Satellogic Reserves SpaceX Launch Capacity for 68 Satellites
Imagery of the Grand Ethiopian Renaissance Dam. Photo: Satellogic
Satellogic Inc. signed a multiple launch agreement with SpaceX to reserve launch capacity for its next 68 satellites. This follows a launch agreement with SpaceX covering 2022 launches. Financial terms of the deal were not disclosed.
Satellogic currently operates 22 high-resolution satellites, including five delivered to orbit on SpaceX’s Transporter-4 mission in April. The Earth observation company is vertically integrated and aims to ultimately grow its constellation to over 200 satellites by 2025 in order to provide daily sub-meter resolution imagery of the entire surface of the Earth and up to 40 revisits of points of interest per day.
“Today’s announcement ensures that we will be able to continue to launch our satellites as they are produced and that we remain on track to collect every square meter of the Earth’s surface every week in 2023, providing our customers with the most up-to-date, reliable high-resolution data source on a global scale. Expanding our capacity is crucial to making Earth Observation data affordable and accessible for everyone,” said Emiliano Kargieman, Satellogic CEO and co-founder.
The company expects to have 34 satellites in orbit by the fourth quarter of this year.
The launch agreement comes just after Satellogic released its full year 2021 financial results on May 3. Satellogic began selling and delivering commercial imagery in 2021, and reported $4.2 million in revenue for the year. Net loss for 2021 was $117.7 million, compared to a net loss of $113.9 million in 2020.
The company began trading on the Nasdaq in early 2022 after the completion of its special purpose acquisition company (SPAC) merger.
“We are highly focused on driving revenue growth through our subscription model, with a strong sales pipeline, including government and D&I. Combined with expanding margins we anticipate positive free cash flow in 2024. We believe our vertically integrated approach will continue to unlock commercial opportunities in the market,” Kargieman said.