Even without satellite sales, service revenue from imagery and services grew about 71 percent to $7.6 million in Q2 2026.
Quality of the operating profit
The first positive operating result of $0.3 million in Q2 2026 rests on $8.3 million of product revenue that exactly matches the proceeds from an in-orbit satellite sold. Excluding product revenue and product costs it would have been about −$6.9 million by our own calculation; operating activities used $8.6 million of cash.
Liquidity
As of June 30, 2026 Satellogic held $112.8 million of cash, against free cash flow of −$11.3 million in the first half of 2026. Its only financial debt is the convertible notes with $18.0 million of principal, maturing in April 2028.
Customer concentration
Two customers accounted for $11.6 million, about 73 percent of revenue, in Q2 2026, and two customers for 74 percent of receivables. Another customer has paid with a software license instead of cash since 2021 — roughly a quarter of 2025 revenue; the agreement runs out in November 2026.
Dilution and capital structure
As of June 30, 2026, 70.9 million potential new shares stood against 153.7 million outstanding. The notes convert at $1.20 and were carried at $89.7 million instead of $18.0 million of principal; fair-value effects cost a $132.7 million book loss in the first half of 2026.
Management and ownership
The Liberty group sold half of its shares at $9.77 on May 26, 2026 and still holds 10 million; the CFO stepped down by mutual agreement on August 21, 2026 and the role is filled on an interim basis. New since September 7, 2026 is former NGA director Frank Whitworth as president.
Worth Noting
Satellogic reached the research list via the in-house stock scanner “Reddit hype,” which flags stocks with unusually high attention in retail investor forums (as of October 3, 2026). The scanner measures attention, not quality; it is a reason to look something up, not an argument.
Timeliness: the latest periodic report analyzed is the Form 10-Q for the quarter ended June 30, 2026, filed August 6, 2026; the earnings release (Form 8-K, Item 2.02) came on August 5, 2026. Every filing after that was reviewed through October 3, 2026: a State Street threshold filing (August 7), two Item 5.02 Forms 8-K (August 27: interim CFO; September 8: new president) and insider filings (Forms 3 and 4) on vesting of stock awards with no sales. The personnel changes are covered in the article.
Data: on June 17, 2026 Satellogic refiled the Section 302 certifications for its 2025 annual report and its quarterly report for March 31, 2026, because, according to the amendment, part of the required wording (paragraph 4) had been inadvertently omitted; these were exhibit-only refilings, and the figures and report text were unchanged. all business figures come from SEC filings; revenue for 2021 through 2023 from the Form 20-F for 2023, filed while Satellogic still reported as a foreign private issuer. Q4 2025 is calculated as the full year minus nine months. The valuation anchor is the October 1, 2026 close ($5.42, source: fundamental data); the resulting market capitalization of about $833 million based on 153,739,911 shares differs by 2 percent from the fundamental-data figure (about $850 million). The “excluding product revenue” figure is our own calculation: operating income of $0.3 million minus $8.3 million of product revenue plus $1.1 million of product costs.
Name confusion: the market data feed lists the name “Satellogic V Inc”; the registrant’s name at the SEC is “Satellogic Inc.” Not to be confused with the former blank-check company CF Acquisition Corp. V, through which Satellogic reached the Nasdaq in January 2022.
Stock Watch
This analysis is as of October 2, 2026. Stock Watch will tell you what's changed at SATL since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.30 $ to 10.70 $ · Last price: 5.70 $ (As of: October 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/02/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Aerospace & Defense
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Satellogic Inc. SATL | 0.9 | – | 245.5 | 78.9 | 1.7 | 37.6 | 62.8 |
| Space Exploration Technologies Corp. SPCX | 1,203.9 | – | 501.7 | 51.9 | – | – | – |
| GE Aerospace GE | 322.7 | 39.6 | 27.2 | 31.1 | 20.2 | 18.5 | 3.8 |
| RTX Corporation RTX | 242.7 | 34.8 | 17.9 | 20.3 | 13.2 | 9.7 | 12.5 |
| The Boeing Company BA | 152.6 | 77.3 | 24.1 | 4.7 | 1.7 | 34.5 | -11.0 |
| Lockheed Martin Corporation LMT | 116.5 | 24.5 | 13.8 | 11.8 | 11.0 | 5.7 | 3.8 |
| Howmet Aerospace Inc HWM | 92.5 | 53.3 | 34.1 | 36.0 | 28.2 | 11.1 | 21.3 |
| General Dynamics Corporation GD | 89.7 | 21.1 | 14.6 | 15.4 | 10.5 | 10.1 | -1.5 |
| Northrop Grumman Corporation NOC | 67.1 | 15.1 | 11.7 | 20.1 | 11.7 | 2.2 | -19.1 |
| Median of companies shown | 116.5 | 34.8 | 24.1 | 20.3 | 11.3 | 10.6 | 3.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 0 | -21 | -21 | -0.30 | -14 | -5 | 48 |
| 2020 | 0 | -22 | -22 | -0.43 | -17 | -117 | 55 |
| 2021 | 4 | -69 | -96 | -1.40 | -28 | -239 | 50 |
| 2022 | 6 | -91 | -37 | -0.44 | -68 | 106 | 144 |
| 2023 | 10 | -69 | -61 | -0.68 | -50 | 52 | 76 |
| 2024 | 13 | -52 | -116 | -1.28 | -36 | -53 | 62 |
| 2025 | 18 | -31 | -5 | -0.04 | -27 | 61 | 151 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | – | – | 4 | 119.90 | -517.00 | -14 | -15 |
| 2024: Q3 | – | – | 3 | 152.60 | -1,373.80 | -8 | -9 |
| 2024: Q4 | -0.78 | – | 3 | – | -1,373.60 | -4 | -4 |
| 2025: Q1 | -0.34 | – | 3 | 1.80 | -961.90 | -5 | -7 |
| 2025: Q2 | -0.06 | – | 4 | 26.80 | -149.80 | -4 | -5 |
| 2025: Q3 | -0.02 | – | 4 | 20.30 | 109.20 | -8 | -10 |
| 2025: Q4 | 0.08 | 108.80 | 6 | 106.80 | 488.00 | -10 | -13 |
| 2026: Q1 | -0.04 | 88.20 | 6 | 80.30 | -1,937.20 | 0 | -5 |
| 2026: Q2 | -0.13 | -101.60 | 16 | 258.50 | -125.90 | -9 | -14 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 10 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- High ADR (≥5%)
- Kathy Donnelly: Liquid Movers Up
- Qullamaggie: Top Gainers 6M
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.06 | -0.09 – -0.02 | 47 | -41.7% | 3 |
| 12/31/2027 | -0.03 | -0.09 – 0.01 | 62 | 47.1% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 02.10.2026, erneut am 03.10.2026 (keine neuen Periodenberichte) gegen die Geschäftsberichte (10-K) 2025 (eingereicht 19.03.2026) und 2024 (26.03.2025) sowie die Quartalsberichte (10-Q) zum 30.06.2026, 31.03.2026, 30.09.2025 und 30.06.2025: Satellogic beschreibt KI-gestützte Analysen als Teil dessen, was es verkauft — nicht nur als internes Werkzeug. Der 10-K 2025 nennt einen Mehrjahresvertrag über 30 Mio. US-Dollar, unter dem Satellogic Bilder und Analysen „auf Basis unserer KI-First-Satellitenkonstellation“ liefert, sowie Analysen, die direkt an Bord der Satelliten mit KI gerechnet werden; der 10-Q zum 30.06.2026 meldet Kooperationen zur Entwicklung und Lieferung KI-gestützter Aufklärungsprodukte. Einschränkung: Einen eigenen KI-Umsatz weist Satellogic nicht aus, und der Umsatz aus dem 30-Mio.-Vertrag wird laut 10-K erst 2027 erwartet — die Einstufung beruht auf der Produkt- und Vertragsbeschreibung, nicht auf einer bezifferten KI-Erlöszeile.
View the full file — quotes, sources, reviewed filings
„Under this agreement, we will provide near-daily, multiband optical imagery and ultra-low latency analytics leveraging our AI-First satellite constellation, with revenue on the contract expected in 2027."
Im Rahmen dieser Vereinbarung werden wir nahezu tägliche, multispektrale optische Bilder und Analysen mit extrem geringer Verzögerung liefern, die sich auf unsere KI-First-Satellitenkonstellation stützen; Umsatz aus dem Vertrag wird für 2027 erwartet.
10-K · 2026-03-19 · View SEC filing
„Furthermore, our 2025 NextGen platform introduces 30cm-class resolution and onboard edge computing, allowing for real-time AI processing directly on the satellite to deliver insights rather than just raw pixels."
Darüber hinaus bringt unsere NextGen-Plattform von 2025 eine Auflösung der 30-Zentimeter-Klasse und Rechenleistung an Bord, die eine KI-Verarbeitung in Echtzeit direkt auf dem Satelliten ermöglicht, um Erkenntnisse statt bloßer Rohpixel zu liefern.
10-K · 2026-03-19 · View SEC filing
„In June 2026, the Company announced separate strategic collaborations with SynMax and SpaceKnow to develop and deliver AI-powered geospatial intelligence products for defense, intelligence, and commercial customers."
Im Juni 2026 gab das Unternehmen getrennte strategische Kooperationen mit SynMax und SpaceKnow bekannt, um KI-gestützte Geodaten-Aufklärungsprodukte für Verteidigungs-, Nachrichtendienst- und Geschäftskunden zu entwickeln und zu liefern.
10-Q · 2026-08-06 · View SEC filing
Filings Reviewed: 10-Q 2026-08-06 · 10-Q 2026-05-12 · 10-Q 2025-11-10 · 10-Q 2025-08-12 · 10-K 2026-03-19 · 10-K 2025-03-26
Rated on October 3, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 43.3%
- More than 10% revenue growth is expected for the coming year 165.2%
- Share count grows by less than 3% a year 17.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -155.9%
- Gross margin at 40% or higher and without meaningful erosion 28.8%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 31 m net cash
- Operating cash flow covers the profits of the last three years 70 m
- Return on capital at 15% or higher, or up versus two years ago -24.1%
- Insiders hold at least 10% or are net buyers 7.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 87.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 87.7%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -7.9%
- ROCE > 15% -24.1%
- Expected return > 10% 80.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 20, 2026 | Greer Dustin Yoshio | CFO | Other | 1,305 | 0.00 | – |
| Sep 20, 2026 | Greer Dustin Yoshio | CFO | Other | 2,823 | 0.00 | – |
| Sep 20, 2026 | Greer Dustin Yoshio | CFO | Other | 6,082 | 0.00 | – |
| Sep 20, 2026 | Greer Dustin Yoshio | CFO | Other | 87 | 0.00 | – |
| Sep 20, 2026 | Greer Dustin Yoshio | CFO | Other | 1,746 | 0.00 | – |
| Sep 20, 2026 | Kharsansky Alan | Chief Technology Officer | Other | 3,424 | 0.00 | – |
| Sep 20, 2026 | Kharsansky Alan | Chief Technology Officer | Other | 9,462 | 0.00 | – |
| Sep 20, 2026 | Kharsansky Alan | Chief Technology Officer | Other | 4,872 | 0.00 | – |
| Sep 20, 2026 | Kargieman Emiliano | Chief Executive Officer | Other | 9,490 | 0.00 | – |
| Sep 20, 2026 | Kargieman Emiliano | Chief Executive Officer | Other | 20,064 | 0.00 | – |
The company
About the Company
Satellogic Inc. operates as a vertically integrated earth observation company in Europe, the Asia Pacific, Asia, North America, and South America. The company designs, manufactures, and operates satellite systems, delivering decision-grade insights; geospatial data through its platform to identify climate change, energy supply, and food security; provides constellation-as-a-service services and space system solutions; and satellite sales and support services. It also deploys satellites with monitoring assets. The company has strategic collaboration with SynMax to develop and deliver AI-powered geospatial intelligence products for defense and intelligence customers. The company serves government, commercial customers, sovereign customers, and local partners. It has a strategic collaboration agreement with SpaceKnow to deliver planetary-scale monitoring solutions to commercial and government customers. Satellogic Inc. was founded in 2010 and is headquartered in Davidson, North Carolina.
- Employees
- 154
- Headquarters
- Davidson, NC
- Address
- 210 Delburg Street, 28036 Davidson, United States
- Phone
- 704-802-2041
- Website
- satellogic.com
- IPO Date
- 03/26/2021
- ISIN
- US80401C1009
Management
| Name | Title | Birth Year |
|---|---|---|
| Emiliano Kargieman | Founder, CEO & Director | 1976 |
| Gerardo Gabriel Richarte | Founder & Chief Architect Officer | 1976 |
| Dustin Greer | Senior VP, Interim CFO, Corporate Controller & Principal Accounting Officer | 1979 |
| Lorri Kohler | Senior Vice President of Operations | – |
| Alan Kharsansky | Chief Technology Officer | – |
| Noah S. Benz | Senior Vice President & General Counsel | 1973 |
| Ryan Driver | Senior Vice President of Finance & Corporate Development | – |
| Jeffrey S. Kerridge | Senior Vice President of Global Sales | 1962 |
| Caitlin Kontgis | Chief of Staff | – |
| Jamil Kawar | Senior Vice President of Space Systems | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/08/2026 Satellogic Inc. (SATL): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/27/2026 Satellogic Inc. (SATL): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/05/2026 Satellogic Inc. (SATL): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/28/2026 Satellogic Inc. (SATL): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
Data as of: October 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.