Satellogic Inc. Reports $3.4 Million Revenue and $32.6 Million Net Loss in Q1 2025

Satellogic Inc. reported a revenue of $3.4 million for the first quarter of 2025, a slight increase of 2% from $3.3 million in the same period of 2024. The growth was primarily driven by a $0.4 million increase in imagery orders from Asset Monitoring customers, which offset a $0.4 million decline in revenue from the Space Systems segment. The company recorded a net loss of $32.6 million, compared to a loss of $15.2 million in the prior year, reflecting a significant increase in expenses related to the change in fair value of financial instruments, which amounted to a loss of $22.4 million in Q1 2025.

Total costs and expenses for the quarter decreased to $12.9 million from $17.9 million year-over-year, largely due to reductions in selling, general, and administrative expenses, which fell by 31% to $6.5 million. Engineering expenses also decreased by 43% to $2.5 million, attributed to workforce reductions and cost control measures implemented in 2024. The company’s operating loss improved to $9.5 million from $14.6 million in the previous year, indicating a positive trend in operational efficiency.

In terms of strategic developments, Satellogic underwent a corporate domestication process in March 2025, transitioning from a British Virgin Islands company to a Delaware corporation. This move is expected to enhance visibility with investors and facilitate access to U.S. government contracts. The company also engaged in a Registered Direct Offering in April 2025, raising approximately $20 million through the sale of 6.45 million shares at $3.10 each, which will be used for general corporate purposes.

Operationally, Satellogic had 22 commercial satellites in orbit as of March 31, 2025, with 19 operational and two in testing. The company aims to expand its satellite constellation to approximately 200 satellites in the long term, enabling daily remaps of the planet. The revenue breakdown for the quarter showed that the Asset Monitoring segment generated $2.6 million, while the Constellation as a Service (CaaS) and Space Systems segments contributed $0.4 million each.

Looking ahead, Satellogic faces challenges in achieving profitability, with an accumulated deficit of $432.7 million as of March 31, 2025. The company continues to seek additional funding through equity or debt financing to support its operations and growth strategy. Management has expressed substantial doubt about the company's ability to continue as a going concern without securing further financial resources, emphasizing the need for ongoing capital to sustain operations and expand its market presence.