Satellogic Inc. (SATL) — Fundamental Analysis

Satellogic (SATL) is a small-cap Earth observation satellite company that has spent most of its public life burning cash, but the numbers are beginning to shift in a meaningful way. Revenue has climbed from roughly $10 million in fiscal 2023 to nearly $18 million in fiscal 2025, and the most recent quarter — ending June 30, 2026 — marks a genuine milestone: the company posted positive EBITDA for the first time in the data available here. Losses are narrowing sharply, the current ratio has recovered to a healthier level, and capital spending is moderating relative to revenue. Satellogic is not profitable yet on a net basis, but the trajectory over the past two to three years is clearly improving, and the latest quarter suggests the business may be approaching an operational inflection point. Investors should still weigh the company's early stage, limited filing history, and ongoing cash consumption carefully.

Snapshot & Big Picture

Satellogic went public via SPAC and operates a constellation of low-Earth-orbit satellites providing high-frequency, high-resolution imagery. Its business model depends on building out satellite capacity and then selling imagery, analytics, and data-as-a-service to government and commercial customers. Because the core asset — the satellite constellation — is capital-intensive to build and maintain, the company has historically spent heavily relative to its revenue base, resulting in deep operating losses. The story of the past three fiscal years is one of slowly scaling revenue while simultaneously compressing those losses, a combination that is now starting to show up in the quarterly EBITDA line.

Latest Quarter Snapshot

The quarter ending June 30, 2026 is the most current data point available and paints the most encouraging picture yet. Revenue came in at approximately $15.9 million for the single quarter — already approaching the full-year 2024 total of $12.9 million — suggesting a significant acceleration in the business. EBITDA turned positive at $1.4 million, and the operating margin moved into positive territory at roughly 1.7%. Net margin remains negative at about -126%, which reflects non-operating items (such as interest expense or fair-value adjustments common in SPAC-structured companies) pulling the bottom line down even as operations improve. The current ratio stands at 2.34, indicating a comfortable short-term liquidity position. Capital expenditures were $5.6 million for the quarter, representing a capex-to-revenue ratio of approximately 34.9%.

Profitability

The multi-year trend in profitability is one of consistent, material improvement across every margin metric tracked.

Gross margin was not separately available in the filings for any period. The headline finding is that EBITDA losses contracted from -$52 million in FY 2023 to -$23 million in FY 2025 — a reduction of more than 55% — even as revenue grew. The single most recent quarter achieved positive EBITDA, which, if sustained, would represent a fundamental change in the company's operating profile. Net margin remains volatile, partly because non-operating charges (common in post-SPAC structures) can dwarf operating results at this revenue scale.

Financial Health

Satellogic's balance sheet health has been uneven but is recovering. The current ratio dipped below 1.0 in FY 2024 (0.80), signaling a brief period of short-term liquidity stress, but has since rebounded to 1.24 at FY 2023 year-end, and more meaningfully to 5.12 at the close of FY 2025, before settling at 2.34 in the latest quarter. Debt-to-equity was not available in any of the filings provided, so leverage cannot be assessed quantitatively from this data set.

Capital Expenditures: Satellogic is a capital-intensive business by nature — building and launching satellites requires significant upfront investment. The trend in capex tells an important story:

The dramatic drop in capex-to-revenue from nearly 148% in FY 2023 to roughly 35–42% in more recent periods reflects the company moving past a heavy constellation-build phase. Capex is stabilizing in the $5–8 million annual range while revenue grows, which implies the business is becoming progressively less capital-intensive on a relative basis. That said, a capex-to-revenue ratio still in the 35–42% range is high by most standards and underscores that reinvestment needs remain substantial. If the company must expand its constellation further to compete, this ratio could spike again.

Growth

Satellogic's SEC filing history is limited — the company went public via SPAC relatively recently — which means multi-year CAGR calculations have restricted data to draw from.

None of the standard CAGR windows are calculable given Satellogic's limited public filing history. What the annual data does show directionally is revenue growing from $10.1 million in FY 2023 to $17.7 million in FY 2025 — roughly 75% cumulative growth over two years — and a single quarter in mid-2026 that approached $16 million on its own. The near-term revenue trajectory is sharply upward, though the company's small absolute scale means single contract wins or losses can materially distort any trend.

Source Filings

• Form 10-Q — Filed 2026-08-06 (Period ending June 30, 2026)
• Form 10-Q — Filed 2026-05-12 (Period ending March 31, 2026)