Here are 1-3 brief analogies to describe Satellogic:

• Bloomberg for physical world data
• Starlink for Earth imagery
• Amazon Web Services for geospatial data

Satellogic (SATL) provides the following major products and services:

• High-Resolution Earth Observation Data: Supplies frequent, high-resolution imagery and video of the Earth's surface for a wide range of analytical applications.
• Custom Geospatial Monitoring Solutions: Offers tailored data collection and analysis services designed to meet specific client requirements for monitoring designated areas of interest.
• Dedicated Satellite Missions (Space-as-a-Service): Provides clients with the option to lease dedicated capacity on its satellites or commission their own payload for exclusive use.

Satellogic (SATL) Major Customers

Satellogic primarily sells its high-resolution Earth observation data and services to other companies and government entities (Business-to-Business and Business-to-Government), rather than directly to individuals.

Here are its major customers and customer categories:

• Palantir Technologies (NYSE: PLTR): A prominent software company that specializes in big data analytics. Palantir is a key strategic partner and customer, integrating Satellogic's high-resolution satellite imagery and data into its Foundry platform. This partnership allows Satellogic to expand its market reach and provides Palantir's customers with access to advanced geospatial intelligence.
• Government Agencies and Defense Organizations: Satellogic frequently secures contracts with various national governments and their respective agencies, including defense, intelligence, and mapping departments globally. These customers utilize Satellogic's data for critical applications such as national security, environmental monitoring, resource management, and infrastructure planning. Publicly disclosed examples include the governments of Uruguay and Albania, which have contracted for Satellogic's "Dedicated Satellite Constellation as a Service."
• Commercial Enterprises: This broad category encompasses large private companies across diverse sectors that require precise geospatial intelligence. These include:
  • Agriculture Companies: For advanced crop monitoring, yield optimization, and land management.
  • Energy Companies: For monitoring assets in oil & gas, renewable energy, and utilities sectors, as well as environmental impact assessment and regulatory compliance.
  • Insurance and Finance Firms: For risk assessment, claims verification, disaster monitoring, and asset valuation.
  • Geospatial and Mapping Service Providers: Companies that integrate raw satellite imagery into their own value-added products and services for their end-users.

• SpaceX
• Rocket Lab USA, Inc. (RKLB)
• Arianespace

Emiliano Kargieman, CEO & Founder

Emiliano Kargieman is the Chief Executive Officer and co-founder of Satellogic. He has over 25 years of experience building technology and technology companies. Prior to co-founding Satellogic, he co-founded Core Security Technologies, where he developed the first automated penetration testing software for clients including Apple, Cisco, Homeland Security, NSA, NASA, Lockheed Martin, and DARPA. He also co-founded Aconcagua Ventures, a group focused on investing in high-tech startups in Latin America, and GarageLab, a problem-solving laboratory. He has also served as an independent consultant and a member of the Special Projects Group at the World Bank.

Rick Dunn, CFO

Rick Dunn serves as Satellogic's Chief Financial Officer. He brings over 25 years of financial leadership experience in both public and private companies, in addition to over 10 years in public accounting. Most recently, Mr. Dunn served as Chief Financial Officer of PowerTeam Services, LLC, and as Executive Vice President and Chief Financial Officer at ACN Inc., a telecommunications company.

Matt Tirman, President

Matt Tirman serves as President of Satellogic, bringing over 20 years of experience in technology and aerospace from across the US government and international markets. As President, he leads the operational execution of Satellogic's strategy and business plan. Prior to this role, he held leadership positions at Accenture, Descartes Labs, PlanetRisk, and his own advisory firm Access Global, and previously served as Chief Commercial Officer at Satellogic.

Gerardo Richarte, Chief Architect & Founder

Gerardo Richarte is a co-founder and Chief Architect Officer at Satellogic. He is responsible for defining the company's technology vision and creating the overall software architecture. He has run technology labs and led teams to build cutting-edge technology for over 25 years. Prior to co-founding Satellogic, he founded Disarmista, a specialized boutique engineering and reverse-engineering services company.

Alan Kharsansky, CTO

Alan Kharsansky serves as Chief Technology Officer at Satellogic. He joined the company in 2011 and has over 10 years of electronics engineering experience, having previously worked on robotics projects and research before joining Satellogic. He has led efforts in electronics, power systems, and served as the lead satellite systems engineer, most recently as VP of Mission Operations.

The key risks to Satellogic's (SATL) business are primarily centered around its financial viability, challenges in executing its business model, and intense competition within the Earth observation sector.

1. Financial Challenges and Need for Funding: Satellogic has consistently failed to meet its financial targets and revenue guidance, leading to mounting losses and a precarious financial position. The company has a significant cash burn, negative shareholder equity, and has repeatedly required external financing through stock offerings and strategic investments, leading to shareholder dilution. Its operational costs remain high, and despite efforts, a clear path to profitability has not yet been demonstrated.
2. Execution Risk and Failure to Scale Constellation: A core component of Satellogic's business model is the establishment of a large satellite constellation to enable daily geospatial imaging. However, the company has faced significant delays in scaling its constellation to the planned size, directly impacting its ability to achieve this key differentiator and deliver on its business case. Sales execution has also been identified as a persistent challenge, with the company struggling to generate anticipated revenue from its services.
3. Intense Competition: Satellogic operates in a highly competitive Earth observation and geospatial analytics market, competing with established players such as Planet Labs and Maxar Technologies. These competitors offer various satellite imagery and data analysis services, putting pressure on Satellogic to differentiate its offerings and secure market share, especially amidst its ongoing financial and operational challenges.

Widespread adoption of advanced on-orbit processing and AI at the edge by competitors.

Satellogic's current model primarily involves capturing high-resolution Earth observation imagery and transmitting raw or minimally processed data to ground stations for subsequent analysis and delivery. An emerging threat stems from competitors developing and deploying satellite constellations with significantly enhanced on-orbit processing capabilities, leveraging advanced AI and machine learning at the edge. These systems can process raw imagery directly on the satellite, identify critical features, changes, or anomalies, and only downlink actionable insights or highly compressed, essential data. This paradigm shift offers several advantages that could disrupt Satellogic's market position:

• Vastly reduced latency: Insights become available almost immediately after acquisition, bypassing the time required for data downlink and extensive ground processing.
• Lower operational costs: Significantly reduced bandwidth requirements for downlink translate into lower ground station operational costs and faster delivery to the end-user.
• Enhanced value proposition: Customers receive pre-analyzed, actionable intelligence directly, rather than having to invest in their own extensive ground infrastructure and analytics capabilities to derive insights from raw data.

Similar to how Netflix disrupted Blockbuster by offering a more convenient and efficient delivery model (streaming vs. physical rental), or how Uber provided a faster, more efficient, and often cheaper service than traditional taxis, if competitors can deliver processed insights with dramatically lower latency and cost due to on-orbit intelligence, it could render Satellogic's raw data delivery model less competitive for time-sensitive or budget-constrained applications. This technology trend is actively being developed and demonstrated by various players in the space industry and represents a clear potential shift in how geospatial data is delivered and consumed.

Commercial Earth Observation Market

Commercial Satellite Imaging Market

Geospatial Analytics Market

Satellite Data Services Market

1. Growth in Asset Monitoring Business Line: Satellogic's Asset Monitoring segment is a primary driver of revenue growth, propelled by increasing orders from both new and existing customers for satellite imagery. This segment has consistently contributed significantly to the company's revenue, demonstrating an expanding market presence and operational capabilities.
2. Expansion of Space Systems Business Line: The company anticipates that future revenue will heavily depend on securing opportunities within its Space Systems business line. Satellogic expects this segment to contribute substantial per-unit cash flow and strong gross margins, as evidenced by increased revenue in this area in recent quarters.
3. Development and Launch of "Searchable Earth" and AI-powered Analytics: Satellogic plans to launch its "Searchable Earth" business line, which will leverage AI-powered, on-orbit analytics to provide frequent, near real-time global monitoring for enterprise and national security clients. The company secured a $30 million contract in Q2 2025 for an AI-first constellation, highlighting the strategic importance of this advanced technology.
4. Strategic Partnerships and Customer Base Expansion: Strategic alliances and a focus on expanding its customer base are key growth drivers. Satellogic has entered into significant agreements, including a contract with NASA, an exclusive data distribution agreement with Suhora in India and Nepal, and a tasking partnership with Maxar Intelligence for U.S. national security, all aimed at broadening market reach and increasing data utilization.
5. New Satellite Technology and Constellation Growth: The continuous enhancement and expansion of Satellogic's satellite constellation, including the launch of new Mark V satellites and the upcoming NextGen satellite platform with 30-centimeter class resolution and AI-enabled analytics, are crucial for future revenue. A larger and more advanced constellation enables more frequent and higher-resolution data collection, catering to the increasing demand for real-time geospatial intelligence.

Share Issuance

• Satellogic became a publicly traded company in January 2022 through a SPAC merger with CF Acquisition Corp. V, generating approximately $262 million in gross proceeds.
• In April 2025, the company completed a $20 million registered direct offering of Class A Common Stock.
• In October 2025, Satellogic priced a public offering of Class A common stock, expecting to raise approximately $90 million in gross proceeds.

Inbound Investments

• In January 2022, Liberty Strategic Capital committed $150 million in a private placement as part of Satellogic's SPAC merger.
• A $100 million Private Investment in Public Equity (PIPE) offering, led by SoftBank's SBLA Advisers Corp. and Cantor Fitzgerald, was also part of the 2022 SPAC merger.
• Satellogic secured a $30 million strategic investment from Tether Investments Limited in April 2024 through a Note Purchase Agreement.

Outbound Investments

• In May 2022, Satellogic invested $3.6 million for approximately a 5% stake in Officina Stellare S.p.A., an optomechanical instrumentation company, to support strategic vertical integration.

Capital Expenditures

• Net cash used in investing activities amounted to $14.4 million for the year ended December 31, 2023, and $5.0 million for the year ended December 31, 2024.
• Satellogic requires an estimated additional $160 million in capital expenditures to achieve daily remapping capabilities with its satellite constellation.
• The company's goal of achieving daily remapping by having approximately 200 satellites in orbit has faced significant delays.