Satellogic (NYSE: SATL) completed its move and reported its first complete quarter as a U.S. entity. (Previously, as a U.S.-listed foreign filer, Satellogic only reported financials semi-annually.) Satellogic relocated to the U.S. in hopes of growing revenue by qualifying for U.S. government imagery sales.
Satellogic reported year-on-year U.S. revenue growth, from $1.6 million to $2.6 million. However, total revenue remains flat. Q1 2024 revenue was $3.3 million, Q2 2024 was $3.5 million, and Q1 2025 was $3.4 million. Satellogic has not reported financials on a quarterly basis for any other historical quarters. The company continues to lose money, reporting a net loss of $32.5 million in Q1 2025.
Despite ongoing losses, Satellogic has not struggled raising capital, as retail investor interest in its stock remains high. With $12.9 million in 2024 revenue, Satellogic currently has a market capitalization of $426 million. In comparison, Blacksky, which posted $102 million in revenue in 2024, has is worth less: $375 million. Despite being comparatively overvalued, investors continue buying Satellogic stock. The company reported in its Q1 SEC filing the sale of 6.45 million new shares on April 15, 2025, for a gross of $20 million, equating to $3.10 per share.
While investor interest in Satellogic stock remains high, its satellite constellation continues shrinking. The constellation peaked at 43 satellites in June 2023. Since Satellogic’s last satellite launch in August 2024, five satellites have fallen from orbit. The constellation now totals 22 satellites. But if Satellogic plans to replenish its constellation (even though low customer demand arguably does not support a 22 satellite-sized constellation), it should not be difficult if retail investors continue to buy Satellogic stock like they have been.
