Free cash flow has been consistently negative, with a margin of -123.5% in 2026Q2, indicating a persistent cash burn that is not offset by core operations, as the operating cash flow to net income ratio stood at 0.42 for the period.
Satellogic Inc. (SATL) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -26.14M | -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 % | -151.86% | 25.09% | 27.6% | 27.59% | -140.73% | -64.1% | -23.18% | - |
| Net Income | -103.9M | -4.78M | -116.27M | -61.02M | -36.64M | -96.31M | -113.93M | -20.77M |
| Depreciation & Amortization | 7.13M | 7.74M | 12.65M | 17.26M | 14.33M | 10.73M | 3.47M | 4.24M |
| Stock-Based Compensation | 5.99M | 4.26M | 2.33M | 6.3M | 8.37M | 10.88M | 0 | 959K |
| Deferred Taxes | 1.9M | 0 | 0 | 0 | 1.6M | -1.62M | 148K | 83K |
| Other Non-Cash Items | 188.21M | -26.79M | 62.83M | -9.54M | -46.59M | 29.47M | 92.27M | 115K |
| Working Capital Changes | -7.17M | -7.31M | 2.56M | -2.56M | -9.53M | 18.4M | 713K | 1.3M |
| Change in Receivables | -3.19M | -6.02M | -1.13M | -385K | -1.93M | -4.69M | 7K | 12K |
| Change in Inventory | 456K | -723K | 0 | 0 | 0 | 0 | 0 | 540K |
| Change in Payables | 1.67M | -1.53M | -2.36M | 0 | -3.2M | 1.42M | 0 | -251K |
| Cash from Investing | -13.09M | -7.38M | -5.03M | -14.44M | -30.85M | -11.23M | -9.24M | -8.3M |
| Capital Expenditures | -21.42M | -7.38M | -5.04M | -14.88M | -27.25M | -11.23M | -9.26M | -8.3M |
| CapEx % of Revenue | 67.14% | 41.66% | 39.15% | 147.76% | 453.29% | 264.49% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -3.65M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 8.34M | 0 | 6K | 450K | 53K | 3K | 14K | 0 |
| Cash from Financing | 155.93M | 112.51M | 37.45M | -83K | 164.34M | 28.64M | 17.78M | 27.02M |
| Debt Issued (Net) | 0 | 0 | 30M | 0 | 0 | 7.51M | 18.05M | 27M |
| Equity Issued (Net) | 118.42M | 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 | 37.5M | 17.61M | -2.15M | 375K | 5.43M | -7.51M | -267K | 16K |
| Net Change in Cash | 116.64M | 78.41M | -921K | -53.19M | 69.26M | -8.73M | 17.27M | 4.8M |
| Free Cash Flow | -47.56M | -34.26M | -40.93M | -64.46M | -95.71M | -39.67M | -26.59M | -22.37M |
| FCF Margin % | -149.06% | -193.49% | -318.01% | -639.83% | -1592.05% | -934.12% | - | - |
| FCF Growth % | -86.82% | 16.29% | 36.5% | 32.66% | -141.26% | -49.2% | -18.86% | - |
| FCF per Share | -0.32 | -0.26 | -0.45 | -0.72 | -1.14 | -0.58 | -0.53 | -0.33 |
| FCF Conversion (FCF/Net Income) | 0.46x | 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 |
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.
Key Metrics
Top Statement Risk
Negative FCF and lumpy operations
Metrics are mathematically derived from official filings.
Cash Conversion Persistently Negative
Satellogic's operating cash flow has been consistently negative, with a ratio to net income often below one, indicating that losses are not being offset by cash generation from core operations, as seen in the 2025Q4 OCF/NI ratio of -0.31.
The persistent negative operating cash flow, even in profitable quarters like 2025Q4, suggests that core operations are not generating cash, and the reported net income is heavily influenced by non-cash or non-operating items. This implies a low quality of earnings and a reliance on external funding to sustain operations, warranting close scrutiny of the company's working capital and capital expenditure requirements.
Free Cash Flow Deeply Negative
Free cash flow has been deeply negative across the last ten quarters, with margins ranging from -2.7% to -195.9%, indicating a persistent and substantial cash burn that has not been offset by any period of positive generation.
The trajectory of free cash flow is uniformly negative, with no quarter showing positive generation, which suggests the business is in a heavy investment phase or struggling to achieve operational breakeven. The severity of the cash burn, especially in periods of reported net income, underscores that the path to self-funding remains long and uncertain.
CapEx Intensity Fluctuates Wildly
Capital expenditure as a percentage of revenue has fluctuated dramatically, from a low of 17.5% in 2025Q2 to a high of 90.9% in 2026Q1, indicating an inconsistent investment cycle that complicates the prediction of future cash needs.
The extreme volatility in CapEx intensity, often exceeding revenue itself in quarters like 2026Q1, suggests a lumpy investment pattern typical of aerospace projects, where large expenditures occur in bursts. This unpredictability makes it difficult for investors to model future cash requirements and highlights the capital-intensive nature of scaling Satellogic's satellite constellation and services.
Working Capital Swings Erratically
Working capital changes have been volatile, swinging from a $7.5M cash outflow in 2025Q4 to a $4.1M inflow in 2024Q4, suggesting inconsistent collection patterns and inventory management that obscure the underlying operational efficiency.
The erratic swings in working capital, with large quarterly changes, point to potential issues with billing cycles, customer payments, or inventory buildup, which are common in project-based aerospace services. These fluctuations directly impact operating cash flow and add noise to the financial results, making it harder to discern true operational performance from quarter to quarter.
Cash Deployment Limited to Fundamentals
With no dividends paid and minimal share repurchases, Satellogic's cash deployment has been focused solely on funding operations and growth CapEx, as indicated by the absence of any returns to shareholders in the last ten quarters.
The lack of shareholder returns is expected for a company in a growth phase with persistent cash burn, but the minimal share buybacks, only appearing in three quarters with tiny amounts, suggest that management is preserving all available capital for core business needs. This conservative deployment is appropriate given the negative FCF trajectory but offers no near-term upside for income-focused investors.
Cumulative Earnings vs. Cash Reality
Over the last ten quarters, Satellogic has reported a cumulative net loss of approximately $194.9M, while cumulative operating cash flow is a negative $109.4M, indicating that losses have exceeded cash burn, a divergence partially explained by non-cash items and working capital changes.
The gap between cumulative net loss and cumulative negative operating cash flow suggests that while the company is losing money on an accrual basis, its cash burn is somewhat less severe, possibly due to non-cash charges or favorable working capital trends in some periods. However, the absolute level of both metrics confirms a severe and sustained depletion of cash resources that must be financed externally.
Obscured Cash Costs and Non-Cash Adjustments
Satellogic's cash flow statement may obscure the full cost of operations, as stock-based compensation, a non-cash charge, reached $735K in 2026Q1 while D&A was only $1.4M, indicating SBC is a material component of the cost structure not reflected in operating cash flow.
The material level of stock-based compensation, which is added back to reconcile net income to operating cash flow, suggests that the true cash cost of employee compensation is higher than the income statement implies. Furthermore, the large swings in working capital and the significant gap between net income and operating cash flow in periods like 2025Q4 warrant further investigation into the specific drivers, as they could mask underlying operational weaknesses or one-time adjustments that are not apparent in the headline figures.