Satellogic Reports 27% Revenue Growth to $4.4 Million in Q2 2025, Despite Net Loss of $6.7 Million

Satellogic Inc. reported its financial results for the second quarter of 2025, revealing a revenue increase of 27% to $4.4 million, compared to $3.5 million in the same period last year. For the first half of 2025, the company generated $7.8 million in revenue, up from $6.8 million in the first half of 2024. The growth was primarily driven by increased imagery orders from both new and existing Asset Monitoring customers, which accounted for $3.5 million of the quarterly revenue. The Space Systems business line also contributed, generating $0.5 million in the quarter.

Despite the revenue growth, Satellogic reported a net loss of $6.7 million for the second quarter, an improvement from a loss of $18.1 million in the prior year. The company’s total costs and expenses decreased significantly to $10.7 million from $18.2 million, largely due to reductions in selling, general, and administrative expenses, which fell by 44% to $5.4 million. Engineering expenses also decreased by 46% to $2.3 million, reflecting the company's ongoing cost control measures and workforce reductions implemented in 2024.

Operationally, Satellogic maintained a total of 21 commercial satellites in orbit as of June 30, 2025, with 20 operational and one in testing. The company continues to focus on expanding its satellite constellation, aiming for a long-term goal of approximately 200 satellites to enhance its Earth observation capabilities. The strategic realignment of its business in August 2023 has positioned the company to capture high-value opportunities in the U.S. market, particularly in the government and defense sectors.

The company’s financial position remains precarious, with an accumulated deficit of $439.3 million as of June 30, 2025. Cash and cash equivalents stood at $32.6 million, which management believes may not be sufficient to fund operations and capital expenditures necessary for scaling revenue generation. To address this, Satellogic is actively seeking additional funding through equity or debt financing. The company has already raised approximately $21.4 million in financing activities during the first half of 2025, including proceeds from a registered direct offering and an at-the-market program.

Looking ahead, Satellogic acknowledges substantial doubt about its ability to continue as a going concern without securing additional financing. The company is focused on leveraging its recent strategic changes and operational efficiencies to enhance revenue generation and stabilize its financial condition. However, the ongoing reliance on a limited number of customers for a significant portion of its revenue poses risks that could impact future performance.