Satellogic Q4 Revenue Up 94% to $6.2M, Secures $18M CEiiA Deal and Unveils Merlin Constellation
Satellogic’s Q4 revenue jumped 94% to $6.2 million and full-year 2025 revenue rose 38% to $17.7 million, while Non-GAAP EBITDA loss narrowed 48% to $17.4 million. The company strengthened its cash position to $129.4 million, launched Aleph Observer, secured an $18 million CEiiA contract, and unveiled the $30 million-funded Merlin daily-remap constellation.
1. Fourth Quarter and Full-Year Financials
Satellogic reported Q4 2025 revenue of $6.2 million, a 94% year-over-year increase, and full-year revenue of $17.7 million, up 38%. Non-GAAP Adjusted EBITDA loss improved by 48% to $17.4 million, and net cash used in operating activities decreased 25% to $26.9 million.
2. Key Contracts and Product Launches
The company launched Aleph Observer for persistent geospatial monitoring and signed an $18 million agreement with CEiiA for two NewSat Mark V satellites, with operational control transferring in Q2–Q3 2026. It also secured a seven-figure daily-revisit contract and extended Albania’s 50 cm imagery agreement for another 11 months. Merlin, a $30 million-funded AI-first constellation designed to remap the planet daily at 1 meter resolution, is set to launch its first satellites in October 2026.
3. Balance Sheet Strength and Financing
Satellogic ended 2025 with $94.4 million cash on hand and $65.1 million in performance obligations, including $28.6 million due within a year. The company raised $90 million in an October public offering and $35 million in a January direct offering, boosting its cash position to $129.4 million and extending its runway with a leaner cost structure.