Satellogic Reports 28% Revenue Growth to $12.87 Million, Faces Increased Net Loss

Satellogic Inc. reported a revenue increase of 28% for the fiscal year ending December 31, 2024, totaling $12.87 million, compared to $10.07 million in 2023. This growth was primarily driven by a $5 million rise in imagery orders from Asset Monitoring customers, although it was partially offset by a $2.2 million decline in revenue from the Space Systems business line. The company’s revenue breakdown for 2024 included $9.5 million from Asset Monitoring, $1.8 million from Space Systems, and $1.6 million from Constellation-as-a-Service (CaaS). Despite the revenue growth, Satellogic reported a net loss of $116.27 million, significantly higher than the $61.02 million loss in the previous year, largely due to a $60.07 million negative change in the fair value of financial instruments.

In terms of operational developments, Satellogic has made strategic moves to enhance its market position, including a significant realignment of its business in August 2023 to focus on high-value opportunities in the U.S. market. The company also completed a domestication process on March 26, 2025, transitioning its jurisdiction of incorporation from the British Virgin Islands to Delaware, which is expected to facilitate its pursuit of U.S. government contracts. As of December 31, 2024, Satellogic operated 22 satellites, with plans to expand its constellation to approximately 200 satellites in the long term, enabling daily remaps of the planet.

The company’s workforce has seen significant changes, with a reduction of approximately 107 full-time employees in 2024 as part of cost control measures. As of the end of 2024, Satellogic employed 137 full-time staff, down from previous levels. The company’s operational metrics indicate a focus on maintaining a lean organization while pursuing growth in its core business lines. The Asset Monitoring segment is expected to remain a stable revenue source, while the CaaS business is anticipated to develop into a recurring revenue model over time.

Looking ahead, Satellogic faces challenges related to its financial sustainability, as it reported an accumulated deficit of $400.1 million and negative cash flows from operations of $35.9 million for the year. The company has indicated substantial doubt about its ability to continue as a going concern without securing additional funding. To address this, Satellogic is actively seeking to raise capital through various means, including the issuance of equity and debt. The company has already secured $30 million through Secured Convertible Notes and $10 million from a private placement in December 2024, but it acknowledges that these funds may not be sufficient to support its operations and growth plans in the coming year.