Satellogic Inc.

Good morning and welcome to the StataLogic first quarter 2026 financial results conference call. All lines have been placed on listen-only mode and the floor will be open for your questions following the presentation. During today's call, we may make statements relating to our goals and objectives for future operations, financial and business trends, business prospects, future financial metrics, statements regarding customer contracts and pipelines, our ability to generate revenue, and management expectations for future performance that constitute forward-looking statements under federal securities laws. Any such forward-looking statements reflect management expectations based upon currently available information and are not guarantees of future performance and involve certain risks and uncertainties that are more fully described in our SEC filings including the risk factors section of StataLogic's quarterly report on Form 10-Q, annual report on Form 10-K for the fiscal year ended December 31st, 2025, and our filings with the SEC. Our actual results, performance, or achievements may differ materially from those expressed in or implied by such forward-looking statements. We undertake no obligations to update or revise any forward-looking statements to reflect events or developments after the date of this call. On this call, we will also discuss financial measures not determined in accordance with the U.S. GAAP, including EBITDA, adjusted EBITDA, and free cash flow. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are presented in the earnings materials posted on our website today. Our press released the Detailing these results was issued this morning and is available in the investor relations section of our company's website at SataLogix.com. Hosting today's call will be SataLogix founder and chief executive officer Emiliano Cardigan, chief financial officer Rick Dunn, and vice admiral Frank Whitworth, U.S. Navy retired. With that, I will turn the call over to Mr. Cardigan.

Thank you, operator, and good morning, everyone. Welcome to Satellogic's first quarter 2026 earnings conference call. Joining me on today's call are Rick Dunn, our chief financial officer, and a special guest, Vice Admiral Frank D. Whitworth III, U.S. Navy retired, who recently joined Satellogic as a strategic advisor. We're pleased to have him with us today. I'll begin with a brief company overview on the key themes of the quarter before introducing Vice Admiral Woodward, who will share his remarks on his role and all the friends and intelligence engagement. Rick will then walk you through our Q1 2026 financial results in detail before I cover our commercial update and recent wins, walk through our 2026 product roadmap, including our Adafox server platform and Merlin constellation, and close with key takeaways before we open the line for questions. With that, let's begin. The first quarter of 2026 marked a clear infraction point for Satellogic. We grew revenue 80%, improved our adjusted EBITDA loss by 32%, generated positive net cash from operating activities for the first time in our history, and exited the quarter with 121.9 million in cash. Just as importantly, The commercial momentum we built exiting 2025 is broadening across sovereign defense, recurrent intelligence subscriptions, and U.S. government engagement. Based on our current cost base, backlog, growing revenue, growing recurring revenue, and current pipeline, we believe 2026 can be a year of substantial progress towards sustained profitability, and we expect Merlin to be an important driver of free cash flow as it enters service. This was one of the strongest starts to a year in our company's history, and our most ambitious product roadmap to date is now executing on schedule. There are five things I want investors to take away from the quarter. First, on our unique sovereign and different solutions, our non-ITAR design, vertical integration, and free trade zone manufacturing in Montevideo allow us to deliver disruptively priced sovereign capabilities to aligned governments around the world. with rapid technology transfer and in-country assembly, integration, and test. In the quarter, we deepened our U.S. defense engagement through the expansion of our partnership with IDT Corporation and the U.S. Office of Naval Research for phases two and three of the Slingshot Program, advancing in-orbit demonstration of our rapid tasking and high-resolution capabilities in support of U.S. Navy mission requirements. And just last week, We announced a 12 million agreement with a sovereign defense customer to deliver the commission in orbit new set from our Aleph 1 constellation. The second sovereign in orbit transaction in two quarters. And I'll come back to why that matters. Second, we have significant customer traction. We continue to diversify our customer base internationally with Asia Pacific revenue growing more than eightfold year over year to 3 million in Q1 2026. The growth was led by significant contributions from customers in Australia and Malaysia and reflects the global demand we're seeing for sovereign and high-frequency monitoring capabilities. Third, we have unmatched capacity and scale. As of March 30th, we continue to operate one of the largest high-resolution constellations in the world. Our capacity advantage is significant, based not only on the number of satellites but also on our patent-protected camera design, that enables us to capture approximately 10 times more imagery per satellite than our peers at an all-in cost per satellite of approximately 1.3 million, a fraction of the industry standard. That cost and capacity advantage is what allows us to realize the unit economics to deliver persistent daily monitoring at scale. The capacity of reconciliation has enabled us to sell in-orbit satellites to space systems customers without impacting our ability to meet existing demand and expected future growth in our data and analytics business. Fourth, revenue growth with operating leverage in action. Revenue grew 80% year-over-year to 6.1 million, while our adjusted EBITDA loss improved 32% to 4.2 million. And for the first time in our history, we generated positive net cash from operating activities in a quarter. The recurring revenue shift we're beginning to see is being driven in part by Aleph Observer, our persistent monitoring product launched in February. That is the operating leverage of our vertically integrated model becoming visible. Combined with 121.9 million of cash in hand, it materially strengthens our path to sustained profitability. And fifth, a strengthened leadership team. Our board and management team bring deep public company finance, defense, and policy experience. Over the last two quarters, we have built up our sales leadership with the incorporation of Jeff Kerridge and a seasoned team of sales executives. Today, I'm pleased to introduce a new addition who we believe would be meaningful to accelerate our trajectory in defense and intelligence. In late March, We welcome Vice Admiral Frank D. Whitworth III, U.S. Navy retired, as a strategic advisor. Vice Admiral Whitworth most recently served as the eighth director of the National Geospatial Intelligence Agency, the NGA, where he led the delivery of geospatial intelligence supporting U.S. national security operations worldwide. His decades of experience operationalizing geospatial intelligence at the highest levels of the U.S. defense and intelligence communities position him uniquely to advise our team as we deepen our engagement with that customer base. It's an honor to have him with us today. Vice Admiral, the floor is yours.

Thank you, Emiliano, and good morning, everyone. It's a privilege to be with you today. Let me start with a few words on why I joined Satellogic. Most recently, I had the honor of serving as the eighth director of the National Geospatial Intelligence Agency, or NGA for short, from June 2022 until my retirement just last December. In that role, I was responsible for the delivery of geospatial intelligence support of U.S. national security operations worldwide. One of the priorities during my tenure was the maturation of NGA Maven, the Department of War's primary initiative for operationalizing artificial intelligence and machine learning. We transitioned that program from an experimental framework into an operational capability. that meaningfully increased the speed and scale of intelligence analysis integrated with mission command across the department. That experience reflected my view of where geospatial intelligence needs to go. What attracts me to Satellogic is that this company is purpose-built to address the same imperative, the combination of scale, frequency, and resolution that the Satellogic constellation is designed to deliver Coupled with low latency analytics and near real time tipping and queuing and alerts, this is precisely what we need to enable the shift from periodic observation to continuous awareness. In my role as strategic advisor and always adherent to my ethics restrictions against communicating with NGA and the Navy, I have been and will continue to be working with the team across three areas. strategic engagement with global defense and intelligence customers, the development of the company's product and technology roadmap, including the Merlin constellation Emiliano will discuss shortly, and the integration of high-frequency Earth observation into modern intelligence architectures. I am impressed by what this team has built. The U.S. defense and intelligence communities are actively rethinking how they source persistent geospatial intelligence. And Satellogic's combination of sovereign grade capability with commercial economics is uniquely matched to that demand. I look forward to helping the team serve that mission and to translate that demand into long-term programs for our students. With that, I'll turn it over to Rick to walk you through the financial results.