Oct 29, 2026, 8:00 AM ET Satellogic (NASDAQ: SATL) and HEO signed a three-year Non-Earth Imaging agreement running through 2029, with a seven-figure minimum annual commitment for each year. AI-generated summary · Source: company release

Nasdaq: $SATLMerlin commissioningHEO and repeat revenueExecution and dilution risk

SATL Stock Hub: Satellogic News, Merlin and Recurring Revenue

New capacity must become repeat paid business. Merlin.01 is in orbit, while the HEO agreement extends non-Earth imaging access through 2029. June cash and contracted work support execution, with commissioning, collections and shareholder dilution still important. The October 29 regular-session close was $3.74 (-1.84% versus October 28).

Last updated: November 2, 2026Market reference: October 29, 2026 regular-session closeFinancial period: June 30, 2026; A+B common shares July 31; short settlement September 30Full research archive: October 29, 2026; currency: USD unless specified

Full research report · PDF

Satellogic ($SATL), research as of October 29, 2026

15 pages covering the existing long-form research, with the business, operating milestones, financial resources, dilution, ownership, risks, scenarios, sources and FAQ. This is a dated research snapshot; the hub follows later developments. For personal use only: redistribution prohibited.

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Next confirmed financial checkpoint

November 10, 2026 · conference call at 4:30 p.m. Eastern

The October 28 announcement schedules Q3 results and a conference call for November 10 at 4:30 p.m. Eastern. Source: company announcement

The October 13 operational update said Merlin.01 remained in its early-orbit phase with payload testing and commissioning next. Full operational capacity was targeted for H2 2027. This is a dated company statement, not evidence of completed commissioning. Source: company announcement

Satellogic SATL daily stock chart — Daily chart $SATL. The chart link is an affiliate link. Interactive chart with bull and bear scenarios on JC Just Charts →

SATL stock at a glance

Close · October 29, 2026

$3.74

Regular-session close; -1.84% versus $3.81 on October 28.

Quarterly revenue

$15.919M

Quarter ended June 30, 2026 · Source

Unrestricted cash

$112.809M

June 30, 2026 · Source

Monthly operating + capital use

~$3.28M

H1 2026, calculated before satellite-sale proceeds · Source

Remaining performance obligations

$80.668M

June 30, 2026 — calculated total · Source

Convertible principal

$18.0M

June 30, 2026 — separate from fair value · Source

Common shares, A + B

153.740M

July 31, 2026 — calculated total · Source

Short interest

18.83M

September 30, 2026 settlement · about 13.2% of Class A shares, Merlintrader calculation · Source

Where Satellogic stands now

The June quarter reported $15.919M revenue, $112.809M unrestricted cash, $18M convertible principal and $80.668M remaining performance obligations. Satellite transfers and customer concentration limit the evidence for recurring profitability. The later HEO agreement is a contractual minimum commitment rather than recognized revenue. Source: SEC

Commissioning, repeat revenue and cash collection determine the value of new capacity.

Commissioning or the following launches slip, revenue remains concentrated and customers take longer to expand from trials into recurring purchases. The company commits more money to new hardware while large satellite transactions become harder to repeat. Meanwhile, convertible debt, warrants, employee awards and the available ATM provide multiple routes through which the economic interest of existing shareholders can be diluted. Source Source

The constructive case

Satellogic commissions the capacity it put into orbit on October 1, 2026, keeps the Merlin build-out on the H2 2027 full-capacity timetable the company gave on October 2, converts defense demand into paid services and demonstrates that the stronger June quarter can be repeated. The favorable case combines more imagery revenue with profitable satellite deliveries, without requiring every quarter to contain the sale of a valuable satellite already in orbit. Its financial basis is the $112.809 million of unrestricted cash and $80.668 million of remaining performance obligations reported at June 30, 2026. Those resources provide an opportunity to execute; they are not the execution itself. Source Source

The cautious case

Latest Satellogic news

Oct 29, 2026

Three-year non-Earth imaging agreement with HEO, running through 2029

Satellogic and HEO, a space intelligence company that images and analyzes objects in orbit, announced a three-year agreement under which Satellogic will give HEO access to its high-resolution constellation to conduct non-Earth imaging (NEI) in support of space domain awareness. According to the release, the recently signed agreement runs through 2029 and includes a seven-figure minimum annual commitment for each of its three years; it does not give the exact amounts or the payment schedule. It extends a collaboration that began in September 2020, and the company says successful captures grew from about 30 in 2021 to over 1,600 in the last year under the most recent agreement. The agreement covers the NewSat Mark IV, Mark V and Mark VI satellites, including the newest spacecraft equipped with inter-satellite links, and was announced at the Space Economy Summit in Orlando. A minimum annual commitment is a contractual floor stated by the company; the release does not say how it will be recognized in revenue. Company press release

Company announcement

Oct 28, 2026

Q3 results conference call scheduled for November 10

The company announced its Q3 reporting conference call for November 10 at 4:30 p.m. Eastern. Scheduling does not disclose the quarterly outcome.

Company announcement

Oct 13, 2026

Merlin.01 imaged in orbit: solar arrays deployed, satellite in good health

Satellogic and HEO released images of Merlin.01 taken on October 4 by Satellogic's NewSat-47 from 53 km at 8 cm per pixel, showing the solar arrays deployed and sun-facing, which Satellogic's telemetry confirms. The company said it contacted Merlin.01 on its first pass, about 20 minutes after separation, updated the onboard software within two days, and that the satellite is stable, responding to commands and in good health, with power and thermal systems performing as expected. Merlin.01 was still in its early-orbit phase; payload testing and commissioning come next, and full service is expected in the second half of 2027.

Company announcement

Oct 9, 2026

interim CFO granted a one-time $150,000 bonus

An amended Form 8-K reports that on October 8, 2026 the board’s Compensation Committee approved a one-time cash bonus of $150,000 for the interim chief financial officer in connection with his appointment. It will be paid when the 2026 executive performance bonuses are paid, may be adjusted by the board at that time, and is subject to the company’s compensation recovery policy.

SEC filing

Oct 2, 2026

Merlin.01 is in orbit; the company targets full operational capacity in H2 2027

Satellogic reported that Merlin.01, two NewSat Mark VI satellites and one NewSat Mark V launched on October 1, 2026 aboard a SpaceX Falcon 9 from Vandenberg into sun-synchronous low-Earth orbit and made contact with its ground stations, with good health reports for all subsystems. The company had said payload testing and commissioning of Merlin.01 would begin after the early-orbit phase, in mid-October; on October 13 the satellite was still in that phase; the company says Merlin is “on track to reach full operational capacity in H2 2027”. On August 5 it had said full operational capability was expected in the first half of 2027. The company does not compare the two statements; if they describe the same milestone, the timetable is about six months later, a Merlintrader inference. Primary source

Company announcement

Sep 14, 2026

October satellite launch plan

Two Mark VI satellites with inter-satellite links and one sovereign Mark V were scheduled for October 2026; they launched on October 1, 2026 together with Merlin.01. Reaching orbit is distinct from completed commissioning and commercial service.

Company announcement

SATL stock catalysts and operating watchpoints

November 10, 2026 — Q3 results conference call at 4:30 p.m. Eastern. Company-announced event
Commissioning update not separately dated — Watch for completion of Merlin.01 payload testing and commissioning; the October 13 update still described the early-orbit phase. Operating checkpoint; not completed by inference
H2 2027 — Company target for full Merlin operational capacity in the October release. Company target

Source: company announcement; Source: company announcement

Contracted work: visibility is different from cash

Remaining performance obligations at June 30, 2026 total a calculated $80.668 million: $45.797 million expected within one year, $9.299 million in years one to two, $7.167 million in years two to three and $18.405 million thereafter. The company rounds the total to $80.7 million in its results release. These are non-cancellable contractual obligations remaining to be performed, with the timing categories measured from that balance-sheet date. Source Source

That schedule gives the stock a tangible commercial reference. It is more informative than an unpriced discussion of a large addressable market, but it does not mean that all the revenue will be recognized in the next quarter or that the cash is already unrestricted in the bank. Satellogic must provide the contracted output, meet applicable terms and manage the cost of performance.

Cash, monthly burn and the satellite-sale distinction

At June 30, 2026, unrestricted cash and cash equivalents were $112.809 million. Restricted cash was $9.118 million current plus $1.214 million non-current, making $10.332 million restricted and $123.141 million in the broader cash-flow-statement total. The 10-Q describes the restricted balances as amounts pledged as guarantees for sales and lease agreements, so they are not freely available for new projects. Separately, about $9.5 million of letters of credit were outstanding at June 30 to guarantee performance and contractual obligations, with nothing drawn. Source

First-half operating cash outflow was $8.472 million, and cash purchases of property and equipment were $11.185 million. Before proceeds from selling an in-orbit satellite, that is a calculated $19.657 million, or approximately $3.28 million per month over six months. Using unrestricted June cash against that historical average produces approximately 34.4 months of static coverage. It is a sensitivity calculation, not management runway guidance or a forecast of when the company runs out of cash. Source

Merlintrader Health Score · $SATL

2.90out of 5

Financial resources · 30%3.5

June 30 unrestricted cash of $112.809 million supports deployment, while restricted balances, secured notes and changing investment needs remain separate constraints. Source

Catalysts · 30%3.0

Merlin.01 and three NewSat satellites reached orbit on October 1, 2026; the company had planned commissioning from mid-October, and on October 13 the satellite was still in its early-orbit phase, and the company says Merlin is on track for full operational capacity in H2 2027 (on August 5: full operational capability expected in the first half of 2027; any delay reading is a Merlintrader inference). Primary source

Capital allocation · 20%2.0

The June capital structure includes substantial warrants, convertible shares and an available ATM; productive returns must justify investment and dilution. Source Source

Trading liquidity · 10%3.0

The October 29 regular-session close was $3.74. The historical liquidity score is retained; price alone does not establish spread, depth or future returns.

Operating execution · 10%2.5

Q2 2026 reached operating profit, but satellite transfers and customer concentration limit the evidence for stable recurring profitability. Source

Assessed October 5, 2026. Weighted calculation: 3.5×30% + 3.0×30% + 2.0×20% + 3.0×10% + 2.5×10% = 2.90. This describes financial and operational robustness over twelve to eighteen months, not an investment recommendation.

Red flags

Financial balances retain their reporting dates and are not current cash.
Milestone guidance is conditional; execution, collection and per-share outcomes remain separate tests.

SATL Stock FAQ: Satellogic Questions Answered

When is the next SATL stock catalyst?

Satellogic schedules its Q3 2026 results conference call for November 10, 2026 at 4:30 p.m. ET. The call will discuss the September quarter and recent commercial developments, with Merlin commissioning and recurring revenue among the operating milestones to follow. Results-call announcement.

How much revenue does Satellogic make?

Satellogic reported $15.919 million revenue for the quarter ended June 30, 2026, with positive adjusted EBITDA of $2.844 million but a $20.049 million net loss available to stockholders. Satellite transfers contributed to revenue, so repeat imagery business and customer concentration matter to its durability. Quarterly financial results. Revenue context.

How much cash does Satellogic have, and how long will it last?

Satellogic held $112.809 million unrestricted cash at June 30, 2026, excluding $10.332 million restricted cash. First-half operating use plus equipment purchases was $19.657 million, about $3.28 million monthly, giving 34.4 months of historical static coverage. Including $8.335 million satellite-sale proceeds reduces reported free-cash outflow to $11.322 million, about $1.89 million monthly. The coverage calculation is not company runway guidance. Cash and free-cash-flow reconciliation.

Is SATL stock at risk of dilution?

Yes: at June 30, 2026, Satellogic’s $18 million convertible-note principal could convert into fifteen million Class A shares under its terms. The $89.730 million reported note fair value is an accounting valuation, rather than cash principal owed; accrued interest was about $0.7 million. Warrants, employee awards and ATM issuance create additional potential dilution. Convertible terms and equity instruments.

When does Satellogic report earnings?

Satellogic schedules its Q3 2026 financial-results conference call for November 10, 2026 at 4:30 p.m. ET. The company’s October 28 notice confirms the call and webcast but does not specify a separate results-release time. Financial-results call and webcast.

What does Satellogic do?

Satellogic operates Earth-observation satellites and supplies imagery, monitoring services and sovereign satellite capabilities. Its NewSat fleet supports current services while the Merlin constellation is being deployed to provide broader, AI-assisted detection and monitoring, with commercialization dependent on commissioning and customer use. Business overview. Merlin program.

Has Satellogic launched Merlin, and is it fully operational?

Satellogic launched Merlin.01, two NewSat Mark VI satellites and one Mark V on October 1, 2026, and reported successful ground contact. Its October 13 update described early-orbit activity and commissioning ahead. The October 2 full-capacity target was H2 2027, versus H1 2027 in August; if both describe the same milestone, that implies roughly six months later, a Merlintrader inference. The SynMax distribution agreement does not establish deployment completion. Launch and operational-capacity target. October 13 commissioning update. Earlier Merlin timetable. Distribution agreement.

Primary sources

Disclaimer. This content is published by Merlintrader for educational and informational purposes only. It is independent journalism and research. It does not constitute investment advice, an investment recommendation, an offer or a solicitation to buy or sell any security, and it is not a research report within the meaning of applicable United States securities regulation. Nothing here should be read as a recommendation to buy, sell or hold $SATL or any other security.

Figures are taken from public filings with the U.S. Securities and Exchange Commission, company press releases and market-data providers, and are stated with their reference dates. Data can change without notice, and figures published before a results release become outdated the moment that release is issued. Merlintrader makes no representation that the information is complete or current at the time of reading. Readers should verify every figure against the primary source before acting on it.

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SATL Stock Hub: Satellogic News, Merlin and Recurring Revenue

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