NASDAQ · Low-cost sub-meter EO · satellite-sales micro-cap
Satellogic
Satellogic is a low-cost sub-meter (50cm-class) Earth-observation operator that vertically integrates satellite manufacturing in Uruguay, and redomiciled to Delaware in March 2025. FY2025 revenue was a modest $17.7 million (up 38%) with net loss narrowing to $4.8 million. The business splits into data and analytics ($16.0M) and satellite sales (an $18M contract with Portugal's CEiiA, dedicated satellites for Albania), with the top three customers over half of revenue. Launch is secured under a SpaceX multi-launch agreement (42 of 68 slots remaining).
SATL Updated Jul 12, 2026 3 AI consumers
Per the valuechain.wiki graph, Satellogic is directly linked to 1 companies (1 supply, 0 revenue relationships) and reaches 2 companies within two hops; the links are backed by 8 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $17.7M (+38%)
- Customer concentration · Top-3 customers $9.6M (~54%); North America $12.1M
- Segments · Data & Analytics (incl. Constellation-as-a-Service) · Space Systems (dedicated satellite sales)
Revenue from
- CEiiA (Portugal) High confidence· Contract value $18M · 2025-12 · Total value of the two-satellite supply-and-in-orbit-delivery contract
Space Systems (satellite-sale) customer. In Dec 2025 signed an US$18M agreement with CEiiA to supply and deliver two NewSat Mark V 50cm-class satellites (Portuguese share of the Atlantic Constellation); announced 2026-01-12 with ownership transfer in Q2 2026.Confirms EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms EN GlobeNewswire Published Jan 12, 2026: Satellogic Signs $18MM USD Agreement with Portugal to Deliver Two Mark V High-Resolution Satellites - Albanian government High confidence
Asset Monitoring / Data & Analytics customer. Followed the Sept-2022 three-year dedicated-constellation deal (satellites Albania-1/-2) with an 11-month extension on 2026-01-29, delivering country-wide 50cm imagery. Contract value not disclosed.Confirms EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms EN GlobeNewswire Published Jan 29, 2026: Satellogic Extends Country-Wide Monitoring Agreement with the Government of Albania - NASA (CSDA) Medium confidence· contract ceiling pooled $476M · through 2028-11-15 · Maximum cumulative contract ceiling across all eight awardees (Satellogic-specific value not disclosed)
U.S. government imagery revenue channel. Selected Sept 2024 as one of eight awardees under NASA's CSDA On-Ramp1 multiple-award IDIQ, effective through 2028-11-15. The US$476M ceiling is cumulative across all eight winners, not a Satellogic-specific allocation.Confirms EN GlobeNewswire Published Mar 24, 2025: Satellogic Reports 2024 Financial Results and Business UpdateMentions EN Satellogic (press release) Published Sep 6, 2024: Satellogic Selected for NASA's Commercial SmallSat Data Acquisition Program - HEO (Australia) Medium confidence
Additional Space Systems sale (confirmed via Spanish-language media). Sold the in-orbit NewSat-34 (Mark IV-g 'legacy') satellite to Australia's HEO, giving Australia its first sovereign sub-meter imaging capability. Sale value not disclosed.Mentions EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms ES Revista Mercado Published Feb 26, 2026: Satellogic sells an in-orbit satellite to HEO, enabling Australia's first sovereign sub-meter capability
Pays to
- SpaceX High confidence· purchase commitment $10M · through 2028 · Total noncancelable launch-service purchase commitments as of 2025-12-31 (~US$8.2M due in 2026)
Launch-services cost counterparty. Under the Multi-Launch Agreement (April 5, 2022) it reserved rideshare launches for its next 68 satellites; 42 slots remained at 2025-12-31. Noncancelable launch-service purchase commitments total US$10.2M through 2028, of which ~US$8.2M is for 2026.Confirms EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms EN Satellogic (press release) Published May 4, 2022: Satellogic Announces Multiple Launch Agreement with SpaceX for its Next 68 Sub-Meter Resolution Earth Observation Satellites - Officina Stellare Medium confidence· equity stake 5 percent · 2022 · Acquired 5% (283,725 shares) of the supplier with an option to increase to up to 12% within 36 months
Components (telescopes / opto-mechanical instrumentation) procurement counterparty and equity investee. A 2022-05-06 Investment Agreement bought ~5% (283,725 shares, ~€3.8M); OS is a telescope provider for Satellogic and a key supplier supporting its vertical integration. Annual procurement amount not disclosed.Confirms EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms EN Satellogic (press release) Published Nov 8, 2022: Satellogic Completes Investment in Officina Stellare, a Leader in the Design and Production of Optomechanical Instrumentation
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Satellogic | node | · | -68.6 | -42.6 | +62.9 | -34.4 | +142.8 |
| SpaceX | benef1 | · | · | · | · | · | +0.7 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
A low-cost sub-meter (50cm-class) Earth-observation operator that vertically integrates satellite manufacturing in Uruguay and, after redomiciling to Delaware in 2025, runs two axes: data/analytics and dedicated-satellite sales. FY2025 revenue was a modest $17.7M (+38%) with net loss narrowing to $4.8M, and Space Systems — selling satellites to national governments (Portugal's CEiiA at $18M, dedicated satellites for Albania) — is the new growth axis. But the top three customers are over half of revenue (54%) and micro-cap capital constraints are risks, with launch secured under a SpaceX multi-launch agreement (42 of 68 slots remaining). Upstream on the graph are SpaceX (launch) and Officina Stellare (telescopes, 5% stake); downstream are government customers such as NASA, Portugal and Albania.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $10 · Price $4.54 (07-10) · Upside +120%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Northland Securities · Michael Latimore | Outperform | $11 | Jun 16, 2026 | Report ↗ |
| Cantor Fitzgerald · Andres Sheppard | Overweight | $10 | May 13, 2026 | Report ↗ |
| Craig-Hallum · Jeff Van Rhee | Buy | $10 | May 13, 2026 | Report ↗ |
Unanimous bullish coverage: Northland, Craig-Hallum and Cantor Fitzgerald all rate Buy with targets converging around $10-11.