# Satellogic Inc. (SATL)

> Source: Nexqual · https://nexqual.com/SATL · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Satellogic Inc. (SATL), nexqual.com/SATL" · informational, not investment advice.

**Price:** USD 3.74 (-1.84% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 3.81 · day 3.71–3.93 · 52w 1.26–12 · market cap $575M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $31.9M, net income -$104M (-325.6% margin), free cash flow -$42.2M (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 10.2 (range 9–11).
- Total return with dividends: 1Y +111.7% vs S&P 500 +14.8%; 5Y -62.4% vs S&P 500 +79.1%.
- Next earnings: 2026-11-10, EPS estimate USD -0.02, revenue estimate $12.4M. All companies reporting that day: https://nexqual.com/earnings/2026-11-10
- Dividend: SATL paid no cash dividend in the last five years.
- Short interest: 15.40% of float (as of 2026-10-15), 3.3 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $10.1M | $12.9M | $17.7M | $31.9M |
| Operating income | -$69.4M | -$52.2M | -$31.0M | -$21.3M |
| Net income | -$61.0M | -$116M | -$4.8M | -$104M |
| EPS (diluted) | -$0.68 | -$1.28 | -$0.18 | — |
| Free cash flow | -$64.5M | -$40.9M | -$34.3M | -$42.2M |
| Operating margin | -688.9% | -405.6% | -175.2% | -66.8% |
| Net margin | -605.7% | -903.4% | -27.0% | -325.6% |
| Revenue growth | — | +27.8% | +37.6% | — |
| Cash + short-term investments | $23.5M | $22.5M | $94.4M | — |
| Total debt | $0K | $79.1M | $56.1M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 18.0x · EV/Sales 17.3x · P/B 17.0x · FCF yield -7.33% · Earnings yield -18.07% · Net cash $23.1M · EV $552M

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 5 analysts; mean target USD 10.2 (low 9, high 11).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | Cantor Fitzgerald | Target lowered | Overweight | $10 → $9 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +111.7% | -62.4% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +112.7% | -17.7% |
| Volatility (annualized) | 119.9% | 107.5% |
| Max drawdown | -69.2% (May 2026→Jul 2026) | -94.0% (Jan 2022→Nov 2023) |

## Dividends
SATL paid no cash dividend in the last five years.

## Short interest
18,626,454 shares sold short, 15.40% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 19,684,398 shares (-5.4%). Days to cover: 3.3 (short shares ÷ average daily volume).

## Peers (Aerospace & Defense)
AVAV (AeroVironment, Inc.) USD 134.88 +7.09% · SARO (StandardAero, Inc.) USD 23.79 +7.11% · KTOS (Kratos Defense & Security Solut) USD 43.59 +5.88% · CAE (CAE Inc) USD 26.27 +1.98% · DRS (Leonardo DRS, Inc.) USD 39.64 +11.66% · MOG-A (Moog Inc.) USD 362.81 +4.41%

## More
Full page: https://nexqual.com/SATL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SATL's own 10-K filed 2026-03-19 (https://www.sec.gov/Archives/edgar/data/1874315/000187431526000013/satl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | SpaceX | "In January 2021, we signed a Rideshare Multi-Launch Agreement with SpaceX (the "SpaceX Agreement"), our preferred rideshare launch provider, and we expect to continue our launch program with SpaceX as we engage with and …" |
| Partner | Officina Stellare | "On May 6, 2022, we entered into an Investment Agreement with Officina Stellare S.p.A. ("OS"), a company engaged in the design and production of telescopes and opto-mechanical and aerospace instrumentation for ground and …" |
| Partner | High Earth Orbit Robotics Pty | "On August 4, 2025, we entered into an expanded agreement with High Earth Orbit Robotics Pty Ltd. ("HEO"), the world's leading commercial provider of non-Earth imagery ("NEI") for in-orbit inspection." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Information Services | $15.9M | 100.0% | +258.5% |
| Space Systems | $8.8M | 55.3% | +1720.5% |
| Product | $8.3M | 52.4% | — |
| Service | $7.6M | 47.6% | +70.8% |
| Data & Analytics including CaaS | $7.1M | 44.7% | +79.7% |
| Total revenue | $15.9M | 100% | — |
The lines above cover 300% of total revenue.

## Revenue by region (quarter ended 2026-03-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia & Asia Pacific | $3.0M | 48.4% | +739.5% |
| Americas | $2.0M | 33.2% | -21.4% |
| Europe | $1.1M | 18.4% | +147.6% |
| Total revenue | $6.1M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "The first launch is on track for the fourth quarter of 2026 and full operational capability is expected in the first half of 2027."
- "Remaining performance obligations as of June 30, 2026 totaled $80.7 million, with $45.8 million expected to be recognized as revenue within one year, $9.3 million in years one to two, $7.2 million in years two to three, and $18.4 million thereafter."
- "Readers are cautioned not to put undue reliance on forward-looking statements, and Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.02 | $-0.02 | $0.00 | $12.4M | 5 |
| Next quarter (ends 2026-12-31) | $-0.02 | $-0.03 | +$0.01 | $12.5M | 5 |
| Current fiscal year (ends 2026-12-31) | $-0.06 | $-0.31 | +$0.26 | $47.0M | 3 |
| Next fiscal year (ends 2027-12-31) | $-0.03 | $-0.10 | +$0.07 | $63.8M | 5 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.00 | −$0.02 | Beat +$0.02 | — |
| — | Quarter ended Mar 31, 2026 | −$0.04 | −$0.05 | Beat +20.0% | — |
| — | Quarter ended Dec 31, 2025 | $0.31 | −$0.05 | Beat +$0.36 | — |
| — | Quarter ended Sep 30, 2025 | −$0.02 | — | — | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-27 | Schedule 13G/A | BlackRock, Inc.: 6.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1874315/000201238326003843/0002012383-26-003843-index.htm |
| 2026-10-09 | 8-K/A | Director or executive officer change, or pay arrangement — “On October 8, 2026, the Compensation Committee of the Company's Board of Directors (the "Board") approved a one-time cash bonus of $150,000 for Mr. Greer in connection with his appointment as Interim CFO (the "Interim CFO Bonus"). The Interim CFO Bonus will be paid, less applicable taxes and withholdings, at the same time 2026 annual performance bonuses are paid to the Company's executive officers, and is subject to adjustment by the Board, in its discretion, in connection with its approval of 2026 executive…” | https://www.sec.gov/Archives/edgar/data/1874315/000187431526000050/0001874315-26-000050-index.htm |
| 2026-09-08 | 8-K | Director or executive officer change, or pay arrangement — “On September 4, 2026, the Board of Directors (the "Board") of Satellogic Inc. (the "Company") approved the appointment of Frank Dixon Whitworth III ("Mr. Whitworth") as President of the Company, effective as of September 7, 2026. Mr. Whitworth, age 59, is a retired Vice Admiral of the U.S. Navy with more than 36 years of commissioned service. He most recently served as the eighth Director of the National Geospatial-Intelligence Agency (the "NGA") from June 2022 until his retirement from the U.S. Navy in December…” | https://www.sec.gov/Archives/edgar/data/1874315/000187431526000042/0001874315-26-000042-index.htm |
| 2026-08-27 | 8-K | Director or executive officer change, or pay arrangement — “On August 21, 2026, Satellogic Inc. (the "Company") appointed Dustin Greer as Interim Chief Financial Officer ("Interim CFO"), effective immediately. Mr. Greer also serves as the Company's principal accounting officer. As previously disclosed in the Company's Current Report on Form 8-K filed on July 28, 2026, Mr. Greer, age 47, has served as the Company's Senior Vice President and Corporate Controller since 2022. Prior to joining the Company, Mr. Greer served as Senior Director, FP&A and Business Insights for…” | https://www.sec.gov/Archives/edgar/data/1874315/000187431526000035/0001874315-26-000035-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 5.5% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1874315/000009375126000538/0000093751-26-000538-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1874315/000187431526000032/0001874315-26-000032-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1874315/000143774926025939/0001437749-26-025939-index.htm |
| 2026-07-30 | Schedule 13G | BlackRock, Inc.: 5.2% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1874315/000201238326003081/0002012383-26-003081-index.htm |
| 2026-07-28 | 8-K | Director or executive officer change, or pay arrangement — “As previously disclosed by Satellogic Inc. (the "Company") in its Current Report on Form 8-K filed on June 8, 2026 (the "Prior 8-K"), Rick Dunn and the Company mutually agreed that Mr. Dunn would step down as the Company's Chief Financial Officer ("CFO") at the conclusion of a transition period pursuant to that certain Letter Agreement, dated June 8, 2026 (the "Letter Agreement"), which memorializes the terms of Mr. Dunn's departure from the Company. In accordance with the Letter Agreement, on July 22, 2026, Mr.…” | https://www.sec.gov/Archives/edgar/data/1874315/000187431526000028/0001874315-26-000028-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.