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Side-by-side financial comparison of Satellogic Inc. (SATL) and SES AI Corp (SES). Click either name above to swap in a different company.
Satellogic Inc. is the larger business by last-quarter revenue ($6.2M vs $4.6M, roughly 1.4× SES AI Corp). Satellogic Inc. runs the higher net margin — 488.0% vs -373.5%, a 861.4% gap on every dollar of revenue. SES AI Corp produced more free cash flow last quarter ($-11.1M vs $-12.8M).
Satellogic Inc. is an American company specializing in Earth-observation satellites, founded in 2010 by Emiliano Kargieman and Gerardo Richarte.
SES S.A. is a Luxembourgish communications satellite operator supplying video and data connectivity worldwide to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions.
SATL vs SES — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.2M | $4.6M |
| Net Profit | $30.5M | $-17.0M |
| Gross Margin | — | 11.3% |
| Operating Margin | -114.2% | -387.7% |
| Net Margin | 488.0% | -373.5% |
| Revenue YoY | — | — |
| Net Profit YoY | — | 50.7% |
| EPS (diluted) | $0.24 | $-0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $6.2M | $4.6M | ||
| Q3 25 | $3.6M | $7.1M | ||
| Q2 25 | $4.4M | $3.5M | ||
| Q1 25 | $3.4M | $5.8M | ||
| Q2 24 | $3.5M | — |
| Q4 25 | $30.5M | $-17.0M | ||
| Q3 25 | $4.0M | $-20.9M | ||
| Q2 25 | $-6.7M | $-22.7M | ||
| Q1 25 | $-32.6M | $-12.4M | ||
| Q2 24 | $-18.1M | — |
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | 51.1% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 78.7% | ||
| Q2 24 | — | — |
| Q4 25 | -114.2% | -387.7% | ||
| Q3 25 | -222.5% | -262.0% | ||
| Q2 25 | -141.6% | -652.3% | ||
| Q1 25 | -280.9% | -401.7% | ||
| Q2 24 | -419.2% | — |
| Q4 25 | 488.0% | -373.5% | ||
| Q3 25 | 109.2% | -293.9% | ||
| Q2 25 | -149.8% | -642.2% | ||
| Q1 25 | -961.9% | -214.6% | ||
| Q2 24 | -517.0% | — |
| Q4 25 | $0.24 | $-0.05 | ||
| Q3 25 | $-0.02 | $-0.06 | ||
| Q2 25 | $-0.06 | $-0.07 | ||
| Q1 25 | $-0.34 | $-0.04 | ||
| Q2 24 | $-0.20 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $94.4M | $29.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $60.5M | $214.8M |
| Total Assets | $151.3M | $272.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.4M | $29.5M | ||
| Q3 25 | $28.3M | $35.3M | ||
| Q2 25 | $32.6M | $11.8M | ||
| Q1 25 | $17.7M | $56.1M | ||
| Q2 24 | $25.6M | — |
| Q4 25 | $60.5M | $214.8M | ||
| Q3 25 | $-56.9M | $228.2M | ||
| Q2 25 | $-68.1M | $249.2M | ||
| Q1 25 | $-83.1M | $269.9M | ||
| Q2 24 | $19.1M | — |
| Q4 25 | $151.3M | $272.6M | ||
| Q3 25 | $70.9M | $288.8M | ||
| Q2 25 | $73.8M | $290.5M | ||
| Q1 25 | $61.4M | $306.0M | ||
| Q2 24 | $76.6M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-9.5M | $-10.4M |
| Free Cash FlowOCF − Capex | $-12.8M | $-11.1M |
| FCF MarginFCF / Revenue | -204.9% | -243.7% |
| Capex IntensityCapex / Revenue | 53.6% | 15.6% |
| Cash ConversionOCF / Net Profit | -0.31× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.3M | $-61.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.5M | $-10.4M | ||
| Q3 25 | $-8.4M | $-14.3M | ||
| Q2 25 | $-4.3M | $-10.8M | ||
| Q1 25 | $-4.7M | $-22.8M | ||
| Q2 24 | — | — |
| Q4 25 | $-12.8M | $-11.1M | ||
| Q3 25 | $-9.7M | $-14.7M | ||
| Q2 25 | $-5.1M | $-11.6M | ||
| Q1 25 | $-6.6M | $-23.7M | ||
| Q2 24 | — | — |
| Q4 25 | -204.9% | -243.7% | ||
| Q3 25 | -267.2% | -206.9% | ||
| Q2 25 | -115.3% | -329.6% | ||
| Q1 25 | -195.9% | -410.0% | ||
| Q2 24 | — | — |
| Q4 25 | 53.6% | 15.6% | ||
| Q3 25 | 36.8% | 6.0% | ||
| Q2 25 | 17.5% | 22.8% | ||
| Q1 25 | 56.5% | 15.8% | ||
| Q2 24 | — | — |
| Q4 25 | -0.31× | — | ||
| Q3 25 | -2.11× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SATL
| Transferred At Point In Time | $5.7M | 91% |
| Other | $547.0K | 9% |
SES
Segment breakdown not available.
