NASDAQ: SATLW

Unmatched Capacity and Scale

Today’s EO data market is supply-constrained with customers demanding more data at lower costs. With 17 operational satellites and two satellites in commissioning as of December 31, 2025, we have one of the largest high-resolution constellations commercially available with the ability to significantly leverage existing, in-orbit capabilities as capacity and cost champions.

Radical Cost Leadership and Technical Superiority

We produce and launch our satellites for a fraction of the cost of our competitors, which is achieved through our vertical integration, in-house manufacturing and an AI-First design philosophy optimized for low mass and rapid production. We design the core components that go into developing and manufacturing our satellites to be mission specific. We manufacture many of our components, but we also partner with third parties to manufacture certain other components to our design specifications. We assemble, integrate and test the components and satellites in our facilities located in a free-trade zone in Montevideo, Uruguay. Additionally, our patent-protected camera design allows us to capture approximately 10x more imagery than our competitors. Our superior capture capacity, coupled with our radical cost leadership, results in industry-leading unit economics. When taken together with the resolution and frequency we are able to deliver, we believe Satellogic is uniquely positioned to drive a meaningful expansion of today’s EO market with persistent monitoring and actionable data.

Non-ITAR Design

We are a U.S.-incorporated company operating without the heavy burden of export controls based on our non-ITAR design and our principal manufacturing location in Montevideo, Uruguay. This allows us to provide unique, disruptively-priced sovereign and defense solutions rapidly with technology and knowledge transfer resulting in local manufacturing capabilities and in-orbit flight heritage.

7

Table of Contents

Our Strategy

Our strategy is focused along two distinct business lines: Data & Analytics, including tasking and archived data, Aleph Observer and Constellation as a Service (“CaaS”), and Space Systems. These two business lines will allow us to serve the existing EO market and begin to democratize access to a host of new EO customers.

We expect that the Data & Analytics business will continue to represent our most predictable revenue stream, and we anticipate that it will be a primary driver of the business going forward alongside Space Systems.

Our newest product, Aleph Observer, represents a shift in how Earth observation is procured and used. Rather than relying on episodic tasking and best-effort imagery delivery, it enables ongoing monitoring of hundreds of sites daily in a customer’s area of interest, with predictable delivery over time. This allows teams to detect and assess change without repeated tasking, helping reduce operational friction and increase confidence in what was observed and what was not. Aleph Observer will also be a foundational platform within our Data & Analytics business as Merlin, our AI-First constellation, comes online unlocking the ability to go from monitoring hundreds of sites to an unlimited number, potentially millions of sites daily in very high-resolution, constituting a true AI-powered platform for persistent geospatial intelligence at a global scale. By featuring built-in analytics, the Aleph Observer platform allows users to quickly evaluate large volumes of catalogued imagery, triage and summarize changes over time, prioritize analysts’ workflows and create a historical record and an essential training ground for AI models to power the next generation of geospatial intelligence. We believe this evolution will enable government and defense customers to shift from reactive monitoring to proactive intelligence in identifying emerging threats, while simultaneously providing commercial enterprises with a scalable, cost-effective foundational data layer that replaces traditional, comparatively expensive alternative data sources.

Merlin, our AI-First constellation, is expected to launch its first satellite in the fourth quarter of 2026, and be fully operational in the first half of 2027. With Merlin, which is fully funded by existing customer contracts, we expect to leverage AI-powered, on-orbit analytics to deliver near real-time alerts and, through inter-satellite links, task the rest of Satellogic’s constellation to deliver a completely integrated, very high-resolution global broad area monitoring to enterprise and national security customers. In particular, we expect government and D&I customers of our Aleph Observer site monitoring product to be able to extend their monitoring capacity from hundreds of sites per day to an unlimited number of sites, completing the shift from reactive monitoring to proactive intelligence, enabling the identification of emerging threats and anticipating future events, while enterprise customers will be provided foundational data intelligence for their specific use cases where alternative sources of data are currently being used that are difficult to scale and comparatively expensive.

As the capacity and cost champions for high-resolution imagery, we offer our customers flexible monitoring and multiple captures per day at low latency. Supported by patented intellectual property and vertical integration, we believe our integrated data & analytics service represents a disruptive solution driven by radical unit economics that creates a considerable competitive moat. With the capabilities and capacity we have in orbit today, we can support a growing number of customers around the world.

Our Space Systems business offers unique solutions to sovereign customers or local partners with their own EO capabilities and in-orbit flight heritage at a disruptive price by leveraging our vertical integration and non-ITAR design. With rapid technology and knowledge transfer, as quickly as three to five months, our customers own, assemble and integrate their own satellites with operational support provided by us in their local AIT (Assembly, Integration and Test) facility. We anticipate our Data & Analytics line of business will augment the capabilities of many of the Space Systems customers.

8

Table of Contents

Information (in thousands) about our revenue by geography is as follows:

Year Ended December 31,

20252024

Revenue by geography (1)

North America$12,068 $7,904

Europe2,780 2,631

Asia & Asia Pacific2,500 2,322

South America359 $13

Total revenue$17,707 $12,870

(1)Revenue by geography is based on the geographical location of the customer.

Market Overview

Existing terrestrial methods and high-resolution satellites utilized for obtaining EO imagery have several critical shortcomings and have had limited commercial applicability to date. The manner in which actionable data is collected is extremely inefficient, very costly and not particularly scalable.

Our satellites in sun-synchronous LEO are particularly well-positioned to collect data over the surface of the earth and provide high-quality awareness at scale by leveraging our existing very high-resolution capabilities and capacity, as augmented by Merlin, our AI-First constellation that will be operational in 2027, for broad area, persistent monitoring.

We believe our legacy competitors operating high-resolution EO satellites today are not well-suited to do this because the technology they are utilizing is simply too expensive and the economic use case is not viable for broad area, persistent monitoring for existing government D&I agencies and most commercial applications. In our view, traditional EO tasking is increasingly misaligned with how defense, intelligence, and security customers operate and simply does not translate for most commercial applications. Tasking optimizes for individual images, not for sustained awareness – customers must repeatedly submit collection requests, compete for capacity in high-priority regions, and manage large volumes of imagery manually. This creates operational overhead, intelligence gaps, and cost volatility, especially in regions where demand routinely exceeds supply. Our legacy competitors’ satellites must be tasked for specific customer demands and the imagery is priced relative to the cost of the underlying satellite, which is quite expensive.

We also believe the transition from the existing and relatively small, defense-led market to a large global economic driver is predicated on a shift in how EO data is utilized. Historically, EO has been treated as a source of "snapshots" for forensic analysis—investigating events after they occur. By moving to a model of high-frequency, persistent monitoring, we believe EO data will evolve into a foundational layer of global digital infrastructure. Much like the Global Positioning System (“GPS”) transformed from a military tool into the invisible backbone of the modern economy, we believe daily, high-resolution remapping will allow commercial industries to move from reactive observations to proactive, real-time decision-making.

According to a recent analysis by the World Economic Forum, the EO sector is projected to contribute a cumulative $3.8 trillion to global gross domestic product (GDP) between 2023 and 2030. This growth is anticipated to be driven by productivity increases and cost avoidance across six key industries—Agriculture, Electricity and Utilities, Government, Insurance and Financial Services, Mining/Oil/Gas, and Supply Chain/Transportation—which are expected to generate 94% of this total value.

We operate in the “NewSpace” sector, which refers to the increased commercialization and privatization of the space sector. There are a few NewSpace companies trying to build satellites for imaging at a low cost, but they essentially fall into two categories: they either do not have sufficient resolution or they are forced to effectively trade resolution for capacity. In either case, they are limited in terms of image capture. We believe we have addressed these problems through technology innovation and vertical integration.

Over the medium term, we plan to leverage our superior unit economics and technologies to remap the entire surface of the earth on a daily basis and, in doing so, we expect to completely reshape the business model for EO as well as a number of adjacent or alternative technologies being utilized today that are considerably less efficient (e.g., drones, helicopters, planes). By remapping the entire world every day, we expect to be able to deliver our data to customers at near

9

Table of Contents

zero marginal cost, which will effectively allow us to price our data based upon the value we create in each customer’s value chain as opposed to the current model whereby the pricing is inextricably linked to the high cost of the satellite. This is what we believe will allow us to expand the market for EO.

Beyond the EO market opportunity we continue to focus on addressing the growing market of satellite manufacturing and sales. This global market opportunity spans across both government and commercial organizations. Within the government segment, the opportunity covers both civil and unclassified defense programs. Recent market research estimates that the cumulative global manufacturing revenue for Earth Observation satellites will be approximately $31 billion in 2026 and will reach approximately $101 billion by 2034. Currently, approximately 95 countries and 130 commercial organizations have investments in EO-related programs, representing a significant and growing addressable market for our vertically integrated satellite solutions.

Competitive Advantage

We see the satellite imagery industry as mainly divided between incumbents and next generation companies offering electro-optical Earth imagery from space-based assets. Incumbent companies in the satellite imagery industry traditionally maintain a small fleet of large, expensive satellites. These satellites operate on a one-to-one tasking model, meaning each satellite is dedicated to fulfilling a single specific request at a time. These high-cost satellites typically capture very high-resolution imagery, primarily catering to the needs of national governments and established sectors that have traditionally relied on satellite imagery.

In contrast, we seek to develop and deploy satellites that are significantly less expensive and physically smaller than those used by the incumbent providers. We believe this enables us to rapidly and substantially grow the number of satellites we operate in Earth's orbit, establishing large constellations capable of frequent and comprehensive Earth observation at a fraction of the cost.

We believe that we are well-positioned to compete with legacy satellite providers and NewSpace geospatial data providers by shifting the industry paradigm from raw data collection to actionable, AI-driven intelligence. Our competitive advantages revolve around unit economics, autonomous design and technology, a vertically integrated structure, an efficient build-to-launch cycle, and high frequency revisit and remaps. Key elements of our competitive advantages include the following:

•Superior unit economics. Our superior capture capacity, coupled with our radical cost leadership, results in industry-leading unit economics compared to our small satellite industry peers. We plan to put enough satellites in orbit to collect data over the entire surface of the planet continuously, and deliver this data to customers at near zero marginal costs. By delivering data to customers at near zero marginal cost, we expect to be able to price our services based on the value that we create for our customers within their value chain and not on the cost of data acquisition (e.g., satellite cost, launch). This is a critical element of our business model and what we believe to be a paradigm shift in high-resolution EO imagery that is made possible by our superior unit economics.

•Superior design and technology. Our technology has evolved beyond traditional imagery to an “AI-First” architecture. Legacy satellite operators rely on a telescope with a very large aperture, which is extremely expensive to build and launch. Conversely, our NewSpace competitors often trade-off resolution for capture capability. Our solution is centered around our patented and unique camera design that utilizes adaptive optics allowing us to collect approximately 10 times more data from orbit than any of our competitors using a smaller aperture. Furthermore, our 2025 NextGen platform introduces 30cm-class resolution and onboard edge computing, allowing for real-time AI processing directly on the satellite to deliver insights rather than just raw pixels.

•Vertically integrated. We are a vertically integrated company, and we design our satellites and all of their subsystems, including onboard computers, propulsion system, telescopes, cameras, radios, sensors and actuators. This vertical integration allows us to serve the growing demand for sovereign space programs, offering nations full ownership and operational control of their own constellations. By designing every core component with our specific mission in mind and leveraging our unique operating model, we achieved a meaningfully lower bill of material costs than our competitors. Our cost to deploy a Mark V high-resolution imaging satellite in orbit today, including launch costs, is approximately $1.3 million compared to much higher costs for our NewSpace competitors.

10

Table of Contents

•Efficient build-to-launch cycle. Our fast build-to-launch cycles allow us to go from a signed contract to a satellite delivered in orbit in less than eight months, a first in this industry. We also have the ability to transfer ownership of satellites currently in orbit within days, if required by the customer. The fast turn-around and the appealing technical characteristics of our satellites paired with their low cost create a valuable alternative for customers looking to increase their in-orbit capacity quickly, or for customers looking to build an inventory of assets to lower response times in the face of emergency.

•High frequency monitoring and remaps. When we reach global remaps, we expect to provide a significant portion of the supply of high-resolution imagery in the market at near zero marginal cost. However, our value proposition now extends to “AI-First monitoring,” where we provide daily revisits of priority regions for strategic customers. We believe that the archive of everything that is happening on the planet, coupled with real-time onboard processing, will allow us, our partners and customers to train better artificial intelligence (“AI”) algorithms.

We believe that these characteristics—the near zero marginal cost for data distribution, the move toward sovereign satellite programs, and the shift from reactive tasking to proactive, persistent monitoring—will uniquely position us to capitalize on the significant total addressable market (“TAM”) opportunities.

Growth Strategy

We plan to democratize access to geospatial data by providing planetary insights at what we believe to be the lowest cost in the industry, which we expect will ultimately drive better decision-making across a broad range of industries. Our growth strategy is focused along our two business lines: Data & Analytics and Space Systems and is driven by the following objectives:

•Leverage expertise in low-cost manufacturing of EO satellites for sale into high-growth government markets across Asia, Africa, Middle East, Europe and South America.

•Pursue opportunities within the U.S. market, including competing for USG and allied contracts, which we believe we are well positioned for following our Domestication.

•Leverage AI-powered, on-orbit analytics to deliver proactive intelligence through our Aleph Observer product and our upcoming Merlin constellation.

•Expand the high-resolution EO market, providing access to data for the commercial market via foundational data intelligence for specific enterprise use cases where alternative sources are currently difficult to scale.

•Continued investment in R&D to innovate product offerings and satellite re-design, including our newest high-resolution satellite platform, NextGen, introduced in October 2025 to meet global demand for sovereign space capabilities.

•Leverage our modular satellite design, multiple-payload systems, scaled manufacturing and satellite operations to deliver novel data streams and services from orbit.

•Pursue strategic acquisitions and partnerships to enhance our go-to-market ("GTM") strategy, such as our partnerships with Vantor and Suhora Technologies while seeking complementary technologies and further vertical integration within our supply chain.

Through our products and service offerings, we intend to derive substantially all of our near-term revenues by providing EO services, satellite sales and related services to governments and D&I customers. In the medium term, we intend to expand our operations to serve commercial customers in a variety of markets and industries. We maintain a focus on controlling growth in our workforce and capital expenditures to preserve liquidity while expanding these global sales and engineering efforts.

Existing high-resolution EO market (Government and D&I)

The receipt of government and D&I contracts is part of our growth strategy. The existing high-resolution EO market is predominantly composed of government and D&I customers. We can serve these customers today with our fleet of 19 satellites currently in orbit, of which 18 satellites are operational, and one is being used for testing. The existing high-resolution EO market is supply-limited as a consequence of global capacity constraints and increasing demand. As a result, we have been successful in building a strong pipeline for the existing EO market. Our pipeline consists of contracts which are in negotiations or early discussions, and we can offer no assurances that such negotiations or discussions will result in a

11

Table of Contents

signed contract or any revenue. Many of these customers tend to buy through large, multi-year contracts and typically through a multi-step, outbound sales cycle.

We believe that most of these customers are interested in data that can be delivered with low latency and very high quality across our two lines of business, which we are well positioned to deliver. Additionally, the persistent monitoring capability of Aleph Observer currently enables ongoing monitoring and situational awareness across hundreds of sites daily inside a customer’s area of interest with predictable delivery. Once the upcoming Merlin constellation is operational, the monitoring capabilities of Aleph Observer will extend seamlessly to an unlimited number of sites.

Space Systems, our line of business which we believe presents a substantial growth opportunity, is designed to enable us to sell our satellites directly to select customers to whom satellite ownership is important. We believe our strong intellectual property and technology portfolio, fast build-to-launch cycles, and lower cost of ownership, provides an attractive offer for our customers looking to increase their in-orbit capacity quickly, or for customers looking to build an inventory of assets to lower response times in the face of an emergency. Although this line of business has inherent risks as discussed in