SATL 1Q Takeaways: Financials Beat, Merlin On-Track. Reiterate Overweight - Cantor's Take

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SATL 1Q Takeaways: Financials Beat, Merlin On-Track. Reiterate Overweight - Cantor's Take

Mobility

Satellogic Inc. (SATL)

EQUITY RESEARCH Company Update

May 12, 2026

SATL 1Q Takeaways: Financials Beat, Merlin On-Track. Price: $8.70

Price Target: $10.00 (From $7.00) Reiterate Overweight - Cantor's Take

Rating: Overweight

Our Thoughts - Cantor's Take. We reiterate our OW Rating on SATL after

Key Statistics: the company reported a financials beat, and after it reaffirmed that Merlin

Symbol NASDAQ: SATL is on-track. Management is targeting for Merlin to deliver daily 1-meter 52-Week Range 1.26 - 8.90

global coverage and real-time intelligence at planetary scale, and on its Q1 Market Cap 1,246.2

ADV (3 mo) 9,161,586 call, management reaffirmed it is targeting first launch in October 2026

Shares Out (M) 132.7 and initial operational capacity in 1H27. Management also highlighted that

it expects Merlin to be fully funded by customer contracts and for the

Research Analysts: satellites to have a useful life of ~5 years, which we view as material.

Andres Sheppard, MBA Additionally, in April SATL announced a $12M agreement with a sovereign

212-428-5983 defense customer to transfer an existing, in-orbit NewSat satellite to a Andres.Sheppard@cantor.com

sovereign defense customer from its Aleph-1 constellation. The transfer of Anand Balaji, CFA, CPA

212-610-2446 ownership is currently underway and expected to be complete by 1H27.

Anand.Balaji@cantor.com Taken together, we view the Merlin constellation, along with the Aleph,

Peter Clyne as part of SATL’s strategic shift from discrete image tasks to continuous

212-915-1248 and persistent monitoring, which we expect can result in a more durable Peter.Clyne@cantor.com