Capital intensity remains elevated with a CapEx/Revenue ratio of 90.9% in 2026Q1, necessitating continuous external funding to cover persistent free cash flow deficits.
| Cash from Operations | -22.01M | -26.89M | -35.89M | -49.57M | -68.46M | -28.44M | -17.33M | -14.07M |
| Operating CF Margin % | - | -151.84% | -278.87% | -492.07% | -1138.76% | -669.63% | - | - |
| Operating CF Growth % | 11.74% | 25.09% | 27.6% | 27.59% | -140.73% | -64.1% | -23.18% | - |
| Net Income | -90.5M | -4.78M | -116.27M | -61.02M | -36.64M | -96.31M | -113.93M | -20.77M |
| Depreciation & Amortization | 6.45M | 7.74M | 12.65M | 17.26M | 14.33M | 11.28M | 3.47M | 4.24M |
| Stock-Based Compensation | 4.4M | 4.26M | 2.33M | 6.3M | 8.37M | 0 | 0 | 959K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 1.6M | -1.62M | 148K | 83K |
| Other Non-Cash Items | 65.17M | -26.79M | 62.83M | -9.54M | -46.59M | 39.8M | 92.27M | 115K |
| Working Capital Changes | -7.51M | -7.31M | 2.56M | -2.56M | -9.53M | 18.4M | 713K | 1.3M |
| Change in Receivables | -287K | -6.02M | -1.13M | -385K | -1.93M | -4.69M | 7K | 12K |
| Change in Inventory | -270K | -723K | 0 | 0 | 0 | 0 | 0 | 540K |
| Change in Payables | -250K | -1.53M | -2.36M | 0 | -3.2M | 1.42M | 0 | -251K |
| Cash from Investing | -11.01M | -7.38M | -5.03M | -14.44M | -30.85M | -11.23M | -9.24M | -8.3M |
| Capital Expenditures | -11.01M | -7.38M | -5.04M | -14.88M | -27.25M | -11.23M | -9.26M | -8.3M |
| CapEx % of Revenue | 53.91% | 41.66% | 39.15% | 147.76% | 453.29% | 264.49% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -3.65M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 6K | 450K | 53K | 3K | 14K | 0 |
| Cash from Financing | 143.33M | 112.51M | 37.45M | -83K | 164.34M | 28.64M | 17.78M | 27.02M |
| Debt Issued (Net) | 0 | 0 | 30M | 0 | 0 | 0 | 18.05M | 27M |
| Equity Issued (Net) | 119.08M | 94.9M | 9.6M | -458K | 158.9M | 28.64M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -327K | 0 | 0 | -458K | -8.6M | 0 | 0 | 0 |
| Other Financing | 24.25M | 17.61M | -2.15M | 375K | 5.43M | 0 | -267K | 16K |
| Net Change in Cash | 110.29M | 78.41M | -921K | -53.19M | 69.26M | -8.73M | 17.27M | 4.8M |
| Free Cash Flow | -33.02M | -34.26M | -40.93M | -64.46M | -95.71M | -39.67M | -26.59M | -22.37M |
| FCF Margin % | -161.64% | -193.49% | -318.01% | -639.83% | -1592.05% | -934.12% | - | - |
| FCF Growth % | 7% | 16.29% | 36.5% | 32.66% | -141.26% | -49.2% | -18.86% | - |
| FCF per Share | -0.23 | -0.26 | -0.45 | -0.72 | -1.14 | -0.58 | -0.53 | -0.33 |
| FCF Conversion (FCF/Net Income) | 0.36x | 5.62x | 0.31x | 0.81x | 1.87x | 0.30x | 0.80x | 0.68x |
| Interest Paid | 1.65M | 0 | 0 | 28K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High cash burn volatility
As reported in financial statements, Satellogic exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently oscillating between negative values and extreme volatility, such as the 0.65 reading in 2025Q2, highlighting significant non-cash accounting distortions within the reported earnings.
The wide variance between net income and operating cash flow suggests that headline earnings are heavily influenced by non-cash items, likely derivative adjustments or stock-based compensation. Investors should monitor this gap closely, as it indicates that reported profitability metrics may not accurately reflect the company's underlying ability to generate cash from its core operations.
Based on recent SEC filings, Satellogic's free cash flow trajectory remains deeply negative, with quarterly outflows consistently exceeding $4 million and reaching a peak deficit of $16 million in 2023Q4, underscoring the company's ongoing reliance on external financing to sustain its capital-intensive satellite constellation expansion.
The consistent failure to achieve positive free cash flow suggests that the current revenue model is insufficient to cover both operational overhead and the necessary capital expenditures for constellation maintenance. This trajectory warrants further investigation into whether the company can reach a self-sustaining scale before its existing cash reserves are exhausted.
According to the provided cash flow data, Satellogic maintains a high capital intensity, with CapEx/Revenue ratios frequently exceeding 50%, such as the 90.9% observed in 2026Q1, reflecting the substantial ongoing investment required to manufacture and launch the Aleph-1 satellite constellation to maintain competitive resolution capabilities.
The high ratio of capital expenditure relative to revenue suggests that the company is still in a heavy growth-capex phase rather than a maintenance-capex phase. This level of spending implies that any delay in launch schedules or reduction in satellite useful life could necessitate even higher capital outlays, further pressuring liquidity.
As indicated by the quarterly cash flow data, working capital changes have been highly erratic, swinging from a $4.2 million source of cash in 2026Q1 to a $7.5 million use of cash in 2025Q4, which suggests significant lumpiness in the collection of milestone-based sovereign mission payments.
The volatility in working capital appears to be a direct consequence of the company's reliance on large, milestone-driven government contracts. This pattern suggests that cash flow timing is inherently unpredictable, which may complicate short-term liquidity management and increase the risk of cash crunches during periods between major contract payments.
Quick answers to the most common questions about buying SATL stock.
Satellogic Inc. (SATL) generated $-26.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Satellogic Inc. (SATL) reported negative free cash flow of $34.3M in 2025, indicating capital requirements exceeded cash from operations.
Satellogic Inc. (SATL) spent $7.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.