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Side-by-side financial comparison of Satellogic Inc. (SATL) and TON Strategy Co (TONX). Click either name above to swap in a different company.
Satellogic Inc. is the larger business by last-quarter revenue ($6.2M vs $5.7M, roughly 1.1× TON Strategy Co). Satellogic Inc. runs the higher net margin — 488.0% vs -3968.6%, a 4456.5% gap on every dollar of revenue. TON Strategy Co produced more free cash flow last quarter ($-8.0M vs $-12.8M).
Satellogic Inc. is an American company specializing in Earth-observation satellites, founded in 2010 by Emiliano Kargieman and Gerardo Richarte.
SATL vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.2M | $5.7M |
| Net Profit | $30.5M | $-227.9M |
| Gross Margin | — | 64.3% |
| Operating Margin | -114.2% | -159.2% |
| Net Margin | 488.0% | -3968.6% |
| Revenue YoY | — | 694.2% |
| Net Profit YoY | — | -7047.9% |
| EPS (diluted) | $0.24 | $-3.89 |
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 | $5.7M | ||
| Q3 25 | $3.6M | $3.6M | ||
| Q2 25 | $4.4M | $2.1M | ||
| Q1 25 | $3.4M | $1.3M | ||
| Q4 24 | — | $723.0K | ||
| Q2 24 | $3.5M | — | ||
| Q4 22 | — | $-5.1M | ||
| Q2 22 | — | $2.4M |
| Q4 25 | $30.5M | $-227.9M | ||
| Q3 25 | $4.0M | $84.3M | ||
| Q2 25 | $-6.7M | $-2.4M | ||
| Q1 25 | $-32.6M | $-2.6M | ||
| Q4 24 | — | $-3.2M | ||
| Q2 24 | $-18.1M | — | ||
| Q4 22 | — | $-16.0M | ||
| Q2 22 | — | $-6.4M |
| Q4 25 | — | 64.3% | ||
| Q3 25 | — | 75.4% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 73.4% | ||
| Q4 24 | — | 81.5% | ||
| Q2 24 | — | — | ||
| Q4 22 | — | — | ||
| Q2 22 | — | 65.2% |
| Q4 25 | -114.2% | -159.2% | ||
| Q3 25 | -222.5% | -601.5% | ||
| Q2 25 | -141.6% | -138.2% | ||
| Q1 25 | -280.9% | -203.8% | ||
| Q4 24 | — | -513.1% | ||
| Q2 24 | -419.2% | — | ||
| Q4 22 | — | — | ||
| Q2 22 | — | -200.3% |
| Q4 25 | 488.0% | -3968.6% | ||
| Q3 25 | 109.2% | 2336.8% | ||
| Q2 25 | -149.8% | -111.9% | ||
| Q1 25 | -961.9% | -196.5% | ||
| Q4 24 | — | -440.9% | ||
| Q2 24 | -517.0% | — | ||
| Q4 22 | — | 315.6% | ||
| Q2 22 | — | -265.7% |
| Q4 25 | $0.24 | $-3.89 | ||
| Q3 25 | $-0.02 | $2.23 | ||
| Q2 25 | $-0.06 | $-1.79 | ||
| Q1 25 | $-0.34 | $-2.51 | ||
| Q4 24 | — | $10.41 | ||
| Q2 24 | $-0.20 | — | ||
| Q4 22 | — | — | ||
| Q2 22 | — | $-2.63 |
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 | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $60.5M | $406.5M |
| Total Assets | $151.3M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.4M | $39.5M | ||
| Q3 25 | $28.3M | $53.9M | ||
| Q2 25 | $32.6M | $10.4M | ||
| Q1 25 | $17.7M | $12.2M | ||
| Q4 24 | — | $12.5M | ||
| Q2 24 | $25.6M | — | ||
| Q4 22 | — | $2.4M | ||
| Q2 22 | — | $5.5M |
| Q4 25 | $60.5M | $406.5M | ||
| Q3 25 | $-56.9M | $639.1M | ||
| Q2 25 | $-68.1M | $19.4M | ||
| Q1 25 | $-83.1M | $14.6M | ||
| Q4 24 | — | $16.2M | ||
| Q2 24 | $19.1M | — | ||
| Q4 22 | — | $5.2M | ||
| Q2 22 | — | $23.5M |
| Q4 25 | $151.3M | $411.2M | ||
| Q3 25 | $70.9M | $661.9M | ||
| Q2 25 | $73.8M | $23.7M | ||
| Q1 25 | $61.4M | $18.4M | ||
| Q4 24 | — | $20.6M | ||
| Q2 24 | $76.6M | — | ||
| Q4 22 | — | $24.5M | ||
| Q2 22 | — | $40.4M |
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 | $-8.0M |
| Free Cash FlowOCF − Capex | $-12.8M | $-8.0M |
| FCF MarginFCF / Revenue | -204.9% | -139.3% |
| Capex IntensityCapex / Revenue | 53.6% | 0.1% |
| Cash ConversionOCF / Net Profit | -0.31× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.3M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.5M | $-8.0M | ||
| Q3 25 | $-8.4M | $-9.4M | ||
| Q2 25 | $-4.3M | $-2.3M | ||
| Q1 25 | $-4.7M | $-1.1M | ||
| Q4 24 | — | $-1.9M | ||
| Q2 24 | — | — | ||
| Q4 22 | — | $-3.4M | ||
| Q2 22 | — | $-5.1M |
| Q4 25 | $-12.8M | $-8.0M | ||
| Q3 25 | $-9.7M | $-9.4M | ||
| Q2 25 | $-5.1M | $-2.3M | ||
| Q1 25 | $-6.6M | $-1.1M | ||
| Q4 24 | — | $-2.0M | ||
| Q2 24 | — | — | ||
| Q4 22 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | -204.9% | -139.3% | ||
| Q3 25 | -267.2% | -261.4% | ||
| Q2 25 | -115.3% | -107.8% | ||
| Q1 25 | -195.9% | -87.0% | ||
| Q4 24 | — | -279.9% | ||
| Q2 24 | — | — | ||
| Q4 22 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | 53.6% | 0.1% | ||
| Q3 25 | 36.8% | 0.4% | ||
| Q2 25 | 17.5% | 0.1% | ||
| Q1 25 | 56.5% | 5.1% | ||
| Q4 24 | — | 22.1% | ||
| Q2 24 | — | — | ||
| Q4 22 | — | — | ||
| Q2 22 | — | — |
| Q4 25 | -0.31× | — | ||
| Q3 25 | -2.11× | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q2 24 | — | — | ||
| Q4 22 | — | — | ||
| Q2 22 | — | — |
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% |
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
