Satellogic raises $175M, removes going-concern warning; Q1 revenue up 80% to $6.1M

Filed May 12, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~2 min read

Key Changes

• high

  Going-concern warning removed after three equity raises ($90M Oct '25, $35M Jan '26, $50M ATM Mar '26) boosted cash to $121.9M from $17.7M year-ago. Operating cash flow turned positive ($0.2M vs -$4.7M).

  MD&A: Liquidity verify on EDGAR →
• high

  Q1 2026 net loss widened to $118M vs $33M prior year, driven by $113M non-cash fair-value loss on convertibles/warrants from stock price surge. Revenue grew 80% YoY to $6.1M.

  MD&A: Results of Operations verify on EDGAR →
• high

  Merlin AI-First constellation launching Q4 2026, fully funded by customer contracts. Will enable on-orbit AI analytics and scale Aleph Observer monitoring from hundreds to millions of sites by H1 2027.

  MD&A: Merlin Constellation verify on EDGAR →