Satellogic

Air/Space/Sea

Satellogic is an Earth-observation satellite company founded in 2010 by Emiliano Kargieman and Gerardo Richarte, two engineers who met at NASA's Ames Research Center.

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Operates a constellation of commercial Earth-observation satellites to deliver high-resolution satellite imagery and persistent daily monitoring services for government, defense, and strategic customers.

Satellogic is an Earth-observation satellite company founded in 2010 by Emiliano Kargieman and Gerardo Richarte, two engineers who met at NASA's Ames Research Center. The company manufactures and operates a growing constellation of sub-meter-resolution satellites, with a lean manufacturing model that produces each satellite for approximately $1.3 million. Publicly traded on NASDAQ since January 2022 (via SPAC merger with CF Acquisition Corp.

V), Satellogic has undergone a strategic reset since 2025, moving its headquarters to Delaware and narrowing its focus from broad commercial markets to U.S. defense and intelligence contracts. The shift has proven effective: Q1 2026 revenue grew 80% year-over-year to $6.1 million, and the company achieved its first positive operating cash flow as a public company. Full-year 2025 revenue reached $17.7 million (up 38% annually) while operating expenses fell 25%.

The company operates 19 NewSat satellites in its Aleph constellation and launched Aleph Observer in February 2026, a persistent daily monitoring platform for hundreds of sites. A major strategic initiative is Merlin, an AI-first constellation designed to remap the entire planet daily at 1-meter resolution with onboard processing and inter-satellite links; the first Merlin launch is scheduled for October 2026. Recent major contracts include a $30 million deal with a strategic defense customer (April 2025), an $18 million agreement with Portugal's CEiiA for two NewSat Mark V satellites (January 2026), and a seven-figure multi-year partnership with Suhora for Earth observation services in India and Nepal (September 2025). As of Q1 2026, Satellogic held $121.9 million in cash—one of its strongest cash positions—following a $90 million public offering in October 2025 and a $35 million direct offering in January 2026.

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Who buys this

  • U.S. Department of Defense and intelligence community agencies
  • International sovereign governments and defense ministries
  • Strategic partners providing Earth observation data services in regional markets (e.g., India, Nepal)

Publicly disclosed clients

  • U.S. Department of Defense
  • CEiiA (Portuguese Space Agency/Center for Engineering)
  • Suhora (Indian ISR/Intelligence company)
  • Albania (sovereign defense customer)

Strengths and what to watch

Strengths

  • Vertically integrated manufacturing enables production of 50cm-class satellites at $1.3 million each—one of the lowest-cost models in commercial EO
  • First positive operating cash flow achieved in Q1 2026; strong balance sheet of $121.9 million in cash supports multi-year deployment roadmap without near-term dilution
  • 30 million customer contract fully funds Merlin constellation; defense-led strategy aligns with customer concentration and long procurement cycles

Watch for

  • Merlin constellation execution risk: first launch October 2026, full deployment by H1 2027; delays would compress runway and delay revenue inflection
  • Customer concentration: business now heavily dependent on U.S. government and allied defense contracts; geopolitical shifts or procurement delays could impact revenue stability
  • Stock volatility and market skepticism: Q1 2026 saw 80% revenue growth yet shares fell 11.84% on earnings, indicating investor doubt about path to profitability despite positive cash flow

Recent moves

Key Information

Industry
Air/Space/Sea
Founded
2010
Employees
154
Headquarters
Delaware
Country
United States

Frequently Asked Questions

What is Satellogic?

Satellogic is a commercial Earth-observation satellite company founded in 2010 by engineers Emiliano Kargieman and Gerardo Richarte. It manufactures and operates a growing constellation of high-resolution satellites delivering daily monitoring services to U.S. defense, intelligence agencies, and international government customers globally.

What are Satellogic's main customer segments?

Satellogic serves the U.S. Department of Defense, international governments and defense ministries, and regional Earth-observation partners. Key clients include the DoD, Portugal's CEiiA, India-based Suhora, and Albania. The defense-focused customer concentration enables stable, predictable long-term government contracts and recurring revenue.

How much revenue did Satellogic report in Q1 2026?

Satellogic reported Q1 2026 revenue of $6.1 million, representing 80% year-over-year growth. The company achieved its first positive operating cash flow as a public company, gross profit of $4.7 million, and held $121.9 million in cash—its strongest cash position to date.

What is Satellogic's Merlin constellation?

Merlin is Satellogic's next-generation AI-first satellite constellation designed to remap the entire planet at one-meter resolution daily. It features onboard processing and inter-satellite links for autonomous operations. The first Merlin launch is scheduled for October 2026, with full deployment by mid-2027.

What manufacturing advantage does Satellogic have?

Satellogic's vertically integrated manufacturing enables production of sub-meter-resolution satellites at approximately $1.3 million each—one of the lowest-cost models in commercial Earth observation. This cost advantage supports rapid constellation deployment and positions the company to scale production as demand grows globally.

Why did Satellogic's stock fall after strong Q1 2026 results?

Despite reporting 80% Q1 2026 revenue growth and positive operating cash flow, Satellogic shares fell 11.84% on earnings. Investor skepticism reflects concerns about the company's path to profitability, Merlin constellation execution risks, and heavy customer concentration on U.S. defense contracts.

How Satellogic compares

Direct head-to-head against 3 competitors. Picked by 7wData.

This company

Satellogic

Positioning
Operates a constellation of commercial Earth-observation satellites to deliver high-resolution satellite imagery and persistent daily monitoring services for government, defense, and strategic customers.
Customer segments
U.S. Department of Defense and intelligence community agencies
Strengths
Vertically integrated manufacturing enables production of 50cm-class satellites at $1.3 million each—one of the lowest-cost models in commercial EO
Watch for
Merlin constellation execution risk: first launch October 2026, full deployment by H1 2027; delays would compress runway and delay revenue inflection
Recent moves
Satellogic secures $18 million one-year contract with international defense customer for persistent Earth observation imagery

Planet Labs PBC

Positioning
Largest commercial optical EO constellation; targets U.S. and European defense agencies, commercial analytics, and maritime domain awareness.
Customer segments
U.S. and European defense and intelligence agencies, commercial agriculture, maritime domain awareness buyers.
Strengths
Daily global sub-3-meter optical coverage; selected March 2026 as prime contractor under MDA SHIELD IDIQ, ceiling $151 billion.
Watch for
Persistent operating losses despite large fleet; revenue scale has not translated to profitability, a recurring concern in government procurement reviews.
Recent moves
Selected as prime contractor under Missile Defense Agency SHIELD IDIQ, March 2026, with a stated program ceiling of $151 billion.

BlackSky Technology

Positioning
Defense-first optical EO operator offering high-revisit tasking and site-level analytics to U.S. and international tactical ISR buyers.
Customer segments
U.S. government ISR programs, international defense ministries, allied military intelligence units requiring high-frequency site monitoring.
Strengths
35cm Gen-3 satellites operational since December 2025; $160 million in contracts announced May 2026, including a $99 million U.S. government IDIQ.
Watch for
Full-year 2026 revenue guidance of $130-150 million depends on U.S. FY2026 budget flow-through; procurement delays would pressure cash position.
Recent moves
First Gen-3 35cm satellite launched February 2025 on Rocket Lab Electron; third Gen-3 entered service December 2025.

ICEYE

Positioning
Commercial SAR constellation provider concentrated on European sovereign defense ISR contracting and all-weather persistent monitoring.
Customer segments
European defense ministries (Germany, Poland, Netherlands, Sweden), allied intelligence agencies, reinsurance and disaster response buyers.
Strengths
62 SAR satellites in orbit, 16cm resolution, 250 million-plus 2025 revenue, 1.5 billion contract backlog, valuation at 2.8 billion USD.
Watch for
1.5 billion backlog against a one-satellite-per-week production target starting 2027 introduces delivery schedule risk customers flag in procurement due diligence.
Recent moves
Germany and Rheinmetall awarded nearly 2 billion USD SAR constellation contract December 2025; Series E closed at 2.8 billion USD valuation December 2025.

Sources

  1. satellogic.com — Company history, founding date (2010), founders (Emiliano Kargieman and Gerardo Richarte), mission to democratize geospatial data
  2. investors.satellogic.com — Q1 2026 revenue of $6.1 million (80% YoY growth), first positive operating cash flow, cash position of $121.9 million, geographic revenue breakdown (Asia 48%, Americas 34%, Europe 18%)
  3. satnews.com — FY2025 revenue $17.7 million (38% YoY growth), 25% operating expense reduction, strategic reset to defense focus, Delaware relocation, $1.3 million per-satellite manufacturing cost, Merlin October 2026 launch
  4. www.investing.com — Q1 2026 revenue $6.1 million, gross profit $4.7 million (118.9% YoY increase), operating loss $(6.4M) improved 33% YoY, Asia Pacific revenue growth 8x YoY
  5. en.wikipedia.org — Company founding 2010, founders Kargieman and Richarte, public listing January 2022 via CF Acquisition Corp. V, NASDAQ ticker SATL, current headquarters Delaware
  6. www.globenewswire.com — Suhora partnership, exclusive seven-figure multi-year agreement for India and Nepal market, September 2025 announcement
  7. www.globenewswire.com — Portugal CEiiA contract for $18 million, two NewSat Mark V satellites, 85% European components, Q2 2026 transfer of ownership
  8. payloadspace.com — May 2026 $18 million defense customer contract for persistent high-frequency Earth observation imagery