Satellogic Extends Positive Adjusted EBITDA Streak

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue hit a record $16.0 million as Space Systems reached $9.5 million and Adjusted EBITDA turned positive for a second straight period.

Satellogic Inc. (SATL), the infrastructure company for Persistent Global Intelligence, reported record third-quarter revenue of $16.0 million, up 342% from $3.6 million a year earlier, and a second consecutive quarter of positive Adjusted EBITDA.

The sequential step-up from $15.9 million in the second quarter, when year-over-year growth was 259%, marked a further acceleration of the top-line trajectory that had been 80% in the first quarter.

Space Systems carried the quarter. Revenue in that segment was $9.5 million, including delivery of the second NewSat Mark V satellite under an $18 million agreement with Portugal’s CEiiA, versus $0.5 million in the year-ago period. Data & Analytics revenue was $6.6 million, more than double the prior-year $3.2 million. Sequentially that line declined from $7.1 million in the second quarter, which the company attributed primarily to lower non-cash revenue under its Palantir agreement.

Operating loss narrowed 72% to $2.3 million from $8.1 million a year earlier. The second quarter had posted positive operating income of $0.3 million. Adjusted EBITDA improved to positive $1.2 million from a $4.9 million loss a year earlier, after a $2.8 million positive result in the second quarter.

GAAP net income was $28.3 million, including a $30.0 million non-cash gain from changes in the fair value of financial instruments, versus $4.0 million a year earlier that included an $11.9 million such gain. The company said the gain primarily reflected remeasurement of warrant and earnout liabilities ahead of their first-quarter 2027 expirations and is not indicative of underlying operating performance.

Cost of revenue excluding depreciation was $3.5 million, reflecting the cost of a satellite sale and higher cloud computing and ground-station activity. Engineering expense was $3.8 million and selling, general and administrative expense was $9.9 million, which the company said primarily reflected investment in personnel and commercial capabilities.

Cash and cash equivalents were $106.5 million at September 30, down from $112.8 million at June 30. Net cash used in operating activities was $10.4 million; including $4.8 million of in-orbit satellite sale proceeds classified as investing cash flow, Adjusted Net Cash Used in Operating Activities was $5.5 million. Quarterly capital expenditures totaled $6.2 million, primarily for Merlin and NewSat production.

Remaining performance obligations were $66.9 million at September 30, down from $80.7 million at June 30, primarily reflecting revenue recognized on the second CEiiA satellite. Of that balance, $33.4 million is expected to be recognized as revenue within one year. The September 30 balance excludes an approximately $37 million sovereign satellite agreement signed after quarter-end covering the in-orbit transfer of a NewSat Mark V and two NewSat Mark VI satellites, with transfers expected by mid-2027. That deal brings announced sovereign satellite agreements over the past year to approximately $67 million.

On October 1, Satellogic launched Merlin.01 aboard SpaceX’s Transporter-18, 18 months after program kickoff, alongside two NewSat Mark VI satellites with inter-satellite links and one sovereign-program NewSat Mark V. Merlin.01 is operating, with payload commissioning underway since mid-October. The company plans additional Merlin launches in the first half of 2027, with operational service and initial revenue from Merlin-based services expected in the second half of 2027.

The company also signed a three-year Non-Earth Imaging agreement with HEO that runs through 2029 and includes a seven-figure minimum annual commitment in each year, and expanded work with Innovative Defense Technologies on the Office of Naval Research’s Slingshot III program. Interim CFO Dustin Greer said liquidity and the Merlin program’s full funding through customer contracts leave the company positioned to execute its production plan as it works toward positive free cash flow.