Satellogic: Sovereign Space Demand Supports The Buy Case

Satellogic Inc. is upgraded to Buy with a raised $6.24 price target, reflecting strong Q2 results and significant growth prospects, but remains speculative. Q2 revenue surged 259% and marked the company's first positive operating income and adjusted EBITDA, driven by both Data & Analytics and Space Systems segments. Backlog visibility improved with $80.7M in remaining performance obligations and major sovereign contracts, but quarterly results remain lumpy due to large, non-recurring deals.