Satellogic Reports Third Quarter 2026 Financial Results
Key Highlights
- ➤Q3 revenue $16.0M, up 342% year-over-year to a record
- ➤Adjusted EBITDA positive $1.2M, marking a second consecutive positive quarter
- ➤Post-quarter-end satellite agreement covers three in-orbit satellites for approximately $37M
- ➤Merlin.01 operating after October 1 launch; initial service revenue expected H2 2027
- ➤Cash and equivalents totaled $106.5M at September 30, 2026
Expert Statements
Emiliano Kargieman, Founder and CEO of Satellogic
“We delivered an excellent third quarter, with record revenue and our second consecutive quarter of positive Adjusted EBITDA”
Emiliano Kargieman, Founder and CEO of Satellogic
“Revenue grew 342% year-over-year to $16.0 million, following $15.9 million in the second quarter, as we continued to execute across both Data & Analytics and Space Systems.”
Emiliano Kargieman, Founder and CEO of Satellogic
“For the first nine months of 2026, revenue reached $38.1 million, more than twice what we generated in all of 2025.”
Emiliano Kargieman, Founder and CEO of Satellogic
“These results demonstrate the progress we are making in scaling the business and converting commercial activity into revenue.”
Emiliano Kargieman, Founder and CEO of Satellogic
“We completed the second satellite delivery under our $18 million agreement with Portugal’s CEiiA, demonstrating our ability to deliver working sovereign capabilities on accelerated timelines.”
Emiliano Kargieman, Founder and CEO of Satellogic
“The October 1 launch of Merlin.01, the first satellite in our Merlin constellation, marked another major milestone, achieved just 18 months after program kickoff, on schedule and on budget.”
Emiliano Kargieman, Founder and CEO of Satellogic
“Once fully operational, the constellation is designed to remap the planet daily, detect changes on board, and direct our high-resolution satellites to areas requiring closer observation.”
Dustin Greer, Interim CFO of Satellogic
“Our financial results reflect strong revenue growth, which is translating into substantial year-over-year improvement in operating performance.”
Dustin Greer, Interim CFO of Satellogic
“Third quarter revenue increased 342% year-over-year to $16.0 million.”
Dustin Greer, Interim CFO of Satellogic
“Operating loss narrowed by $5.8 million, or 72%, to $2.3 million, while Adjusted EBITDA improved to positive $1.2 million from a loss of $4.9 million, marking our second consecutive quarter of positive Adjusted EBITDA.”
Dustin Greer, Interim CFO of Satellogic
“Third quarter GAAP net income of $28.3 million included a $30.0 million non-cash gain from changes in the fair value of financial instruments.”
Dustin Greer, Interim CFO of Satellogic
“This gain is not indicative of underlying operating performance.”
Dustin Greer, Interim CFO of Satellogic
“We ended September with $106.5 million in cash and cash equivalents and $66.9 million in total remaining performance obligations, reflecting contracts in place at September 30.”
Dustin Greer, Interim CFO of Satellogic
“Our liquidity position and the Merlin program’s full funding through customer contracts leave us well positioned to execute our production plan for the Merlin and NewSat fleet.”
Record Third Quarter Revenue of $16.0 Million, Up 342% Year-over-Year, with a Second Consecutive Quarter of Positive Adjusted EBITDA
Merlin.01 Launched October 1 and Now Operating, Advancing Persistent Global Intelligence Strategy
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