Satellogic
SATL on Nasdaq. Satellogic sells satellite images to governments and businesses. Market value $177m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-5.71 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$5.51 a share, 339% above its 1-year low
Over the past year the price has ranged from $1.25 to $12.00.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $4m | $6m | $10m | $13m | $18m |
| Operating margin | |||||
| Operating margin | -1616.1% | -1511.4% | -688.9% | -405.6% | -175.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.08bn | 0.09bn | 0.09bn | 0.13bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsStrong, 42.9% a year
- Buying back its own sharesNo, 391% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $16 million last quarter, up 259% on a year ago.
- A loss of $20 million, compared with a loss of $7 million a year ago.
- It loses 67 cents on each $1 of sales, compared with 279 cents a year earlier.
- Over the past 12 months it spent $42 million more cash than it brought in, compared with $25 million a year earlier.
- 46% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| December 2023 | Not reported |
| December 2024 | Not reported |
| March 2025 | $3m |
| June 2025 | $4m |
| September 2025 | $4m |
| December 2025 | $6m |
| March 2026 | $6m |
| June 2026 | $16m |
| Quarter to | Amount |
|---|---|
| December 2023 | Not reported |
| December 2024 | Not reported |
| March 2025 | -$33m |
| June 2025 | -$7m |
| September 2025 | $4m |
| December 2025 | $30m |
| March 2026 | -$118m |
| June 2026 | -$20m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 188 funds in all.
Largest holders overall
- Liberty 77 Capital L.P.$57mCut
- Cantor Fitzgerald, L. P.$57mCut
- State Street$43mAdded
- BlackRock$42mAdded
- D. E. Shaw$37mAdded
- Renaissance Technologies$34mAdded
- Vanguard Capital Management$24mAdded
- VAN ECK Associates$24mNew
- Millennium Management$24mAdded
- TWO Sigma Investments, LP$21mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- at least 20.3%(filed with 5 related holders)Since 26 May 2026
What they said
Item 4 is hereby restated as follows: On July 5, 2021, the Issuer, CF Acquisition Corp. V ("CF V") (which became a wholly-owned subsidiary of the Issuer on January 25, 2022), Nettar Group Inc., a business company with limited liability incorporated under the laws of the British…
Read the filing - at least 14.6%(filed with 2 related holders)Since 6 October 2025
What they said
Item 4 is hereby amended and supplemented with the following: Completion of Howard W. Lutnick Divestiture In accordance with the transactions detailed below, Mr. Howard W. Lutnick, the U.S. Secretary of Commerce, has completed his previously announced divestiture of his holdings…
Read the filing - Brandon G. Lutnick7.0%Since 6 April 2026
- STATE STREET CORPORATIONPassive investor5.5%Since 30 June 2026
- BlackRock, Inc.Passive investor5.2%Since 30 June 2026
- Cantor Fitzgerald, L.P.at least 4.7%−1.0 pts(filed with 4 related holders)Since 15 May 2026
- Hannover Holdings S.A.Passive investorat least 4.4%−1.3 pts(filed with 3 related holders)Since 12 August 2025
- Davidson Kempner Capital Management LPPassive investorat least 1.8%(filed with 3 related holders)Since 26 January 2026
- Pitanga Invest Ltd.Passive investorSold down below 5%Since 10 April 2026
- Alyeska Investment Group, L.P.Passive investorSold down below 5%Since 31 March 2026
- CANTOR FITZGERALD & CO.Sold down below 5%Since 24 March 2026
What they said
Item 4 is hereby amended and supplemented with the following: CF&Co. is no longer the beneficial owner of any Class A Common Stock of the Issuer and no longer making joint filings with the Reporting Persons. The disposition by CF&Co. of the Class A Common Stock of the Issuer…
Read the filing - LUTNICK HOWARD WSold down below 5%Since 6 October 2025
What they said
Item 4 is hereby amended and supplemented with the following: Completion of Howard W. Lutnick Divestiture Mr. Howard W. Lutnick, the U.S. Secretary of Commerce and in his capacity as trustee of a trust, has completed his previously announced divestiture of his holdings in Cantor…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
at least 20.3% (filed with 5 related holders) | 26 May 2026 | What they saidItem 4 is hereby restated as follows: On July 5, 2021, the Issuer, CF Acquisition Corp. V ("CF V") (which became a wholly-owned subsidiary of the Issuer on January 25, 2022), Nettar Group Inc., a business company with limited liability incorporated under the laws of the British… Read the filing | |
at least 14.6% (filed with 2 related holders) | 6 October 2025 | What they saidItem 4 is hereby amended and supplemented with the following: Completion of Howard W. Lutnick Divestiture In accordance with the transactions detailed below, Mr. Howard W. Lutnick, the U.S. Secretary of Commerce, has completed his previously announced divestiture of his holdings… Read the filing | |
Brandon G. Lutnick | 7.0% | 6 April 2026 | |
STATE STREET CORPORATION Passive investor | 5.5% | 30 June 2026 | |
BlackRock, Inc. Passive investor | 5.2% | 30 June 2026 | |
Cantor Fitzgerald, L.P. | at least 4.7%−1.0 pts (filed with 4 related holders) | 15 May 2026 | |
Hannover Holdings S.A. Passive investor | at least 4.4%−1.3 pts (filed with 3 related holders) | 12 August 2025 | |
Davidson Kempner Capital Management LP Passive investor | at least 1.8% (filed with 3 related holders) | 26 January 2026 | |
Pitanga Invest Ltd. Passive investor | Sold down below 5% | 10 April 2026 | |
Alyeska Investment Group, L.P. Passive investor | Sold down below 5% | 31 March 2026 | |
CANTOR FITZGERALD & CO. | Sold down below 5% | 24 March 2026 | What they saidItem 4 is hereby amended and supplemented with the following: CF&Co. is no longer the beneficial owner of any Class A Common Stock of the Issuer and no longer making joint filings with the Reporting Persons. The disposition by CF&Co. of the Class A Common Stock of the Issuer… Read the filing |
LUTNICK HOWARD W | Sold down below 5% | 6 October 2025 | What they saidItem 4 is hereby amended and supplemented with the following: Completion of Howard W. Lutnick Divestiture Mr. Howard W. Lutnick, the U.S. Secretary of Commerce and in his capacity as trustee of a trust, has completed his previously announced divestiture of his holdings in Cantor… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $197,156 of shares on the open market. 4 sold $101m, $3m of it under preset trading plans.
- Liberty Capital L.L.C.DirectorSold
- Date
- 26 May 2026
- Shares
- 10,000,000
- Price
- $9.77
- Value
- $98m
- Kharsansky AlanChief Technology OfficerSold
- Date
- 14 May 2026
- Shares
- 87,091
- Price
- $8.35
- Value
- $727,210
- Tirman MatthewPresidentSold
- Date
- 30 March 2026
- Shares
- 9,499
- Price
- $5.18
- Value
- $49,205
- Dunn RickChief Financial OfficerBought
- Date
- 30 March 2026
- Shares
- 19,050
- Price
- $5.17
- Value
- $98,489
- Dunn RickChief Financial OfficerBought
- Date
- 27 March 2026
- Shares
- 16,695
- Price
- $5.91
- Value
- $98,667
- Kargieman EmilianoChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 15 October 2025
- Shares
- 283,121
- Price
- $4.08
- Value
- $1m
- Kargieman EmilianoChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 14 October 2025
- Shares
- 11,040
- Price
- $4.00
- Value
- $44,160
- Kargieman EmilianoChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 10 October 2025
- Shares
- 1,836
- Price
- $4.03
- Value
- $7,399
- Kargieman EmilianoChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 9 October 2025
- Shares
- 314,767
- Price
- $4.09
- Value
- $1m
- Kargieman EmilianoChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 8 October 2025
- Shares
- 85,700
- Price
- $4.03
- Value
- $345,371
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 26 May 2026 | Liberty Capital L.L.C. Director | Sold | 10,000,000 | $9.77 | $98m |
| 14 May 2026 | Kharsansky Alan Chief Technology Officer | Sold | 87,091 | $8.35 | $727,210 |
| 30 March 2026 | Tirman Matthew President | Sold | 9,499 | $5.18 | $49,205 |
| 30 March 2026 | Dunn Rick Chief Financial Officer | Bought | 19,050 | $5.17 | $98,489 |
| 27 March 2026 | Dunn Rick Chief Financial Officer | Bought | 16,695 | $5.91 | $98,667 |
| 15 October 2025 | Kargieman Emiliano Chief Executive Officer, Director | Sold under a preset trading plan | 283,121 | $4.08 | $1m |
| 14 October 2025 | Kargieman Emiliano Chief Executive Officer, Director | Sold under a preset trading plan | 11,040 | $4.00 | $44,160 |
| 10 October 2025 | Kargieman Emiliano Chief Executive Officer, Director | Sold under a preset trading plan | 1,836 | $4.03 | $7,399 |
| 9 October 2025 | Kargieman Emiliano Chief Executive Officer, Director | Sold under a preset trading plan | 314,767 | $4.09 | $1m |
| 8 October 2025 | Kargieman Emiliano Chief Executive Officer, Director | Sold under a preset trading plan | 85,700 | $4.03 | $345,371 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.