Satellogic (NASDAQ:SATL), a leader in sub-meter resolution Earth Observation (EO) data, reported strong financial results for the fourth quarter and full year ended December 31, 2025.
The company demonstrated significant commercial momentum, with fourth-quarter revenue jumping 94% year-over-year to $6.2 million.
Full-year revenue reached $17.7 million, a 38% increase over 2024, driven by a surge in imagery orders from new and existing Data & Analytics customers, including major government contracts.
The quarter was defined by the introduction of the Merlin constellation, a "defense-first, AI-first" system designed to remap the entire surface of the Earth daily at one-meter resolution.
Management confirmed that the Merlin program is already fully funded, backed by a $30 million customer contract.
The first satellite launch is targeted for October 2026, with the constellation expected to reach full operational capability in the first half of 2027.
This initiative expands on the recently launched Aleph Observer, transitioning Satellogic from episodic, task-based imaging to a model of continuous, planetary-scale intelligence.
Financially, Satellogic enters 2026 with a fortified balance sheet, reporting $94.4 million in cash and equivalents at year-end.
This liquidity follows a $90 million public offering in late 2025 and a subsequent $35 million direct offering in January 2026.
The company’s non-GAAP adjusted EBITDA loss improved to $17.4 million for the year, reflecting a disciplined focus on cost reduction and vertical integration.