Satrec Initiative (KOSDAQ: 099320) reported its 2025 Q1 financial performance. Revenue totaled ₩40.0 billion (~$28.3 million), a 17.3% dip from 2024 Q4 but 26.2% more than 2024 Q1. Operating profit stood at ₩1.7 billion ($1.2 million).
Late in Q1, Satrec launched its long-awaited SpaceEye-T imaging satellite on SpaceX’s Transporter-13 rideshare mission. SpaceEye-T boasts 25cm optical resolution, slightly bettering Blacksky’s Gen-3 satellites’ 35 cm resolution, which also first launched earlier this year. However, the difference between Satrec’s 25cm and Blacksky’s 35 cm is a huge jump in cost. SpaceEye-T reportedly cost Satrec $100 million. Blacksky previously disclosed Block-2 satellite cost was $3.7 million without payload. Even if the upgraded Gen-3 with payload cost as much as $10 million each, SpaceEye-T still costs 10 times more for just slightly higher resolution imagery. It will be interesting to see how Satrec’s revenue changes after deployment of SpaceEye-T.
It’s worth pointing out the same Falcon-9 that launched SpaceEye-T also launched Albedo Space’s Clarity-1 imaging satellite. Clarity-1 surpasses all commercial imagery satellites with 10cm optical resolution. Albedo apparently sold out all of Clarity-1’s first two years of imaging capacity.
Correction
There was an error in the calculation and earlier reporting of Satrec’s 2024 Q3 and Q4 revenue on this site. This now stands corrected. The below chart comparing public satellite imagery companies’ market share trend has likewise been corrected.
