Finn Stockinger
Equity Analyst & Investor, Technology Research
Satellogic's headline $20M Q2 net loss hides its first-ever profitable quarter, since $19.7M was a non-cash mark-to-market charge on convertible notes and warrants. Revenue rose 259% to $15.9M while opex grew 46%, with $2.8M of adjusted EBITDA, an 82% gross margin ex-depreciation and $112.8M of cash. Satellites built in-house for about $1.3M each and non-ITAR independence from the US win sovereign customers, with a roughly $1B pipeline. 2027 should be another step forward. x.com x.com
Satellogic's post-earnings selloff misses that it has hit its operational stride. For the first time as a public company it generated positive operating cash flow, $0.2M versus a $4.7M burn a year earlier, while Q1 revenue rose 80% to $6.1M on sovereign contracts and recurring data sales. About $113M of the $118M net loss was non-cash warrant and note revaluation, adjusted EBITDA improved 32%, and $64.8M of RPO plus $121.9M of cash support the path ahead. x.com
Satellogic is turning from a story stock into a delivery stock, backed by firm paid contracts as it shifts from imagery sales to subscription Constellation-as-a-Service and AI defense intelligence. Q1 2026 RPO reached $64.8M, with $29.2M converting to revenue within 12 months, and Nuveen and UBS sharply raised positions. Its in-house LEO constellation lets smaller nations own dedicated satellite access, winning large, sticky defense deals, and its Merlin AI platform helped lift gross profit. … Show more
Satellogic's strong Q2 shows its growth is real and accelerating since January. Revenue rose 259% year over year to $15.9 million, 66% above the $9.57 million consensus; adjusted EBITDA turned positive at $2.8 million against an expected loss, and operating income of $0.3 million marked its first profitable quarter. Its three-month delivery for Portugal's CEiiA showed satellites under construction were strategic assets, not bad inventory. Cash fell to $112.8 million; GAAP EPS missed. x.com x.com
Satellogic's technology is proving itself as defense customers move from trial to full deployment in six months. It just won an $18M contract for persistent, high-frequency Earth observation imagery, after an April $12M in-orbit satellite sale to a sovereign defense customer, and Q1 revenue rose 80%. Defense customers no longer accept coverage gaps from legacy providers. After a 350% year-to-date run the stock fell 25% in two sessions; the $7.90-8.30 support zone is the next accumulation window. … Show more
Satellogic has much higher upside than Planet Labs, with an inflection point likely later this year when it launches its Merlin satellites. Replying to @Kaizen_Investor's Planet Labs deep dive, Satellogic is the preferred name between the two. x.com
Satellogic continues to head higher as the broader space trade carries it, with space stocks showing relative strength. Its chart shows a large rounding bottom that could set up a reversal, and Golden Dome speculation adds to the case. x.com
Satellogic is an early-stage company with big upside as space becomes an autonomous infrastructure layer. It is building real-time data communication satellites in low Earth orbit, and a potential SpaceX IPO could heat up the theme fast. x.com
Space names like Satellogic are worth front-running ahead of the SpaceX IPO, especially at SpaceX's roughly $1.75 trillion valuation. Capital flows into the space sector should be hot, though volatile. Satellogic says SpaceX has confirmed its upcoming launch of two NewSat Mark V satellites to expand its constellation. x.com
Satellogic keeps executing on building its infrastructure, with SpaceX confirming its upcoming launch of two NewSat Mark V satellites to expand the constellation. x.com
Planet Labs is gapping up to all-time highs on record revenue, backlog up 79% year over year and positive free cash flow. It is a later-stage gap after three straight quarterly gaps, but it could still be worth a try since gappers have been working. x.com
Rocket Lab's after-hours selloff on a record quarter is a buying opportunity because it is becoming a space prime, one of only two full-stack space companies alongside SpaceX. Revenue hit a record $234M, up 62%, backlog a record $2.36B, up 137%, with more than $1B of Q3 contracts signed and $2.4B of cash. On VICTUS HAZE it launched in 16h42m against a 24-hour window. CEO Peter Beck said Neutron delay coverage is exaggerated. Rating stays Overweight with a $130 target. x.com x.com x.com
