SATELLOGIC INC.

Red flags

• Three customers each accounted for more than 10% of 2025 revenue; the filing does not identify them or quantify their individual shares, leaving material customer-concentration exposure.
• Secured convertible notes remained $56.1 million at year-end, and the notes represented 25 million potential converted shares in the diluted EPS calculation; 2025 diluted loss per share was $(0.18) versus basic loss per share of $(0.04).
• The company previously disclosed substantial doubt about going concern because of recurring losses and limited liquidity; management says this was resolved by the $90 million October 2025 offering and $35 million January 2026 offering, rather than by internally generated cash flow.
• The 2025 capital raises issued 34.1 million shares for gross proceeds of $110 million, materially expanding the share base; year-end Class A shares outstanding were 125.1 million.
• Launch commitments total approximately $8.2 million for 2026 and $10.2 million through 2028, adding fixed cash obligations to a capital-intensive business.