Satellogic Inc. (SATL) Business

ITEM 1. BUSINESS

Company Overview

Satellogic’s mission is to democratize access to geospatial data through its information platform of high-resolution images to help solve the world’s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic seeks to unlock the power of EO to deliver high-quality, planetary insights at unparalleled value. With more than a decade of experience in space and over 150 years of flight heritage, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point. We believe our unmatched capacity and scale, our cost leadership and technical superiority, and our non-ITAR (International Traffic in Arms Regulations) design provides us with key competitive advantages.

Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic is a vertically integrated Earth observation company that designs, manufactures, and operates satellite systems, delivering decision-grade insights at scale to government and commercial customers. Through an end-to-end production and operations model, Satellogic provides governments with flexible options across their journey toward sovereign Earth observation. From access to high-frequency imagery and managed space systems to full satellite ownership, to supporting autonomous data availability and long-term technological independence.

This integrated approach enables Satellogic to deploy satellites on predictable timelines and operate with capacity to support persistent coverage across large portfolios of sites. Satellogic enables continuous monitoring and alert-driven workflows that help defense and intelligence (“D&I”) agencies, civil governments, and commercial operators move from reactive tasking to proactive decision-making, providing mission-critical data when it is needed.

Unmatched Capacity and Scale

Today’s EO data market is supply-constrained with customers demanding more data at lower costs. With 17 operational satellites and two satellites in commissioning as of December 31, 2025, we have one of the largest high-resolution constellations commercially available with the ability to significantly leverage existing, in-orbit capabilities as capacity and cost champions.

Radical Cost Leadership and Technical Superiority

We produce and launch our satellites for a fraction of the cost of our competitors, which is achieved through our vertical integration, in-house manufacturing and an AI-First design philosophy optimized for low mass and rapid production. We design the core components that go into developing and manufacturing our satellites to be mission specific. We manufacture many of our components, but we also partner with third parties to manufacture certain other components to our design specifications. We assemble, integrate and test the components and satellites in our facilities located in a free-trade zone in Montevideo, Uruguay. Additionally, our patent-protected camera design allows us to capture approximately 10x more imagery than our competitors. Our superior capture capacity, coupled with our radical cost leadership, results in industry-leading unit economics. When taken together with the resolution and frequency we are able to deliver, we believe Satellogic is uniquely positioned to drive a meaningful expansion of today’s EO market with persistent monitoring and actionable data.

Non-ITAR Design

We are a U.S.-incorporated company operating without the heavy burden of export controls based on our non-ITAR design and our principal manufacturing location in Montevideo, Uruguay. This allows us to provide unique, disruptively-priced sovereign and defense solutions rapidly with technology and knowledge transfer resulting in local manufacturing capabilities and in-orbit flight heritage.

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Our Strategy

Our strategy is focused along two distinct business lines: Data & Analytics, including tasking and archived data, Aleph Observer and Constellation as a Service (“CaaS”), and Space Systems. These two business lines will allow us to serve the existing EO market and begin to democratize access to a host of new EO customers.

We expect that the Data & Analytics business will continue to represent our most predictable revenue stream, and we anticipate that it will be a primary driver of the business going forward alongside Space Systems.

Our newest product, Aleph Observer, represents a shift in how Earth observation is procured and used. Rather than relying on episodic tasking and best-effort imagery delivery, it enables ongoing monitoring of hundreds of sites daily in a customer’s area of interest, with predictable delivery over time. This allows teams to detect and assess change without repeated tasking, helping reduce operational friction and increase confidence in what was observed and what was not. Aleph Observer will also be a foundational platform within our Data & Analytics business as Merlin, our AI-First constellation, comes online unlocking the ability to go from monitoring hundreds of sites to an unlimited number, potentially millions of sites daily in very high-resolution, constituting a true AI-powered platform for persistent geospatial intelligence at a global scale. By featuring built-in analytics, the Aleph Observer platform allows users to quickly evaluate large volumes of catalogued imagery, triage and summarize changes over time, prioritize analysts’ workflows and create a historical record and an essential training ground for AI models to power the next generation of geospatial intelligence. We believe this evolution will enable government and defense customers to shift from reactive monitoring to proactive intelligence in identifying emerging threats, while simultaneously providing commercial enterprises with a scalable, cost-effective foundational data layer that replaces traditional, comparatively expensive alternative data sources.

Merlin, our AI-First constellation, is expected to launch its first satellite in the fourth quarter of 2026, and be fully operational in the first half of 2027. With Merlin, which is fully funded by existing customer contracts, we expect to leverage AI-powered, on-orbit analytics to deliver near real-time alerts and, through inter-satellite links, task the rest of Satellogic’s constellation to deliver a completely integrated, very high-resolution global broad area monitoring to enterprise and national security customers. In particular, we expect government and D&I customers of our Aleph Observer site monitoring product to be able to extend their monitoring capacity from hundreds of sites per day to an unlimited number of sites, completing the shift from reactive monitoring to proactive intelligence, enabling the identification of emerging threats and anticipating future events, while enterprise customers will be provided foundational data intelligence for their specific use cases where alternative sources of data are currently being used that are difficult to scale and comparatively expensive.

As the capacity and cost champions for high-resolution imagery, we offer our customers flexible monitoring and multiple captures per day at low latency. Supported by patented intellectual property and vertical integration, we believe our integrated data & analytics service represents a disruptive solution driven by radical unit economics that creates a considerable competitive moat. With the capabilities and capacity we have in orbit today, we can support a growing number of customers around the world.

Our Space Systems business offers unique solutions to sovereign customers or local partners with their own EO capabilities and in-orbit flight heritage at a disruptive price by leveraging our vertical integration and non-ITAR design. With rapid technology and knowledge transfer, as quickly as three to five months, our customers own, assemble and integrate their own satellites with operational support provided by us in their local AIT (Assembly, Integration and Test) facility. We anticipate our Data & Analytics line of business will augment the capabilities of many of the Space Systems customers.

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Information (in thousands) about our revenue by geography is as follows:

(1)Revenue by geography is based on the geographical location of the customer.

Market Overview

Existing terrestrial methods and high-resolution satellites utilized for obtaining EO imagery have several critical shortcomings and have had limited commercial applicability to date. The manner in which actionable data is collected is extremely inefficient, very costly and not particularly scalable.

Our satellites in sun-synchronous LEO are particularly well-positioned to collect data over the surface of the earth and provide high-quality awareness at scale by leveraging our existing very high-resolution capabilities and capacity, as augmented by Merlin, our AI-First constellation that will be operational in 2027, for broad area, persistent monitoring.

We believe our legacy competitors operating high-resolution EO satellites today are not well-suited to do this because the technology they are utilizing is simply too expensive and the economic use case is not viable for broad area, persistent monitoring for existing government D&I agencies and most commercial applications. In our view, traditional EO tasking is increasingly misaligned with how defense, intelligence, and security customers operate and simply does not translate for most commercial applications. Tasking optimizes for individual images, not for sustained awareness – customers must repeatedly submit collection requests, compete for capacity in high-priority regions, and manage large volumes of imagery manually. This creates operational overhead, intelligence gaps, and cost volatility, especially in regions where demand routinely exceeds supply. Our legacy competitors’ satellites must be tasked for specific customer demands and the imagery is priced relative to the cost of the underlying satellite, which is quite expensive.

We also believe the transition from the existing and relatively small, defense-led market to a large global economic driver is predicated on a shift in how EO data is utilized. Historically, EO has been treated as a source of "snapshots" for forensic analysis—investigating events after they occur. By moving to a model of high-frequency, persistent monitoring, we believe EO data will evolve into a foundational layer of global digital infrastructure. Much like the Global Positioning System (“GPS”) transformed from a military tool into the invisible backbone of the modern economy, we believe daily, high-resolution remapping will allow commercial industries to move from reactive observations to proactive, real-time decision-making.

According to a recent analysis by the World Economic Forum, the EO sector is projected to contribute a cumulative $3.8 trillion to global gross domestic product (GDP) between 2023 and 2030. This growth is anticipated to be driven by productivity increases and cost avoidance across six key industries—Agriculture, Electricity and Utilities, Government, Insurance and Financial Services, Mining/Oil/Gas, and Supply Chain/Transportation—which are expected to generate 94% of this total value.

We operate in the “NewSpace” sector, which refers to the increased commercialization and privatization of the space sector. There are a few NewSpace companies trying to build satellites for imaging at a low cost, but they essentially fall into two categories: they either do not have sufficient resolution or they are forced to effectively trade resolution for capacity. In either case, they are limited in terms of image capture. We believe we have addressed these problems through technology innovation and vertical integration.

Over the medium term, we plan to leverage our superior unit economics and technologies to remap the entire surface of the earth on a daily basis and, in doing so, we expect to completely reshape the business model for EO as well as a number of adjacent or alternative technologies being utilized today that are considerably less efficient (e.g., drones, helicopters, planes). By remapping the entire world every day, we expect to be able to deliver our data to customers at near

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zero marginal cost, which will effectively allow us to price our data based upon the value we create in each customer’s value chain as opposed to the current model whereby the pricing is inextricably linked to the high cost of the satellite. This is what we believe will allow us to expand the market for EO.

Beyond the EO market opportunity we continue to focus on addressing the growing market of satellite manufacturing and sales. This global market opportunity spans across both government and commercial organizations. Within the government segment, the opportunity covers both civil and unclassified defense programs. Recent market research estimates that the cumulative global manufacturing revenue for Earth Observation satellites will be approximately $31 billion in 2026 and will reach approximately $101 billion by 2034. Currently, approximately 95 countries and 130 commercial organizations have investments in EO-related programs, representing a significant and growing addressable market for our vertically integrated satellite solutions.

Competitive Advantage

We see the satellite imagery industry as mainly divided between incumbents and next generation companies offering electro-optical Earth imagery from space-based assets. Incumbent companies in the satellite imagery industry traditionally maintain a small fleet of large, expensive satellites. These satellites operate on a one-to-one tasking model, meaning each satellite is dedicated to fulfilling a single specific request at a time. These high-cost satellites typically capture very high-resolution imagery, primarily catering to the needs of national governments and established sectors that have traditionally relied on satellite imagery.

In contrast, we seek to develop and deploy satellites that are significantly less expensive and physically smaller than those used by the incumbent providers. We believe this enables us to rapidly and substantially grow the number of satellites we operate in Earth's orbit, establishing large constellations capable of frequent and comprehensive Earth observation at a fraction of the cost.

We believe that we are well-positioned to compete with legacy satellite providers and NewSpace geospatial data providers by shifting the industry paradigm from raw data collection to actionable, AI-driven intelligence. Our competitive advantages revolve around unit economics, autonomous design and technology, a vertically integrated structure, an efficient build-to-launch cycle, and high frequency revisit and remaps. Key elements of our competitive advantages include the following:

•Superior unit economics. Our superior capture capacity, coupled with our radical cost leadership, results in industry-leading unit economics compared to our small satellite industry peers. We plan to put enough satellites in orbit to collect data over the entire surface of the planet continuously, and deliver this data to customers at near zero marginal costs. By delivering data to customers at near zero marginal cost, we expect to be able to price our services based on the value that we create for our customers within their value chain and not on the cost of data acquisition (e.g., satellite cost, launch). This is a critical element of our business model and what we believe to be a paradigm shift in high-resolution EO imagery that is made possible by our superior unit economics.

•Superior design and technology. Our technology has evolved beyond traditional imagery to an “AI-First” architecture. Legacy satellite operators rely on a telescope with a very large aperture, which is extremely expensive to build and launch. Conversely, our NewSpace competitors often trade-off resolution for capture capability. Our solution is centered around our patented and unique camera design that utilizes adaptive optics allowing us to collect approximately 10 times more data from orbit than any of our competitors using a smaller aperture. Furthermore, our 2025 NextGen platform introduces 30cm-class resolution and onboard edge computing, allowing for real-time AI processing directly on the satellite to deliver insights rather than just raw pixels.

•Vertically integrated. We are a vertically integrated company, and we design our satellites and all of their subsystems, including onboard computers, propulsion system, telescopes, cameras, radios, sensors and actuators. This vertical integration allows us to serve the growing demand for sovereign space programs, offering nations full ownership and operational control of their own constellations. By designing every core component with our specific mission in mind and leveraging our unique operating model, we achieved a meaningfully lower bill of material costs than our competitors. Our cost to deploy a Mark V high-resolution imaging satellite in orbit today, including launch costs, is approximately $1.3 million compared to much higher costs for our NewSpace competitors.

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•Efficient build-to-launch cycle. Our fast build-to-launch cycles allow us to go from a signed contract to a satellite delivered in orbit in less than eight months, a first in this industry. We also have the ability to transfer ownership of satellites currently in orbit within days, if required by the customer. The fast turn-around and the appealing technical characteristics of our satellites paired with their low cost create a valuable alternative for customers looking to increase their in-orbit capacity quickly, or for customers looking to build an inventory of assets to lower response times in the face of emergency.

•High frequency monitoring and remaps. When we reach global remaps, we expect to provide a significant portion of the supply of high-resolution imagery in the market at near zero marginal cost. However, our value proposition now extends to “AI-First monitoring,” where we provide daily revisits of priority regions for strategic customers. We believe that the archive of everything that is happening on the planet, coupled with real-time onboard processing, will allow us, our partners and customers to train better artificial intelligence (“AI”) algorithms.

We believe that these characteristics—the near zero marginal cost for data distribution, the move toward sovereign satellite programs, and the shift from reactive tasking to proactive, persistent monitoring—will uniquely position us to capitalize on the significant total addressable market (“TAM”) opportunities.

Growth Strategy

We plan to democratize access to geospatial data by providing planetary insights at what we believe to be the lowest cost in the industry, which we expect will ultimately drive better decision-making across a broad range of industries. Our growth strategy is focused along our two business lines: Data & Analytics and Space Systems and is driven by the following objectives:

•Leverage expertise in low-cost manufacturing of EO satellites for sale into high-growth government markets across Asia, Africa, Middle East, Europe and South America.

•Pursue opportunities within the U.S. market, including competing for USG and allied contracts, which we believe we are well positioned for following our Domestication.

•Leverage AI-powered, on-orbit analytics to deliver proactive intelligence through our Aleph Observer product and our upcoming Merlin constellation.

•Expand the high-resolution EO market, providing access to data for the commercial market via foundational data intelligence for specific enterprise use cases where alternative sources are currently difficult to scale.

•Continued investment in R&D to innovate product offerings and satellite re-design, including our newest high-resolution satellite platform, NextGen, introduced in October 2025 to meet global demand for sovereign space capabilities.

•Leverage our modular satellite design, multiple-payload systems, scaled manufacturing and satellite operations to deliver novel data streams and services from orbit.

•Pursue strategic acquisitions and partnerships to enhance our go-to-market ("GTM") strategy, such as our partnerships with Vantor and Suhora Technologies while seeking complementary technologies and further vertical integration within our supply chain.

Through our products and service offerings, we intend to derive substantially all of our near-term revenues by providing EO services, satellite sales and related services to governments and D&I customers. In the medium term, we intend to expand our operations to serve commercial customers in a variety of markets and industries. We maintain a focus on controlling growth in our workforce and capital expenditures to preserve liquidity while expanding these global sales and engineering efforts.

Existing high-resolution EO market (Government and D&I)

The receipt of government and D&I contracts is part of our growth strategy. The existing high-resolution EO market is predominantly composed of government and D&I customers. We can serve these customers today with our fleet of 19 satellites currently in orbit, of which 18 satellites are operational, and one is being used for testing. The existing high-resolution EO market is supply-limited as a consequence of global capacity constraints and increasing demand. As a result, we have been successful in building a strong pipeline for the existing EO market. Our pipeline consists of contracts which are in negotiations or early discussions, and we can offer no assurances that such negotiations or discussions will result in a

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signed contract or any revenue. Many of these customers tend to buy through large, multi-year contracts and typically through a multi-step, outbound sales cycle.

We believe that most of these customers are interested in data that can be delivered with low latency and very high quality across our two lines of business, which we are well positioned to deliver. Additionally, the persistent monitoring capability of Aleph Observer currently enables ongoing monitoring and situational awareness across hundreds of sites daily inside a customer’s area of interest with predictable delivery. Once the upcoming Merlin constellation is operational, the monitoring capabilities of Aleph Observer will extend seamlessly to an unlimited number of sites.

Space Systems, our line of business which we believe presents a substantial growth opportunity, is designed to enable us to sell our satellites directly to select customers to whom satellite ownership is important. We believe our strong intellectual property and technology portfolio, fast build-to-launch cycles, and lower cost of ownership, provides an attractive offer for our customers looking to increase their in-orbit capacity quickly, or for customers looking to build an inventory of assets to lower response times in the face of an emergency. Although this line of business has inherent risks as discussed in Item 1A. “Risk Factors,” we believe that Space Systems will enhance our ability to effectively compete in the existing EO market.

In October 2025, we introduced our new NextGen platform. Featuring a non-ITAR design, 30 centimeter class resolution across all visible and multispectral bands, as well as AI-enabled analytics processed directly on orbit, NextGen's system represents a significant advancement in autonomous Earth observation. By moving analytics closer to the sensor, the platform allows governments and operators to detect changes on the ground in near real time and act on emerging threats or opportunities without delay. NextGen is expected to be operational in 2028.

We are approaching this market through direct sales as well as a network of distributors and partnerships in strategic regions across the globe. We expect this market will reflect the majority of our revenue for the next two to three years and provide operational cash flow to assist in financing our constellation.

Commercial Applications

Our longer-term strategy will also focus on commercial applications, which we expect will take full advantage of our constellation’s ability to capture imagery at high frequency and build a catalog of the entire planet. This is a Data as a Service (“DaaS”) application through which we plan to offer customers the ability to purchase imagery and data analytics specific to their vertical market (e.g., agriculture, forestry, energy, financial services, cartography). We expect our DaaS economics will allow us to charge customers according to the value our data provides within each customer’s value chain. We expect these applications will allow us to expand the current addressable market for high-resolution EO data and unlock a significant TAM opportunity.

We have conducted a number of pilot trials that we believe validate our solutions in a variety of verticals and demonstrate that our solutions can successfully replace other sources of data currently being provided by airplanes, drones, helicopters, IoT sensor networks, etc.

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Operations

Overview

•Design through launch

•Fast iteration between product innovation, production and launch

•Owning the design to manufacturing helps eliminate third-party costs

•In-orbit operations

•Own and control data capture of the earth’s surface

•Utilize third-party ground station infrastructure for global coverage and to reduce costs

•Imagery and Solutions commercialization

•Capture and own high-resolution imagery of the entire Earth. Unconstrained use of imagery

•Use internal data science capabilities to transform images into insights

We believe that vertical integration across design, manufacturing and operations produces efficiencies up and down the value chain, which allows us to reduce intermediary costs, control quality and scale up more quickly.

Human Capital

As of December 31, 2025, we had 154 full-time employees globally, which includes 84 employees in Argentina (mostly involved in R&D, finance, and accounting), 23 in Spain, 29 in Uruguay (mostly involved in manufacturing), 12 in the U.S. and 6 in other countries.

We have always focused on attracting and retaining the best talent with the highest possible cultural alignment. Our geographically-distributed nature is a core tenet that reaches back to the earliest days of Satellogic; well in advance of the rise of work-from-home arrangements in recent years. Our diverse group of employees earnestly shares these common values:

•Get it done. Our relentless commitment to hold ourselves accountable and deliver true value.

•Be purpose driven. Our intrinsic motivation to make the impossible possible.

•Never stop learning. Be intellectually curious, open-minded, and learn from others.

•Push the limits. Challenge the status quo, leave your comfort zone and tackle impossible challenges.

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•Go beyond ego. Be humble, honest and empathetic and build together for our company, our community and our planet.

At Satellogic, these values precede traditional performance measures when assessing a person’s fit with us. Our vision inherently challenges conventions, and thus requires a special kind of spirit not only to succeed, but even to take on these challenges in the first place. This approach to human capital has enabled us to grow while keeping our core spirit and sense of purpose throughout the twists and turns of our life cycle.

We are committed to developing all of our people in different dimensions, including programmatic leadership, people leadership, business leadership and technological leadership. We actively promote a trust-based organization and a safe environment for risk taking by providing effective mentorship and expecting people to “disagree and commit”.

During the early years of our company, the founders and the senior leaders were the torchbearers of these values and culture, but our expectation is that every leader, which is to say every employee, subscribes to and lives by these values every day.

None of our employees are represented by a labor union, though in some countries our employees may be subject to industry-wide collective bargaining agreements as a matter of law. We have not had any work stoppages and we consider our relations with our employees to be good.

Sales and Marketing

Our sales strategy has evolved from providing satellite imagery to offering a full range of products for government, defense, and commercial customers. Following our 2025 move to become a U.S.-based company, we have focused on expanding our reach within the U.S. and with international allies.

Government and Defense

We provide governments with a path to their own space capabilities. This ranges from simple data access to the sale of entire satellites.

•Space Systems: We sell dedicated satellites directly to national governments. Recent progress includes major contracts with Portugal and Albania, allowing these nations to manage their own orbital assets.

•Persistent Monitoring: With the 2026 launch of our Aleph Observer product, we have shifted our marketing toward continuous (persistent), "always-on" monitoring for security and national defense.

Commercial and Ecosystem Strategy

To scale our business, we use a global network of partners and a simplified contract structure to reach more customers.

•Partnerships: We leverage a global network of resellers and service providers to scale capabilities and reach. This includes significant regional agreements, such as our multi-year partnerships with Suhora in India and Vantor in the United States, to provide data access to government and commercial users.

•The Aleph Platform: We have developed an easy-to-use web platform and automated tools (APIs) that allow customers to book satellite time directly. This "self-service" model helps commercial users in industries like agriculture and energy get the data they need quickly and transparently.

Customers

In the near term, we intend to derive our revenue from providing data and analytics and space systems sales, including individual satellites or turn key space programs. Our customers include government, D&I and commercial customers in a variety of markets and industries.

We are currently dependent on a small number of customers for our revenue. For example:

•In November 2021, we entered into a five-year noncancellable agreement with a technology company that requires the customer to purchase a minimum of $4.0 million of multispectral, hyperspectral, full-motion video and private delivery uplift products each year. The customer pays us in non-cash consideration in the form of a

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license to a proprietary software platform, which we use for internal operations. During 2025, we recognized $4.4 million in revenue from this customer.

•In September 2022, we entered into a $6 million, three-year, constellation-as-a-service agreement. Recognition of revenue under this contract began in the first quarter of 2023 with the initiation of service. In January 2026, we renewed the contract for an additional 11 months.

•In December 2024, we entered into a data license and distribution agreement with Maxar Intelligence (now Vantor), a peer in the EO industry and with longstanding partnerships with the U.S. government and its allies. Under this arrangement, we granted them exclusivity to be our distributor to the U.S. government D&I agencies and selected international D&I partners.

•In April 2025, we were awarded a multi-year contract valued at $30 million with a strategic international defense and security customer. Under this agreement, we will provide near-daily, multiband optical imagery and ultra-low latency analytics leveraging our AI-First satellite constellation, with revenue on the contract expected in 2027.

•In September 2025, the Company entered into a seven-figure strategic, multi-year agreement with Suhora, a leader in dual-use Intelligence, Surveillance, and Reconnaissance (“ISR”) technologies. This agreement grants Suhora exclusive rights to distribute the Company's high-resolution Earth observation data and services in India and Nepal.

•In December 2025, the Company entered into an $18 million agreement with the Centre of Engineering and Product Development in Portugal (“CEiiA”) to supply and deliver two NewSat Mark V 50cm-class imaging satellites for the Portuguese component of the Atlantic Constellation. This partnership leverages the Company’s vertically integrated production to provide Portugal with autonomous, sovereign Earth observation capabilities and a comprehensive knowledge transfer program with the planned transfer to occur in Q2 2026.

Our business is generally engaged in manufacturing activities and has near-term exposure to fluctuations in the supply of raw materials. We design the systems, subsystems and core components and technologies that go into creating and manufacturing our satellites. We manufacture many of our components, but we also partner with third parties to manufacture certain other components to our design specifications. We then assemble, integrate and test the components and satellites in our facilities. We have a global supply chain of upstream and downstream partners including manufacturers, suppliers and launch providers from a number of countries including the United States. Certain aspects of our manufacturing activities require relatively scarce raw materials or specialty component parts; occasionally, we have experienced difficulty in our ability to procure raw materials, components, sub-assemblies and other supplies required in our manufacturing processes. We bear some risk of supply chain delivery issues and price increases on account of the structure of our vendor contracts.

Launch Providers

With respect to launch providers, our partner selection process typically revolves around availability and cost. In January 2021, we signed a Rideshare Multi-Launch Agreement with SpaceX (the “SpaceX Agreement”), our preferred rideshare launch provider, and we expect to continue our launch program with SpaceX as we engage with and consider alternative launch providers. In April 2022, we secured launch capacity for our next 68 launches with SpaceX, via the SpaceX Agreement. At December 31, 2025, we had 42 launch slots remaining and we continue to work with this rideshare launch provider to schedule upcoming satellite launches.

For every launch, a joint launch campaign is performed at the launch provider’s facility that includes our team, the launch service provider and, in some cases, a third-party separation systems supplier. We provide all the necessary equipment and personnel to test and prepare the satellites for launch while the launch service provider and, if applicable, the third-party separation systems supplier, provide the necessary machinery and personnel to integrate the satellites into the launch vehicle. Once these joint operations are complete, the launch service supplier executes the launch and delivers the satellites into the desired orbit, and we begin the regular, in-orbit operations.

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Ground Station and Cloud Storage Infrastructure

We primarily utilize third parties today for ground station, processing, and storage infrastructure. As our business grows, we will continue to monitor the advantages and disadvantages of our outsourced model and may decide to vertically integrate one of more of these functions in the future.

Satellites and Technology

We are a vertically integrated company that designs, manufactures, integrates and operates our own high-resolution imaging satellites, and the image processing pipeline necessary to deliver services to our customers, including images and value-added layers of semantic data. We have innovative technology in every segment of our vertical integration: satellite components, satellite subsystems, satellite systems design, satellite integration and testing, satellite operations, image processing and data delivery.

Our approach towards component selection and design includes the extensive use of commercial off-the-shelf components (“COTS”) and modified-COTS, proprietary component selection and screening methods, and the systematic replacement of expensive hardware using smarter software.

Our unique camera design uses a closed-loop stabilization system and adaptive optics to enable continuous collection of high-resolution imagery from a small-telescope aperture. This patented design is one of the cornerstones of our unit-economics differentiation, allowing us to collect over 10 times more data than any other small-satellite design, and giving us great flexibility to operate our satellites under varying conditions of lighting, altitude and platform stability.

Our success depends in part upon our ability to protect our core technology and intellectual property. To protect our proprietary rights and technology, we rely on a combination of different types of intellectual property rights including patents, trademarks and trade secrets, as well as confidentiality agreements and license agreements with consultants, vendors and customers. As of the date of this Report, we have 45 issued patents, 2 utility models and 40 pending patent applications in 11 jurisdictions. We continue to invest in research and development to design, manufacture and fly new technology to orbit in every new satellite we launch, and we complete every new satellite design on a full design cycle of nine months. We drive technology R&D with the goal of maintaining our high-resolution imaging satellites in a Moore’s law equivalent curve: roughly doubling capacity every 18 months at the same price point.

As of the date of this Report, our satellite constellation consists of 19 NewSat satellites in orbit, 18 of which are operational and one is being used for testing.

We believe that our latest satellite model, the NewSat Mark-V, which possesses a mass of less than 50 kilograms, a cost of approximately $1.3 million including launch costs, and a daily imaging capability of over 300,000 square kilometers at 50 cm resolution is superior to those satellites of our competitors in terms of unit economics, capacity and cost.

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Our anticipated technology roadmap is as follows:

Long Term Growth Opportunities

Our initial EO constellation and infrastructure are the key building blocks that we expect will enable us to leverage large constellations of small satellites to deliver a wide variety of services to Earth. Our key building blocks include:

•Complete, low-cost satellite bus

•Modular satellite architecture

•Satellite operations at scale

•Multi-payload, in-orbit platform

•Inter-satellite laser mesh

•LEO/MEO/GEO complementarity

Recent Developments

Launch of Aleph Observer

On February 23, 2026, the Company announced the launch of Aleph Observer, its persistent monitoring capability designed to deliver sustained, large-scale situational awareness across critical locations worldwide. Aleph Observer represents a shift in how Earth observation is procured and used. Rather than relying on episodic tasking and best-effort imagery delivery, it enables ongoing monitoring of hundreds of sites daily with predictable delivery over time.

Albania Extension

On January 29, 2026, the Company entered into an 11-month contract extension with the Government of Albania to continue providing country-wide, high-frequency satellite monitoring services. The agreement builds upon a prior three-year contract and provides dedicated satellite capacity and high-resolution imagery covering Albania's entire territory to support national priorities, including natural resource management and disaster response.

High Earth Orbit Robotics Expanded Agreement

On August 4, 2025, we entered into an expanded agreement with High Earth Orbit Robotics Pty Ltd. (“HEO”), the world’s leading commercial provider of non-Earth imagery (“NEI”) for in-orbit inspection. Under this new agreement, HEO receives exclusive access to our high-resolution constellation for capturing NEI.

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On January 27, 2026, the Company completed the sale of NewSat-34, a legacy Mark IV-g satellite already in orbit, to HEO. This transaction represents the first time the Company has sold a legacy, in-orbit satellite through its Sovereignty Government Program, allowing the Company to monetize an existing asset while extending its operational life for specialized applications. Under the terms of the agreement, the Company will continue to provide operational support for the satellite and generate service-based revenue while transitioning full title and tasking priority to the purchaser.

Registered Direct Offering

On January 26, 2026, the Company entered into a definitive securities purchase agreement with a single institutional investment manager in connection with a registered direct offering of 7,399,578 shares of the Company’s Class A common stock, par value $0.0001 per share, at an effective purchase price of approximately $4.73 per share.

The gross proceeds to the Company from the offering were approximately $35 million, before deducting placement agent fees and other estimated offering expenses payable by the Company. All of the shares were sold by the Company pursuant to an existing shelf registration statement on Form S-3. The offering closed on January 27, 2026.

Confidentially Marketed Public Offering

On October 15, 2025, the Company entered into an Underwriting Agreement with CF&Co., as representative of the underwriters named therein, in connection with an underwritten public offering of 27,692,308 shares of the Company’s Class A common stock, par value $0.0001 per share, at a public offering price of $3.25 per share.

Under the terms of the Underwriting Agreement, the Company granted the underwriters a 30-day option to purchase up to 4,153,846 additional shares of Class A common stock. The option expired unused.

The gross proceeds to the Company from the offering were $90 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. All of the shares were sold by the Company. The offering closed on October 17, 2025.

Portugal Agreement

On December 31, 2025, the Company entered into an $18 million agreement with CEiiA, the Centre of Engineering and Product Development in Portugal, for the supply and in-orbit delivery of two NewSat Mark V satellites.

The agreement provides Portugal with autonomous, high-resolution Earth observation capabilities to support civil, environmental, and security missions. Ownership and operational control of the satellites are expected to transfer to CEiiA in the second quarter of 2026.

NextGen Satellite Platform

On October 13, 2025, the Company introduced our newest high-resolution satellite platform, NexGen, which is designed to meet global demand for sovereign space capabilities and builds on the Company’s NewSat satellite architecture.

New Sales Leadership

On November 3, 2025, the Company announced the appointment of Jeff Kerridge as Senior Vice President of Global Sales. A seasoned executive with more than 35 years of experience across the geospatial, D&I sectors, Mr. Kerridge will lead Satellogic’s worldwide sales strategy and customer growth initiatives as the Company enters a new phase of global expansion.

Departure of Certain Principal Officer

On March 6, 2026, Mathew Tirman, the President of the Company, submitted his resignation as an officer and employee of the Company effective March 31, 2026, to pursue other opportunities. Mr. Tirman’s resignation did not result from any disagreement with the Company on any matter relating to its operations, policies, or practices. Mr. Tirman will not receive any severance benefits in connection with his voluntary departure from the Company. The Company has no immediate plans to fill this vacated role and expects that Mr. Tirman’s duties will be distributed to other executives within the Company.

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Regulatory

NOAA

The purpose of NOAA’s Commercial Remote Sensing Regulatory Affairs division is to balance the commercial viability of private earth remote sensing space systems and sound regulatory practices and policies while protecting U.S. national security, foreign policy and international obligations.

Our satellites are purposefully designed with telescopes and image capture technology to enable and support the collection of earth imagery. Each satellite is designed and built to collect high-resolution multispectral imagery, hyperspectral imagery and full motion video. The raw data collected by our constellation is collected through a series of ground stations strategically located in several global locations outside of the United States. We have a primary mission command control center in the U.S. that has ultimate operational control of our constellation and is supported by additional teams in each of Spain and Argentina. With the shift of ultimate operational constellation control to the U.S. in 2023, we filed for an operator’s license with NOAA which was granted in November 2023. As a result of obtaining this NOAA operator’s license, we are subject to NOAA’s oversight as we pivot operational control of our satellite constellation to our U.S. personnel and expand our ground station network to include U.S. based ground stations.

As we grow our U.S. business, we expect to coordinate with the NOAA Commercial Remote Sensing Regulatory Affairs agency to assure an understanding of regulations as they evolve and to proactively share any strategic changes contemplated by us that may relate to NOAA’s purview.

The FAA

By entering into the SpaceX Agreement with a U.S.-based launch provider, we are directly and indirectly subject to the license requirements of the Office of Commercial Space Transportation (“AST”) of the Federal Aviation Administration (“FAA”). The FAA regulates the airspace of the U.S., through which launch vehicles must fly during launch to orbit and through which downlinks of raw data may occur if directed to a U.S.-based ground station. The AST office predominantly processes launch license requests submitted by launch vehicle operators, in our case, SpaceX, which includes information on the rideshare payloads flying on any given mission. As a result, reviews of our payloads by AST occur during, for example, the execution of Technical Assistance Agreement(s) upon SpaceX request and other associated launch reviews and licenses.

We have adopted the National Aeronautics and Space Administration (“NASA”) and European Space Agency (“ESA”) standards regarding orbital debris mitigation. Having voluntarily subscribed to the United Nations Committee on Personal Uses of Outer Space orbital debris principles and guidance, we sought out the leading technical standards guiding responsible design, management, and test of space objects to meet the defined measures. To that end, we use the NASA orbit debris standard (NASA-STD-8719.14) and the ESA Orbital Debris Mitigation Guidelines (IADC-02-01, Current Revision).

ITAR, EAR and Export Controls

We have a global supply chain of upstream and downstream partners including manufacturers, suppliers and launch providers from a number of countries, including the U.S. The ITAR and EAR are the most relevant export control regulations we monitor. Generally, the ITAR restricts the export of hardware, software, technical data, and services containing defense or strategic applications. The EAR similarly regulates the export of hardware, software, and technology that has commercial or “dual-use” applications (i.e., for both military and commercial applications) or that have less sensitive military or space-related applications not subject to the ITAR. The regulations exist to advance the national security and foreign policy interests of the U.S.

Based upon the technologies we have procured from U.S. sources, we have not been specifically subject to ITAR. Since our export location may invoke, in certain instances, the EAR of the Bureau of Industry and Security of the U.S. Department of Commerce, we track our component sourcing. We procure some components listed on the Commerce Control List from U.S. suppliers and we are therefore subject to the EAR. We export our satellites to the U.S. for launch pursuant to the SpaceX Agreement, which provides for launch services. With this current sourcing model and partner ecosystem, we must comply with the EAR.

The U.S. government agencies responsible for administering the ITAR and the EAR have significant discretion in the interpretation and enforcement of these regulations. The agencies also have significant discretion in approving, denying, or conditioning authorizations to engage in controlled activities. Such decisions are influenced by the U.S.

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government’s commitment to multilateral export control regimes, particularly the Missile Technology Control Regime concerning the spaceflight business.

Many different types of internal controls and measures are required to ensure compliance with export control regulations. In particular, we routinely complete end user compliance documents, record sourcing detail regarding country of origin and known classification numbers, determine the appropriate licensing jurisdiction (where applicable), and provide notice to internal and partner foreign team members of export-controlled information restrictions. In accordance with our Sanctions Compliance Policy, we do not export to embargoed, targeted sanction, or special policy countries. We have implemented a compliance diligence process for all third parties including, among other validations, verification of the parties with whom we contract at an entity and individual level.

Interagency Review

The review and approval of any license discussed above, as may be required, will be subject to interagency reviews that allow multiple government agencies including the U.S. Department of Commerce, U.S. Department of State, U.S. DoD, NASA, and others. The purpose of this interagency review is to examine such license applications from each agency’s respective perspective including but not limited to safety, operational, national security, foreign policy and international obligations, as well as review of foreign ownership.

Other Potential Future U.S. Regulation

As we grow our U.S. business and to the extent we become a U.S. governmental contractor, our business will be subject to various additional U.S. regulation and related requirements, including but not limited to (1) the Defense Federal Acquisition Regulation Supplement and the U.S. DoD and federal cybersecurity requirements, including the Cybersecurity Maturity Model Certification (“CMMC”) framework, in connection with any defense work we perform in the future for the U.S. government and defense prime contractors, (2) the National Industrial Security Program Operating Manual administered by the U.S. Defense Counterintelligence and Security Agency, and other U.S. government security protocols when accessing sensitive information, (3) maintaining national security clearance and mitigation elements under the National Industry Security Program and agreement with the U.S. DoD regarding any appropriate FOCI mitigation arrangement with respect to our U.S.-based subsidiary and (4) conducting routine investigations and reviews relating to compliance with various U.S. laws and regulations, including those associated with organizational conflicts of interest, procurement integrity, bid integrity and claim presentation, among others.

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Corporate Organizational Structure

We are a holding company. The following diagram shows our ownership and structure (1):

(1)All lines represent 100% ownership unless otherwise indicated.

Subsidiaries of the Group as of March 13, 2026:

(1)This entity is controlled through Satellogic V. Inc.

(2)This entity is controlled through Nettar, S.A. an intermediate holding entity of the Group.

(3)This entity is controlled through Satellogic USA Inc.

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Available Information

Our Internet website address is www.satellogic.com. Our annual reports on Form 10-K (formerly on Form 20-F), quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Securities Exchange Act are available free of charge through our website as soon as reasonably practicable after we electronically file with or furnish them to the SEC, and are available in print to any stockholder who requests a printed copy. We also use our website as a means of disclosing additional information, including for complying with our disclosure obligations under the SEC's Regulation FD (Fair Disclosure). The SEC maintains a website that contains reports, proxy statements, information statements and other information regarding issuers, including us, that file electronically with the SEC at www.sec.gov.

In addition, many of our corporate governance documents are available on our website at www.satellogic.com. Specifically, our Audit, Compensation, Nominating and Corporate Governance and Finance Committee Charters, our Corporate Governance Guidelines and Code of Business Conduct and Ethics are available. Each of these documents is also available in print to any stockholder who requests it.

The content on our website is available for information purposes only and is not a part of and shall not be deemed incorporated by reference in this Report.

History and Development of the Company

We were incorporated under the laws of the BVI on June 29, 2021, solely for the purpose of effectuating the Merger, which was consummated on January 25, 2022. See “Merger Transaction” below for further details of the Merger. The Domestication was consummated on March 26, 2025. See “Domestication” below for further details.

We own no material assets other than our interests in Nettar and do not operate any business other than through Nettar, our wholly owned subsidiary. Nettar is a BVI business company incorporated in the BVI as a company limited by shares. See Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” for a discussion of Nettar’s principal capital expenditures for the years ended December 31, 2025 and 2024. Except for capital expenditures in the ordinary course of business, there are no other material capital expenditures or divestitures currently in progress as of the date of this Report.

Nettar was the holding company of the Satellogic Group (the “Group”) prior to the Merger and was incorporated on October 7, 2014, under the laws of the BVI as an International Business Company.

The mailing address of our principal executive office is 210 Delburg Street, Davidson, NC 28036, U.S. and our telephone number is 704-802-2041. Our principal website address is www.satellogic.com. The information contained on, or accessible through, our website is not incorporated by reference into this Report, and you should not consider it a part of this Report.

On May 6, 2022, we entered into an Investment Agreement with Officina Stellare S.p.A. (“OS”), a company engaged in the design and production of telescopes and opto-mechanical and aerospace instrumentation for ground and space-based applications, to purchase 5% of OS’s outstanding common shares for $3.7 million. Emiliano Kargieman, our Chief Executive Officer, was appointed to the OS board of directors. The investment was completed on September 30, 2022. OS is also a supplier of telescopes to the Company.

Merger Transaction

On January 25, 2022 (the “Closing Date”), we consummated the Transactions contemplated by the Agreement and Plan of Merger dated as of July 5, 2021 (the “Merger Agreement” ), by and among Satellogic, CF V, a Delaware corporation, now known as “Satellogic V. Inc., Ganymede Merger Sub 1 Inc., a BVI business company incorporated in the BVI as a company limited by shares and a direct wholly owned subsidiary of Satellogic and Ganymede Merger Sub 2 Inc., a Delaware corporation and a direct wholly owned subsidiary of Satellogic.

The Merger resulted in cash proceeds of $168 million, after Transaction expenses and debt repayment, through the contribution of cash held in CF V’s trust account, net of redemptions by CF V’s public stockholders, and a concurrent PIPE offering (“2022 PIPE”) led by SoftBank’s SBLA Advisers Corp. and CF&Co., among other institutional investors, together

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with the Liberty Investment. See Note 4 (Reverse Recapitalization) to the Consolidated Financial Statements for additional details.

On January 26, 2022, our Class A common stock began trading on Nasdaq under the ticker symbol “SATL” and our warrants began trading on Nasdaq under the ticker symbol “SATLW”.

Domestication

On March 26, 2025, we filed with the Secretary of State of the State of Delaware a certificate of corporate domestication and a certificate of incorporation of a Delaware corporation with the name “Satellogic Inc.”, as well as filed with the Registrar of Corporate Affairs in the BVI a notice of the Company’s continuance out of the BVI, pursuant to which we domesticated and are continuing as a Delaware corporation. On the effective date of the Domestication, each of our BVI Ordinary Shares and BVI Warrants automatically converted by operation of law, on a one-for-one basis, into shares of Class A common stock, Class B common stock and warrants to purchase Class A common stock, respectively.