Satellogic said on November 10, 2026, that it had completed the second satellite delivery under its $18 million agreement with Portugal’s CEiiA and signed a separate agreement after September 30 to sell three in-orbit satellites for approximately $37 million. The developments extend its business supplying spacecraft that customers can own and control.
The company’s third-quarter results reported revenue of $16.0 million, up 342% from a year earlier. Space Systems revenue reached $9.5 million, including the second CEiiA delivery, and Data & Analytics generated $6.6 million. The segment figures are rounded.
Satellogic reported a $2.3 million operating loss and positive adjusted earnings before interest, taxes, depreciation, and amortization of $1.2 million. Its $28.3 million net income included a $30 million noncash gain from changes in the fair value of financial instruments.
Ownership and Control for Portugal
The original CEiiA agreement, announced on January 12, covered two NewSat Mark V imaging satellites in the 50-centimeter resolution class. CEiiA is Portugal’s Centre of Engineering and Product Development and an engineering partner in the Atlantic Constellation, working with the Portuguese Air Force.
The spacecraft are intended to form part of the Portuguese component of that constellation, supplying imagery for civil, environmental, and security activities. Satellogic said more than 85% of their components were European-sourced. The agreement also provided for a structured knowledge-transfer program.
Ownership and operational control give the customer authority over satellite tasking, meaning decisions about where and when to collect imagery. In this arrangement, the delivered asset includes an operating position in orbit as well as the spacecraft itself.
Satellogic’s Space Systems offering combines satellite purchases with optional support for ground infrastructure and data management. Customers can also purchase supplementary coverage from the company’s broader constellation, adding observation opportunities beyond those available from their own spacecraft.
This separates two functions in an Earth-observation purchase: ownership of a particular satellite and access to additional collection capacity. A government can control its own asset and still obtain imagery through a commercial fleet. Satellogic offers direct tasking as part of the spacecraft service, alongside standard and customized satellite configurations.
Image Services Alongside Spacecraft Sales
The company also sells recurring observations without transferring satellite ownership. Its Aleph Observer service provides monitoring of customer-designated locations, with the company describing coverage of hundreds of sites per day and automated detection of changes.
Repeated observations create a time series: images of the same location collected on successive dates. Analysts can compare those observations to identify construction activity, changes in vehicle concentrations, or movements at ports. The customer purchases a continuing observation service and associated analysis rather than a satellite.
A separate contract serves customers interested in objects above Earth. As covered in New Space Economy’s earlier report, Satellogic and HEO extended their non-Earth imaging relationship through 2029. The October 29 agreement gives HEO access to NewSat spacecraft to photograph other objects in orbit and includes a seven-figure minimum annual commitment.
The collaboration began in 2020 by adapting Earth-observation spacecraft for orbital imaging. HEO uses those observations to examine satellites and their configuration. The companies reported more than 1,600 successful captures under their most recent annual agreement, compared with about 30 in 2021.
Satellogic’s November results put the announced value of its sovereign satellite agreements over the preceding year at approximately $67 million, covering four agreements and seven spacecraft. The newly signed three-satellite transaction is a contracted sale announced after quarter-end.
