Satellogic Inc. Class A Ordinary Shares LD Micro 20th Annual Main Event Conference

Good afternoon, and thank you for joining us today. Today I'll be presenting on the infrastructure that powers persistent global intelligence. That's a pretty big statement, so we'll unpack that today in our conversation. In addition, we'll also speak about how we go to market, what our technology's like, some of our competitive advantages, and some recent momentum that we've had in the marketplace. When we think about persistent global intelligence, we think about the movement from a single image delivered to a customer to a more continuous flow of information to the customer. So that's what we'll be speaking on today. All right. Just a quick backdrop on Satellogic. We are a vertically integrated Earth observation satellite company. So think about it as development of the satellite, building and manufacturing, all the way to operating a constellation, and delivering images to our customers.

A full value chain that we produce to get images to our customers. We're domiciled in the U.S., we're traded on the Nasdaq, and we have over 200 years of combined flight heritage. We have launched over 60 satellites in the last 10 years. So we now have a great depth of experience building and operating satellites, and putting them in orbit. We are led by Emiliano Kargieman, our co-founder, and we've recently appointed Vice Admiral Trey Whitworth as President of our company. We're excited for Frank Whitworth to join us. He comes from a long, distinguished career in the U.S. Navy, as well as he was the eighth Director of the National Geospatial-Intelligence Agency. So he's very well-versed in images, imagery, as the NGA is one of the largest consumers of Earth observation imagery.

In addition, we're supported by a very strong board led by Secretary Steven Mnuchin, the former Treasury Secretary. In addition, we have General Joseph Dunford as a board member, who is the former Joint Chiefs of Staff. We'll speak a bit more about this in the presentation today, but we want to just quickly comment on some financial momentum we're building. This last second quarter of 2026, we had year-over-year growth of nearly 260%. We had our first positive adjusted EBITDA in Q2, and at the end of the quarter, we had nearly $113 million in the bank. I'm going to now pass it over to my colleague, Caitlin, who will go through a few sections.

All right. Hi, everyone. I'm going to talk about how we go to market at Satellogic. We go to market through two distinct but connected business lines. The first are data and analytics. We control our core constellation at Satellogic, which is acquiring imagery every single day of Earth. We have customers who will task the satellites, meaning they control where an image is being captured, and they'll pay a priority price to get that image and control where the image is taken. Then we can resell that image to any number of customers, and this is really the core of our business. It's setting up these monitoring programs where a customer can say, "I want to look at 50 different locations on Earth.

I want to see them daily or weekly." And we can set up a subscription repeatable revenue source to get them the data and analytics for the places that they care about. The second line of business is space systems. This is where we will sell a customer not just a satellite, but all of the associated component parts to build a national sovereign capability. We build satellites in Uruguay. We're fully vertically integrated, and we do the end-to-end value chain of a satellite. We design the bus, the payload. We have patented optics. Build their sovereign solution. While these are two different business lines, they're not fully separate. Often we'll have a space systems customer who buys a satellite or a constellation, and then they might want to do more tasking to augment what they're getting from their system.

Likewise, we'll have data and analytics customers who then maybe want to go and buy a satellite. When I talk about our satellites, here they are. The one on the far left, our NewSats, Mark V and Mark VI. These are the powerhouse of Satellogic. We've been launching these for the history of the company. When Dustin Greer says we have over 200 years of flight heritage, it's from NewSats. When you see Mark V or Mark VI, we're iteratively improving every version of a NewSat that we put up. These satellites are tasked. A customer will say, "I want to task this location, get an image," and we'll deliver an image at 50-centimeter resolution for that location. Building on the NewSat program, we just launched our first in a new constellation of satellites called Merlin. These are continuous monitoring. Instead of tasking the satellite, the satellite is always on, capturing imagery at one meter over the entire globe for this continuous awareness and monitoring.

They also have the ability to have onboard processing. If when capturing an image, the Merlin satellite sees a change, it can communicate back to a NewSat to then task an image that can verify what that change is and give more detail. We're always looking to the future here at Satellogic. While we've been launching NewSats for our whole history, and we will continue to, and we've launched our, and I should say, our first Merlin, but we will launch more satellites in 2027 to have a fully operational constellation midway through 2027.

We're always looking to the future, and so that is the aptly named NextGen here on the far right, which will be higher precision coverage at 30 centimeter resolution, and that's currently in development with our teams down in South America. Why do we think we can win in this market? There's four key points to hit on. We have best-in-class technology stack. We design the mission end-to-end, as I said, from broad area discovery to more detailed collection and high confidence verification. Then we have radical cost leadership. Because we're vertically integrated and we have our patented optical technology, we're able to build these satellites at a lower cost than our competitors and pass that cost savings on to our customers.

Tasking thousands of satellites and getting those insights really only works if you can do it at a cost savings that customers can manage and take on in order to look at all the locations and assets that matter to them. Our sovereign solutions business that I mentioned, this is a big competitive advantage at Satellogic. Because we build everything end-to-end and because we can serve customers wherever they're at on their journey, we're able to design these solutions for sovereign controlled operations for allied governments across the world. Finally, our use of AI both on the ground and in orbit. Merlin satellites, like I mentioned, can process data in orbit in space, flag a change, and then be able to automatically task a higher resolution satellite.

Also on the ground, we're using AI algorithms to run through all of the imagery to focus efforts on where change that's happening matters. There are billions of pixels being collected. Nobody can possibly look at all of them, and so we're leveraging AI to help analysts focus where they should be looking. This is our customer journey, and a customer can enter at any stage of this process. But typically, what we see is a customer will task a few images in this imagery access box over on the left. They see value in what they're getting from those images, and then they'll set up a persistent monitoring where it's a subscription service for the places that they want to look at on a regular cadence, and then we will deliver that imagery to them.

Finally, hopefully, they then buy a satellite and realize the value that that will bring from all of the imagery they've collected, and then they want their own constellation in space. In practice, it doesn't always work this way. We have some customers who know they just want a satellite from the outset, and they'll start there, and then maybe they'll eventually get more tasking. A customer can enter at any stage of this journey, and this land and expand approach is how we win with our customers. Here you can see some of the customers we're serving. Satellogic imagery and infrastructure is helping power some of the largest commercial operations on the planet, like Palantir, as well as U.S. government entities like NASA and the U.S. Navy, and foreign allied governments such as Portugal, who we've recently sold satellites to that we announced earlier this year.

With that, I will hand it back to you, Dustin.

Excellent. I'll spend a minute talking about how we see the market changing. Historical legacy observation market was more of an image-driven market where you would deliver an image at a time, so a deliverable of an image. We're starting to see a change, and customer workflows are moving in that direction where customers want answers to ongoing monitoring rather than just having a snapshot at a point in time. We believe with our new technology that we're developing, including the Merlin, we're well positioned to help support this change to this persistent global intelligence. Additionally, as we see this shift happening, we move from in a deliverable event to an ongoing, more of a SaaS type subscription-based model.