Detailed financial statements for Satellogic Inc. (SATL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Satellogic Inc. specializes in the development and deployment of compact, high-resolution Earth observation satellites, delivering live, commercial-grade geospatial data. These continuous data feeds provide critical insights that empower a diverse range of stakeholders, including governmental bodies, private enterprises, organizations, and even individuals, to make informed strategic and operational decisions.
Analysis Summary
Trailing-twelve-month margins: gross margin 78.9%, operating margin -66.8%, net margin -325.6%.
At the current price of $4.95, SATL has negative trailing earnings (P/E not meaningful) and an ROE of -34.65%. Market capitalisation stands at $681M.
Balance sheet quality for SATL: current ratio of 5.1, net cash position of $31.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | $4.2M | $6.0M | $10.1M | $12.9M | $17.7M |
| Cost of Revenue | 0 | 0 | $1.9M | $3.3M | $5.1M | $5.0M | $12.6M |
| Gross Profit | 0 | 0 | $2.4M | $2.7M | $5.0M | $7.8M | $5.1M |
| Research & Development | $6.4M | $5.9M | $9.6M | $13.1M | $10.7M | $14.4M | $5.0M |
| Selling, General & Admin | $8.2M | $8.1M | $46.6M | $55.9M | $33.8M | $30.5M | $33.7M |
| Operating Expenses | $20.7M | $22.4M | $71.0M | $93.6M | $74.4M | $60.1M | $36.1M |
| Operating Income | -$20.7M | -$22.4M | -$68.6M | -$90.9M | -$69.4M | -$52.2M | -$31.0M |
| EBITDA | -$16.5M | -$19.4M | -$77.1M | -$16.1M | -$34.6M | -$100.7M | -$23.3M |
| Interest Expense | $4.5M | $7.5M | $8.7M | $1.6M | $51000 | $71000 | $13000 |
| Pre-tax Income | -$20.7M | -$21.4M | -$96.5M | -$32.1M | -$51.9M | -$113.4M | -$4.1M |
| Income Tax | $83000 | $148000 | -$232000 | $4.6M | $9.1M | $2.9M | $673000 |
| Net Income | -$20.8M | -$21.5M | -$96.3M | -$36.6M | -$61.0M | -$116.3M | -$4.8M |
| EPS | $-0.30 | $-2.26 | $-1.40 | $-0.44 | $-0.68 | $-1.28 | $-0.04 |
| EPS (Diluted) | $-0.30 | $-2.26 | $-1.40 | $-0.44 | $-0.68 | $-1.28 | $-0.18 |
| Shares Outstanding (Diluted) | $68.8M | $50.3M | $68.8M | $83.8M | $89.5M | $91.2M | $134.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $3.6M | $6.2M | $6.1M | $15.9M |
| Gross Profit | $2.5M | $5.0M | $4.7M | $13.1M |
| Operating Income | -$8.1M | -$7.1M | -$6.4M | $266000 |
| EBITDA | $5.6M | $32.1M | -$116.9M | -$17.0M |
| Net Income | $4.0M | $30.5M | -$118.3M | -$20.0M |
| EPS | $0.04 | $0.32 | $-0.84 | $-0.13 |
| EPS (Diluted) | $0.03 | $0.24 | $-0.84 | $-0.13 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $24.6M | $17.3M | $8.5M | $76.5M | $23.5M | $22.5M | $94.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $584759 | $4000 | $1.2M | $1.4M | $901000 | $1.5M | $8.5M |
| Inventory | $7526 | $21355 | 0 | 0 | 0 | 0 | $2.2M |
| Total Current Assets | $25.1M | $18.0M | $12.4M | $81.2M | $26.6M | $27.9M | $115.2M |
| Property, Plant & Equipment | $22.5M | $36.2M | $35.5M | $56.2M | $44.3M | $28.1M | $31.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $47.9M | $54.6M | $49.9M | $143.9M | $76.4M | $61.7M | $151.3M |
| Accounts Payable | $1.5M | $2.9M | $6.7M | $9.8M | $7.9M | $3.8M | $2.4M |
| Short-term Debt | $20.6M | $125.1M | $108.5M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $23.9M | $131.3M | $283.7M | $30.1M | $21.4M | $34.6M | $22.5M |
| Long-term Debt | $28.5M | $33.8M | 0 | 0 | 0 | $79.1M | $56.1M |
| Total Liabilities | $53.4M | $171.9M | $289.4M | $37.7M | $24.7M | $114.7M | $90.8M |
| Retained Earnings | -$67.1M | -$181.0M | -$186.2M | -$222.8M | -$283.8M | -$400.1M | -$404.9M |
| Total Equity | -$5.4M | -$117.3M | -$239.4M | $106.2M | $51.7M | -$53.0M | $60.5M |
| Total Debt | $49.1M | $160.3M | $111.5M | $8.2M | $3.9M | $79.9M | $63.4M |
| Net Debt | $24.6M | $143.0M | $103.0M | -$68.3M | -$19.5M | $57.5M | -$31.0M |
| Working Capital | $1.3M | -$113.3M | -$271.3M | $51.2M | $5.2M | -$6.8M | $92.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $28.3M | $94.4M | $128.9M | $112.8M |
| Total Assets | $70.9M | $151.3M | $188.1M | $196.2M |
| Total Liabilities | $127.8M | $90.8M | $213.6M | $162.4M |
| Total Equity | -$56.9M | $60.5M | -$25.5M | $33.9M |
| Total Debt | $95.3M | $63.4M | $149.7M | $96.5M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$20.8M | -$113.9M | -$96.3M | -$36.6M | -$61.0M | -$116.3M | -$4.8M |
| Depreciation & Amortization | $4.2M | $3.5M | $10.7M | $14.3M | $17.3M | $12.7M | $7.7M |
| Stock-based Compensation | $959000 | 0 | $10.9M | $8.4M | $6.3M | $2.3M | $4.3M |
| Change in Working Capital | $1.3M | $713000 | $18.4M | -$9.5M | -$2.6M | $2.6M | -$7.3M |
| Operating Cash Flow | -$14.1M | -$17.3M | -$28.4M | -$68.5M | -$49.6M | -$35.9M | -$26.9M |
| Capital Expenditure | -$8.3M | -$9.3M | -$11.2M | -$27.3M | -$14.9M | -$5.0M | -$7.4M |
| Acquisitions | 0 | 0 | 0 | -$3.7M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$8.6M | -$458000 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$22.4M | -$26.6M | -$39.7M | -$95.7M | -$64.5M | -$40.9M | -$34.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$8.4M | -$9.5M | $158000 | -$8.6M |
| Capital Expenditure | -$1.3M | -$3.3M | -$5.5M | -$5.6M |
| Free Cash Flow | -$9.7M | -$12.8M | -$5.4M | -$14.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.7M | $1.4M | $735000 | $1.4M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | +41.6% | +67.6% | +27.8% | +37.6% |
| Net Income Growth (YoY) | | -3.7% | -347.3% | +62.0% | -66.5% | -90.6% | +95.9% |
| EPS Growth (YoY) | | -653.3% | +38.1% | +68.6% | -54.5% | -88.2% | +96.6% |
| Shares Change (YoY) | | -26.9% | +36.7% | +21.8% | +6.9% | +1.8% | +47.1% |
| FCF Growth (YoY) | | -18.9% | -49.2% | -141.3% | +32.7% | +36.5% | +16.3% |
| Gross Margin | | | 55.8% | 45.4% | 49.8% | 61.0% | 28.8% |
| Operating Margin | | | -1616.1% | -1511.4% | -688.9% | -405.6% | -175.2% |
| EBITDA Margin | | | -1814.9% | -268.6% | -343.7% | -782.3% | -131.5% |
| Net Margin | | | -2267.6% | -609.5% | -605.7% | -903.4% | -27.0% |
| FCF Margin | | | -934.1% | -1592.0% | -639.8% | -318.0% | -193.5% |
| Effective Tax Rate | -0.4% | -0.7% | 0.2% | -14.3% | -17.5% | -2.5% | -16.4% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.33 | $-0.53 | $-0.58 | $-1.14 | $-0.72 | $-0.45 | $-0.26 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $68.8M | $50.3M | $68.8M | $83.2M | $89.5M | $91.2M | $109.1M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | -3465.39% |
| Return on Invested Capital | -15.47% |
| Return on Assets | -52.94% |
| Gross Margin | 78.93% |
| Operating Margin | -66.80% |
| Net Margin | -325.65% |
Financial Health
| Debt / Equity | 2.85 |
| Current Ratio | 2.34 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -33.00 | -4.38 | -6.93 | -6.93 | -2.57 | -2.23 | -42.69 |
| P/B | -125.06 | -4.25 | -2.79 | 2.39 | 3.03 | -4.90 | 3.37 |
| P/S | 0.00 | 0.00 | 157.19 | 42.20 | 15.55 | 20.19 | 11.53 |
| Gross Margin | 0.0% | 0.0% | 55.8% | 45.4% | 49.8% | 61.0% | 28.8% |
| Operating Margin | 0.0% | 0.0% | -1616.1% | -1511.4% | -688.9% | -405.6% | -175.2% |
| Net Margin | 0.0% | 0.0% | -2267.6% | -609.5% | -605.7% | -903.4% | -27.0% |