Revenue growth remains highly erratic, swinging from a 47% contraction in 2024Q4 to an 80.3% expansion in 2026Q1, while operating margins remain deeply negative at -104.2%.
| Sales/Revenue | 20.43M | 17.71M | 12.87M | 10.07M | 6.01M | 4.25M | 0 | 0 |
| Revenue Growth % | 57.99% | 37.58% | 27.75% | 67.56% | 41.56% | - | - | - |
| Cost of Goods Sold | 5.09M | 12.62M | 5.02M | 5.06M | 3.28M | 1.88M | 0 | 0 |
| COGS % of Revenue | - | 71.25% | 39.04% | 50.19% | 54.62% | 44.17% | - | - |
| Gross Profit | 15.34M | 5.09M | 7.85M | 5.02M | 2.73M | 2.37M | 0 | 0 |
| Gross Margin % | 75.08% | 28.75% | 60.96% | 49.81% | 45.38% | 55.83% | - | - |
| Gross Profit Growth % | - | -35.11% | 56.36% | 83.94% | 15.06% | - | - | - |
| Operating Expenses | 43.2M | 36.11M | 60.05M | 74.42M | 93.59M | 71.01M | 22.41M | 20.7M |
| OpEx % of Revenue | - | 203.93% | 466.6% | 738.74% | 1556.8% | 1671.91% | - | - |
| Selling, General & Admin | 31.8M | 33.71M | 30.53M | 33.84M | 55.95M | 46.59M | 8.12M | 8.24M |
| SG&A % of Revenue | - | 190.37% | 237.19% | 335.93% | 930.62% | 1097.13% | - | - |
| Research & Development | 5.71M | 5M | 14.4M | 10.66M | 13.05M | 9.64M | 5.92M | 6.37M |
| R&D % of Revenue | - | 28.24% | 111.93% | 105.78% | 217.15% | 226.89% | - | - |
| Other Operating Expenses | 2.41M | -2.6M | 15.12M | 29.92M | 24.59M | 14.78M | 8.37M | 6.09M |
| Operating Income | -27.86M | -31.02M | -52.21M | -69.4M | -90.87M | -68.64M | -22.41M | -20.7M |
| Operating Margin % | -136.41% | -175.18% | -405.64% | -688.93% | -1511.43% | -1616.08% | - | - |
| Operating Income Growth % | - | 40.58% | 24.78% | 23.62% | -32.39% | -206.31% | -8.26% | - |
| EBITDA | -21.42M | -23.28M | -39.55M | -52.15M | -76.54M | -57.91M | -19.38M | -16.46M |
| EBITDA Margin % | -104.86% | -131.47% | -307.31% | -517.64% | -1273.14% | -1363.48% | - | - |
| EBITDA Growth % | 38.14% | 41.14% | 24.15% | 31.87% | -32.18% | -198.86% | -17.72% | - |
| D&A (Non-Cash Add-back) | 6.45M | 7.74M | 12.65M | 17.26M | 14.33M | 10.73M | 3.03M | 4.24M |
| EBIT | -90.5M | -31.02M | -113.34M | -51.88M | -30.47M | -87.81M | -22.41M | -20.7M |
| Net Interest Income | 2.36M | 1.58M | 970K | 1.85M | -432K | -8.69M | -7.44M | -4.07M |
| Interest Income | 2.38M | 1.59M | 1.04M | 1.9M | 1.16M | 36K | 78.57K | 398.35K |
| Interest Expense | 16K | 13K | 71K | 51K | 1.6M | 8.73M | 7.52M | 4.47M |
| Other Income/Expense | -62.64M | 26.91M | -61.21M | 17.47M | 58.8M | -27.9M | 1.03M | 15K |
| Pretax Income | -90.51M | -4.11M | -113.41M | -51.94M | -32.07M | -96.54M | -21.38M | -20.68M |
| Pretax Margin % | -443.07% | -23.21% | -881.23% | -515.54% | -533.4% | -2273.06% | - | - |
| Income Tax | -2K | 673K | 2.86M | 9.08M | 4.57M | -232K | 148K | 83K |
| Effective Tax Rate % | 0% | -16.37% | -2.52% | -17.49% | -14.26% | 0.24% | -0.69% | -0.4% |
| Net Income | -90.5M | -4.78M | -116.27M | -61.02M | -36.64M | -96.31M | -21.53M | -20.77M |
| Net Margin % | -443.06% | -27.01% | -903.43% | -605.7% | -609.46% | -2267.6% | - | - |
| Net Income Growth % | 32.3% | 95.89% | -90.55% | -66.53% | 61.95% | -347.33% | -3.68% | - |
| Net Income (Continuing) | -90.5M | -4.78M | -116.27M | -61.02M | -36.64M | -96.31M | -21.53M | -20.77M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.64 | -0.18 | -1.28 | -0.68 | -0.66 | -1.40 | -2.26 | -0.30 |
| EPS Growth % | 41.66% | 85.94% | -88.24% | -3.03% | 52.86% | 38.05% | -653.33% | - |
| EPS (Basic) | - | -0.04 | -1.28 | -0.68 | -0.44 | -1.40 | -2.26 | -0.30 |
| Diluted Shares Outstanding | 140.94M | 134.13M | 91.16M | 89.54M | 83.8M | 68.82M | 50.34M | 68.82M |
| Basic Shares Outstanding | 140.94M | 109.13M | 91.16M | 89.54M | 83.19M | 68.82M | 50.34M | 68.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High cash burn volatility
According to recent financial disclosures, Satellogic's revenue growth remains highly volatile, with quarterly year-over-year fluctuations ranging from a 47% contraction in 2024Q4 to an 80.3% expansion in 2026Q1, reflecting the inherent unpredictability of milestone-based sovereign mission contracts within the company's current business model.
The erratic revenue trajectory suggests that the company is heavily reliant on the timing of specific government contract milestones rather than a steady, recurring subscription base. Investors should monitor whether the recent growth acceleration in 2026Q1 represents a sustainable shift in demand or merely a temporary recognition of deferred project revenue.
Based on reported income statements, Satellogic has maintained gross margins consistently above 59% over the last ten quarters, peaking at 79.5% in 2025Q4, which suggests that the company's vertically integrated manufacturing model may be successfully insulating it from the typical hardware-intensive margin compression seen in peers.
While these margins appear robust for a hardware-heavy business, they may be flattered by the specific accounting treatment of satellite depreciation and launch costs. Further investigation is warranted to determine if these margins can be sustained as the company scales its constellation and faces increased competitive pricing pressure.
As reported in financial statements, Satellogic continues to struggle with significant operating losses, with operating margins reaching -104.2% in 2026Q1, indicating that the company has yet to achieve the necessary scale to cover its substantial R&D and SG&A overheads through its current revenue base.
The lack of clear operating leverage suggests that the company's cost structure is currently too rigid to support its growth ambitions without continued external financing. Until revenue growth consistently outpaces the expansion of operating expenses, the company will likely remain dependent on capital markets to fund its ongoing orbital deployments.
Analysis of the income statement reveals that net income is frequently impacted by significant non-operating volatility, such as the $118.3 million loss in 2026Q1, which appears disconnected from the company's core operational performance and likely stems from derivative adjustments or other non-cash accounting items.
The wide variance between operating losses and net income figures suggests that investors should focus on cash flow from operations rather than headline EPS to gauge true performance. The presence of these non-operating swings complicates the assessment of the company's underlying profitability and warrants a cautious approach to earnings-based valuation.
Quick answers to the most common questions about buying SATL stock.
For fiscal year 2025, Satellogic Inc. (SATL) reported total revenue of $17.7M.
Satellogic Inc. (SATL) reported a net loss of $4.8M for the fiscal year ending 2025.
Satellogic Inc. (SATL) reported an operating income of $-31.0M, resulting in an operating profit margin of -175.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Satellogic Inc. (SATL) generated $5.1M in gross profit for the year, representing a gross profit margin of 28.8%. This demonstrates the company's core pricing power and production efficiency.