Satellogic (SATL) Q1 2026 earnings summary

Executive summary

• Revenue grew 80% year-over-year to $6.1 million in Q1 2026, driven by increased demand from Data & Analytics and Space Systems customers.

• Operating loss improved 33% year-over-year to $6.4 million, and Adjusted EBITDA loss improved 32% to $4.2 million.

• Achieved first quarter of positive operating cash flow ($0.2 million), a $4.9 million improvement from the prior year.

• Ended Q1 with $121.9 million in cash and cash equivalents, bolstered by a $35 million direct offering.

• Signed $12 million and $18 million satellite delivery agreements with sovereign and commercial customers.

Financial highlights

• Q1 2026 revenue: $6.1 million, up from $3.4 million in Q1 2025.

• Operating loss: $6.4 million, improved from $9.5 million year-over-year.

• Net loss: $118.3 million, including a $113.0 million non-cash charge from remeasurement of financial instruments.

• Adjusted EBITDA loss: $4.2 million, improved from $6.2 million year-over-year.

• Cash and cash equivalents: $121.9 million as of March 31, 2026.

Outlook and guidance

• Merlin constellation, an AI-first, defense-oriented satellite system, is fully funded and on track for first launch in Q4 2026, with full deployment expected in H1 2027.

• Remaining performance obligations at quarter-end totaled $64.8 million, with $29.2 million expected to be recognized within one year.