Satellogic : Q1 2026 Conference Call Presentation

About this update from Satellogic Inc.

First Quarter 2026 Financial Results Conference Call May 12, 2026 AGENDA PRESENTING TODAY 01 Introduction & Company Overview Emiliano Kargieman · Founder & Chief Executive Officer VADM Frank D. Whitworth, USN (Ret.) · Strategic Advisor 02 Financial Results - First Quarter 2026 Rick Dunn · Chief Financial Officer 03 Commercial Update & Recent Wins Emiliano Kargieman · Founder & Chief Executive Officer Emiliano Kargieman Founder & Chief Executive Officer 04 2026 Roadmap Emiliano Kargieman · Founder & Chief Executive Officer 05 Closing Remarks & Key Takeaways Emiliano Kargieman · Founder & Chief Executive Officer Rick Dunn Chief Financial Officer VADM Frank D. Whitworth (Ret.) Strategic Advisor 3 Introduction and Company Overview Unique Sovereign & Defense Solutions: Space Systems allows governments to own and operate sovereign EO assets with limited export controls. In-country AIT manufacturing. Slingshot Phase II/III expansion with U.S. Office of Naval Research deepens defense engagement. Significant Customer Traction: $64.8M in remaining performance obligations (RPO) across defense, sovereign and commercial. Asia & Asia Pacific revenue grew >8x year-over-year to $3.0M in Q1 2026, led by customers in Australia and Malaysia. Unmatched Capacity & Scale: One of the largest commercial high resolution constellations in orbit. NewSat 53/54 launch in March 2026. Patent-protected 10x capture capacity. 50cm NewSat + 30cm NextGen + 1m Merlin. $1.3M all-in cost per satellite - capacity and cost champion of sub-meter EO. Revenue Growth with Expense Discipline: Q1 2026 revenue +80% YoY to $6.1M with positive operating cash flow in the quarter. Adj. EBITDA loss improved 32% to $(4.2M) from $(6.2M). $121.9M cash. Net Loss $(118.3M), driven by a $(113M) non-cash change in fair value of financial instruments (convertible debt, warrants & earnout). Seasoned Leadership Team: Executive team and board, including General Joseph Dunford, Retired, Steven Mnuchin, and Kelly Kennedy. Former Director of NGA Vice Admiral Frank D. Whitworth III, U.S. Navy, Retired, joined as strategic advisor in Q1 2026 - strengthening U.S. defense and intelligence engagement. 4 FINANCIAL HIGHLIGHTS: THREE MONTHS ENDED MARCH 31, 2026 Total Revenue $6.1M ↑ 80% year-over-year Cash & Equivalents Total Operating Exp. $12.5M ↓3% year-over-year Net Cash from Operating Activities Operating Loss $121.9M vs. $94.4M at year-end 2025 $0.2M +$4.9M improvement YoY $(6.4M) ↑33% improvement YoY REVENUE BY BUSINESS LINE REVENUE BY GEOGRAPHY COST STRUCTURE Data & Analytics $4.6M Americas $2.0M Category Q1 2026 Q1 2025 Change 76% 34% Cost of Sales* $1.5M $1.2M ↑ 17% 24% Space Systems $1.5M Europe $1.1M $2.7M ↓48% 18% Asia & Asia Pacific $3.0M Engineering $3.1M $2.5M ↑ 24% 48% Total OpEx $12.5M $12.9M ↓3% Adj. EBITDA $(4.2M) $(6.2M) ↑ 32% Depreciation $1.4M $2.7M ↓48% SG&A $6.5M $6.5M ↑ 1% (*) exclusive of depreciation Remaining Performance Obligations: <1 Year $29.2M Years 1-2 $7.9M Years 2-3 $7.5M Thereafter $20.2M Total Non-Cancellable RPO: $64.8M 6 COMMERCIAL UPDATE & RECENT WINS Q1 2026 Business Line Performance and Key Catalysts COMMERCIAL MOMENTUM & CUSTOMER TRACTION Q1 2026 Asia Pacific Growth Asia & Asia Pacific revenue grew more than 700% year-over-year to $3.0M, led by significant contributions from customers in Australia and Malaysia. JAN 8, 2026 Seven-Figure Monitoring Agreement Signed seven-figure agreement with strategic customer for continuous, high-frequency monitoring across a large portfolio of priority sites with daily revisit, high-resolution coverage. JAN 29, 2026 Albania Monitoring Extended Extended country-wide monitoring agreement with the Government of Albania, enabling persistent national Earth intelligence using the NewSat constellation. SPACE SYSTEMS: ENABLING SOVEREIGN CAPABILITIES JAN 12, 2026 $18M CEiiA Contract (Portugal) Signed agreement with CEiiA to supply two NewSat Mark V 50cm-class satellites for the Atlantic Constellation; >85% European-sourced components, control transfers in Q2 and Q3 2026. STRATEGIC & PLATFORM MILESTONES JAN 27, 2026 NewSat-34 Sold to Australia Sold NewSat-34 to Australia, establishing the country's first sovereign Earth observation capability. MAR 30, 2026 NewSat 53 & 54 Launched Successfully launched on SpaceX from Vandenberg Space Force Base. APR 30, 2026 $12M Sovereign Defense Sale Signed $12 million agreement with a sovereign defense customer to transfer ownership of an in-orbit NewSat satellite from Aleph-1 constellation. JAN 27, 2026 $35M Capital Raise Closed $35M registered direct offering at $4.73/share with Titan Partners as lead placement agent. FEB 23, 2026 Aleph Observer Launched Persistent global intelligence capability for sustained awareness and continuous monitoring at scale. MAR 18, 2026 Merlin Constellation AI-First constellation for daily 1-meter global monitoring; first launch on track for October 2026. MAR 24, 2026 Slingshot II/III Expansion Expanded IDT and U.S. Office of Naval Research partnership for Slingshot Phases II and III. MAR 25, 2026 VADM Whitworth Advisor VADM Frank D. Whitworth, former Director of NGA, appointed Strategic Advisor - strengthening U.S. defense engagement. 7 TRANSFORMATION: IMAGERY TO PERSISTENT GLOBAL INTELLIGENCE A new category shifting from reactive tasking to always-on monitoring. Traditional EO Persistent Global Intelligence Task individual images Continuous monitoring - always on Episodic, fragmented visibility Daily planetary baseline coverage Limited tasking capacity Monitor thousands of sites simultaneously Reactive, event-driven Proactive, pre-positioned awareness Transactional per-scene model Recurring subscription model Hours to days latency 3-hour image; 30-min analytics The pushframe patent is the moat - competitors lack the per-satellite throughput to deliver this. IN MARKET ALEPH OBSERVER Aleph Observer provides persistent monitoring across hundreds of priority sites with assured capacity, reliable cadence, and built-in analytics. Scale Persistent monitoring across hundreds of sites simultaneously Assurance Capacity at scale & reliable cadence in priority regions Built-In Analytics Example monitoring coverage across Iran Image delivered within 3hs with automated objects detections 9 MERLIN: ON TRACK FOR OCTOBER 2026 The first Earth observation system designed to deliver daily 1-meter global coverage and real-time intelligence at planetary scale. Planetary Scale Millions of sites globally Daily 1-Meter Baseline A continuously updated map of the Earth Real-time Intelligence AI-alerts and automated tip & cue October 2026 First Launch H1 2027 Initial Operational Capability 10 CLOSING REMARKS Revenue Momentum 01 80% Q1 revenue growth to $6.1M, with Asia & Asia Pacific revenue >8x YoY to $3.0M; positive operating cash flow inflection. Operating Leverage 02 Adj. EBITDA loss improved 32% YoY to $(4.2M); Q1 generated positive net cash from operations despite net loss $(118.3M), driven by a $(113M) non-cash change in fair value of financial instruments (convertible debt, warrants, and earnout). Strong Balance Sheet 03 $121.9M in cash at March 31, 2026 - one of the strongest balances in company history, following the $35M registered direct offering closed in January. Fully Funded Technology Roadmap 04 Merlin on track for October 2026 launch; Aleph Observer in market; NewSat 53/54 launched in March 2026. Koper Port, Slovenia · Satellogic Multispectral Imagery 11 QUESTION & ANSWER Thank You for Joining the Q1 2026 Earnings Call SATL | Nasdaq Listed INVESTOR RELATIONS Satellogic Inc. [email protected] MEDIA RELATIONS Satellogic Inc. [email protected] https://www.satellogic.com 12 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES: ADJUSTED EBITDA TO US GAAP (In thousands of U.S. dollars) Q1 2026 Q1 2025 Net loss attributable to stockholders $(118,302) $(32,581) Interest income, net (957) (177) Income tax expense 40 715 Depreciation 1,392 2,687 Non-GAAP EBITDA (loss) $(117,827) $(29,356) Other expense (income), net (1) (153) 167 Change in fair value of financial instruments 113,011 22,361 Stock-based compensation 735 595 Non-GAAP Adjusted EBITDA (loss) $(4,234) $(6,233) (1) Other expense (income), net includes foreign exchange gain or loss and other non-operating income and expenses not considered indicative of our ongoing operational performance. 13 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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