Satellogic Q2 Revenue Surges 259% to $15.9M, but Non-Cash Fair-Value Losses Drive $138M Net Loss
SATL has more than doubled off its 52-week low of $1.255.
Summary
Satellogic's Q2 revenue soared 259% to $15.9M on new satellite sales, but a $132.7M non-cash fair-value loss on financial instruments drove a $138M net loss. Cash remains strong at $112.8M.
Key Events · Earnings and Guidance · SATL
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Revenue Surges on Space Systems Sales
Q2 2026 revenue reached $15.9M, up 259% YoY, with $8.3M from Space Systems product sales (satellite sales) and $7.1M from Data & Analytics services.
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Non-Cash Fair-Value Loss Drives Net Loss
A $132.7M non-cash fair-value loss on warrants, earnouts, and convertible notes — driven by the rising stock price — pushed the six-month net loss to $138.4M. This is a mark-to-market accounting entry, not a cash outflow.
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Strong Cash Position
Cash and equivalents stood at $112.8M as of June 30, 2026, supported by a $35M registered direct offering in January 2026.
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Convertible Note Conversions Reduce Debt
During Q2, $12M of Secured Convertible Notes were converted into 10M shares, reducing principal outstanding to $18M.
Analysis · SATL · Manufacturing
A new Space Systems product line propelled Satellogic's Q2 2026 revenue up 259% year-over-year to $15.9 million, with satellite sales contributing $8.3 million. Yet the bottom line tells a different story: a $138.4 million net loss for the first half, almost entirely from a $132.7 million non-cash fair-value loss on warrants, earnouts, and convertible notes. That mark-to-market charge was triggered by the rising stock price, not a cash outflow. The company ended the quarter with $112.8 million in cash, and $12 million of convertible notes were converted into equity during the quarter, reducing debt. Separately, the CFO transition agreement was formalized, confirming the previously announced departure.
At the time of this filing, SATL was trading at $4.95 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $714.5M. The 52-week trading range was $1.26 to $12.00. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.