Investor Presentation PDF

The Infrastructure to Power Persistent Global Intelligence

Discover · Monitor · Operate

INVESTOR PRESENTATION

October 2026

Forward-Looking Statements Legend

This Presentation contains "forward-looking statements" within the meaning of the U.S. federal securities laws. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intends", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on Satellogic's current expectations and beliefs concerning future developments and their potential effects on Satellogic. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this Presentation. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Satellogic. Many factors could cause actual future events to differ materially from the forward-looking statements in this Presentation, including but not limited to: (i) our ability to generate revenue as expected, including due to challenges created by macroeconomic concerns, geopolitical uncertainty (e.g., trade relationships), financial market fluctuations and related factors, (ii) our ability to effectively market and sell our EO services and to convert our pipeline of potential contracts into actual revenues, (iii) market acceptance of our Persistent Global Intellignece (PGI) services and our dependence upon our ability to keep pace with the latest technological advances, including those related to artificial intelligence and machine learning, (iv) risks related to the secured convertible notes, (v) the potential loss of one or more of our largest customers, (vi) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vii) risks and uncertainties associated with defense-related contracts, (viii) risks related to our pricing structure, (ix) our ability to scale production of our satellites as planned, (x) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (xi) our dependence on third parties, including SpaceX, to transport and launch our satellites into space, (xii) our reliance on third-party vendors and manufacturers to build and provide certain satellite components, products, or services and the inability of these vendors and manufacturers to meet our needs, (xiii) our dependence on ground station and cloud-based computing infrastructure operated by third parties for value-added services, and any errors, disruption, performance problems, or failure in their or our operational infrastructure, (xiv) risks related to certain minimum service requirements in our customer contracts, (xv) our ability to identify suitable acquisition candidates or consummate acquisitions on acceptable terms, or our ability to successfully integrate acquisitions, (xvi) competition for EO services, (xvii) risks related to changes in tax laws and regulations, including the "One Big Beautiful Bill Act," (xviii) risks related to changes in trade policy and the related impact on macroeconomic conditions, including further expansions of U.S. export controls and tariffs, as well as related retaliatory actions, (xix) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xx) unknown defects or errors in our products, (xxi) risks related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xxii) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xxiii) the failure of the market for EO services to achieve the growth potential we expect, (xxiv) risks related to our satellites and related equipment becoming impaired, (xxv) risks related to the failure of our satellites to operate as intended, (xxvi) production and launch delays, launch failures, and damage or destruction to our satellites during launch, (xxvii) the impact of natural disasters, unusual or prolonged unfavorable weather conditions, epidemic outbreaks, terrorist acts and geopolitical events (including the new conflicts in Iran and the Middle East) on our business and satellite launch schedules, (xxviii) risks related to our ability to protect our intellectual property critical to the design and function of our satellites and our EO services, and (xxix) the anticipated benefits of our domestication may not materialize. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Satellogic's Annual Report on Form 10-K and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations.

Non-GAAP Financial Measures

This Presentation includes certain non-GAAP financial measures, including Non-GAAP EBITDA, and Non-GAAP Adjusted EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. We define Non-GAAP EBITDA as net loss excluding interest income, net, income taxes, depreciation and amortization, Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA further adjusted for other (expense) income, net, changes in the fair value of financial instruments, and stock-based compensation, and Non-GAAP Adjusted Operating Cash Flow as net cash used in operating activities adjusted for proceeds from the sale of in-orbit satellites. As of January 1, 2026, we updated our methodology to exclude interest income from EBITDA and Adjusted EBITDA to align our reporting with industry peers; the prior period has been recast using the updated methodology. We use these non-GAAP measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons, and we believe they provide analysts, investors and management with helpful information regarding the underlying operating performance and cash generation of our business by removing the impact of items we believe are not reflective of that performance. There are limitations to the use of non-GAAP financial measures, and other companies may define these terms differently, so comparisons may not be accurate. A reconciliation of Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, and Non-GAAP Adjusted Operating Cash Flow to the most directly comparable GAAP measures (net loss and net cash used in operating activities) is included in this Presentation. The Company defines "Backlog" as its Remaining Performance Obligations (RPO) as defined under US GAAP (ASC 606).

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Sovereign demand,

platform adoption,

and financial performance are accelerating simultaneously.

Fiery Cross Reef, Spratly Islands

Strategic Airfield and Maritime Operations Hub

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REVENUE BY BUSINESS LINE

Data & Analytics $7.1M · 45%

Space Systems

$8.8M · 55%

REVENUE BY GEOGRAPHY

Europe

$9.2M · 58%

MENA

$3.6M · 22%

Americas

$2.3M · 14%

APAC

$0.9M · 6%

RPO RECOGNITION PROFILE: $80.7M

Less than 1 year

$45.8M

Years 1-2

$9.3M

Years 2-3

$7.2M

Thereafter

$18.4M

GAAP net loss $(20.0)M - includes $(19.7)M non-cash change in fair value of financial instruments.

Source: Q2 2026 10-Q; Q2 2026 Earnings Presentation; FY2025 10-K. See appendix for reconciliation of non-GAAP measures to US GAAP.

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1. Sovereign & Defense Wins Accelerating

   • Portugal CEiiA: first of two satellites delivered ($18M program)

   • May 2026: >$18M international defense agreement - one-year persistent EO with full-scale path

   • Apr 2026: Secured $12M in-orbit NewSat contract and full transfer of ownership to a sovereign defense customer

2. Product & Platform Inflection

   • SynMax & SpaceKnow partnerships - AI-powered geospatial products on the PGI platform

   • Merlin: October 2026 launch on track; H1 2027 full ops - fully funded

   • Operating one of the largest high-resolution commercial constellations - delivering high-resolution, high-

     revisit and continuous coverage for Persistent Global Intelligence

3. Financial Inflection

   • Q2 revenue +259% YoY to $15.9M; H1 revenue +181% to $22.0M

   • First positive operating income, $0.3M and Adj. EBITDA, $2.8M - first in company history

   • $112.8M cash; $80.7M RPO; 82% gross margin*

   • $12M convertible notes converted - principal reduced from $30M to $18M

4. Strategic & Institutional Validation

   • LTG (Ret.) Michael E. Williamson joined the board as independent director (Jun 2026)

   • VADM (Ret.) Frank D. "Trey" Whitworth, former Director of the NGA - appointed President (Sept 2026)

   • Four senior sales leaders added - Matt Clark, Brett Davis, Jonathan Lee, and Jamil Kawar

50+ sovereigns now fund dedicated military space budgets.

Sales cycles compressed from years to months - NATO allies committed to 5% GDP defense by 2035.

Aleph Observer delivers sub-meter EO at

scale today; Merlin extends the advantage.

GAAP net loss $(20.0)M - includes $(19.7)M non-cash change in fair value of financial instruments.

Source: Q2 2026 10-Q; company press releases; SpaceNews (Oct 2024); NATO Hague Summit Declaration (Jun 2025). *Gross margin excl. depreciation. See appendix for GAAP reconciliation.

POWERFUL MOMENTUM

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