Earth observation satellite maker Satellogic (NASDAQ: SATL) turned in record third quarter revenue and a second straight quarter of positive adjusted EBITDA, according to results released on November 10, 2026. Shortly after the quarter closed, it signed a sovereign satellite agreement worth about $37 million.

“We delivered an excellent third quarter, with record revenue and our second consecutive quarter of positive Adjusted EBITDA,” said Emiliano Kargieman, Founder and CEO.

Record Revenue and a Second Positive EBITDA Quarter

Third quarter revenue rose 342% to $16.0 million from $3.6 million a year earlier. Space Systems revenue climbed to $9.5 million from $0.5 million, helped by the in-orbit delivery of a second NewSat Mark V satellite under Satellogic’s $18 million agreement with Portugal’s CEiiA. In addition, Data and Analytics revenue more than doubled to $6.6 million from $3.2 million.

Meanwhile, the operating loss narrowed to $2.3 million from $8.1 million, and adjusted EBITDA, a non-GAAP measure, turned positive at $1.2 million, compared with a loss of $4.9 million a year earlier. At the same time, Satellogic reported GAAP net income of $28.3 million for the quarter, which included a $30.0 million non-cash fair value gain. For the first nine months of 2026, the net loss was $110.0 million. The company ended the quarter with $106.5 million in cash.

A $37 Million Sovereign Satellite Agreement

After the quarter ended, Satellogic signed an agreement worth about $37 million to transfer one NewSat Mark V and two NewSat Mark VI satellites in orbit to a sovereign customer. The company expects to complete the transfers by mid-2027, subject to standard milestones. As a result, the deal adds to the $66.9 million in remaining performance obligations Satellogic reported at the end of September, a figure that does not include the new agreement.

“The Mark V launch is a direct response to the growing demand we are seeing from governments,” Kargieman said.

Merlin and the Road to 2027

On October 1, Satellogic launched Merlin.01, the first satellite in its Merlin constellation, on SpaceX’s Transporter-18 mission alongside an additional Mark V and two Mark VI satellites. Once fully operational, Merlin is designed to remap the planet daily in one-meter-class imagery, detect changes onboard and cue Mark VI satellites for 50-centimeter follow-up images.

Satellogic plans additional Merlin launches in the first half of 2027 and expects Merlin’s operational service and initial revenue in the second half of that year. The company did not provide numeric guidance, but it says it is working toward positive free cash flow. Its data partners include Innovative Defense Technologies, HEO and SynMax.

Strategic Investment Summary

• Record Revenue: Satellogic (NASDAQ: SATL) grew third quarter revenue 342% to $16.0 million, led by Space Systems revenue of $9.5 million.
• Profitability Trend: Adjusted EBITDA was positive for a second straight quarter at $1.2 million, and the operating loss narrowed to $2.3 million.
• Net Income Context: GAAP net income of $28.3 million included a $30.0 million non-cash fair value gain, and the nine-month net loss was $110.0 million.
• Sovereign Deal: A roughly $37 million agreement covers the in-orbit transfer of three satellites, with completion expected by mid-2027.
• Merlin Constellation: Merlin.01 launched on October 1, with more launches planned for the first half of 2027 and initial revenue expected in the second half.
• Balance Sheet: Satellogic held $106.5 million in cash at September 30 and reported $66.9 million in remaining performance obligations before the new deal.

Find out more about the latest corporate developments and financial reports at the Satellogic investor portal.

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