Satellogic : Q1 2026 Conference Call Presentation

Published: 2026-05-12 08:10:14 ET SATL

Published on 05/12/2026 at 08:10 am EDT

First Quarter 2026 Financial Results Conference Call

May 12, 2026

PRESENTING TODAY

Introduction & Company Overview

Emiliano Kargieman · Founder & Chief Executive Officer VADM Frank D. Whitworth, USN (Ret.) · Strategic Advisor

Financial Results - First Quarter 2026

Rick Dunn · Chief Financial Officer

Commercial Update & Recent Wins

Emiliano Kargieman · Founder & Chief Executive Officer

Emiliano Kargieman

Founder & Chief Executive Officer

2026 Roadmap

Emiliano Kargieman · Founder & Chief Executive Officer

Closing Remarks & Key Takeaways

Emiliano Kargieman · Founder & Chief Executive Officer

Rick Dunn

Chief Financial Officer

VADM Frank D. Whitworth (Ret.)

Strategic Advisor

Introduction and Company Overview

Unique Sovereign & Defense Solutions:

Significant Customer Traction:

Unmatched Capacity & Scale:

One of the largest commercial high resolution constellations in orbit. NewSat 53/54 launch in March 2026. Patent-protected 10x capture capacity. 50cm NewSat + 30cm NextGen + 1m Merlin. $1.3M all-in cost per satellite - capacity and cost champion of sub-meter EO.

Revenue Growth with Expense Discipline:

Q1 2026 revenue +80% YoY to $6.1M with positive operating cash flow in the quarter. Adj. EBITDA loss improved 32% to $(4.2M) from $(6.2M).

$121.9M cash. Net Loss $(118.3M), driven by a $(113M) non-cash change in fair value of financial instruments (convertible debt, warrants & earnout).

Seasoned Leadership Team:

Executive team and board, including General Joseph Dunford, Retired, Steven Mnuchin, and Kelly Kennedy. Former Director of NGA Vice Admiral Frank D. Whitworth III, U.S. Navy, Retired, joined as strategic advisor in Q1 2026 - strengthening U.S. defense and intelligence engagement.

Total Revenue

$6.1M

↑ 80% year-over-year

Cash & Equivalents

Total Operating Exp.

$12.5M

↓3% year-over-year

Net Cash from Operating Activities

Operating Loss

$121.9M

vs. $94.4M at year-end 2025

$0.2M

+$4.9M improvement YoY

$(6.4M)

↑33% improvement YoY

REVENUE BY BUSINESS LINE

REVENUE BY GEOGRAPHY

COST STRUCTURE

Data & Analytics $4.6M

Americas $2.0M

Category Q1 2026 Q1 2025 Change

76%

34%

Cost of Sales* $1.5M $1.2M ↑17%

24%

Space Systems $1.5M

Europe $1.1M

$2.7M ↓48%

18%

Asia & Asia Pacific $3.0M

Engineering $3.1M $2.5M ↑24%

48%

Total OpEx

$12.5M

$12.9M

↓3%

Adj. EBITDA

$(4.2M)

$(6.2M)

↑ 32%

Depreciation

$1.4M

$2.7M

↓48%

SG&A $6.5M $6.5M ↑1%

(*) exclusive of depreciation

Remaining Performance Obligations:

<1 Year

$29.2M

Years 1-2

$7.9M

Years 2-3

$7.5M

Thereafter

$20.2M Total Non-Cancellable RPO: $64.8M

Q1 2026 Business Line Performance and Key Catalysts

COMMERCIAL MOMENTUM & CUSTOMER TRACTION

Q1 2026

Asia Pacific Growth

Asia & Asia Pacific revenue grew more than 700%

year-over-year to $3.0M, led by significant contributions from customers in Australia and Malaysia.

JAN 8, 2026

Seven-Figure Monitoring Agreement

Signed seven-figure agreement with strategic customer for continuous, high-frequency monitoring across a large portfolio of priority sites with daily revisit, high-resolution coverage.

JAN 29, 2026

Albania Monitoring Extended

Extended country-wide monitoring agreement with the Government of Albania, enabling persistent national Earth intelligence using the NewSat constellation.

SPACE SYSTEMS: ENABLING SOVEREIGN CAPABILITIES

JAN 12, 2026

$18M CEiiA Contract (Portugal)

Signed agreement with CEiiA to supply two NewSat Mark V 50cm-class satellites for the Atlantic Constellation; >85% European-sourced components, control transfers in Q2 and Q3 2026.

STRATEGIC & PLATFORM MILESTONES

JAN 27, 2026

NewSat-34 Sold to Australia

Sold NewSat-34 to Australia, establishing the country's first sovereign Earth observation capability.

MAR 30, 2026

NewSat 53 & 54 Launched

Successfully launched on SpaceX from Vandenberg Space Force Base.

APR 30, 2026

$12M Sovereign Defense Sale

Signed $12 million agreement with a sovereign defense customer to transfer ownership of an in-orbit NewSat satellite from Aleph-1 constellation.

JAN 27, 2026

$35M Capital Raise

Closed $35M registered direct offering at $4.73/share with Titan Partners as lead placement agent.

FEB 23, 2026

Aleph Observer Launched

Persistent global intelligence capability for sustained awareness and continuous monitoring at scale.

MAR 18, 2026

Merlin Constellation

AI-First constellation for daily 1-meter global monitoring; first launch on track for October 2026.

MAR 24, 2026

Slingshot II/III Expansion

Expanded IDT and U.S. Office of Naval Research partnership for Slingshot Phases II and III.

MAR 25, 2026

VADM Whitworth Advisor

VADM Frank D. Whitworth, former Director of NGA, appointed Strategic Advisor - strengthening U.S. defense engagement.

TRANSFORMATION: IMAGERY TO

PERSISTENT GLOBAL INTELLIGENCE

A new category shifting from reactive tasking to always-on monitoring.

Traditional EO

Persistent Global Intelligence

Task individual images

Continuous monitoring - always on

Episodic, fragmented visibility Daily planetary baseline coverage

Limited tasking capacity Monitor thousands of sites simultaneously

Reactive, event-driven Proactive, pre-positioned awareness

Transactional per-scene model Recurring subscription model

Hours to days latency 3-hour image; 30-min analytics

The pushframe patent is the moat - competitors lack the per-satellite throughput to deliver this.

IN MARKET

ALEPH OBSERVER

Aleph Observer provides persistent monitoring across hundreds of priority sites with assured capacity, reliable cadence, and built-in analytics.

Scale

Persistent monitoring across hundreds of sites simultaneously

Assurance

Capacity at scale & reliable cadence in priority regions

Built-In Analytics

Example monitoring coverage across Iran

Image delivered within 3hs with automated objects detections

MERLIN: ON TRACK FOR OCTOBER 2026

The first Earth observation system designed to deliver daily

1-meter global coverage and real-time intelligence at planetary scale.

Millions of sites globally

A continuously updated map of the Earth

AI-alerts and automated tip & cue

October 2026

First Launch

H1 2027

Initial Operational Capability

Revenue Momentum

80% Q1 revenue growth to $6.1M, with Asia & Asia Pacific revenue >8x YoY to $3.0M; positive operating cash flow inflection.

Operating Leverage

02 Adj. EBITDA loss improved 32% YoY to $(4.2M); Q1 generated positive net cash from operations despite net loss $(118.3M), driven by a $(113M) non-cash change in fair value of financial instruments (convertible debt, warrants, and earnout).

Strong Balance Sheet

$121.9M in cash at March 31, 2026 - one of the strongest balances in company history, following the $35M registered direct offering closed in January.

Fully Funded Technology Roadmap

Merlin on track for October 2026 launch; Aleph Observer in market; NewSat 53/54 launched in March 2026.

Koper Port, Slovenia · Satellogic Multispectral Imagery 11

Thank You for Joining the Q1 2026 Earnings Call

SATL | Nasdaq Listed

INVESTOR RELATIONS

Satellogic Inc.

[email protected]

MEDIA RELATIONS

Satellogic Inc.

[email protected] https://www.satellogic.com

(In thousands of U.S. dollars)

Q1 2026

Q1 2025

Net loss attributable to stockholders

$(118,302)

$(32,581)

Interest income, net

(957)

(177)

Income tax expense

715

Depreciation

1,392

2,687

Non-GAAP EBITDA (loss)

$(117,827)

$(29,356)

Other expense (income), net (1)

(153)

167

Change in fair value of financial instruments

113,011

22,361

Stock-based compensation

735

595

Non-GAAP Adjusted EBITDA (loss)

$(4,234)

$(6,233)

(1) Other expense (income), net includes foreign exchange gain or loss and other non-operating income and expenses not considered indicative of our ongoing operational performance.

Disclaimer

Satellogic Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 12:09 UTC.