Satellogic

Refresh delta (since 2026-06-20)

1. Q2 results. Revenue $15.9M vs $4.4M in Q2 2025 (+259%): Data & Analytics (including Constellation-as-a-Service) $7.1M vs $4.0M, Space Systems $8.8M vs $0.5M. Operating income $0.3M vs an operating loss of $6.3M a year earlier. Adjusted EBITDA $2.8M (Q2 2025: loss of $3.9M). Net loss $20.0M, including a $19.7M non-cash charge from the change in fair value of financial instruments (secured convertible notes, warrants, earnout liabilities). [sec.gov: 8-KForm 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-05, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1874315/000143774926025939/ex_999295.htm; quarter ended 2026-06-30]
2. Cash, backlog and cash flow. Cash and cash equivalents $112.8M and remaining performance obligationsRemaining performance obligationsRevenue a company has already signed contracts for but has not yet delivered or booked. $80.7M at 2026-06-30. For the six months ended 2026-06-30, net cash used in operating activities was $8.5M (six months 2025: $9.1M), purchases of property and equipment $11.2M (2025: $2.7M) and proceeds from the sale of in-orbit satellites $8.3M. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1, same URL as item 1; 10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-06, https://www.sec.gov/Archives/edgar/data/1874315/000187431526000032/satl-20260630.htm]
3. Tether-backed convertible notes. The noteholder converted $6.0M of principal in April 2026 and $6.0M in May 2026 into 5.0M and 5.0M Class A shares; principal outstanding fell to $18.0M at 2026-06-30 from $30.0M at 2025-12-31. The conversion price stays at $1.20 per share, subject to customary anti-dilution adjustments. [sec.gov: 10-Q filed 2026-08-06, same URL as item 2]
4. Share count. 143,157,270 Class A and 10,582,641 Class B shares outstanding at 2026-07-31. [sec.gov: 10-Q filed 2026-08-06, same URL as item 2]
5. Contracts and Merlin. Reported in the Q2 release: a one-year agreement worth more than $18M with an international defense customer; a $12M agreement to sell a commissioned in-orbit satellite to a sovereign defense customer; the first satellite of the $18M two-satellite CEiiA (Portugal) program delivered. The company says the first Merlin launch remains on track for Q4 2026 with full operational capability in H1 2027, and that Merlin is funded by existing customer contracts. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1, same URL as item 1; company statements]
6. Concentration. Two customers accounted for 74% of accounts receivable at 2026-06-30 (one customer, 66%, at 2025-12-31). [sec.gov: 10-Q filed 2026-08-06, same URL as item 2]
7. CFO. On 2026-07-22 CFO Rick Dunn gave notice that his resignation would take effect 2026-08-21. On 2026-08-21 the company appointed Dustin Greer, SVP and Corporate Controller, as interim CFO and principal accounting officer; a permanent successor search was ongoing as of the 2026-07-28 filing. On 2026-10-08 the compensation committee approved a one-time $150,000 cash bonus for Mr. Greer for the interim role. [sec.gov: 8-K filed 2026-07-28, https://www.sec.gov/Archives/edgar/data/1874315/000187431526000028/satl-20260722.htm; 8-K filed 2026-08-27, https://www.sec.gov/Archives/edgar/data/1874315/000187431526000035/satl-20260821.htm; 8-K/A filed 2026-10-09, https://www.sec.gov/Archives/edgar/data/1874315/000187431526000050/satl-20260821.htm]
8. President. The board approved the appointment of Frank Dixon Whitworth III, a retired U.S. Navy Vice Admiral and former Director of the National Geospatial-Intelligence Agency (June 2022 to December 2025), as President effective 2026-09-07, with base salary $400,000, target bonus $240,000 and RSU grants (first-year grant date value $1,875,000). [sec.gov: 8-K filed 2026-09-08, https://www.sec.gov/Archives/edgar/data/1874315/000187431526000042/satl-20260904.htm]
9. Where the new filings meet the carried view (stated as fact, no line changed). The carried bull case names "re-accelerating revenue, repaired balance sheet, customer-funded Merlin": Q2 revenue grew 259% and the convertible principal fell to $18.0M (items 1, 3). The carried bear case names "customer-concentrated hardware shop": item 6. The carried catalysts "Merlin constellation first launch... Q4 2026" and "Q2 FY2026 results" meet items 5 and 1; the carried catalyst "Major US defense/IC franchise contract win" is not answered by any filing read (the hire in item 8 is an appointment, not a contract). The carried seed's price figures and valuation multiples rest on market data this delta does not refresh.

What held

• The company still guides the first Merlin launch to Q4 2026 (item 5). [sec.gov: 8-K filed 2026-08-05, exhibit 99.1]
• Net loss remains large on GAAP because of fair-value marks on the convertible and warrants (item 1). [sec.gov: 8-K filed 2026-08-05, exhibit 99.1]
• Customer concentration remains high (item 6). [sec.gov: 10-Q filed 2026-08-06]