Satellogic

SATL · NASDAQ

$3.69−$0.21 (−5.38%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $3.90

SATL analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $10.40 (+182.0% upside)

Low: $9.09
Now: $3.69
High: $11.55

Upgrades and downgrades

The latest rating actions, newest first

SATL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Cantor Fitzgerald	Aug 6, 2026	Maintains	Overweight	$10.00 → $9.00	59%
Freedom Broker	Jun 29, 2026	Upgrade	Hold → Buy	$10.40	66%
Roth Capital	May 28, 2026	Maintains	Buy	$10.00 → $15.00	47%
Cantor Fitzgerald	May 13, 2026	Maintains	Overweight	$7.00 → $10.00	59%
Freedom Broker	May 6, 2026	Downgrade	Buy → Hold	$5.80 → $7.00	66%
Freedom Broker	Mar 11, 2026	Initiates	Buy	$4.50	66%
Cantor Fitzgerald	Feb 20, 2026	Initiates	Overweight	$7.00	59%
Craig-Hallum	Jan 21, 2026	Initiates	Buy	$5.00	55%

The case for and against

Updated Oct 16, 2026

Bull case

Satellogic is attractive fundamentally because it is converting recurring government and defense demand into a larger, more durable revenue base through persistent monitoring, sovereign ownership, and vertically integrated satellite production that it says creates a material cost advantage. The company’s Q2 results reinforced that view, with revenue of $15.9M, GAAP gross margin of ~82%, adj. EBITDA of $2.8M, and backlog rising to $80.7M, while $45.8M is expected to be recognized in <1 year. Its outlook is further supported by Merlin being on-track for initial launch in October, expected daily 1-meter global coverage, ~5-year satellite useful life, and a series of defense and government wins that improve visibility into 2026 and 2027 execution.

Bear case

Satellogic is challenged by persistent fundamental volatility, as its reported losses swing sharply from quarter to quarter due to large non-cash fair value adjustments, including a $118.3M net loss in 1Q26 and a $20.0M net loss in 2Q26. Although backlog rose to $80.7M and 1Q26 revenue beat expectations at $6.1M with ~76% gross margin, the business still depends on capital-intensive satellite manufacturing, higher FY26 capex of $24.1M, and a slow path to EBITDA breakeven. The outlook remains negative because launch, execution, regulatory, geopolitical, and technology risks can disrupt deployment and contract conversion, while competitive pressure and lower peer multiples limit confidence in durable valuation support.

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