Satellogic Reports Record Q3 Revenue of $16.0 Million with Second Consecutive Quarter of Positive Adjusted EBITDA

Satellogic Inc. reported its financial results for the third quarter ended September 30, 2026, announcing record quarterly revenue of $16.0 million. This figure represents a 342% increase year-over-year, up from $3.6 million in the prior-year period. The company also reported a second consecutive quarter of positive Adjusted EBITDA, which improved to $1.2 million from a loss of $4.9 million in the prior year.

Revenue was generated across two main segments: Data & Analytics, which brought in $6.6 million, and Space Systems, which contributed $9.5 million. The Space Systems revenue included the in-orbit delivery of the second satellite under an $18 million agreement with Portugal’s CEiiA. For the first nine months of 2026, total revenue reached $38.1 million, more than double the amount generated in all of 2025.

On the operational front, Satellogic launched Merlin.01, the first satellite in its Merlin constellation, aboard SpaceX’s Transporter-18 mission on October 1, 2026. The satellite is now operating in orbit with payload commissioning underway. The company also launched two NewSat Mark VI satellites and one additional NewSat Mark V satellite during the quarter. The Mark VI satellites are equipped with inter-satellite links designed to allow for autonomous coordination and reduced latency.

Management highlighted several commercial agreements signed over the past twelve months, including four in-orbit satellite agreements covering seven satellites. These agreements include a new sovereign satellite deal signed after quarter-end for the transfer of three in-orbit satellites with a total contract value of approximately $37 million. This brings the announced value of these sovereign agreements to roughly $67 million over the past year. The company also extended a six-year relationship with HEO through a new three-year Non-Earth Imaging agreement and signed a deal with SynMax for the Merlin-derived maritime intelligence platform.

Financially, the company ended the quarter with $106.5 million in cash and cash equivalents. Total remaining performance obligations were reported at $66.9 million as of September 30, 2026. The company noted that GAAP net income for the quarter was $28.3 million, which included a $30.0 million non-cash gain from changes in the fair value of financial instruments.