Investment Thesis
Satellogic demonstrates strong 37.6% revenue growth in a promising sector, but fundamental profitability issues are severe: the company burns $26.9M in operating cash flow while generating only $17.7M in revenue, with a -175% operating margin. While the $94.4M cash position provides runway, there is no demonstrated path to profitability, and the company continues capital investment despite unsustainable losses.
Strengths
- Strong top-line revenue growth of 37.6% YoY demonstrates market demand
- Excellent liquidity with $94.4M cash (62% of total assets) and 5.12x current ratio
- Zero long-term debt with clean balance sheet eliminates financial leverage risk
Risks
- Operating losses of -$31.0M dwarf revenues of $17.7M (-175% operating margin)
- Negative operating cash flow of -$26.9M indicates operations cannot sustain the business
- Free cash flow burn of -$34.3M unsustainable; cash runway at risk without profitability inflection
- No evidence of improving unit economics or path to profitability despite scale investments
Key Metrics to Watch
- Operating cash flow trajectory and timeline to positive OCF
- Operating margin improvement rate and gross margin (if it becomes available)
- Cash runway estimate given current burn rate of ~$34M annually
- Evidence of margin expansion as revenue scales or cost structure optimization
Financial Metrics
Revenue
17.7M
Net Income
-4.8M
EPS (Diluted)
$-0.18
Free Cash Flow
-34.3M
Total Assets
151.3M
Cash
94.4M
Profitability Ratios
Gross Margin
N/A
Operating Margin
-175.2%
Net Margin
-27.0%
ROE
-7.9%
ROA
-3.2%
FCF Margin
-193.5%
Balance Sheet & Liquidity
Current Ratio
5.12x
Quick Ratio
5.02x
Debt/Equity
0.00x
Debt/Assets
60.0%
Interest Coverage
N/A
Long-term Debt
N/A
Disclaimer: This analysis is generated by AI based on publicly available SEC EDGAR filings.
It does not include stock price data and should not be considered financial advice.
All fundamental data is sourced from SEC public domain filings.
Always conduct your own research before making investment decisions.
Data Source: SEC EDGAR |
Analysis Date: 2026-04-15T09:51:22.216441 |
Data as of: 2025-12-31 |
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