Satellogic Grows Revenue 42% in First Year as Public Company
Satellite imagery provider Satellogic grew revenue 42% in 2022 to $6 million in revenue, the company reported April 27 in its full year financial results.
The increase was driven primarily by asset monitoring, with the company’s constellation-as-a-service offering gaining momentum with a multi-million-dollar agreement with the Republic of Albania. Satellogic has a three-year agreement with Albania for a dedicated satellite constellation, the first of which have been deployed. The satellites monitor Albania’s territory for border security, agricultural management, and environmental monitoring.
The company decreased its net loss in 2022 compared to 2021. Satellogic reported a net loss of $36.6 million, compared to a net loss of $96.3 million in 2021. It ended the year with $76.5 million in cash.
“2022 was a transformational year for Satellogic, beginning with successfully going public and continuing through a series of milestone achievements that has led us to our position today, with 34 satellites in orbit,” said Satellogic CEO Emiliano Kargieman. “With the largest commercial fleet of sub-meter resolution satellites in the world, we are well positioned to capitalize on the growing demand for Earth Observation data and satellites.
Satellogic expects to build and launch 14 additional satellites by the end of 2023, and said this will allow the company to remap the Earth every two weeks by the end of the year.
CFO Rick Dunn said the company is targeting 2023 revenue between $30 to $50 million.
Rick Dunn, Satellogic CFO, commented, “We ended 2022 with $76.5 million of cash on hand. Our revenue grew 42% to $6.0 million for the full year of 2022 and we reduced our net loss from $96.3 million in 2021 to $36.6 million in 2022. As we move through 2023, we have seen increased momentum in terms of revenue, backlog and pipeline. We expect 2023 to be considerably stronger, particularly in the second half. As previously guided, we are targeting revenue for the full year 2023 to be between $30 to $50 million.