0001874315-26-000013 | 10-K | XBRL Viewer

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net consists of the following:


	Estimated Useful Life (in years)	December 31,
		2025		2024
Satellites and other equipment	3-5	$	32,099	$	30,668
Satellites under construction	Not applicable	14,813		14,458
Leasehold improvements	5-10	3,249		2,901
Other property and equipment	3-10	4,229		4,307
Total property and equipment		54,390		52,334
Less: Accumulated depreciation		(29,740)		(25,106)
Property and equipment, net		$	24,650	$	27,228

Provisions for depreciation are based on estimated useful lives of the assets using the straight-line method.

Information related to our property and equipment and operating lease ROU assets by geography is as follows:


	December 31,
	2025		2024
Uruguay	$	31,347	$	26,833
Argentina	317		392
Spain	22		746

Other countries	12		134
Total (1)	$	31,698	$	28,105

(1)The presentation in the table above is based on the geographic location of the entity that holds the assets. Totals for property and equipment and operating lease ROU assets in the U.S. are not material.

During the year ended December 31, 2024, the Company wrote off $3.6 million of net leasehold improvements as a result of its Netherlands Lease termination (see Note 18 (Leases)) and recorded a non-cash loss of $3.6 million. The loss on disposal of property and equipment was recognized as a component of other expense (income) in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2024.

Revenue from Contract with Customers - Revenue by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 17,707	$ 12,870
North America
Disaggregation of Revenue [Line Items]
Total revenue	12,068	7,904
Europe
Disaggregation of Revenue [Line Items]
Total revenue	2,780	2,631
Asia & Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	2,500	2,322
South America
Disaggregation of Revenue [Line Items]
Total revenue	$ 359	$ 13

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue from Contract with Customers - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 65,100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 28,624
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 6,654
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 8,017
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 21,833
Revenue, remaining performance obligation, expected timing of satisfaction, period

Stock-based Compensation - RSU Activity (Details) - Unvested restricted stock units - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of RSUs
Beginning balance (shares)	2,893,396
Granted during the year (shares)	2,154,674
Forfeited during the year (shares)	(398,750)
Vested during the year (in shares)	(1,552,596)
Ending balance (shares)	3,096,724	2,893,396
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 1.40
Granted (in usd per share)	3.48
Forfeited (in usd per share)	2.19
Vested (in usd per share)	1.57
Ending balance (in usd per share)	$ 2.66	$ 1.40
Intrinsic Value (in thousands)
Intrinsic value, outstanding	$ 5,791	$ 8,246
Shares deferred	795,900	385,900
Class A ordinary shares
Intrinsic Value (in thousands)
Deferred shares vested during period (in shares)	410,000	264,516

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

A summary of stock option activity for the year ended December 31, 2025 is as follows:


	Number of Options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (years)	Intrinsic Value (in thousands)
Balance as of December 31, 2024	3,234,296	$1.50	4.55	$	5,574
Granted	—	—
Forfeited	(1,180)	8.55
Exercised	(1,900,194)	0.95
Expired	(14,443)	8.62
Outstanding at December 31, 2025	1,318,479	$2.22	4.74	$	811
Exercisable at December 31, 2025	1,318,479	$2.22	4.74	$	811

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

A summary of RSU activity for the year ended December 31, 2025 is as follows:


	Number of RSUs	Weighted Average Grant-Date Value		Intrinsic Value (in thousands)
Outstanding unvested RSUs at December 31, 2024	2,893,396	$	1.40	$	8,246
Granted during the year	2,154,674	3.48
Forfeited during the year	(398,750)	2.19
Vested during the year (1)	(1,552,596)	1.57
Outstanding unvested RSUs at December 31, 2025	3,096,724	$	2.66	$	5,791

(1) The issuance of Class A common stock was deferred, as elected by the certain grantees, for 410,000 and 264,516 RSUs that vested during the years ended December 31, 2025 and December 31, 2024, respectively. There was a total of 795,900 and 385,900 vested RSUs from all grant years that were vested and for which deferred issuance was elected by certain grantees as of December 31, 2025 and December 31, 2024, respectively.

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

Total employee and non-employee stock-based compensation expense was classified in the Consolidated Statements of Operations and Comprehensive Loss as follows:


	Year Ended December 31,
	2025		2024
Engineering	548		320
Selling, general and administrative	$	3,712	$	2,015

Total	$	4,260	$	2,335

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Diluted loss per share considers the impact of potentially dilutive securities. We identified financial instruments that qualify as potential common shares: (i) the share-based options awards described in Note 13 (Stock-based Compensation), (ii) the warrants described in Note 7 (Warrant Liabilities), and (iii) the earnout liabilities described in Note 8 (Earnout Liabilities). Each of these potential common shares are antidilutive since their conversion to common shares would decrease loss per share from continuing operations.

Basic and diluted net loss per share attributable to common stockholders is calculated as follows:


	Year Ended December 31,
	2025		2024
Numerator
Net loss attributable to holders of Common Stock	$	(4,783)	$	(116,272)



Adjustment to numerator - Change in fair value of Secured Convertible Notes	$	(19,649)	$	—
Dilutive numerator	$	(24,432)	$	(116,272)
Denominator
Basic weighted-average shares of Common Stock outstanding	109,134,266		91,164,286
Effect of dilutive securities
Secured Convertible Notes (if converted)	25,000,000		—
Diluted weighted-average Common Stock outstanding	134,134,266		91,164,286

Net loss per share for the period attributable to holders of Common Stock
Basic	$	(0.04)	$	(1.28)
Diluted	$	(0.18)	$	(1.28)

Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would have been anti-dilutive:


	Year Ended December 31,
	2025	2024
Warrants	49,184,815	49,184,815
Sponsor earnout shares	1,775,962	1,775,962
Stock options	1,318,479	3,234,296
Unvested restricted stock units	3,096,724	2,893,396
Deferred issuance restricted stock units	795,900	385,900
Shares convertible from Secured Convertible Notes	—	25,000,000
Total	56,171,880	82,474,369

Additional Financial Statement Information - Interest Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest expense	$ (13)	$ (71)
Interest income	1,592	1,041
Interest income, net	$ 1,579	$ 970

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References

+ Details

Stockholder's Equity	12 Months Ended
Stockholder's Equity	Dec. 31, 2025
Equity [Abstract]
Stockholder's Equity	Stockholders’ Equity Common Stock Our registration statement was filed on May 2, 2022 and was declared effective on May 9, 2022. We are authorized to issue 385,000,000 Class A common stock with a par value of $0.0001 per share. Holders of Class A common stock are entitled to one vote for each share. As of December 31, 2025, there were 125,639,916 shares of Class A common stock issued and 125,072,093 outstanding. In addition, we are authorized to issue 15,000,000 Class B common stock with a par value of $0.0001 per share. Holders of Class B common stock are entitled to 1.472467906 votes per share. Holders of Class B common stock originally held a number of votes per share equal to make the total number of votes equal to the number of votes controlled by the Liberty Investor or 13,582,642 shares. As of December 31, 2025, Satellogic’s founder and Chief Executive Officer owns 10,582,641 shares of Class B common stock, representing 100% of the voting power of the Class B common stock and 10.9% of the voting power of Satellogic’s common stock at December 31, 2025. Class B common stock will automatically convert to Class A common stock at the five-year anniversary of the Closing Date unless otherwise converted, generally at the holder’s option. Treasury Stock On February 14, 2022, our Board approved an initial $5 million share repurchase program. Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the timing of repurchases depending on market conditions. The Company acquired 516,123 shares under the program in 2022 for $2.7 million and $2.3 million remains available. Registered Direct Public Offering On April 16, 2025, we completed a registered direct offering to sell 6,451,612 shares of Class A common stock at an offering price of $3.10 per share for gross proceeds of $20 million and net proceeds of $18.8 million after fees. The use of proceeds were for general corporate purposes, including the pursuit of near-term growth opportunities in our Space Systems business line. Underwritten Public Offering On October 17, 2025, we closed on an underwritten public offering to sell 27,692,308 shares of Class A common stock at an offering price of $3.25 per share for gross proceeds of $90 million and net proceeds of approximately $84.9 million. after fees. The use of proceeds were for general corporate purposes and to further de-risk the Company’s strategy following the introduction of our 30cm-resolution NextGen satellite platform. PIPE Financing Transaction On December 8, 2024, we entered into a Share Purchase Agreement with the Purchaser, pursuant to which the Company issued in a private placement 3,571,429 Class A common stock to the purchaser at a purchase price of $2.80 per share. The closing of the private placement occurred on December 10, 2024 and the Company received gross proceeds of $10,000,000. At the Market Offering On December 20, 2024, we entered into a Sales Agreement with CF & Co. acting as the Company’s sales agent, pursuant to which the Company may offer and sell, from time to time, through the Sales Agent, its Class A common stock, having an aggregate offering amount of up to $50 million. On February 12, 2025, the Company entered into the Amended Sales Agreement with CF&Co. and Northland, pursuant to which Northland was added as an additional Sales Agent in connection with the Company’s offer and sale, from time to time, through the Sales Agents, of its Class A common stock, having an aggregate offering amount of up to $50 million. The Amended Sales Agreement did not increase the amount of Class A common stock that may be offered and sold by the Company under the original Sales Agreement entered into between the Company and CF&Co. on December 20, 2024. On February 13, 2025, pursuant to the Amended Sales Agreement, the Company filed a supplement, dated February 12, 2025, to the prospectus supplement, forming a part of its effective registration statement on Form F-3 (File No. 333-283719), initially filed with the SEC on December 10, 2024. On April 9, 2025, the Company entered into the Second A&R Sales Agreement with the Sales Agents, pursuant to which references to the Company’s Class A ordinary shares were replaced with references to the Company’s Class A common stock, along with other conforming changes, in connection with the Domestication. On October 16, 2025, the Company decreased the amount of Class A common stock offered pursuant to the ATM Program, such that the Company offered up to an aggregate of $15 million of shares of Class A common stock pursuant to the ATM Program from and after the sale thereof, not including the shares of Class A common stock previously sold. On January 26, 2026, the Company decreased the amount of Class A common stock offered pursuant to the ATM Program, such that the Company could no longer make any sales of its Class A common stock pursuant to the ATM Program from and after the date thereof, not including the shares of Class A common stock previously sold.

- Definition

The entire disclosure for equity.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Net Loss Per Share - Schedule of diluted shares outstanding because the effect would have been anti-dilutive (Details)) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	56,171,880	82,474,369
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	49,184,815	49,184,815
Sponsor earnout shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,775,962	1,775,962
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,318,479	3,234,296
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,096,724	2,893,396
Deferred issuance restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	795,900	385,900
Shares convertible from Secured Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	25,000,000

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Product Information [Line Items]
Total revenue	$ 17,707	$ 12,870
Foreign currency transaction (losses) gains	(500)	2,400
Work in process inventory	2,100	0
Research and development expense	5,000	7,500
Remaining Performance Obligation
Product Information [Line Items]
Revenue, remaining performance obligation, increase amount	$ 21,000
One Customer \| Accounts Receivable \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk, percentage	66.00%
Two Customers
Product Information [Line Items]
Total revenue		$ 7,000
Two Customers \| Accounts Receivable \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk, percentage		70.00%
Three Customers
Product Information [Line Items]
Total revenue	$ 9,600

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment, net consists of the following:


	Estimated Useful Life (in years)	December 31,
		2025		2024
Satellites and other equipment	3-5	$	32,099	$	30,668
Satellites under construction	Not applicable	14,813		14,458
Leasehold improvements	5-10	3,249		2,901
Other property and equipment	3-10	4,229		4,307
Total property and equipment		54,390		52,334
Less: Accumulated depreciation		(29,740)		(25,106)
Property and equipment, net		$	24,650	$	27,228

Information related to our property and equipment and operating lease ROU assets by geography is as follows:


	December 31,
	2025		2024
Uruguay	$	31,347	$	26,833
Argentina	317		392
Spain	22		746

Other countries	12		134
Total (1)	$	31,698	$	28,105

Earnout Liabilities - Narrative (Details)	12 Months Ended
Earnout Liabilities - Narrative (Details)	Dec. 31, 2025 trading_day day $ / shares shares	Dec. 31, 2024 shares
Earnout Liability [Line Items]
Expected number of shares (in shares) \| shares	1,775,962	1,775,962
CF V Sponsor \| Sponsor Earnout
Earnout Liability [Line Items]
Contingent consideration, threshold trading days \| trading_day	10
Contingent consideration, threshold consecutive trading days \| day	20
CF V Sponsor \| Sponsor Earnout \| Trigger Price One
Earnout Liability [Line Items]
Earnout period, trigger price (in usd per share)	$ 12.50
CF V Sponsor \| Sponsor Earnout \| Trigger Price Two
Earnout Liability [Line Items]
Earnout period, trigger price (in usd per share)	15.00
CF V Sponsor \| Sponsor Earnout \| Trigger Price Three
Earnout Liability [Line Items]
Earnout period, trigger price (in usd per share)	$ 20.00
CF V Sponsor \| Sponsor Earnout \| Class A ordinary shares
Earnout Liability [Line Items]
Earnout period	5 years
Contingent consideration (in shares) \| shares	1,869,000
Contingent consideration, forfeiture escrow shares retired and cancelled, percent	0.30

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 17,707	$ 12,870
Cost of sales excluding depreciation	(4,876)	(5,024)
Engineering	(10,375)	(14,405)
Selling, general and administrative	(25,735)	(32,992)
Net loss available to stockholders	(4,783)	(116,272)
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	17,707	12,870
Cost of sales excluding depreciation	(4,876)	(5,024)
Engineering	(10,375)	(14,405)
Selling, general and administrative	(25,735)	(32,992)
Other segment items	18,496	(76,721)
Net loss available to stockholders	$ (4,783)	$ (116,272)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Term of award	10 years
Granted (in shares)	0	0	0
Exercised, intrinsic value	$ 5.1	$ 0.5
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares)	87,658	32,181
Unrecognized stock-based compensation cost, options	$ 0.0
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
Unvested restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares)	349,648	387,717
Unrecognized stock-based compensation cost, excluding options	$ 4.2
Unrecognized stock-based compensation cost, period for recognition	1 year 5 months 19 days

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable, allowance	$ 52	$ 148
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preference shares issued (in shares)	0	0
Preference shares outstanding (in shares)	0
Treasury stock (in shares)	567,823	567,823
Class A ordinary shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	385,000,000	385,000,000
Common stock, shares issued (in shares)	125,639,916	83,000,501
Common stock, shares outstanding (in shares)	125,072,093	82,432,678
Class B ordinary shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	10,582,641	13,582,642
Common stock, shares outstanding (in shares)	10,582,641	13,582,642

Revenue from Contract with Customers - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Current	$ 10,609	$ 5,871
Non-current	4,000	0
Total	$ 14,609	$ 5,871

Accounting Standards Updates	12 Months Ended
Accounting Standards Updates	Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standards Updates	Accounting Standards Updates Accounting Standards Recently Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which requires (1) greater disaggregation and consistent categories of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes other amendments to align disclosures with Regulation S-X and remove non-beneficial disclosures. The guidance is effective for public entities for annual periods beginning after December 15, 2024. The Company has applied this guidance prospectively when preparing its related disclosures. See Note 11 (Income Taxes) for the Company’s updated tax disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments — (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient that allows an entity to assume that current economic conditions at the balance sheet date will remain unchanged for the remaining life of the asset when measuring expected credit losses (“ECL”) on accounts receivable and certain contract assets recognized under Topic 606. The practical expedient is intended to reduce complexity for short-duration trade receivables. An entity electing this expedient is required to disclose that election. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2025, including interim periods within those annual periods. Early adoption is permitted. The Company has accounts receivable balances evaluated under Topic 326 and has elected early implementation for the year ended December 31, 2025. See Note 2 (Summary of Significant Accounting Policies). Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as amended by ASU No. 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): clarifying the Effective Date, which requires a new footnote disclosure for public entities to disaggregate, in a tabular format, certain relevant expense captions on the face of the income statement (e.g., cost of sales, SG&A) that include any of the following natural expenses: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and certain depletion expenses. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. The Company is currently evaluating the guidance to determine the effect on the Company’s disclosures. In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20), which provides guidance on applying induced conversion or extinguishment accounting to certain settlements of convertible debt that do not occur in accordance with the instrument’s preexisting terms. The ASU requires a preexisting contract approach and clarifies how to assess the form and amount of consideration for induced conversion accounting. The guidance is effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends the guidance for capitalizing costs related to internal-use software. The ASU removes the prescriptive, sequential project stages (preliminary project stage, application development stage, and post-implementation/operation stage) and replaces them with a "probable-to-complete recognition threshold." The ASU also clarifies that the disclosure requirements for Property, Plant, and Equipment (Topic 360) apply to all capitalized internal-use software costs, and the specific intangibles disclosures in Topic 350 are not required. The amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods, with earlier adoption permitted. The Company is currently evaluating the effect of the guidance on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Clarifying the Scope of Derivatives and Noncash Consideration Received from a Customer. This ASU provides clarification in two main areas: (1) it creates a scope exception within Topic 815 for contracts with underlyings based on operational variables specific to one of the contracting parties (e.g., sales, earnings measures, or production volumes), and (2) it clarifies that the guidance in Topic 606 must be applied before the derivative or equity accounting guidance for share-based noncash consideration received from a customer. The amendments are effective for public business entities for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company evaluated the impact of the new guidance on its consolidated financial statements and given the limited and infrequent use of derivatives, we determined that this guidance will not have a material impact on our consolidated financial statements or disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), which centralizes interim disclosure requirements and codifies a "disclosure principle" requiring an explanation of material changes occurring since the most recent annual period. As the Company currently adheres to similar requirements under SEC Regulation S-X Rule 8-03, the adoption of this guidance is not expected to significantly change current interim reporting practices. The amendments are effective for the Company for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company expects to adopt this guidance prospectively and does not anticipate that the adoption will have a material impact on its consolidated financial statements or disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Measurement of Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating cash flows - operating lease payments	$ (1,863)	$ (2,702)

Related Parties	12 Months Ended
Related Parties	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Parties	Related Parties See description of transactions with CF&Co. and Liberty Investment as part of the Merger Transaction described in Note 4 (Reverse Recapitalization). We made purchases totaling $0.8 million from our equity method investee, OS, in the year ended December 31, 2025 and there was $0.4 million owed to OS and included in accounts payable at December 31, 2025. We made purchases totaling $1.3 million from our equity method investee, OS, in the year ended December 31, 2024 and there was $0.0 million owed to OS and included in accounts payable at December 31, 2024. See Note 20 (Equity Method Investment). CF&Co. acted as one of the underwriters of the Company’s $90.0 million underwritten public offering in October 2025, pursuant to the Underwriting Agreement by and between the Company and CF&Co. CF&Co. purchased 14,953,847 shares for a gross purchase price of $3.25 per share and received underwriting discounts and commissions of 5.0% or $0.1625 per share. CF&Co. acted as the exclusive placement agent for a registered direct offering in April 2025, pursuant to the Placement Agent Agreement by and between the Company and CF&Co. Pursuant to the Placement Agent Agreement, the Company agreed to pay CF&Co. a cash fee equal to 4.0% of the aggregate gross proceeds raised in the Registered Direct Offering. Total gross sales under the Registered Direct Offering were $20.0 million. CF&Co acted as a sales agent to the Company, pursuant to a Sales Agreement by and between the Company and CF&Co. in which the Company could offer and sell, from time to time, through the Sales Agent, its Class A common stock, having an aggregate offering amount of up to $50.0 million in December 2024. The Sales Agreement was amended and restated on February 12, 2025 and April 9, 2025; however, the Sales Agreement, as amended and restated, did not increase the amount of Class A common stock that may be offered and sold by the Company under the original Sales Agreement entered into in December 2024. The agreement was amended again on October 16, 2025 to reduce future sales under the agreement to $15.0 million. An additional amendment on January 26, 2026 further reduced future sales under the agreement to zero. Pursuant to the Amended Sales Agreement, when designated as sales agent for a particular sale, CF&Co. was paid a commission, in cash, at a fixed rate of 3.0% of the gross sales price per share sold under the Amended Sales Agreement. CF&Co. is also entitled to reimbursement for certain specified expenses, including the fees and disbursements of CF&Co.’s legal counsel. Total gross sales under the agreement were $9.5 million. Additionally, CF&Co served as the Company’s financial advisor in connection with the offering and sale of the Secured Convertible Notes on April 12, 2024. Pursuant to a letter agreement, CF&Co received a fee equal to $0.9 million after the closing of the Secured Convertible Notes. See Note 17 (Secured Convertible Notes) for additional details on the Secured Convertible Notes. CF&Co. is controlled by Cantor Fitzgerald, L.P., which beneficially owns more than 10% of our Class A common stock. Additionally, Howard Lutnick, a former member of the Company’s Board who elected to resign from the Board, effective November 25, 2024, is the former Chief Executive Officer of CF&Co.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Earnout Liabilities

12 Months Ended

Dec. 31, 2025

Earnout Liability [Abstract]

Earnout Liabilities


	Sponsor Earnout
As of December 31, 2024	$	1,501

Change in fair value of financial instruments	(947)

As of December 31, 2025	$	554

Sponsor Earnout

Pursuant to that certain Sponsor Support Agreement, dated as of July 5, 2021, by and among us, the Sponsor and Nettar, the Sponsor has agreed that during the period between the Closing and the five-year anniversary of the Closing, the Sponsor shall not sell, transfer or otherwise dispose of Class A common stock equal to 1,869,000 less 30% of Forfeiture Escrow Shares retired and canceled (“Sponsor Earnout”). The Sponsor Earnout is subject to potential forfeiture to us for no consideration until the occurrence of each tranche’s respective earnout triggering event. The earnout triggering events related to achieving a closing price at or above $12.50, $15.00 and $20.00 per share, respectively, for any 10 trading days over a 20 trading day period were not satisfied during the year ended December 31, 2025. As a result, the sponsor earnout of 1,775,962 shares of Class A common stock were not vested and are subject to transfer restrictions and contingent forfeiture provisions.

The estimated fair value of the Sponsor Earnout liability is based on a Monte Carlo simulation valuation model using a distribution of potential outcomes on a semi-annual basis over the earnout period, using the most reliable information available. Assumptions used in the valuation are as follows:


	December 31,		December 31,
	2025		2024
Expected term (in years)	1.07		2.07
Dividend yield (%)	—	%	—	%
Expected volatility	120	%	83	%
Risk-free interest rate	3.4	%	4.2	%
Expected number of shares	1,775,962		1,775,962

Revenue from Contract with Customers - Revenue by Business Line (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 17,707	$ 12,870
Data & Analytics including CaaS
Disaggregation of Revenue [Line Items]
Total revenue	15,996	11,113
Space Systems
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,711	$ 1,757

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies We may be named from time to time as a party to lawsuits arising in the ordinary course of business related to its sales, marketing, and the provision of its services and equipment. Litigation and contingency accruals are based on our assessment, including advice of legal counsel, regarding the expected outcome of litigation or other dispute resolution proceedings. If we determine that an unfavorable outcome is probable and can be reasonably assessed, we establish the necessary accruals. As of December 31, 2025 and December 31, 2024, we are not aware of any contingent liabilities that should be reflected in the Consolidated Financial Statements. Launch Services The Company has purchased commitments for future satellite launch services to be performed by third parties subsequent to December 31, 2025. Future purchase commitments under noncancelable launch service contracts as of December 31, 2025 consisted of approximately $8.2 million of total purchase commitments for the year ending December 31, 2026 and total commitments of $10.2 million through 2028.

Revenue from Contract with Customers - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2021 USD ($)	Dec. 31, 2025 USD ($) customer	Dec. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Revenue		$ 17,707	$ 12,870
Noncancelable agreement, term	5 years
Noncancelable agreement, amount	$ 4,000
Revenue from noncash agreement		4,400	5,300
Contract with customer, liability, revenue recognized		$ 3,100	3,400
Contract with customer, liability increase, number of customers \| customer		3
Unused credits amounts		$ 1,100	1,400
Expiration period for unused credits		1 year
Revenue, remaining performance obligation, amount		$ 65,100
Revenue, remaining performance obligation, amount excluding methodology change		44,100
Three Customers
Disaggregation of Revenue [Line Items]
Revenue		$ 9,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period		1 year
Revenue, remaining performance obligation, amount		$ 28,624
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Three Customers \| Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Three Customers \| Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period		24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period		1 year
Revenue, remaining performance obligation, amount		$ 6,654
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period		1 year
Revenue, remaining performance obligation, amount		$ 8,017
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount		$ 21,833
Over time
Disaggregation of Revenue [Line Items]
Revenue		3,912	3,122
Point-in time
Disaggregation of Revenue [Line Items]
Revenue		$ 13,795	9,748
Revenue, adjusted			$ 9,800

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease expense	$ 1,926	$ 2,004
Short-term lease costs	109	112
Variable lease costs	99	145
Total operating lease costs	$ 2,134	$ 2,261

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator
Net loss attributable to holders of Common Stock	$ (4,783)	$ (116,272)
Adjustment to numerator - Change in fair value of Secured Convertible Notes	(19,649)	0
Dilutive numerator	$ (24,432)	$ (116,272)
Denominator
Basic weighted-average of Common Stock outstanding (in shares)	109,134,266	91,164,286
Effect of dilutive securities
Secured Convertible Notes (if converted) (in shares)	25,000,000	0
Diluted weighted-average Common Stock outstanding (in shares)	134,134,266	91,164,286
Net loss per share for the period attributable to holders of Common Stock
Basic net loss per share for the period attributable to holders of Common Stock (in dollars per share)	$ (0.04)	$ (1.28)
Diluted net loss per share for the period attributable to holders of Common Stock (in dollars per share)	$ (0.18)	$ (1.28)

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	$ 148	$ 126
(Release) Provision	(38)	22
Write-offs	(66)	0
Recoveries collected	8	0
Allowance for doubtful accounts, ending balance	$ 52	$ 148

Property and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 54,390	$ 52,334
Less: Accumulated depreciation	(29,740)	(25,106)
Property and equipment, net	24,650	27,228
Satellites and other equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 32,099	30,668
Satellites and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Satellites and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Satellites under construction
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 14,813	14,458
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,249	2,901
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	10 years
Other property and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,229	$ 4,307
Other property and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Other property and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	10 years

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Jan. 25, 2022	Jan. 24, 2022
$8.63 Warrants
Warrant price (in dollars per share)	$ 8.63	$ 8,630	$ 8.63	$ 11.50

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying Consolidated Financial Statements as of December 31, 2025 and 2024 and for the years then ended (the “Consolidated Financial Statements”) have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The Company conducts business through one operating segment.
Consolidation	The accompanying Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries. All intercompany accounts and transactions, including the intercompany portion of transactions with equity method investees, have been eliminated in consolidation. The Consolidated Financial Statements are presented in United States dollars (hereinafter “U.S. dollars” or “$”).
Reclassification	Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on the reported results of operations, balance sheet or cash flows.
Use of Estimates	Use of Estimates The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in these Consolidated Financial Statements include, but are not limited to, revenue recognition; determination of useful lives of property and equipment; valuation of Secured Convertible Notes, warrant liabilities, earnout liabilities, stock options; and determination of income tax. We evaluate our estimates and assumptions on an ongoing basis. Actual results could differ from those estimates and such differences may be material to the Consolidated Financial Statements.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with Topic 606, Revenue from contracts with customers. Revenue is recognized when a customer obtains control of promised goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that we expect to receive in exchange for goods or services provided under such contracts. We apply the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance obligation. Our main revenue stream is from services. We recognize as revenues the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied, either over time or a point in time. Revenue is recognized upon delivery for Data & Analytics contracts in which performance obligations are satisfied at a point in time upon image delivery. The Company has determined that it provides a series of distinct services in which the customer simultaneously receives and consumes data, so therefore the Company recognizes revenue ratably over the subscription period. For Space Systems contracts, revenue is typically recognized at a point in time, upon delivery of equipment or in-orbit delivery of satellites. The nature of our contracts does not currently give rise to variable consideration related to returns or refunds as those are not offered. We evaluate contracts with a minimum purchase commitment to determine whether we expect to be entitled to a breakage amount. We consider the requirements on constraining estimates variable consideration. The following factors are evaluated when assessing the increased likelihood of a significant revenue reversal: (i) the amount of consideration is highly susceptible to factors outside our influence or control (e.g., volatility in a market, judgment of action of third parties, weather conditions), (ii) uncertainty about the amount of consideration is not expected to be resolved for a long period of time, (iii) our experience with similar types of contracts is limited, or that experience has limited predictive value, (iv) we have a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances, and (v) the contract has a large number and broad range of possible consideration amounts. We exclude amounts collected on behalf of third parties, such as sales taxes, when determining transaction price. Contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services. We generally do not enter into long-term financing arrangements or payment plans with customers. Although our business practice is not to enter into contracts with non-cash consideration, at times this may occur. In these instances, we determine the fair value of the non-cash consideration at contract inception and includes this value as part of the total arrangement consideration. In instances where we cannot reasonably estimate the fair value of the non-cash consideration, we will measure the consideration indirectly by reference to its stand-alone selling price of the goods promised to the customer in exchange for consideration. Remaining Performance Obligations Effective October 1, 2025, the Company elected to change its method of disclosing remaining performance obligations ("RPO"). Historically, the Company utilized the practical expedient available under ASC 606-10-50-14, which allowed for the exclusion of contracts with an original expected duration of one year or less. The Company has elected to voluntarily terminate the use of this practical expedient to provide a more comprehensive view of its total contracted backlog and future revenue visibility. The adoption of this disclosure methodology resulted in an increase of $21.0 million to the reported RPO as of December 31, 2025. This change impacted disclosure only and had no effect on the Company’s
Fair Value Measurement	Fair Value Measurement Certain assets and liabilities are carried at fair value in accordance with U.S. GAAP. Valuation techniques used to measure fair value require us to utilize observable and unobservable inputs. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Financial instruments carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1: Quoted prices in active markets for identical assets or liabilities. •Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. •Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Assets and liabilities recognized at fair value on a recurring basis in the Consolidated Financial Statements are re-assessed at the end of each reporting period to determine whether any transfers have occurred between levels in the hierarchy. For fair value disclosures, classes of assets and liabilities are based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy.
Credit Risk Management	Credit Risk Management Credit risk is the risk that a counterparty fails to discharge an obligation to us. We are exposed to credit risk from financial assets including cash, cash equivalents and restricted cash held at banks, trade and other receivables. The credit risk is managed based on our credit risk management policies and procedures. Credit risk of any entity doing business with us is systematically analyzed, including aspects of a qualitative nature. The measurement and assessment of our total exposure to credit risk covers all financial instruments involving any counterparty risk. The credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits and are only with major reputable financial institutions. As our risk exposure is mainly influenced by the individual characteristics of each customer, we continuously analyze the creditworthiness of significant customers. Accounts receivable are non-interest bearing and generally on terms of 30 to 90 days.
Impairment of Assets	Impairment of Assets We assess potential impairments to long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets or asset group. We performed an impairment test as of December 31, 2025 and 2024 due to our net loss for those years and concluded that the asset group is not impaired. Estimates of future cash flows are highly subjective judgments based on management’s experience and knowledge of the Company's operations. These estimates can be significantly impacted by many factors, including changes in global economic conditions, operating costs, obsolescence of technology and competition. If estimates or underlying assumptions change in the future, we may be required to record impairment charges. If the fair value of an asset group is less than its carrying amount, then the carrying amount of the asset group would be reduced to its fair value. That reduction is an impairment loss that would be recognized in the Consolidated Statements of Operations and Comprehensive Loss.
Equity Method Investment	Equity Method Investment We account for our equity investment in which we have significant influence, but not a controlling financial interest, using the equity method of accounting. Under the equity method of accounting, investments are initially recorded at cost, less impairment, and subsequently adjusted to recognize our share of earnings or losses as a component of Other income (expense), net in the Consolidated Statements of Operations and Comprehensive Loss. Our equity method investment is required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. We have not recorded any impairment losses related to our equity method investment during the two-year period ended December 31, 2025.
Stock-Based Compensation	Stock-Based Compensation We measure and recognize all stock-based compensation expense based on estimated fair values for all stock-based awards made to employees and non-employees using a graded vesting schedule. Compensation cost is recognized over the requisite service period for each separate tranche, as though each tranche of the award is, in substance, a separate award. The expense calculation includes estimated forfeiture rates, which have been developed based upon historical experience. The fair values for stock options are calculated using the Black-Scholes option pricing model using the following inputs: Expected term - The simplified method is used to calculate the expected term. Expected volatility - We determine the expected stock price volatility based on the historical volatilities of guideline companies from comparable industries. Expected dividend yield - We do not use a dividend rate due to the fact that we have never declared or paid cash dividends on the Company’s common stock and we do not anticipate doing so in the foreseeable future. Risk-free interest rate - We base our interest rate on a treasury instrument for which the term is commensurate with the maximum expected life of the stock options. The fair values for restricted stock units ("RSUs") with service-based vesting conditions are calculated based upon our closing stock price on the date of the grant.
Foreign Currencies	Foreign Currencies The financial position and results of operations of certain of our foreign subsidiaries are measured using the local currency as the functional currency. Revenues and expenses of these subsidiaries have been translated into U.S. dollars at average exchange rates prevailing during the period. Assets and liabilities of these subsidiaries have been translated at the exchange rates as of the balance sheet date. Translation gains and losses are recorded in accumulated other comprehensive loss. Aggregate foreign currency gains and losses, such as those resulting from the settlement of receivables or payables, foreign currency contracts and short-term intercompany advances in a currency other than the relevant subsidiary’s functional currency, are recorded currently in the Consolidated Statements of Operations and Comprehensive Loss (included in other income (expense), net) and resulted in losses of $0.5 million and gains of $2.4 million during the years ended December 31, 2025 and 2024, respectively.
Leases	Leases We determine if a contract is a lease or contains a lease at inception. On the lease commencement date, we recognize a right-of-use (“ROU”) asset and lease liability related to operating type leases. The cost of ROU assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Operating lease liabilities are recorded based on the present value of the future lease fixed payments. In determining the present value of future lease payments, we use our incremental borrowing rate applicable to the economic environment and the duration of the lease based on the information available at the commencement date as the majority of leases do not provide an implicit rate. For real estate and equipment contracts, we generally account for the lease and non-lease components as a single lease component. In assessing the lease term, we include options to renew only when we are reasonably certain that such option(s) will be exercised; a determination which is at our sole discretion. Variable lease payments are recognized as expenses in the period incurred. For leases with an initial term of 12 months or less, we have elected to not record an ROU asset and lease liability. We record lease expense on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, beginning on the commencement date. We remeasure and reallocate the consideration in a lease when there is a modification of the lease that is not accounted for as a separate contract. The lease liability is remeasured when there is a change in the lease term or in the assessment of whether we will exercise a lease option. We assess ROU assets for impairment in accordance with our long-lived asset impairment policy. We account for lease agreements with contractually required lease and non-lease components on a combined basis. Lease payments made for cancellable leases, variable amounts that are not based on an observable index and lease agreements with an original duration of less than 12 months are recorded directly to lease expense. For the periods presented, we do not have any financing type leases.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are stated at the amount owed by the customer, net of allowances for estimated credit losses, discounts, returns and rebates. We measure the allowance for credit losses based on the estimated loss. In calculating an allowance for credit losses, we use our historical experience, external indicators, forward-looking information and an aging method. Generally, we assess collectability of trade accounts receivable on a collective basis as they possess shared credit risk characteristics which have been grouped based on the days past due. For certain customers that have a large percentage of our total accounts receivable, we analyze them on a specific basis to determine expected collectability. We have elected the practical expedient in paragraphs 326-20- 30-10C through 30-10D to estimate expected credit losses related to our current accounts receivable. The practical expedient allows us to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets. We have determined that the current conditions as of the balance sheet date are consistent with those conditions that existed during the period that the historical data were collected. Accordingly, we determined that no adjustment to our historical loss information was necessary. Accounts are written off against the allowance account when they are determined to be no longer collectible.
Inventories	Inventories Inventories consist of satellites and satellites under construction that were previously classified as Property and equipment and have been reclassified to Inventories at their carrying amounts upon a change in intended use from internal operations to sale in the ordinary course of business to customers with a specified contract. Satellites and satellites under construction, prior to the transfer of control to a customer are classified as work in process (“WIP”). As of December 31, 2025, the Company had $2.1 million of work in process inventories. As of December 31, 2024, the Company did not have any inventories. WIP primarily represents (a) amounts paid to third party vendors of satellite components, (b) internal labor costs incurred to develop and integrate the Company's satellites, including salaries and allocations of other related costs and (c) launch service vendors for the costs associated with launching the Company's satellites, which includes launch and launch insurance costs. The Company uses the specific identification method to determine the cost of each satellite. Inventories are stated on a consistent basis at the lower of historical cost or net realizable value. Net realizable value is determined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.
Cash, Cash Equivalents	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include deposits in banks and short-term (original maturities of three months or less at the time of purchase), highly liquid investments that are readily convertible to known amounts of cash with a maturity of three months or less at the time of purchase.
Restricted Cash	Restricted cash, including amounts in Other non-current assets, represents amounts pledged as guarantees for sales and lease agreements as contractually required.
Research and Development	Research and Development Research and development (R&D) costs are expensed in the period in which they are incurred. R&D costs include materials and equipment that have no alternative future use, depreciation on equipment and facilities currently used for R&D purposes, personnel costs, contract services and reasonable allocations of indirect costs, if clearly related to an R&D activity. Expenditures in the pre-production phase of an R&D project are recorded as R&D expense. Research and development expenses for the years ended December 31, 2025 and 2024 were $5.0 million and $7.5 million, respectively and are included within Engineering costs on the Consolidated Statement of Operations and Comprehensive Loss.
Tax Collected from Customers	Tax Collected from Customers Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, which are collected by the Company from customers, are excluded from revenue.
Accounting Standards Recently Adopted and Accounting Standards Not Yet Adopted	Accounting Standards Recently Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which requires (1) greater disaggregation and consistent categories of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes other amendments to align disclosures with Regulation S-X and remove non-beneficial disclosures. The guidance is effective for public entities for annual periods beginning after December 15, 2024. The Company has applied this guidance prospectively when preparing its related disclosures. See Note 11 (Income Taxes) for the Company’s updated tax disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments — (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient that allows an entity to assume that current economic conditions at the balance sheet date will remain unchanged for the remaining life of the asset when measuring expected credit losses (“ECL”) on accounts receivable and certain contract assets recognized under Topic 606. The practical expedient is intended to reduce complexity for short-duration trade receivables. An entity electing this expedient is required to disclose that election. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2025, including interim periods within those annual periods. Early adoption is permitted. The Company has accounts receivable balances evaluated under Topic 326 and has elected early implementation for the year ended December 31, 2025. See Note 2 (Summary of Significant Accounting Policies). Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as amended by ASU No. 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): clarifying the Effective Date, which requires a new footnote disclosure for public entities to disaggregate, in a tabular format, certain relevant expense captions on the face of the income statement (e.g., cost of sales, SG&A) that include any of the following natural expenses: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and certain depletion expenses. The guidance is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. The Company is currently evaluating the guidance to determine the effect on the Company’s disclosures. In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20), which provides guidance on applying induced conversion or extinguishment accounting to certain settlements of convertible debt that do not occur in accordance with the instrument’s preexisting terms. The ASU requires a preexisting contract approach and clarifies how to assess the form and amount of consideration for induced conversion accounting. The guidance is effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends the guidance for capitalizing costs related to internal-use software. The ASU removes the prescriptive, sequential project stages (preliminary project stage, application development stage, and post-implementation/operation stage) and replaces them with a "probable-to-complete recognition threshold." The ASU also clarifies that the disclosure requirements for Property, Plant, and Equipment (Topic 360) apply to all capitalized internal-use software costs, and the specific intangibles disclosures in Topic 350 are not required. The amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods, with earlier adoption permitted. The Company is currently evaluating the effect of the guidance on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Clarifying the Scope of Derivatives and Noncash Consideration Received from a Customer. This ASU provides clarification in two main areas: (1) it creates a scope exception within Topic 815 for contracts with underlyings based on operational variables specific to one of the contracting parties (e.g., sales, earnings measures, or production volumes), and (2) it clarifies that the guidance in Topic 606 must be applied before the derivative or equity accounting guidance for share-based noncash consideration received from a customer. The amendments are effective for public business entities for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company evaluated the impact of the new guidance on its consolidated financial statements and given the limited and infrequent use of derivatives, we determined that this guidance will not have a material impact on our consolidated financial statements or disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), which centralizes interim disclosure requirements and codifies a "disclosure principle" requiring an explanation of material changes occurring since the most recent annual period. As the Company currently adheres to similar requirements under SEC Regulation S-X Rule 8-03, the adoption of this guidance is not expected to significantly change current interim reporting practices. The amendments are effective for the Company for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company expects to adopt this guidance prospectively and does not anticipate that the adoption will have a material impact on its consolidated financial statements or disclosures.

Equity Method Investment	12 Months Ended
Equity Method Investment	Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment In 2022, we entered into an Investment Agreement with OS, a company engaged in the design and production of telescopes and opto-mechanical and aerospace instrumentation for ground and space-based applications, to purchase 5% (283,725 shares) of OS’s outstanding common shares for $3.7 million. Additionally, OS issued 524,715 stock warrants to us, giving us the right to convert each warrant into a single common share over a period of up to 36 months. These warrants expired on December 31, 2025. Emiliano Kargieman, our Chief Executive Officer, was appointed to OS’s board of directors. The inclusion of Mr. Kargieman on OS’s board of directors, the option to purchase additional shares, and being a significant customer of OS gives the Company a certain level of control that makes the equity method of accounting appropriate even though the Company’s investment is less than 20%. The investment has a carrying value of $3.8 million as of December 31, 2025 and is included in Other non-current assets on the Consolidated Balance Sheets. The aggregate value of the investment based on the quoted market price is approximately $8.6 million.

Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Income tax, net of refunds	$ 330	$ 2,799
Interest	3,323	1,596
Unpaid property and equipment included in accounts payable	623	773
Non-cash reclassification from property and equipment to inventory for capitalized costs paid in a prior period.	$ 1,367	$ 0

Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 4,260	$ 2,335
Engineering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	548	320
Selling, general and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 3,712	$ 2,015

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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+ Details

Warrant Liabilities - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 25, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022	Jan. 24, 2022
Derivative [Line Items]
Warrant liability		$ 5,818	$ 11,511
Liberty Warrants and Liberty Advisory Fee Warrant
Derivative [Line Items]
Warrant liability		3,527	8,012	$ 30,900
PIPE Warrant
Derivative [Line Items]
Warrant liability		186	471	$ 1,300
$8.63 Warrants
Derivative [Line Items]
Warrant liability		$ 2,105	$ 3,028
Warrant price (in dollars per share)	$ 8.63	$ 8.63	$ 8,630		$ 11.50
Warrant liability, new issuance	$ 4,900
Warrant redemption (in dollars per share)	$ 13.50				$ 18.00
$8.63 Warrants \| CF V Sponsor
Derivative [Line Items]
Warrant outstanding (in shares)		8,253,455
Warrant, exercisable period after closing date	30 days
Warrant term	5 years
SPAC Public Warrants \| CF V Sponsor
Derivative [Line Items]
Warrant outstanding (in shares)	8,333,333
SPAC Private Placement Warrants \| CF V Sponsor
Derivative [Line Items]
Warrant outstanding (in shares)	200,000
Forward Purchase Contract Warrant \| CF V Sponsor
Derivative [Line Items]
Warrants, unissued (in shares)	333,333

Fair Value Measurements and Financial Instruments - Fair Value Measurement Hierarchy (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022	Jan. 25, 2022	Jan. 24, 2022
Liabilities
Warrant liability	$ 5,818	$ 11,511
$8.63 Warrants
Liabilities
Warrant liability	$ 2,105	$ 3,028
Warrant price (in dollars per share)	$ 8.63	$ 8,630		$ 8.63	$ 11.50
PIPE Warrant liability
Liabilities
Warrant liability	$ 186	$ 471	$ 1,300
Quoted prices in active markets (Level 1)
Assets
OS Warrants		0
Liabilities
Warrant liability	2,105	3,028
Sponsor Earnout liability	0	0
Secured Convertible Notes	0	0
Quoted prices in active markets (Level 1) \| $8.63 Warrants
Liabilities
Warrant liability	2,105	3,028
Quoted prices in active markets (Level 1) \| PIPE Warrant liability
Liabilities
Warrant liability	0	0
Quoted prices in active markets (Level 1) \| Liberty Warrants and Liberty Advisory Fee Warrant liability
Liabilities
Warrant liability	0	0
Significant observable inputs (Level 2)
Assets
OS Warrants		0
Liabilities
Warrant liability	0	0
Sponsor Earnout liability	0	0
Secured Convertible Notes	0	0
Significant observable inputs (Level 2) \| $8.63 Warrants
Liabilities
Warrant liability	0	0
Significant observable inputs (Level 2) \| PIPE Warrant liability
Liabilities
Warrant liability	0	0
Significant observable inputs (Level 2) \| Liberty Warrants and Liberty Advisory Fee Warrant liability
Liabilities
Warrant liability	0	0
Significant unobservable inputs (Level 3)
Assets
OS Warrants		322
Liabilities
Warrant liability	3,713	8,483
Sponsor Earnout liability	554	1,501
Secured Convertible Notes	56,110	79,070
Significant unobservable inputs (Level 3) \| $8.63 Warrants
Liabilities
Warrant liability	0	0
Significant unobservable inputs (Level 3) \| PIPE Warrant liability
Liabilities
Warrant liability	186	471
Significant unobservable inputs (Level 3) \| Liberty Warrants and Liberty Advisory Fee Warrant liability
Liabilities
Warrant liability	$ 3,527	$ 8,012

Leases - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Nov. 29, 2024	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term		4 years 1 month 6 days	4 years 7 months 6 days
Operating lease, weighted average discount rate, percent		9.20%	3.60%
Right of use assets obtained during period		$ 8,000	$ 200
Lease termination fees	$ 300
Current operating lease liabilities		1,174	363
Non-current operating lease liabilities		$ 6,099	516
Netherlands
Lessee, Lease, Description [Line Items]
Gain on the termination			400
Operating lease ROU asset			700
Current operating lease liabilities			500
Non-current operating lease liabilities			$ 600
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term		3 years
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term		5 years

Nature of the Business and Basis of Presentation	12 Months Ended
Nature of the Business and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	Nature of the Business and Basis of Presentation Nature of the Business On January 25, 2022 (the “Closing Date”), Satellogic Inc. (“Satellogic” or the “Company”), a BVI business company incorporated in the BVI as a company limited by shares, consummated the transactions contemplated by the Agreement and Plan of Merger dated as of July 5, 2021 (the “Merger Agreement”), by and among the Company, CF Acquisition Corp. V, a Delaware corporation (“CF V” and now known as “Satellogic V. Inc.”), Ganymede Merger Sub 1 Inc., a BVI business company incorporated in the BVI as a company limited by shares and a direct wholly owned subsidiary of the Company, Ganymede Merger Sub 2 Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company, and Nettar. Nettar was, prior to the transaction, the holding company of the Satellogic group and was incorporated on October 7, 2014, under the laws of the BVI as a company limited by shares. On March 26, 2025, the Company completed its domestication, pursuant to which it domesticated as a corporation incorporated under the laws of the State of Delaware and discontinued as a business company with limited liability incorporated under the laws of the BVI (the “Domestication”). The Company’s principal executive office is located at 210 Delburg Street, Davidson, NC 28036. References to “Nettar” contained herein refer to Nettar Group Inc. prior to the mergers, and references to “the Company,” “we,” “our,” “us” or “Satellogic” refer to Satellogic Inc. prior to the mergers and to the combined company following the mergers. Through our subsidiaries, we invest in the software, hardware, and optics of the aerospace industry focusing on satellite and image analytics technologies. Our strategy is to build a planetary scale analytics platform based on a proprietary satellite constellation with the capability to generate insights from images and information, with focus on multi-temporal analysis and high frequency of revisits. We also intend to leverage our ability to quickly build and launch high quality, sub-meter satellites at a low cost by selling satellites to certain key customers. Basis of Presentation The accompanying Consolidated Financial Statements as of December 31, 2025 and 2024 and for the years then ended (the “Consolidated Financial Statements”) have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The Company conducts business through one operating segment. The accompanying Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries. All intercompany accounts and transactions, including the intercompany portion of transactions with equity method investees, have been eliminated in consolidation. The Consolidated Financial Statements are presented in United States dollars (hereinafter “U.S. dollars” or “$”). Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on the reported results of operations, balance sheet or cash flows. We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (“the Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “Jobs Act”). The Jobs Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The Jobs Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised that has different application dates for public or private companies, we can adopt the new or revised standard at the time required for private companies to adopt such standard. The foregoing may make comparison of our financial statements with those of another public company difficult or impossible if such other public company is (i) not an emerging growth company or (ii) is an emerging growth company that has opted out of using the extended transition period, due to the potential differences in accounting standards used. Going Concern and Liquidity For the year ended December 31, 2024, the Company disclosed that certain events and conditions raised substantial doubt about its ability to continue as a going concern primarily due to recurring operating losses and limited liquidity. The Company believes those events and conditions were resolved as a result of the $90 million underwritten public offering closed on October 17, 2025 and the $35 million registered direct offering closed on January 27, 2026. Accordingly, the consolidated financial statements as of and for the year ended December 31, 2025 have been prepared without a going concern uncertainty.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The strategy followed by our Security Incident Response Team (“SIRT”) for managing material risks from cybersecurity threats is aligned to the National Institute of Standards and Technology’s (“NIST”) Cybersecurity Framework 2.0 and its associated references in NIST SP 800-53r5.1.1 and NIST 800-61r2 Guides. The strategy was updated in the fourth quarter of 2023 to support our compliance with the SEC’s Rules on Cybersecurity Disclosure for Public Companies and has been annually reviewed in the fourth quarter since that time as part of our yearly review cycle and is included in our overall enterprise risk management program. Our Incident Detection and Response (“IDR”) processes and practices include the evaluation of each identified cybersecurity threat event to determine its authenticity and potential impact or whether our systems blocked or mitigated it. Our Incident Response Standard, governed by our Incident Response Policy comprises two separate workflows, both tracked in a ticket system. The first workflow encompasses all events requiring investigation. If an event is confirmed as positive and has caused an impact, a second workflow may be triggered, engaging the Materiality Determination Committee until the incident is reported to the SEC or otherwise determined that there is no material impact. In furtherance of detecting, identifying, classifying and mitigating cybersecurity and other data security threats, we also: •Use multi-factor authentication and other cryptographical processes to address identity-based cybersecurity risks. •Use context aware access control processes. •Adopted processes to ensure security in specific remote environments. •Have implemented anti-phishing technologies. •Deploy anti-malware solutions and have them continuously updated. •Implemented a Security Information and Event Management (SIEM) system, where we monitor (automatically and otherwise) our networks, systems and users. •Perform periodic network and vulnerability scans of our external and critical internal networks and systems. •Have an incident detection and response team, with its policies and procedures, to review all events that may be part of a security incident. •Use processes to assess and prioritize risks related to applications and how we use them. •Ensure the asset inventory for relevant system components is kept current and accurate; •Maintain updated network and systems architecture documentation •Periodically engage well-known external consultants, where appropriate, to assess, test or otherwise assist with aspects of our security controls. •Provide mandatory training on security and compliance matters to all employees, and some more specific as roles and responsibilities require. •Have defined and periodically updated our information security policies regarding, among others, access and control, networked devices, credentials management, physical security, etc. •Implement a secure software development life cycle and a maturity model to assess it, and accompany engineering teams during the process. •Evaluate the information security risk associated with suppliers, partners, applications and services used. We have established a committee specifically dedicated to determining the materiality of cybersecurity incidents (the “Materiality Determination Committee”), which includes key members of our organization: the Chief Financial Officer, Chief Information Security Officer (“CISO”), and the Senior Vice President of Operations, the latter having ultimate oversight responsibility for compliance matters. Once a threat event is determined to have any impact, the committee is assembled, informed and the threat event’s material impact is determined. If materiality is confirmed, then the reporting process starts in accordance with SEC rules (including reporting no later than four days after the materiality determination). External help may be engaged at any step in the process, before or after the materiality committee is invoked, depending on the complexity and reach of the incident. Though we do not have a retainer on any external third parties, we have identified a list of potential entities to engage when needed. We have not identified any cybersecurity incident that has had or may have a material impact on our business and, in particular, no unauthorized access to our information technology systems that has either occurred or is reasonably likely to have occurred, including any reports submitted to us by third parties (including regulatory agencies, law enforcement agencies and security consultants), to the extent that such unauthorized access to our information technology systems is reasonably likely to have a material effect on the (consolidated) financial statements, in each case or in the aggregate, and no ransomware attacks in which we have been asked, paid or are contemplating paying a ransom, regardless of the amount. However, conducting our businesses involves the collection, storage, use, disclosure, processing, transfer, and other handling of a wide variety of information, including personally identifiable information, for various purposes in our businesses. Like other comparable-sized companies that process a wide variety of information, our information technology systems, networks and infrastructure and technology are assumed to be vulnerable to cybersecurity attacks and other data security threats. These types of attacks are constantly evolving, may be difficult to detect quickly, and often are not recognized until after they have been launched against a target.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The strategy followed by our Security Incident Response Team (“SIRT”) for managing material risks from cybersecurity threats is aligned to the National Institute of Standards and Technology’s (“NIST”) Cybersecurity Framework 2.0 and its associated references in NIST SP 800-53r5.1.1 and NIST 800-61r2 Guides. The strategy was updated in the fourth quarter of 2023 to support our compliance with the SEC’s Rules on Cybersecurity Disclosure for Public Companies and has been annually reviewed in the fourth quarter since that time as part of our yearly review cycle and is included in our overall enterprise risk management program.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board has ultimate oversight for risks relating to our cybersecurity strategy. In addition, the Board has delegated primary responsibility to the Audit Committee for assessing and managing data privacy and cybersecurity risks, reviewing steps management has taken to monitor and control such cybersecurity risks, and regularly inquiring with our management team and internal auditors in connection therewith. The Audit Committee performs quarterly reviews of any confirmed cybersecurity incident. Additionally, on a bi-annual basis, the Audit Committee receives a comprehensive update regarding any cybersecurity events occurring during the prior period, progress of cybersecurity programs, changes in cybersecurity policies, and ongoing assessments of risks and mitigation activities, and to discuss the evolution of our cybersecurity strategy. The information in these reports and the results of these discussions are used to drive alignment on, and prioritization of, initiatives to enhance our cybersecurity strategies, policies, and processes and make recommendations to improve processes.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board has ultimate oversight for risks relating to our cybersecurity strategy. In addition, the Board has delegated primary responsibility to the Audit Committee for assessing and managing data privacy and cybersecurity risks, reviewing steps management has taken to monitor and control such cybersecurity risks, and regularly inquiring with our management team and internal auditors in connection therewith. The Audit Committee performs quarterly reviews of any confirmed cybersecurity incident.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board has ultimate oversight for risks relating to our cybersecurity strategy. In addition, the Board has delegated primary responsibility to the Audit Committee for assessing and managing data privacy and cybersecurity risks, reviewing steps management has taken to monitor and control such cybersecurity risks, and regularly inquiring with our management team and internal auditors in connection therewith. The Audit Committee performs quarterly reviews of any confirmed cybersecurity incident. Additionally, on a bi-annual basis, the Audit Committee receives a comprehensive update regarding any cybersecurity events occurring during the prior period, progress of cybersecurity programs, changes in cybersecurity policies, and ongoing assessments of risks and mitigation activities, and to discuss the evolution of our cybersecurity strategy. The information in these reports and the results of these discussions are used to drive alignment on, and prioritization of, initiatives to enhance our cybersecurity strategies, policies, and processes and make recommendations to improve processes.
Cybersecurity Risk Role of Management [Text Block]	Our Board has ultimate oversight for risks relating to our cybersecurity strategy. In addition, the Board has delegated primary responsibility to the Audit Committee for assessing and managing data privacy and cybersecurity risks, reviewing steps management has taken to monitor and control such cybersecurity risks, and regularly inquiring with our management team and internal auditors in connection therewith. The Audit Committee performs quarterly reviews of any confirmed cybersecurity incident. Additionally, on a bi-annual basis, the Audit Committee receives a comprehensive update regarding any cybersecurity events occurring during the prior period, progress of cybersecurity programs, changes in cybersecurity policies, and ongoing assessments of risks and mitigation activities, and to discuss the evolution of our cybersecurity strategy. The information in these reports and the results of these discussions are used to drive alignment on, and prioritization of, initiatives to enhance our cybersecurity strategies, policies, and processes and make recommendations to improve processes. The process for materiality determination of a cybersecurity threat event considers the possibility of contacting the Audit Committee for assistance, if needed, or to inform of the evolution of an incident with possible material impact. Our Materiality Determination Committee is tasked with determining the materiality of cybersecurity incidents. Also, on a regular basis, the CISO updates the Executive Leadership Team on cybersecurity matters including any confirmed incident or any possible threat with a material or otherwise meaningful impact and shares an updated dashboard with key performance indicators on on-going efforts and long-term metrics. The CISO is directly responsible for directing, “all cyber related activities (including monitoring, preventing, detecting, mitigating, and remediating)” and informing the Audit Committee of any cybersecurity incident or threat with material impact, including such threats associated with our use of external suppliers and other third-party service providers. The CISO and Vice President of Information Security have more than 25- and 30-years’ experience, respectively, working directly in the cybersecurity industry, performing and coordinating red-teaming and blue-teaming exercises, conducting research and developing cybersecurity tools and products, as well as presenting at various international conferences. The Information Security Team is segmented into three distinct sections: IDR, Secure Development (“SDLC”), and Infrastructure and Access Control (“IAC”). Furthermore, it collaborates with our product groups to integrate security measures into our products and services, thereby enhancing the overall security posture for our customers.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The CISO and Vice President of Information Security have more than 25- and 30-years’ experience, respectively, working directly in the cybersecurity industry, performing and coordinating red-teaming and blue-teaming exercises, conducting research and developing cybersecurity tools and products, as well as presenting at various international conferences. The Information Security Team is segmented into three distinct sections: IDR, Secure Development (“SDLC”), and Infrastructure and Access Control (“IAC”). Furthermore, it collaborates with our product groups to integrate security measures into our products and services, thereby enhancing the overall security posture for our customers.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO and Vice President of Information Security have more than 25- and 30-years’ experience, respectively, working directly in the cybersecurity industry, performing and coordinating red-teaming and blue-teaming exercises, conducting research and developing cybersecurity tools and products, as well as presenting at various international conferences.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CISO is directly responsible for directing, “all cyber related activities (including monitoring, preventing, detecting, mitigating, and remediating)” and informing the Audit Committee of any cybersecurity incident or threat with material impact, including such threats associated with our use of external suppliers and other third-party service providers.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 94,430	$ 22,493
Restricted cash	7,407	0
Restricted cash included in Other non-current assets	255	1,189
Total cash, cash equivalents and restricted cash	$ 102,092	$ 23,682	$ 24,603

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Jan. 27, 2026	Jan. 26, 2026	Oct. 17, 2025	Apr. 16, 2025	Dec. 31, 2025
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)			27,692,308	6,451,612
Offering price (in dollars per share)			$ 3.25	$ 3.10
Sale of stock, gross proceeds			$ 90.0	$ 20.0
Underwritten Public Offering
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)					14,953,847
Offering price (in dollars per share)					$ 3.25
Sale of stock, gross proceeds					$ 90.0
Subsequent Event \| Underwritten Public Offering
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)		7,399,578
Common stock, par value (in dollars per share)		$ 0.0001
Offering price (in dollars per share)		4.73
Sale of stock, gross proceeds	$ 35.0
Subsequent Event \| At-the-Market (ATM) Offering
Subsequent Event [Line Items]
Offering price (in dollars per share)		$ 0.00

Segment Information - Schedule of Revenue and Long Lived Assets by Geographical Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 17,707	$ 12,870
Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	17,707	12,870
U.S. \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	12,039	7,318
Albania \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,241	1,648
All Other \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 3,427	$ 3,904

- Definition

+ References

+ Details

Equity Method Investment (Details) - USD ($) $ in Millions	12 Months Ended
Equity Method Investment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Equity method investment, outstanding common shares, percent	5.00%
Shares purchased	283,725
Equity investment in OS	$ 3.7
Conversion period	36 months
Carrying value		$ 3.8
Quoted market price		$ 8.6
OS \| Warrants
Schedule of Equity Method Investments [Line Items]
Warrant outstanding (in shares)	524,715

Additional Financial Statement Information

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Statement Information

Prepaid Expenses and Other Current Assets


	December 31,
	2025		2024
Prepaid expenses and other current assets
Prepaid expenses	$	1,523	$	2,892
Officina Stellare S.p.A ("OS") Warrants	—		322
Advances to suppliers	113		138
Other current assets	1,063		555
Total	$	2,699	$	3,907

Accrued Expenses and Other Liabilities


	December 31,
	2025		2024
Accrued expenses and other liabilities

Payroll and benefits payable	1,787		2,286
Advisory fee cash payment	—		7,500

Other taxes payable	1,507		1,835
Other	687		516
Total	$	3,981	$	12,137

Total current	$	1,918	$	11,621
Total non-current	$	2,063	$	516

Interest Income (Expense)), Net


	Year Ended December 31,
	2025		2024
Interest income, net
Interest expense (1)	$	(13)	$	(71)


Interest income	1,592		1,041
Total	$	1,579	$	970

(1) Excludes interest on the Company’s Secured Convertible Notes, which is included in Change in Fair Value of Financial Instruments.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation - 2024 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
Loss before income tax	$ (4,110)	$ (113,414)
U.S. state and local income tax, net of federal benefit	2	1
Argentina tax inflation adjustment		(4,631)
Change in valuation allowances		2,436
Uncertain tax positions	267	1,653
Change in carryforward attributes		(232)
Effect of rates different than statutory		209
Tax credits		(19)
Withholding taxes		251
Reserve on tax receivable		1,100
Equity compensation		1,556
Other		534
Income tax provision	$ 673	$ 2,858
Percent
Loss before income tax		100.00%
U.S. state and local income tax, net of federal benefit	(0.10%)	0.00%
Argentina tax inflation adjustment		4.10%
Change in valuation allowances		(2.10%)
Uncertain tax positions	(6.50%)	(1.50%)
Change in carryforward attributes		0.20%
Effect of rates different than statutory		(0.20%)
Tax credits		0.00%
Withholding taxes		(0.20%)
Reserve on tax receivable		(1.00%)
Equity compensation		(1.40%)
Other		(0.50%)
Total	(16.40%)	(2.50%)

Income Taxes - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Asset, Valuation Allowance Rollforward [Roll Forward]
Valuation allowance, beginning of year	$ 11,063	$ 9,545
Change in valuation allowances	(3,704)	1,518
Valuation allowance, end of year	$ 7,359	$ 11,063

Property and Equipment - Narrative (Details) $ in Millions	12 Months Ended
Property and Equipment - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Property, Plant and Equipment [Abstract]
Property, plant and equipment, disposals	$ 3.6

Warrant Liabilities

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Warrant Liabilities


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		$8.63 Warrants		Total Warrant Liabilities






As of December 31, 2024	$	8,012	$	471	$	3,028	$	11,511
Change in fair value of financial instruments	(4,485)		(285)		(923)		(5,693)
As of December 31, 2025	$	3,527	$	186	$	2,105	$	5,818

Liberty Warrants and Liberty Advisory Fee Warrant

In 2022, the Liberty Warrants and the Liberty Advisory Fee Warrant were initially recognized as a liability with a fair value of $30.9 million. The Liberty Warrants and the Liberty Advisory Fee Warrant remain unexercised and were remeasured to a fair value of $3.5 million as of December 31, 2025.

PIPE Warrant

In 2022, the PIPE Warrant was initially recognized as a liability with a fair value of $1.3 million. The PIPE Warrant remains unexercised and was remeasured to fair value of $0.2 million as of December 31, 2025.

$8.63 Warrants

In connection with the Merger, we entered into the PIPE Warrant Agreement on January 25, 2022, with the Sponsor and CF V, which amended the Public Warrant Agreement, dated January 28, 2021.

Pursuant to the Existing Warrant Agreement, we issued Public Warrants to purchase 8,333,333 shares of Class A common stock and 200,000 private placement Warrants. Additionally, we agreed to issue the Forward Purchase Warrant to purchase 333,333 shares of Class A common stock pursuant to the Amended and Restated Forward Purchase Agreement (together, with the Public Warrants and the private placement Warrants, the “$8.63 Warrants”).

All of the $8.63 Warrants are governed by the Existing Warrant Agreement. The $8.63 Warrants became exercisable 30 days after the Closing Date, or February 25, 2022, and will expire five years after the Closing Date (January 25, 2027), or earlier upon redemption or liquidation.

The $8.63 Warrants were initially recognized as a liability with a fair value of $4.9 million. On April 1, 2022, we determined pursuant to a warrant agreement executed by CF V on January 28, 2021, as modified and assumed by an assignment and assumption agreement executed on January 25, 2022, that the warrant price with respect to the warrants issued and outstanding was adjusted from $11.50 to $8.63 and the redemption price was adjusted from $18.00 to $13.50. There were 8,253,455 $8.63 Warrants outstanding, which had a fair value of $2.1 million as of December 31, 2025.

Nature of the Business and Basis of Presentation (Details) $ in Millions				12 Months Ended
	Jan. 27, 2026 USD ($)	Oct. 17, 2025 USD ($)	Apr. 16, 2025 USD ($)	Dec. 31, 2025 USD ($) segment
Subsidiary or Equity Method Investee [Line Items]
Number of operating segments \| segment				1
Sale of stock, gross proceeds		$ 90.0	$ 20.0
Underwritten Public Offering
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, gross proceeds				$ 90.0
Subsequent Event \| Underwritten Public Offering
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, gross proceeds	$ 35.0

Earnout Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Earnout Liability [Abstract]

Schedule of Earnout Liability


	Sponsor Earnout
As of December 31, 2024	$	1,501

Change in fair value of financial instruments	(947)

As of December 31, 2025	$	554

Schedule of Assumptions used in the Valuation

Assumptions used in the valuation are as follows:


	December 31,		December 31,
	2025		2024
Expected term (in years)	1.07		2.07
Dividend yield (%)	—	%	—	%
Expected volatility	120	%	83	%
Risk-free interest rate	3.4	%	4.2	%
Expected number of shares	1,775,962		1,775,962

Fair Value Measurements and Financial Instruments - Summary of Changes in Fair Value of Level 3 Assets (Details) - Significant unobservable inputs (Level 3) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 322
Remeasurement gain/(loss)	$ (418)
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Income Extensible List Not Disclosed Flag	Remeasurement gain/(loss)(1)
Foreign currency translation adjustment	$ 96
Ending balance	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Our loss from continuing operations before income taxes as shown in the Consolidated Statements of Operations and Comprehensive Loss consists of the following:


	Year Ended December 31,
	2025		2024
Domestic	$	8,170	$	(22,276)
Foreign	(12,280)		(91,138)
Total loss before income tax	$	(4,110)	$	(113,414)

Schedule of Components of Income Tax Expense (Benefit)

Our provision for income tax for the years ended December 31, 2025 and 2024 is as follows:


	Year Ended December 31,
	2025		2024
Current
Federal	$	8	$	—
State	2		—
Foreign	663		2,858
Total current tax provision	673		2,858
Deferred
Domestic	—		—
Foreign	—		—
Total deferred tax provision	—		—
Income tax provision	$	673	$	2,858

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of our gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024
Balance at January 1	$	708	$	1,026

Increases (decreases) in tax positions related to prior periods	(206)		(316)
Increases (decreases) related to prior year tax positions as a result of lapse of statute	(2)		(2)
Balance at December 31	$	500	$	708

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to the income before income taxes after the adoption of ASU 2023-09 for the year ended December 31, 2025 is as follows:


	Year Ended December 31,
	2025
	$		%


U.S. federal statutory tax rate	$	(863)	21.0	%
State and local taxes, net of federal benefit (1)	2		(0.1)	%
Foreign tax effects
B.V.I.
Statutory rate difference	(3,196)		77.8	%
Uruguay
Free-trade zone rate difference	6,002		(146.0)	%
Other	1		—	%
Argentina
Statutory rate difference	327		(8.0)	%
Argentina tax inflation adjustment	(558)		13.6	%
GAAP-STAT adjustments	795		(19.4)	%
Change in valuation allowance	(12)		0.3	%
Reserve on tax receivable	393		(9.6)	%
Equity compensation	(965)		23.5	%
Other	174		(4.2)	%
Other foreign jurisdictions	13		(0.3)	%
Nontaxable or nondeductible items
Nontaxable fair value adjustments	(1,987)		48.3	%
Nondeductible compensation	230		(5.6)	%
Equity-based compensation	(182)		4.4	%
Other	(7)		0.2	%
Change in valuation allowance	575		(14.0)	%
Changes in unrecognized tax benefits	267		(6.5)	%
Other adjustments
Initial recognition of deferred tax asset upon domestication	(336)		8.2	%
Total	$	673	(16.4)	%

(1) The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Colorado, and New York.

A reconciliation of the provision for income taxes to the amount computed by applying the 0% statutory BVI income tax rate to income before income taxes prior to the adoption of ASU 2023-09 for the year ended December 31, 2024 is as follows:


		Year Ended December 31,
	2024
			$		%
Loss before income tax			$	(113,414)	100.0	%

U.S. state and local income tax, net of federal benefit			1		—	%
Argentina tax inflation adjustment			(4,631)		4.1	%
Change in valuation allowances			2,436		(2.1)	%
Uncertain tax positions			1,653		(1.5)	%
Change in carryforward attributes			(232)		0.2	%
Effect of rates different than statutory			209		(0.2)	%
Tax credits			(19)		—	%
Withholding taxes			251		(0.2)	%
Reserve on tax receivable			1,100		(1.0)	%
Equity compensation			1,556		(1.4)	%
Other			534		(0.5)	%
Total			$	2,858	(2.5)	%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities as of December 31, 2025 and 2024 consisted of the following:


	December 31,
	2025		2024
Deferred income tax assets:
Stock-based compensation	$	2,422	$	2,009
Expense for estimated credit losses on accounts receivable	10		1,081
Organizational costs	596		608
Net operating loss carryforwards	3,813		7,024
Other	518		341
Total deferred income tax assets	7,359		11,063
Valuation allowance	(7,359)		(11,063)
Total deferred income tax assets (liabilities), net	$	—	$	—

Schedule of Valuation Allowance

The net change in the total valuation allowance is as follows:


	December 31,
	2025		2024
Valuation allowance, beginning of year	$	11,063	$	9,545
Change in valuation allowance impacting tax expense	(3,704)		1,518

Valuation allowance, end of year	$	7,359	$	11,063

Summary of Tax Credit Carryforwards

Our tax attributes are subject to limitations on utilization due to historic ownership changes and may be subject to future limitations upon subsequent change of control, as defined by the Internal Revenue Code Sections 382 and 383.


Country	Expiration	Gross Amount Carried Forward		Gross Amount Recognized
Argentina	December 31, 2026 - December 31, 2030	$	2,921	$	(1,833)
Spain	Indefinite	168		—


United States	Indefinite	9,199		—
Uruguay	December 31, 2026 - December 31, 2030	3,096		—
Israel	Indefinite	67		—

Schedule of Income Taxes Paid, Net

Cash Flow Information


	Year Ended December 31,
	2025		2024
Cash paid during the period for:
Income tax, net of refunds	$	330	$	2,799
Interest	$	3,323	$	1,596


	December 31,
	2025		2024
Supplemental cash flow information
Unpaid property and equipment included in accounts payable December 31	$	623	$	773
Non-cash reclassification from property and equipment to inventory for capitalized costs paid in a prior period.	$	1,367	$	—

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:


	Year Ended December 31,
	2025

Jurisdiction







Foreign
Argentina	$	381
Spain	(51)

Total Foreign	330
Total taxes paid	$	330

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share attributable to common stockholders is calculated as follows:


	Year Ended December 31,
	2025		2024
Numerator
Net loss attributable to holders of Common Stock	$	(4,783)	$	(116,272)



Adjustment to numerator - Change in fair value of Secured Convertible Notes	$	(19,649)	$	—
Dilutive numerator	$	(24,432)	$	(116,272)
Denominator
Basic weighted-average shares of Common Stock outstanding	109,134,266		91,164,286
Effect of dilutive securities
Secured Convertible Notes (if converted)	25,000,000		—
Diluted weighted-average Common Stock outstanding	134,134,266		91,164,286

Net loss per share for the period attributable to holders of Common Stock
Basic	$	(0.04)	$	(1.28)
Diluted	$	(0.18)	$	(1.28)

Schedule of diluted shares outstanding because the effect would have been anti-dilutive

Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would have been anti-dilutive:


	Year Ended December 31,
	2025	2024
Warrants	49,184,815	49,184,815
Sponsor earnout shares	1,775,962	1,775,962
Stock options	1,318,479	3,234,296
Unvested restricted stock units	3,096,724	2,893,396
Deferred issuance restricted stock units	795,900	385,900
Shares convertible from Secured Convertible Notes	—	25,000,000
Total	56,171,880	82,474,369

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Equity Offering On January 26, 2026, the Company entered into a share purchase agreement with certain institutional purchasers, pursuant to which the Company agreed to issue and sell in a registered direct offering (the “Offering”), 7,399,578 shares of the Company’s Class A common stock, par value $0.0001 per share, at an offering price of $4.73 per share. The gross proceeds to the Company from the Offering were approximately $35 million, before deducting placement agents fees and estimated offering expenses payable by the Company. Closing of the Offering occurred on January 27, 2026. Because this transaction occurred after December 31, 2025, the consolidated financial statements as of and for the year ended December 31, 2025 do not reflect the issuance of these shares, the resulting cash proceeds or their impact on loss per share. The Company intends to use the net proceeds for general corporate purposes, ATM Program Update On January 26, 2026, the Company updated and amended certain information contained in the prospectus supplement, dated October 16, 2025, the prospectus supplement, dated April 9, 2025, the prospectus supplement, dated February 13, 2025, the prospectus supplement, dated December 20, 2024, and the prospectus dated March 31, 2025 (together, the “Prospectus”), to reduce the amount of Class A Common Stock registered under the Prospectus to $0.00. As a result, we may not make any sales of Class A Common Stock pursuant to the Sales Agreement unless and until a new prospectus supplement is filed with the Securities and Exchange Commission; however, the Sales Agreement remains in full force and effect.

Related Parties (Details) - USD ($) $ / shares in Units, $ in Millions						1 Months Ended	12 Months Ended
	Jan. 27, 2026	Jan. 26, 2026	Oct. 17, 2025	Apr. 16, 2025	Mar. 31, 2024	Apr. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Oct. 16, 2025	Feb. 12, 2025	Dec. 20, 2024
Schedule of Equity Method Investments [Line Items]
Sale of stock, gross proceeds			$ 90.0	$ 20.0
Number of shares issued in transaction (in shares)			27,692,308	6,451,612
Offering price (in dollars per share)			$ 3.25	$ 3.10
Total gross sales							$ 9.5
Aggregate amount offered								$ 50.0	$ 15.0	$ 50.0	$ 50.0
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Aggregate amount offered		$ 0.0
Commission rate		3.00%
Underwritten Public Offering
Schedule of Equity Method Investments [Line Items]
Sale of stock, gross proceeds							$ 90.0
Number of shares issued in transaction (in shares)							14,953,847
Offering price (in dollars per share)							$ 3.25
Underwriting discount and commission, percentage							5.00%
Underwriting discount and commission (in dollars per share)							$ 0.1625
Underwritten Public Offering \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Sale of stock, gross proceeds	$ 35.0
Number of shares issued in transaction (in shares)		7,399,578
Offering price (in dollars per share)		$ 4.73
Registered Direct Offering
Schedule of Equity Method Investments [Line Items]
Sale of stock, fee rate						4.00%
Total gross sales						$ 20.0
Related Party
Schedule of Equity Method Investments [Line Items]
Purchases from related party							$ 0.8	1.3
Payable to related party							$ 0.4	$ 0.0
Related Party \| Convertible Debt
Schedule of Equity Method Investments [Line Items]
Fee paid					$ 0.9

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 708	$ 1,026
Increases (decreases) in tax positions related to prior periods	(206)	(316)
Increases (decreases) related to prior year tax positions as a result of lapse of statute	(2)	(2)
Ending balance	$ 500	$ 708

Fair Value Measurements and Financial Instruments - Summary of Changes in Fair Value of Level 3 Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Warrants \| Liberty Warrants and Liberty Advisory Fee Warrant
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 8,012	$ 2,017
Issues		0
Interest payments	0	0
Remeasurement (gain)/loss	(4,485)	5,995
Ending balance	3,527	8,012
Warrants \| PIPE Warrant
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	471	97
Issues		0
Interest payments	0	0
Remeasurement (gain)/loss	(285)	374
Ending balance	186	471
Sponsor Earnout
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,501	419
Issues		0
Interest payments	0	0
Remeasurement (gain)/loss	(947)	1,082
Ending balance	554	1,501
Secured Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	79,070	0
Issues		30,000
Interest payments	(3,311)	(1,525)
Remeasurement (gain)/loss	(19,649)	50,595
Ending balance	$ 56,110	$ 79,070

Fair Value Measurements and Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

The following tables provide the fair value measurement hierarchy of our assets and liabilities:


As of December 31, 2025	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)


Liabilities
$8.63 Warrants liability	$	2,105	$	—	$	—
PIPE Warrant liability	—		—		186
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		3,527
Total Warrant Liabilities	$	2,105	$	—	$	3,713
Sponsor Earnout liability	$	—	$	—	$	554
Secured Convertible Notes	$	—	$	—	$	56,110


As of December 31, 2024	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
OS Warrants	$	—	$	—	$	322
Liabilities
$8.63 Warrants liability	$	3,028	$	—	$	—
PIPE Warrant liability	—		—		471
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		8,012
Total Warrant Liabilities	$	3,028	$	—	$	8,483
Sponsor Earnout Liability	$	—	$	—	$	1,501
Secured Convertible Notes	$	—	—		$	79,070

The following methods and assumptions were used to estimate the fair values at December 31, 2025:

•The carrying values of cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses and other liabilities are considered to approximate their fair values due to the short-term nature of these items.

•The volatility assumption is based on the historical volatility of the Company’s and OS’s stock prices and the risk free rate of return assumption is based on market rates. An increase in volatility and or the risk free rate of return would result in higher values for the Company’s stock warrants and the OS stock warrants that are valued using the Black-Scholes option pricing model.

•The fair values of the OS stock warrant investment assets have been estimated using the Black-Scholes model. The OS stock warrant expired on December 31, 2025.

•The fair values of the $8.63 Warrants were determined using the quoted prices in the active warrant market.

•The fair values of the PIPE Warrant have been estimated using the Black-Scholes model. Significant unobservable inputs include:

◦Time to expiry: 1.1 years

◦Volatility: 120%

◦Risk free rate of return: 3.4%

•The fair values of the Liberty Warrants and Liberty Advisory Fee Warrant have been estimated using the Black-Scholes model. Significant unobservable inputs include:

◦Time to expiry: 1.1 years

◦Volatility: 120.0%

◦Risk free rate of return: 3.4%

•The fair value of the Sponsor Earnout has been estimated using the Monte Carlo model. Significant unobservable inputs include:

◦Time to expiry: 1.1 years

◦Volatility: 120%

◦Risk free rate of return: 3.4%

•The fair values of the Secured Convertible Notes is determined by using the “with” method. At each measurement date we valued the Secured Convertible Notes with the conversion option. The difference between the aggregate fair value of the Secured Convertible Notes and the unpaid principal balance was $26.1 million at December 31, 2025. Inputs used for the fair value measurement include:

◦Credit spread – 24.99% to 37.49%

◦Volatility: 80%

◦Risk free rate of return: 3.5%

Changes in the fair value of Level 3 assets during the years ended December 31, 2025 and 2024 were as follows:


	OS warrants
At December 31, 2024	$	322
Remeasurement gain/(loss)(1)	(418)
Foreign currency translation adjustment	96
At December 31, 2025	$	—

(1)Recognized in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2025.

Changes in the fair value of Level 3 liabilities during the years ended December 31, 2025 and 2024 were as follows:


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		Sponsor Earnout		Secured Convertible Notes
At January 1, 2024	$	2,017	$	97	$	419	$	—
Issues	—		—		—		30,000
Interest payments	—		—		—		(1,525)
Remeasurement (gain)/loss(1)	5,995		374		1,082		50,595


At December 31, 2024	8,012		471		1,501		79,070

Interest payments	—		—		—		(3,311)
Remeasurement (gain)/loss(1)	(4,485)		(285)		(947)		(19,649)


At December 31, 2025	$	3,527	$	186	$	554	$	56,110

(1)Recognized in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2025 and 2024, respectively.

There were no transfers between Level 1 and Level 2 during the years ended December 31, 2025 or 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
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+ Details

Secured Convertible Notes - Narrative (Details)		12 Months Ended
Secured Convertible Notes - Narrative (Details)	Apr. 12, 2024 USD ($) $ / shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Issuance of the secured convertible notes		$ 0	$ 30,000,000
Fixed prepayment penalty percentage		5.00%
Debt instrument, redemption price, percentage	105.00%
Secured Convertible Notes
Debt Instrument [Line Items]
Principal outstanding amount	$ 50,000,000.0
Convertible Debt \| Secured Convertible Notes
Debt Instrument [Line Items]
Debt, aggregate principal amount	30,000,000.0
Issuance of the secured convertible notes	$ 27,600,000
Variable rate	6.50%
Effective interest rate		10.36%
Additional interest rate in event of default	0.040
Principal outstanding amount		$ 50,000,000.0
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 1.20
Convertible debt prepayment, business sale proceeds threshold		2,000,000.0
Debt instrument, redemption price, percentage	105.00%
Accrued interest		$ 900,000	$ 1,000,000.0
Convertible Debt \| Class A ordinary shares \| Secured Convertible Notes
Debt Instrument [Line Items]
Debt conversion ratio	0.8333

Stockholder's Equity (Details) $ / shares in Units, $ in Millions					12 Months Ended
	Oct. 17, 2025 USD ($) $ / shares shares	Apr. 16, 2025 USD ($) $ / shares shares	Dec. 08, 2024 USD ($) $ / shares shares	Jan. 25, 2022 shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Oct. 16, 2025 USD ($)	Feb. 12, 2025 USD ($)	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 20, 2024 USD ($)	Feb. 14, 2022 USD ($)
Noncontrolling Interest [Line Items]
Stock repurchase program, authorized amount \| $											$ 5.0
Shares repurchased (in shares)						516,123
Value of reacquired shares \| $						$ 2.7
Stock repurchase program, remaining authorized amount \| $					$ 2.3
Number of shares issued in transaction (in shares)	27,692,308	6,451,612
Offering price (in dollars per share) \| $ / shares	$ 3.25	$ 3.10
Sale of stock, gross proceeds \| $	$ 90.0	$ 20.0
Issuance of common stock \| $	$ 84.9	$ 18.8
Aggregate amount offered \| $							$ 15.0	$ 50.0	$ 50.0	$ 50.0
Private Placement
Noncontrolling Interest [Line Items]
Proceeds from issuance or sale of equity \| $			$ 10.0
Chief Executive Officer
Noncontrolling Interest [Line Items]
Voting power					10.90%
Class A ordinary shares
Noncontrolling Interest [Line Items]
Common stock, shares authorized (in shares)					385,000,000				385,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.0001				$ 0.0001
Vote for each share					1
Common stock, shares issued (in shares)					125,639,916				83,000,501
Common stock, shares outstanding (in shares)					125,072,093				82,432,678
Number of shares issued in transaction (in shares)				5,816,770
Class A ordinary shares \| Private Placement
Noncontrolling Interest [Line Items]
Stock issued (in shares)			3,571,429
Weighted average share price (in dollars per share) \| $ / shares			$ 2.80
Class B ordinary shares
Noncontrolling Interest [Line Items]
Common stock, shares authorized (in shares)					15,000,000				15,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.0001				$ 0.0001
Vote for each share					1.472467906
Common stock, shares issued (in shares)					10,582,641				13,582,642
Common stock, shares outstanding (in shares)					10,582,641				13,582,642
Conversion period					5 years
Class B ordinary shares \| Chief Executive Officer
Noncontrolling Interest [Line Items]
Voting power					100.00%

Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities at Fair Value

The following tables provide the fair value measurement hierarchy of our assets and liabilities:


As of December 31, 2025	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)


Liabilities
$8.63 Warrants liability	$	2,105	$	—	$	—
PIPE Warrant liability	—		—		186
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		3,527
Total Warrant Liabilities	$	2,105	$	—	$	3,713
Sponsor Earnout liability	$	—	$	—	$	554
Secured Convertible Notes	$	—	$	—	$	56,110


As of December 31, 2024	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
OS Warrants	$	—	$	—	$	322
Liabilities
$8.63 Warrants liability	$	3,028	$	—	$	—
PIPE Warrant liability	—		—		471
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		8,012
Total Warrant Liabilities	$	3,028	$	—	$	8,483
Sponsor Earnout Liability	$	—	$	—	$	1,501
Secured Convertible Notes	$	—	—		$	79,070

Summary of Changes in the Fair Value of Level 3 Assets

Changes in the fair value of Level 3 assets during the years ended December 31, 2025 and 2024 were as follows:


	OS warrants
At December 31, 2024	$	322
Remeasurement gain/(loss)(1)	(418)
Foreign currency translation adjustment	96
At December 31, 2025	$	—

(1)Recognized in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2025.

Summary of Changes in the Fair Value of Level 3 Liabilities

Changes in the fair value of Level 3 liabilities during the years ended December 31, 2025 and 2024 were as follows:


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		Sponsor Earnout		Secured Convertible Notes
At January 1, 2024	$	2,017	$	97	$	419	$	—
Issues	—		—		—		30,000
Interest payments	—		—		—		(1,525)
Remeasurement (gain)/loss(1)	5,995		374		1,082		50,595


At December 31, 2024	8,012		471		1,501		79,070

Interest payments	—		—		—		(3,311)
Remeasurement (gain)/loss(1)	(4,485)		(285)		(947)		(19,649)


At December 31, 2025	$	3,527	$	186	$	554	$	56,110

(1)Recognized in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2025 and 2024, respectively.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Domestic	$ 8,170	$ (22,276)
Foreign	(12,280)	(91,138)
Loss before income tax	$ (4,110)	$ (113,414)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Revenue from Contract with Customers - Information Services Revenue by Timing of Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 17,707	$ 12,870
Over time
Disaggregation of Revenue [Line Items]
Total revenue	3,912	3,122
Point-in time
Disaggregation of Revenue [Line Items]
Total revenue	$ 13,795	$ 9,748

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total purchase commitments	$ 8.2
Total commitments	$ 10.2

Revenue from Contract with Customers

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customers

Revenue from Contracts with Customers

During the year ended December 31, 2025, we recognized revenue of $17.7 million, of which $3.9 million was recognized over time and $13.8 million was recognized at a point in time. During the year ended December 31, 2024, we recognized revenue of $12.9 million, of which $3.1 million was recognized over time and $9.8 million was recognized at a point in time.

In November 2021, the Company entered a 5-year noncancellable agreement with a technology company by which the customer receives $4.0 million in credits to purchase imagery each year. The Company recognizes revenue as images are delivered to the customer. The customer pays the Company in non-cash consideration in the form of a license to a proprietary software platform, which the Company uses in its internal operations. We recognized $4.4 million of revenue from this customer during the year ended December 31, 2025. We recognized $5.3 million of revenue from this customer during the year ended December 31, 2024.

Disaggregation of revenue

Information about our revenue by business line is as follows:


	Year Ended December 31,
	2025		2024
Revenue by business line
Data & Analytics including CaaS	$	15,996	$	11,113

Space Systems	1,711		1,757
Total revenue	$	17,707	$	12,870

Information about our revenue by timing is as follows:


	Year Ended December 31,
	2025		2024
Revenue by timing
Over time	$	3,912	$	3,122
Point-in time	13,795		9,748
Total revenue	$	17,707	$	12,870

Information about our revenue by geography is as follows:


	Year Ended December 31,
	2025		2024
Revenue by geography (1)
North America	$	12,068	$	7,904
Europe	2,780		2,631
Asia & Asia Pacific	2,500		2,322
South America	359		13
Total revenue	$	17,707	$	12,870

(1)Revenue by geography is based on the geographical location of the customer.

Contract Liabilities and Remaining Performance Obligations

Our contract liabilities consist of payments received from customers, or such consideration contractually due, in advance of providing the relevant product or service. Amounts included in Contract liabilities are as follows:


	December 31,
	2025		2024
Current	$	10,609	$	5,871
Non-current	4,000		—
Total	$	14,609	$	5,871

During the year ended December 31, 2025, we recognized revenue of $3.1 million that was included as a Contract liability as of December 31, 2024. During the year ended December 31, 2024, we recognized revenue of $3.4 million that was included as a Contract liability as of December 31, 2023. The increase in contract liabilities as of December 31, 2025 primarily reflects upfront consideration received from three customers for which the associated performance obligations are expected to be satisfied over the next 12 to 24 months. Total unused credits related to the non-cash agreement described above included in contract liabilities at December 31, 2025, and December 31, 2024 were $1.1 million and $1.4 million, respectively. Unused credits expire one year after issuance. There were no credits that expired in the years ended December 31, 2025 or 2024.

A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. As discussed in Note 2 Summary of Significant Accounting Policies, the Company changed its disclosure methodology in 2025 to include contracts in its calculation of RPO that have an original duration of one year or less. As of December 31, 2025, the total RPO was $65.1 million. Excluding the impact of this methodology change, remaining performance obligations would have been $44.1 million.

The following table represents the total transaction price for the remaining performance obligations as of December 31, 2025 related to noncancellable contracts that is expected to be recognized over future periods.


	Within 1 Year		Years 1-2		Years 2-3		Thereafter
Remaining performance obligations	$	28,624	$	6,654	$	8,017	$	21,833

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Additional Financial Statement Information - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued expenses and other liabilities
Payroll and benefits payable	$ 1,787	$ 2,286
Advisory fee cash payment	0	7,500
Other taxes payable	1,507	1,835
Other	687	516
Total	3,981	12,137
Total current	1,918	11,621
Total non-current	$ 2,063	$ 516

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Operations for the Company’s segment were as follows:


	Years Ended December 31,
	2025		2024
Revenue	$	17,707	$	12,870
Cost of sales excluding depreciation	(4,876)		(5,024)
Engineering	(10,375)		(14,405)
Selling, general and administrative expenses	(25,735)		(32,992)
Other segment items	18,496		(76,721)
Net loss	$	(4,783)	$	(116,272)

Schedule of Revenue and Long Lived Assets by Geographical Location

Revenue by geographic area is as follows(a):


	Revenues
	Years ended December 31,
	2025		2024
U.S.	$	12,039	$	7,318
Albania	2,241		1,648


All Other	3,427		3,904
Total	$	17,707	$	12,870

(a) Revenues are attributed to individual countries based on the location of the customer generating the revenue.

Income Taxes - Schedule of Income Taxes Paid, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 330
Total taxes paid	330	$ 2,799
Argentina
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	381
Spain
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ (51)

Reverse Recapitalization	12 Months Ended
Reverse Recapitalization	Dec. 31, 2025
Reverse Recapitalization [Abstract]
Reverse Recapitalization	Reverse Recapitalization On January 25, 2022, and pursuant to the Merger Agreement, the merger between the Company and CF V (the “Merger”) was accounted for as a reverse recapitalization (the “Reverse Recapitalization”) in accordance with U.S. GAAP. Under this method of accounting, CF V was treated as the “acquired” company and Satellogic was treated as the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the reverse recapitalization was treated as the equivalent of the Company issuing stock for the net assets of CF V, accompanied by a recapitalization. The net assets of CF V were stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Merger represent those of the Company. The transaction resulted in net cash proceeds of $168 million, after transaction expenses and debt repayment, through the contribution of cash held in CF V’s trust account, net of redemptions by CF V’s public stockholders, and a concurrent private placement offering led by SoftBank’s SBLA Advisers Corp. and CF&Co., among other institutional investors, and the Liberty Investment, as defined and described further below. On the Closing Date, the Company consummated the Merger contemplated by the Merger Agreement, including the following: Private Placement Investment (“2022 PIPE”) Pursuant to the relevant subscription agreement, Satellogic issued 5,816,770 shares of Class A common stock and a non-redeemable warrant (“PIPE Warrant”) to purchase 2,500,000 shares of Class A common stock to a PIPE investor at an exercise price of $20.00 per share, for an aggregate purchase price of $58.2 million. Forward Purchase Agreement In July 2021, CFAC Holdings V, LLC (the “Sponsor”), CF V, and Satellogic entered into the Amended and Restated Forward Purchase Agreement (“FPA”), pursuant to which Satellogic issued to the Sponsor 1,250,000 shares of Class A common stock, and warrants to purchase an additional 333,333 shares of Class A common stock at an exercise price of $11.50 per share (“Forward Purchase Warrant”), for an aggregate purchase price of $10.0 million. Liberty Investment On January 18, 2022, Satellogic and CF V entered into the Liberty Subscription Agreement with an investor (the “Liberty Investor”). Satellogic agreed to issue and sell to the Liberty Investor (i) 20,000,000 shares of Class A common stock (the “Liberty Shares”), (ii) a warrant to purchase up to 5,000,000 shares of Class A common stock at an exercise price of $10.00 per share (the “$10.00 Liberty Warrant”), and (iii) a warrant to purchase up to 15,000,000 shares of Class A common stock at an exercise price of $15.00 per share (the “$15.00 Liberty Warrant”, and together with the $10.00 Liberty Warrant, the “Liberty Warrants”), in a private placement for an aggregate purchase price of $150.0 million. The transaction closed on February 10, 2022 (the “Liberty Closing” and the transaction collectively, the “Liberty Investment”). An advisory fee is payable by Satellogic in exchange for advisory services to be provided to Satellogic from time to time until a Cessation Event (as defined in the Liberty Subscription Agreement). The advisory fee includes a warrant to purchase 2,500,000 of Satellogic’s Class A ordinary shares at an exercise price of $10.00 per share (the “Liberty Advisory Fee Warrant”), which was issued at the Liberty Closing, and for so long as a Cessation Event has not occurred, $1.25 million to be paid in cash on the 18-month anniversary of the Liberty Closing and on the last day (or, if not a business day, the immediately following business day) of each of the following five successive three-month anniversaries of such 18-month anniversary (each, an “Advisory Fee Cash Payment” and together, the “Advisory Fee Cash Payments”), representing an aggregate of up to $7.5 million in Advisory Fee Cash Payments. The Advisory Fee Cash Payment was made in 2025 and the $7.5 million owed to the Liberty Investor for the Advisory Fee Cash Payments at December 31, 2024 was included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Liberty Advisory Fee Warrant became exercisable as of and from February 10, 2023, and will expire on the fifth anniversary of the Liberty Closing (i.e., February 10, 2027). The Liberty Advisory Fee Warrant is subject to substantially the same terms as the Liberty Warrants. Columbia Warrant In March 2021, we issued a warrant to purchase up to 15,931,360 shares of our common stock (“Columbia Warrant”) at a weighted average exercise price of $2.52 per share, or an aggregate of $40.1 million, in connection with a loan agreement between us and Columbia River Investment Limited (“Columbia”). The Columbia Warrant is exercisable the earlier of 25 years from the effective date or the date in which the warrant is exercised in full. The Columbia Warrant was initially recognized on March 8, 2021 as a liability with a fair value of $161.2 million. In 2022, the fair value of the Columbia Warrant of $124.8 million was reclassified to additional paid-in capital in connection with the Merger.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	PIPE Investment	At The Market Program	Registered Direct Offering	Public Offering	Common Stock	Common Stock PIPE Investment	Common Stock At The Market Program	Common Stock Registered Direct Offering	Common Stock Public Offering	Additional paid-in capital	Additional paid-in capital PIPE Investment	Additional paid-in capital At The Market Program	Additional paid-in capital Registered Direct Offering	Additional paid-in capital Public Offering	Treasury stock	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2023						90,303,985
Beginning balance at Dec. 31, 2023	$ 51,675										$ 344,144					$ (8,603)	$ (33)	$ (283,833)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(116,272)																	(116,272)
Issuance of common stock (in shares)							3,571,429
Issuance of common stock		$ 9,516										$ 9,516
Other comprehensive gain (loss)	(538)																(538)
Exercise of stock options and RSUs vested (in shares)						2,139,806
Exercise of stock options and RSUs vested	911										911
Payments for withholding taxes related to the net share settlement of equity awards	(660)										(660)
Stock-based compensation	2,335										2,335
Exercise of $8.63 Warrants (in shares)						100
Exercise of $8.63 Warrants	1										1
Ending balance (in shares) at Dec. 31, 2024						96,015,320
Ending balance at Dec. 31, 2024	(53,032)										356,247					(8,603)	(571)	(400,105)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,783)																	(4,783)
Issuance of common stock (in shares)								2,452,704	6,451,612	27,692,308
Issuance of common stock			$ 8,702	$ 18,769	$ 84,908								$ 8,702	$ 18,769	$ 84,908
Other comprehensive gain (loss)	1,102																1,102
Exercise of stock options and RSUs vested (in shares)						3,042,790
Exercise of stock options and RSUs vested	1,759										1,759
Payments for withholding taxes related to the net share settlement of equity awards	(1,159)										(1,159)
Stock-based compensation	4,260										4,260
Ending balance (in shares) at Dec. 31, 2025						135,654,734
Ending balance at Dec. 31, 2025	$ 60,526										$ 473,486					$ (8,603)	$ 531	$ (404,888)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 94,430	$ 22,493
Restricted cash	7,407	0
Accounts receivable, net of allowance of $52 and $148, respectively	8,548	1,464
Inventories	2,090	0
Prepaid expenses and other current assets	2,699	3,907
Total current assets	115,174	27,864
Property and equipment, net	24,650	27,228
Operating lease right-of-use assets	7,048	877
Other non-current assets	4,431	5,722
Total assets	151,303	61,691
Current liabilities
Accounts payable	2,432	3,754
Warrant liabilities	5,818	11,511
Earnout liabilities	554	1,501
Operating lease liabilities	1,174	363
Contract liabilities	10,609	5,871
Accrued expenses and other liabilities	1,918	11,621
Total current liabilities	22,505	34,621
Secured Convertible Notes at fair value	56,110	79,070
Operating lease liabilities	6,099	516
Contract liabilities	4,000	0
Other non-current liabilities	2,063	516
Total liabilities	90,777	114,723
Commitments and contingencies (Note 19)
Stockholders' equity (deficit)
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0
Treasury stock, at cost, $567,823 shares as of December 31, 2025 and 2024	(8,603)	(8,603)
Additional paid-in capital	473,486	356,247
Accumulated other comprehensive income (loss)	531	(571)
Accumulated deficit	(404,888)	(400,105)
Total stockholders’ equity (deficit)	60,526	(53,032)
Total liabilities and stockholders' equity	151,303	61,691
Class A ordinary shares
Stockholders' equity (deficit)
Common stock	0	0
Class B ordinary shares
Stockholders' equity (deficit)
Common stock	$ 0	$ 0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Allowance for Credit Losses

The following table shows the activity in the allowance for credit losses for the years ended December 31, 2025 and 2024:


	December 31,
	2025		2024
Allowance for credit losses as of beginning of period	$	148	$	126
(Release) Provision	(38)		22
Write-offs	(66)		—
Recoveries collected	8		—

Allowance for credit losses as of end of period	$	52	$	148

Schedule of Cash and Cash Equivalents


	December 31,
	2025		2024
Cash and cash equivalents	$	94,430	$	22,493
Restricted cash	7,407		—
Restricted cash included in Other non-current assets	255		1,189
Total cash, cash equivalents and restricted cash	$	102,092	$	23,682

Schedule of Restrictions on Cash and Cash Equivalents


	December 31,
	2025		2024
Cash and cash equivalents	$	94,430	$	22,493
Restricted cash	7,407		—
Restricted cash included in Other non-current assets	255		1,189
Total cash, cash equivalents and restricted cash	$	102,092	$	23,682

Schedule of Cash Flow, Supplemental Disclosures

Cash Flow Information


	Year Ended December 31,
	2025		2024
Cash paid during the period for:
Income tax, net of refunds	$	330	$	2,799
Interest	$	3,323	$	1,596


	December 31,
	2025		2024
Supplemental cash flow information
Unpaid property and equipment included in accounts payable December 31	$	623	$	773
Non-cash reclassification from property and equipment to inventory for capitalized costs paid in a prior period.	$	1,367	$	—

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:


	Year Ended December 31,
	2025

Jurisdiction







Foreign
Argentina	$	381
Spain	(51)

Total Foreign	330
Total taxes paid	$	330

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation - 2025 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
U.S. federal statutory tax rate	$ (863)
State and local taxes, net of federal benefit	2	$ 1
Other		534
Argentina tax inflation adjustment		(4,631)
Change in valuation allowances		2,436
Reserve on tax receivable		1,100
Equity compensation		1,556
Nontaxable or nondeductible items
Nontaxable fair value adjustments	(1,987)
Nondeductible compensation	230
Equity-based compensation	(182)
Other	(7)
Uncertain tax positions	267	1,653
Initial recognition of deferred tax asset upon domestication	(336)
Income tax provision	$ 673	$ 2,858
Percent
U.S. federal statutory tax rate	21.00%
State and local taxes, net of federal benefit	(0.10%)	0.00%
Other		(0.50%)
Argentina tax inflation adjustment		4.10%
Change in valuation allowances		(2.10%)
Reserve on tax receivable		(1.00%)
Equity compensation		(1.40%)
Nontaxable or nondeductible items
Nontaxable fair value adjustments	48.30%
Nondeductible compensation	(5.60%)
Equity-based compensation	4.40%
Other	0.20%
Uncertain tax positions	(6.50%)	(1.50%)
Initial recognition of deferred tax asset upon domestication	8.20%
Total	(16.40%)	(2.50%)
B.V.I.
Amount
Statutory rate difference	$ (3,196)
Percent
Statutory rate difference	77.80%
Uruguay
Amount
Free-trade zone rate difference	$ 6,002
Other	$ 1
Percent
Free-trade zone rate difference	(146.00%)
Other	0.00%
Argentina
Amount
Statutory rate difference	$ 327
Other	174
Argentina tax inflation adjustment	(558)
GAAP-STAT adjustments	795
Change in valuation allowances	(12)
Reserve on tax receivable	393
Equity compensation	$ (965)
Percent
Statutory rate difference	(8.00%)
Other	(4.20%)
Argentina tax inflation adjustment	13.60%
GAAP-STAT adjustments	(19.40%)
Change in valuation allowances	0.30%
Reserve on tax receivable	(9.60%)
Equity compensation	23.50%
Other foreign
Amount
Statutory rate difference	$ 13
Percent
Statutory rate difference	(0.30%)
U.S.
Amount
Change in valuation allowances	$ 575
Percent
Change in valuation allowances	(14.00%)

Warrant Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Warrant Liability


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		$8.63 Warrants		Total Warrant Liabilities






As of December 31, 2024	$	8,012	$	471	$	3,028	$	11,511
Change in fair value of financial instruments	(4,485)		(285)		(923)		(5,693)
As of December 31, 2025	$	3,527	$	186	$	2,105	$	5,818

Secured Convertible Notes (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Convertible Debt

Debt as of December 31, 2025 and December 31, 2024 is as follows:


	December 31,		December 31,
	2025		2024
Secured Convertible Notes	$	56,110	$	79,070
Less: Current portion	—		—
Total non-current debt	56,110		79,070

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenue	$ 17,707	$ 12,870
Costs and expenses
Cost of sales, exclusive of depreciation shown separately below	4,876	5,024
Engineering	10,375	14,405
Selling, general and administrative	25,735	32,992
Depreciation expense	7,740	12,655
Total costs and expenses	48,726	65,076
Operating loss	(31,019)	(52,206)
Other income (expense), net
Interest income, net	1,579	970
Change in fair value of financial instruments	25,871	(60,071)
Other income (expense), net	(541)	(2,107)
Total other income (expense), net	26,909	(61,208)
Loss before income tax	(4,110)	(113,414)
Income tax expense	(673)	(2,858)
Net loss available to stockholders	(4,783)	(116,272)
Other comprehensive loss
Foreign currency translation gain (loss), net of tax	1,102	(538)
Comprehensive loss	$ (3,681)	$ (116,810)
Basic and diluted earnings per share
Basic net loss per share for the period attributable to holders of Common Stock (in dollars per share)	$ (0.04)	$ (1.28)
Basic weighted-average Common Stock outstanding (in shares)	109,134,266	91,164,286
Diluted net loss per share for the period attributable to holders of Common Stock (in dollars per share)	$ (0.18)	$ (1.28)
Diluted weighted-average Common Stock outstanding (in shares)	134,134,266	91,164,286

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 1.4
Interest and penalties on uncertain tax liability	0.9
Unrecognized tax benefits that would impact effective tax rate	1.4
Operating loss carryforwards	$ 15.5	$ 25.8

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Mar. 13, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-41247
Entity Registrant Name	Satellogic Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1845974
Entity Address, Address Line One	210 Delburg Street
Entity Address, City or Town	Davidson,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28036
City Area Code	(704)
Local Phone Number	802-2041
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 176,744,176
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for the registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K to the extent stated herein. The Proxy Statement will be filed within 120 days of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001874315
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Amendment Flag	false
Class A ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	SATL
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		132,475,998
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,582,641
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	SATLW
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		49,184,815

Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Our employees, including senior executives, receive incentives in the form of stock options and RSUs, whereby employees render services as consideration for equity instruments (equity-settled transactions).

On the Closing Date, we established the 2021 Incentive Compensation Plan, which was amended and restated in connection with the Domestication (the “2021 Plan”) under which RSUs were issued during the years ended December 31, 2025 and December 31, 2024. The 2021 Plan provides for the grant of options, stock appreciation rights, restricted stock awards, RSUs, shares granted as a bonus or in lieu of another award, dividend equivalents, or other stock-based awards or performance awards at the discretion of a board-elected committee. We also maintain our 2015 Share Plan as amended (the “2015 Plan”) under which stock-based option awards were issued or modified. The options were typically granted with a four-year vesting term and a maximum contractual term of 10 years. As of December 31, 2022, no further awards have or shall be granted under the 2015 Share Plan. There were no options granted during the years ended December 31, 2025 and December 31, 2024.

A summary of stock option activity for the year ended December 31, 2025 is as follows:


	Number of Options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (years)	Intrinsic Value (in thousands)
Balance as of December 31, 2024	3,234,296	$1.50	4.55	$	5,574
Granted	—	—
Forfeited	(1,180)	8.55
Exercised	(1,900,194)	0.95
Expired	(14,443)	8.62
Outstanding at December 31, 2025	1,318,479	$2.22	4.74	$	811
Exercisable at December 31, 2025	1,318,479	$2.22	4.74	$	811

The total intrinsic value of options exercised during the years ended December 31, 2025 and 2024 was $5.1 million, and $0.5 million, respectively. During the years ended December 31, 2025 and 2024 the shares purchased from 87,658 options exercised and 32,181 options exercised, respectively were sold for payment of withholding taxes.

A summary of RSU activity for the year ended December 31, 2025 is as follows:


	Number of RSUs	Weighted Average Grant-Date Value		Intrinsic Value (in thousands)
Outstanding unvested RSUs at December 31, 2024	2,893,396	$	1.40	$	8,246
Granted during the year	2,154,674	3.48
Forfeited during the year	(398,750)	2.19
Vested during the year (1)	(1,552,596)	1.57
Outstanding unvested RSUs at December 31, 2025	3,096,724	$	2.66	$	5,791

The weighted-average grant date value of RSUs at December 31, 2025 and December 31, 2024 was $2.66 and $1.40, respectively. The number of shares vested is net of 349,648 and 387,717 RSUs forfeited for payment of withholding taxes for the years ended December 31, 2025 and December 31, 2024, respectively.

As of December 31, 2025, unrecognized stock-based compensation cost related to RSUs that are expected to vest was $4.2 million, which is expected to be recognized over a weighted-average period of 1.47 years. All outstanding stock options are 100% vested and there is no unrecognized stock-based compensation associated with them.

Stock-based Compensation Expense

Total employee and non-employee stock-based compensation expense was classified in the Consolidated Statements of Operations and Comprehensive Loss as follows:


	Year Ended December 31,
	2025		2024
Engineering	548		320
Selling, general and administrative	$	3,712	$	2,015

Total	$	4,260	$	2,335

Secured Convertible Notes - Schedule of Convertible Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Secured Convertible Notes	$ 56,110	$ 79,070
Less: Current portion	0	0
Total non-current debt	$ 56,110	$ 79,070

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Location	Charlotte, North Carolina
Auditor Name	Ernst & Young LLP

Fair Value Measurements and Financial Instruments - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 $ / shares	Jan. 25, 2022 $ / shares	Jan. 24, 2022 $ / shares
Sponsor Earnout
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant term	1 year 1 month 6 days
Sponsor Earnout \| Measurement Input, Option Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	1.20
Sponsor Earnout \| Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.034
Secured Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, difference between fair value and unpaid principal balance \| $	$ 26.1
Secured Convertible Notes \| Measurement Input, Option Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.80
Secured Convertible Notes \| Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.035
Secured Convertible Notes \| Measurement Input, Credit Spread \| Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Variable rate	24.99%
Secured Convertible Notes \| Measurement Input, Credit Spread \| Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Variable rate	37.49%
PIPE Warrant \| Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant term	1 year 1 month 6 days
PIPE Warrant \| Warrant Liability \| Measurement Input, Option Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	1.20
PIPE Warrant \| Warrant Liability \| Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.034
Liberty Warrants and Liberty Advisory Fee Warrant liability \| Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant term	1 year 1 month 6 days
Liberty Warrants and Liberty Advisory Fee Warrant liability \| Warrant Liability \| Measurement Input, Option Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	1.200
Liberty Warrants and Liberty Advisory Fee Warrant liability \| Warrant Liability \| Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.034
$8.63 Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant price (in dollars per share) \| $ / shares	$ 8.63	$ 8,630	$ 8.63	$ 11.50

Additional Financial Statement Information - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepaid expenses and other current assets
Prepaid expenses	$ 1,523	$ 2,892
Officina Stellare S.p.A ("OS") Warrants	0	322
Advances to suppliers	113	138
Other current assets	1,063	555
Total	$ 2,699	$ 3,907

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

As of March 26, 2025, we were incorporated in the U.S. Our operations are conducted through various subsidiaries in a number of countries throughout the world with significant operations in Uruguay, where we operate in a free trade zone. Consequently, income tax has been provided based on the laws and tax rates in effect in the countries in which operations are conducted or in which our subsidiaries are considered resident for corporate income tax purposes, including Argentina, China (sold in 2025), Israel, the Netherlands (liquidated in 2025), Spain, Uruguay, and the United States.

Our loss from continuing operations before income taxes as shown in the Consolidated Statements of Operations and Comprehensive Loss consists of the following:


	Year Ended December 31,
	2025		2024
Domestic	$	8,170	$	(22,276)
Foreign	(12,280)		(91,138)
Total loss before income tax	$	(4,110)	$	(113,414)

Our provision for income tax for the years ended December 31, 2025 and 2024 is as follows:


	Year Ended December 31,
	2025		2024
Current
Federal	$	8	$	—
State	2		—
Foreign	663		2,858
Total current tax provision	673		2,858
Deferred
Domestic	—		—
Foreign	—		—
Total deferred tax provision	—		—
Income tax provision	$	673	$	2,858

As of December 31, 2025, we have gross unrecognized tax benefits of $1.4 million, inclusive of interest and penalties of $0.9 million. If recognized, $1.4 million would reduce our effective tax rate. If applicable, we accrue interest and penalties related to uncertain tax positions as a component of the income tax provision.

A reconciliation of the beginning and ending amounts of our gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024
Balance at January 1	$	708	$	1,026

Increases (decreases) in tax positions related to prior periods	(206)		(316)
Increases (decreases) related to prior year tax positions as a result of lapse of statute	(2)		(2)
Balance at December 31	$	500	$	708


	Year Ended December 31,
	2025
	$		%


U.S. federal statutory tax rate	$	(863)	21.0	%
State and local taxes, net of federal benefit (1)	2		(0.1)	%
Foreign tax effects
B.V.I.
Statutory rate difference	(3,196)		77.8	%
Uruguay
Free-trade zone rate difference	6,002		(146.0)	%
Other	1		—	%
Argentina
Statutory rate difference	327		(8.0)	%
Argentina tax inflation adjustment	(558)		13.6	%
GAAP-STAT adjustments	795		(19.4)	%
Change in valuation allowance	(12)		0.3	%
Reserve on tax receivable	393		(9.6)	%
Equity compensation	(965)		23.5	%
Other	174		(4.2)	%
Other foreign jurisdictions	13		(0.3)	%
Nontaxable or nondeductible items
Nontaxable fair value adjustments	(1,987)		48.3	%
Nondeductible compensation	230		(5.6)	%
Equity-based compensation	(182)		4.4	%
Other	(7)		0.2	%
Change in valuation allowance	575		(14.0)	%
Changes in unrecognized tax benefits	267		(6.5)	%
Other adjustments
Initial recognition of deferred tax asset upon domestication	(336)		8.2	%
Total	$	673	(16.4)	%

(1) The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Colorado, and New York.


		Year Ended December 31,
	2024
			$		%
Loss before income tax			$	(113,414)	100.0	%

U.S. state and local income tax, net of federal benefit			1		—	%
Argentina tax inflation adjustment			(4,631)		4.1	%
Change in valuation allowances			2,436		(2.1)	%
Uncertain tax positions			1,653		(1.5)	%
Change in carryforward attributes			(232)		0.2	%
Effect of rates different than statutory			209		(0.2)	%
Tax credits			(19)		—	%
Withholding taxes			251		(0.2)	%
Reserve on tax receivable			1,100		(1.0)	%
Equity compensation			1,556		(1.4)	%
Other			534		(0.5)	%
Total			$	2,858	(2.5)	%

Deferred tax assets and liabilities as of December 31, 2025 and 2024 consisted of the following:


	December 31,
	2025		2024
Deferred income tax assets:
Stock-based compensation	$	2,422	$	2,009
Expense for estimated credit losses on accounts receivable	10		1,081
Organizational costs	596		608
Net operating loss carryforwards	3,813		7,024
Other	518		341
Total deferred income tax assets	7,359		11,063
Valuation allowance	(7,359)		(11,063)
Total deferred income tax assets (liabilities), net	$	—	$	—

The Company assesses the realizability of its deferred tax assets and establishes a valuation allowance if it is more likely than not that some or all of its deferred tax assets will not be realized. The Company evaluates all available positive and negative evidence such as past operating results, projected future taxable income, as well as prudent and feasible tax-

planning strategies. Management believes that it is more likely than not that the majority of deferred tax assets will not be realized. Accordingly, the Company has recorded a valuation allowance against its deferred tax assets.

The net change in the total valuation allowance is as follows:


	December 31,
	2025		2024
Valuation allowance, beginning of year	$	11,063	$	9,545
Change in valuation allowance impacting tax expense	(3,704)		1,518

Valuation allowance, end of year	$	7,359	$	11,063

Below is a summary of our estimated loss and tax credit carryforwards at December 31, 2025. Our tax attributes are subject to limitations on utilization due to historic ownership changes and may be subject to future limitations upon subsequent change of control, as defined by the Internal Revenue Code Sections 382 and 383.


Country	Expiration	Gross Amount Carried Forward		Gross Amount Recognized
Argentina	December 31, 2026 - December 31, 2030	$	2,921	$	(1,833)
Spain	Indefinite	168		—


United States	Indefinite	9,199		—
Uruguay	December 31, 2026 - December 31, 2030	3,096		—
Israel	Indefinite	67		—

As of December 31, 2025 and 2024, we had $15.5 million and $25.8 million of federal net operating loss (“NOL”) carryforwards, respectively.

In the normal course of business, we are subject to examination by taxing authorities. Tax years vary by jurisdiction, ranging from 2019 to 2024 remain open for examination.

The Organization for Economic Co-operation and Development (“OECD”) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds, referred to as "Pillar 2.” Certain aspects of Pillar 2 became effective January 1, 2024 and other aspects became effective January 1, 2025. While it is uncertain whether the U.S. will enact legislation to adopt Pillar 2, certain countries have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. We have evaluated the impact of Pillar 2 on our effective tax rate, our consolidated results of operation, financial position, and cash flows and have determined there was no impact to the Company in 2025.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted. The OBBBA makes significant tax law changes and modifications, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and the restoration of favorable tax treatment for certain business provisions, including allowing accelerated tax deductions for qualified property and equipment expenditures and the business interest expense limitation. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company assessed the effect of the OBBBA and concluded that there were no material impacts on its consolidated financial position, results of operations, and cash flows as of and for the year ended December 31, 2025.

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:


	Year Ended December 31,
	2025

Jurisdiction







Foreign
Argentina	$	381
Spain	(51)

Total Foreign	330
Total taxes paid	$	330

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 231
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Subparagraph (b)
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Reverse Recapitalization (Details) $ / shares in Units, $ in Thousands							12 Months Ended
	Oct. 17, 2025 shares	Apr. 16, 2025 shares	Dec. 08, 2024 USD ($)	Feb. 10, 2022 USD ($) anniversary	Jan. 25, 2022 USD ($) $ / shares shares	Jan. 18, 2022 USD ($) $ / shares shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2021 $ / shares	Mar. 31, 2021 USD ($) $ / shares shares	Mar. 08, 2021 USD ($)
Schedule of Reverse Recapitalization [Line Items]
Proceeds from sale of common stock \| $					$ 168,000
Number of shares issued in transaction (in shares) \| shares	27,692,308	6,451,612
Warrant liability \| $							$ 5,818	$ 11,511
Private Placement
Schedule of Reverse Recapitalization [Line Items]
Proceeds from issuance or sale of equity \| $			$ 10,000
CFAC Holdings V, LLC
Schedule of Reverse Recapitalization [Line Items]
Proceeds from issuance or sale of equity \| $					$ 10,000
CF V Sponsor
Schedule of Reverse Recapitalization [Line Items]
Proceeds from issuance or sale of equity \| $						$ 150,000
PIPE Warrant
Schedule of Reverse Recapitalization [Line Items]
Warrant liability \| $							186	471	$ 1,300
Forward Purchase Contract Warrant \| Common Stock
Schedule of Reverse Recapitalization [Line Items]
Stock issued during period, conversion of convertible securities (in shares) \| shares					1,250,000
Liberty Subscription Agreement - $10 \| CF V Sponsor
Schedule of Reverse Recapitalization [Line Items]
Warrant price (in dollars per share) \| $ / shares						$ 10.00
Liberty Subscription Agreement - $15 \| CF V Sponsor
Schedule of Reverse Recapitalization [Line Items]
Warrant price (in dollars per share) \| $ / shares						$ 15.00
Liberty Warrants \| Liberty Manager
Schedule of Reverse Recapitalization [Line Items]
Warrant price (in dollars per share) \| $ / shares										$ 10.00
Class of warrant or right, advisory fee \| $				$ 1,250			$ 7,500	$ 7,500
Class of warrant or right, anniversary period				18 months
Number of successive anniversaries that advisory fee will be paid \| anniversary				5
Columbia Warrants
Schedule of Reverse Recapitalization [Line Items]
Warrant price (in dollars per share) \| $ / shares											$ 2.52
Warrants outstanding \| $											$ 40,100
Warrant term											25 years
Warrant liability \| $									$ 124,800			$ 161,200
Class A ordinary shares
Schedule of Reverse Recapitalization [Line Items]
Number of shares issued in transaction (in shares) \| shares					5,816,770
Class A ordinary shares \| CF V Sponsor \| Private Placement
Schedule of Reverse Recapitalization [Line Items]
Number of shares issued in transaction (in shares) \| shares						20,000,000
Class A ordinary shares \| PIPE Warrant
Schedule of Reverse Recapitalization [Line Items]
Number of securities called by warrants or rights (in shares) \| shares					2,500,000
Warrant price (in dollars per share) \| $ / shares					$ 20.00
Proceeds from issuance or sale of equity \| $					$ 58,200
Class A ordinary shares \| Forward Purchase Contract Warrant \| CFAC Holdings V, LLC
Schedule of Reverse Recapitalization [Line Items]
Number of securities called by warrants or rights (in shares) \| shares					333,333
Class A ordinary shares \| Forward Purchase Contract Warrant \| Common Stock
Schedule of Reverse Recapitalization [Line Items]
Warrant price (in dollars per share) \| $ / shares					$ 11.50
Class A ordinary shares \| Liberty Subscription Agreement - $10 \| CF V Sponsor
Schedule of Reverse Recapitalization [Line Items]
Number of securities called by warrants or rights (in shares) \| shares						5,000,000
Class A ordinary shares \| Liberty Subscription Agreement - $15 \| CF V Sponsor
Schedule of Reverse Recapitalization [Line Items]
Number of securities called by warrants or rights (in shares) \| shares						15,000,000
Class A ordinary shares \| Liberty Warrants \| Liberty Manager
Schedule of Reverse Recapitalization [Line Items]
Number of securities called by warrants or rights (in shares) \| shares						2,500,000
Class A ordinary shares \| Columbia Warrants
Schedule of Reverse Recapitalization [Line Items]
Number of securities called by warrants or rights (in shares) \| shares											15,931,360

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (4,783)	$ (116,272)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	7,740	12,655
Debt issuance costs	0	2,397
Operating lease expense	1,910	1,515
Stock-based compensation	4,260	2,335
Change in fair value of financial instruments, net of interest paid on Secured Convertible Notes	(29,182)	58,546
Foreign exchange differences	(105)	(2,936)
Loss on disposal of property and equipment	691	4,377
(Release) expense for estimated credit losses on accounts receivable	(38)	22
Equity in net (income) loss of affiliate	(8)	0
Non-cash change in contract liabilities	(357)	(1,323)
Other, net	296	234
Changes in operating assets and liabilities:
Accounts receivable	(6,024)	(1,126)
Inventories	(723)	0
Prepaid expenses and other current assets	1,854	(1,666)
Accounts payable	(1,527)	(2,356)
Contract liabilities	8,996	2,532
Accrued expenses and other liabilities	(8,199)	7,200
Operating lease liabilities	(1,687)	(2,024)
Net cash used in operating activities	(26,886)	(35,890)
Cash flows from investing activities:
Purchases of property and equipment	(7,376)	(5,038)
Other	0	6
Net cash used in investing activities	(7,376)	(5,032)
Cash flows from financing activities:
Proceeds from Secured Convertible Notes	0	30,000
Payments of debt issuance costs	0	(2,397)
Payments for withholding taxes related to the net share settlement of equity awards	(1,159)	(660)
Proceeds from exercise of Public Warrants	0	1
Proceeds from exercise of stock options	1,759	911
Net cash provided by financing activities	112,513	37,455
Net increase (decrease) in cash, cash equivalents and restricted cash	78,251	(3,467)
Effect of foreign exchange rate changes	159	2,546
Cash, cash equivalents and restricted cash - beginning of period	23,682	24,603
Cash, cash equivalents and restricted cash - end of period	102,092	23,682
At The Market Program
Cash flows from financing activities:
Proceeds from issuance stock	8,236	0
PIPE Investment
Cash flows from financing activities:
Proceeds from issuance stock	0	9,600
Registered Direct Offering
Cash flows from financing activities:
Proceeds from issuance stock	18,769	0
Public Offering
Cash flows from financing activities:
Proceeds from issuance stock	$ 84,908	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in these Consolidated Financial Statements include, but are not limited to, revenue recognition; determination of useful lives of property and equipment; valuation of Secured Convertible Notes, warrant liabilities, earnout liabilities, stock options; and determination of income tax. We evaluate our estimates and assumptions on an ongoing basis. Actual results could differ from those estimates and such differences may be material to the Consolidated Financial Statements.

Revenue Recognition

We recognize revenue in accordance with Topic 606, Revenue from contracts with customers. Revenue is recognized when a customer obtains control of promised goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that we expect to receive in exchange for goods or services provided under such contracts. We apply the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance obligation.

Our main revenue stream is from services. We recognize as revenues the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied, either over time or a point in time. Revenue is recognized upon delivery for Data & Analytics contracts in which performance obligations are satisfied at a point in time upon image delivery. The Company has determined that it provides a series of distinct services in which the customer simultaneously receives and consumes data, so therefore the Company recognizes revenue ratably over the subscription period. For Space Systems contracts, revenue is typically recognized at a point in time, upon delivery of equipment or in-orbit delivery of satellites.

The nature of our contracts does not currently give rise to variable consideration related to returns or refunds as those are not offered.

We evaluate contracts with a minimum purchase commitment to determine whether we expect to be entitled to a breakage amount. We consider the requirements on constraining estimates variable consideration. The following factors are evaluated when assessing the increased likelihood of a significant revenue reversal: (i) the amount of consideration is highly susceptible to factors outside our influence or control (e.g., volatility in a market, judgment of action of third parties,

weather conditions), (ii) uncertainty about the amount of consideration is not expected to be resolved for a long period of time, (iii) our experience with similar types of contracts is limited, or that experience has limited predictive value, (iv) we have a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances, and (v) the contract has a large number and broad range of possible consideration amounts.

We exclude amounts collected on behalf of third parties, such as sales taxes, when determining transaction price.

Contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services.

We generally do not enter into long-term financing arrangements or payment plans with customers. Although our business practice is not to enter into contracts with non-cash consideration, at times this may occur. In these instances, we determine the fair value of the non-cash consideration at contract inception and includes this value as part of the total arrangement consideration. In instances where we cannot reasonably estimate the fair value of the non-cash consideration, we will measure the consideration indirectly by reference to its stand-alone selling price of the goods promised to the customer in exchange for consideration.

Remaining Performance Obligations

Effective October 1, 2025, the Company elected to change its method of disclosing remaining performance obligations ("RPO"). Historically, the Company utilized the practical expedient available under ASC 606-10-50-14, which allowed for the exclusion of contracts with an original expected duration of one year or less.

The Company has elected to voluntarily terminate the use of this practical expedient to provide a more comprehensive view of its total contracted backlog and future revenue visibility. The adoption of this disclosure methodology resulted in an increase of $21.0 million to the reported RPO as of December 31, 2025. This change impacted disclosure only and had no effect on the Company’s consolidated balance sheets, statements of operations and comprehensive loss, or cash flows.

Fair Value Measurement

Certain assets and liabilities are carried at fair value in accordance with U.S. GAAP.

Valuation techniques used to measure fair value require us to utilize observable and unobservable inputs. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Financial instruments carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•Level 1: Quoted prices in active markets for identical assets or liabilities.

•Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

•Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

Assets and liabilities recognized at fair value on a recurring basis in the Consolidated Financial Statements are re-assessed at the end of each reporting period to determine whether any transfers have occurred between levels in the hierarchy.

For fair value disclosures, classes of assets and liabilities are based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy.

Credit Risk Management

Credit risk is the risk that a counterparty fails to discharge an obligation to us. We are exposed to credit risk from financial assets including cash, cash equivalents and restricted cash held at banks, trade and other receivables.

The credit risk is managed based on our credit risk management policies and procedures. Credit risk of any entity doing business with us is systematically analyzed, including aspects of a qualitative nature. The measurement and assessment of our total exposure to credit risk covers all financial instruments involving any counterparty risk.

The credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits and are only with major reputable financial institutions.

As our risk exposure is mainly influenced by the individual characteristics of each customer, we continuously analyze the creditworthiness of significant customers. Accounts receivable are non-interest bearing and generally on terms of 30 to 90 days. As of December 31, 2025, one customer accounted for 66% of accounts receivable, net of allowance. As of December 31, 2024, two customers accounted for 70% of our accounts receivable net of allowance.

We had three customers that each accounted for more than 10% of our revenue totaling $9.6 million for the year ended December 31, 2025 and two customers that each accounted for more than 10% of our revenue totaling $7.0 million for the year ended December 31, 2024.

Impairment of Assets

We assess potential impairments to long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets or asset group. We performed an impairment test as of December 31, 2025 and 2024 due to our net loss for those years and concluded that the asset group is not impaired.

Estimates of future cash flows are highly subjective judgments based on management’s experience and knowledge of the Company's operations. These estimates can be significantly impacted by many factors, including changes in global economic conditions, operating costs, obsolescence of technology and competition.

If estimates or underlying assumptions change in the future, we may be required to record impairment charges. If the fair value of an asset group is less than its carrying amount, then the carrying amount of the asset group would be reduced to its fair value. That reduction is an impairment loss that would be recognized in the Consolidated Statements of Operations and Comprehensive Loss.

Equity Method Investment

We account for our equity investment in which we have significant influence, but not a controlling financial interest, using the equity method of accounting. Under the equity method of accounting, investments are initially recorded at cost, less impairment, and subsequently adjusted to recognize our share of earnings or losses as a component of Other income (expense), net in the Consolidated Statements of Operations and Comprehensive Loss. Our equity method investment is required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. We have not recorded any impairment losses related to our equity method investment during the two-year period ended December 31, 2025.

Stock-Based Compensation

We measure and recognize all stock-based compensation expense based on estimated fair values for all stock-based awards made to employees and non-employees using a graded vesting schedule. Compensation cost is recognized over the requisite service period for each separate tranche, as though each tranche of the award is, in substance, a separate award. The expense calculation includes estimated forfeiture rates, which have been developed based upon historical experience.

The fair values for stock options are calculated using the Black-Scholes option pricing model using the following inputs:

Expected term - The simplified method is used to calculate the expected term.

Expected volatility - We determine the expected stock price volatility based on the historical volatilities of guideline companies from comparable industries.

Expected dividend yield - We do not use a dividend rate due to the fact that we have never declared or paid cash dividends on the Company’s common stock and we do not anticipate doing so in the foreseeable future.

Risk-free interest rate - We base our interest rate on a treasury instrument for which the term is commensurate with the maximum expected life of the stock options.

The fair values for restricted stock units ("RSUs") with service-based vesting conditions are calculated based upon our closing stock price on the date of the grant.

Foreign Currencies

The financial position and results of operations of certain of our foreign subsidiaries are measured using the local currency as the functional currency. Revenues and expenses of these subsidiaries have been translated into U.S. dollars at average exchange rates prevailing during the period. Assets and liabilities of these subsidiaries have been translated at the exchange rates as of the balance sheet date. Translation gains and losses are recorded in accumulated other comprehensive loss.

Aggregate foreign currency gains and losses, such as those resulting from the settlement of receivables or payables, foreign currency contracts and short-term intercompany advances in a currency other than the relevant subsidiary’s functional currency, are recorded currently in the Consolidated Statements of Operations and Comprehensive Loss (included in other income (expense), net) and resulted in losses of $0.5 million and gains of $2.4 million during the years ended December 31, 2025 and 2024, respectively.

Leases

We determine if a contract is a lease or contains a lease at inception. On the lease commencement date, we recognize a right-of-use (“ROU”) asset and lease liability related to operating type leases. The cost of ROU assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Operating lease liabilities are recorded based on the present value of the future lease fixed payments. In determining the present value of future lease payments, we use our incremental borrowing rate applicable to the economic environment and the duration of the lease based on the information available at the commencement date as the majority of leases do not provide an implicit rate. For real estate and equipment contracts, we generally account for the lease and non-lease components as a single lease component. In assessing the lease term, we include options to renew only when we are reasonably certain that such option(s) will be exercised; a determination which is at our sole discretion. Variable lease payments are recognized as expenses in the period incurred. For leases with an initial term of 12 months or less, we have elected to not record an ROU asset and lease liability. We record lease expense on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, beginning on the commencement date.

We remeasure and reallocate the consideration in a lease when there is a modification of the lease that is not accounted for as a separate contract. The lease liability is remeasured when there is a change in the lease term or in the assessment of whether we will exercise a lease option. We assess ROU assets for impairment in accordance with our long-lived asset impairment policy.

We account for lease agreements with contractually required lease and non-lease components on a combined basis. Lease payments made for cancellable leases, variable amounts that are not based on an observable index and lease agreements with an original duration of less than 12 months are recorded directly to lease expense.

For the periods presented, we do not have any financing type leases.

Accounts Receivable and Allowance for Credit Losses

Trade accounts receivable are stated at the amount owed by the customer, net of allowances for estimated credit losses, discounts, returns and rebates. We measure the allowance for credit losses based on the estimated loss. In calculating an allowance for credit losses, we use our historical experience, external indicators, forward-looking information and an aging method. Generally, we assess collectability of trade accounts receivable on a collective basis as they possess shared credit risk characteristics which have been grouped based on the days past due. For certain customers that have a large percentage of our total accounts receivable, we analyze them on a specific basis to determine expected collectability.

We have elected the practical expedient in paragraphs 326-20- 30-10C through 30-10D to estimate expected credit losses related to our current accounts receivable. The practical expedient allows us to assume that current conditions as of the balance sheet date do not change for the remaining life of the assets. We have determined that the current conditions as of the balance sheet date are consistent with those conditions that existed during the period that the historical data were collected. Accordingly, we determined that no adjustment to our historical loss information was necessary.

Accounts are written off against the allowance account when they are determined to be no longer collectible. The following table shows the activity in the allowance for credit losses for the years ended December 31, 2025 and 2024:


	December 31,
	2025		2024
Allowance for credit losses as of beginning of period	$	148	$	126
(Release) Provision	(38)		22
Write-offs	(66)		—
Recoveries collected	8		—

Allowance for credit losses as of end of period	$	52	$	148

Inventories

Inventories consist of satellites and satellites under construction that were previously classified as Property and equipment and have been reclassified to Inventories at their carrying amounts upon a change in intended use from internal operations to sale in the ordinary course of business to customers with a specified contract.

Satellites and satellites under construction, prior to the transfer of control to a customer are classified as work in process (“WIP”). As of December 31, 2025, the Company had $2.1 million of work in process inventories. As of December 31, 2024, the Company did not have any inventories.

WIP primarily represents (a) amounts paid to third party vendors of satellite components, (b) internal labor costs incurred to develop and integrate the Company's satellites, including salaries and allocations of other related costs and (c) launch service vendors for the costs associated with launching the Company's satellites, which includes launch and launch insurance costs.

The Company uses the specific identification method to determine the cost of each satellite. Inventories are stated on a consistent basis at the lower of historical cost or net realizable value. Net realizable value is determined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include deposits in banks and short-term (original maturities of three months or less at the time of purchase), highly liquid investments that are readily convertible to known amounts of cash with a maturity of three months or less at the time of purchase.

Restricted cash, including amounts in Other non-current assets, represents amounts pledged as guarantees for sales and lease agreements as contractually required.


	December 31,
	2025		2024
Cash and cash equivalents	$	94,430	$	22,493
Restricted cash	7,407		—
Restricted cash included in Other non-current assets	255		1,189
Total cash, cash equivalents and restricted cash	$	102,092	$	23,682

Cash Flow Information


	Year Ended December 31,
	2025		2024
Cash paid during the period for:
Income tax, net of refunds	$	330	$	2,799
Interest	$	3,323	$	1,596


	December 31,
	2025		2024
Supplemental cash flow information
Unpaid property and equipment included in accounts payable December 31	$	623	$	773
Non-cash reclassification from property and equipment to inventory for capitalized costs paid in a prior period.	$	1,367	$	—

Research and Development

Research and development (R&D) costs are expensed in the period in which they are incurred. R&D costs include materials and equipment that have no alternative future use, depreciation on equipment and facilities currently used for R&D purposes, personnel costs, contract services and reasonable allocations of indirect costs, if clearly related to an R&D activity. Expenditures in the pre-production phase of an R&D project are recorded as R&D expense. Research and development expenses for the years ended December 31, 2025 and 2024 were $5.0 million and $7.5 million, respectively and are included within Engineering costs on the Consolidated Statement of Operations and Comprehensive Loss.

Tax Collected from Customers

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, which are collected by the Company from customers, are excluded from revenue.

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company is organized as one operating segment, which is its reportable segment. Generally, its segment metrics are equal to the Company’s consolidated totals. The Company’s segment information is evaluated regularly by the Chief Executive Officer, who is the chief operating decision maker (“CODM”) for purposes of decisions on how to allocate resources and to assess performance. The Company determined its reportable segment using the management approach based on how the CODM evaluates the business. The CODM uses the Company’s net (loss) income to assess the performance of the Company’s operating segment and evaluates the Company’s results against forecasted results.

The Company’s operating segment derives its revenues from the sale of images via Data & Analytics including Constellation as a Service (“CaaS”) and the sale or licensing of satellites via the Company’s Space Systems product line. The Company evaluates its operations based on net (loss) income. Required segment disclosures that are equal to the Company’s consolidated totals and disclosed elsewhere in the financial statements include: net (loss), total assets, total revenue, interest income, interest (expense), depreciation expense, equity in net income (loss) of affiliate, income tax (expense), and equity in net income of affiliates accounted for by the equity method. In addition to depreciation expense other non-cash expenses include stock-based compensation disclosed on the statement of cash flows and a non-cash sales agreement described in Note 6 (Revenue from Contracts with Customers). Total purchases of long lived assets include purchases of property and equipment disclosed in the statement of cash flows and the acquisition of operating lease right of use assets disclosed in Note 18 (Leases).

Other segment items are primarily made up of the following items not considered to be significant expenses: depreciation expense, change in fair value of financial instruments, income tax (expense), interest and financing costs, partially offset by foreign currency income adjustments and interest income.

Operations for the Company’s segment were as follows:


	Years Ended December 31,
	2025		2024
Revenue	$	17,707	$	12,870
Cost of sales excluding depreciation	(4,876)		(5,024)
Engineering	(10,375)		(14,405)
Selling, general and administrative expenses	(25,735)		(32,992)
Other segment items	18,496		(76,721)
Net loss	$	(4,783)	$	(116,272)

Revenue by geographic area is as follows(a):


	Revenues
	Years ended December 31,
	2025		2024
U.S.	$	12,039	$	7,318
Albania	2,241		1,648


All Other	3,427		3,904
Total	$	17,707	$	12,870

(a) Revenues are attributed to individual countries based on the location of the customer generating the revenue.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Earnout Liabilities - Schedule of Valuation Assumptions (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnout Liability [Abstract]
Expected term (in years)	1 year 25 days	2 years 25 days
Dividend yield (%)	0.00%	0.00%
Expected volatility	120.00%	83.00%
Risk-free interest rate	3.40%	4.20%
Expected number of shares (in shares)	1,775,962	1,775,962

Earnout Liabilities - Schedule of Earnout Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Earnout Liability [Roll Forward]
Earnout liability, beginning balance	$ 1,501
Earnout liability, ending balance	554
Sponsor Earnout
Earnout Liability [Roll Forward]
Earnout liability, beginning balance	1,501
Change in fair value of financial instruments	(947)
Earnout liability, ending balance	$ 554

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Cost

We recognized the following lease costs related to our operating leases for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024
Operating lease costs	$	1,926	$	2,004
Short-term lease costs	109		112
Variable lease costs	99		145

Total operating lease costs	$	2,134	$	2,261

Cash paid for amounts included in the measurement of operating lease liabilities were as follows for the years ended December 31, 2025 and 2024.


	Year Ended December 31,
	2025		2024
Operating cash flows - operating lease payments	$	(1,863)	$	(2,702)

Summary of Operating Lease Liabilities

The amounts of future undiscounted cash flows related to the lease payments over the lease term and the reconciliation to the present value of the operating lease liabilities at December 31, 2025 is as follows:


	Operating leases
Years Ended
2026	$	2,087
2027	1,950
2028	1,912
2029	1,969
2030	1,783
thereafter	139
Total remaining lease payments	9,840
Less imputed interest	(2,567)
Present value of lease liability	$	7,273

Total current	$	1,174
Total non-current	$	6,099

Additional Financial Statement Information (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid and Other Current Assets

Prepaid Expenses and Other Current Assets


	December 31,
	2025		2024
Prepaid expenses and other current assets
Prepaid expenses	$	1,523	$	2,892
Officina Stellare S.p.A ("OS") Warrants	—		322
Advances to suppliers	113		138
Other current assets	1,063		555
Total	$	2,699	$	3,907

Schedule of Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities


	December 31,
	2025		2024
Accrued expenses and other liabilities

Payroll and benefits payable	1,787		2,286
Advisory fee cash payment	—		7,500

Other taxes payable	1,507		1,835
Other	687		516
Total	$	3,981	$	12,137

Total current	$	1,918	$	11,621
Total non-current	$	2,063	$	516

Schedule of Interest Income (Expense), Net

Interest Income (Expense)), Net


	Year Ended December 31,
	2025		2024
Interest income, net
Interest expense (1)	$	(13)	$	(71)


Interest income	1,592		1,041
Total	$	1,579	$	970

(1) Excludes interest on the Company’s Secured Convertible Notes, which is included in Change in Fair Value of Financial Instruments.

Warrant Liabilities - Schedule of Warrants (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Warrant Liability [Roll Forward]
Beginning balance	$ 11,511
Change in fair value of financial instruments	(5,693)
Ending balance	5,818
Liberty Warrants and Liberty Advisory Fee Warrant
Warrant Liability [Roll Forward]
Beginning balance	8,012
Change in fair value of financial instruments	(4,485)
Ending balance	3,527
PIPE Warrant
Warrant Liability [Roll Forward]
Beginning balance	471
Change in fair value of financial instruments	(285)
Ending balance	186
$8.63 Warrants
Warrant Liability [Roll Forward]
Beginning balance	3,028
Change in fair value of financial instruments	(923)
Ending balance	$ 2,105

Secured Convertible Notes

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Secured Convertible Notes

Debt as of December 31, 2025 and December 31, 2024 is as follows:


	December 31,		December 31,
	2025		2024
Secured Convertible Notes	$	56,110	$	79,070
Less: Current portion	—		—
Total non-current debt	56,110		79,070

On April 12, 2024, the Company, Nettar and the Holder Representative entered into a Note Purchase Agreement with the Purchaser, pursuant to which Nettar agreed to issue $30.0 million aggregate principal amount of Secured Convertible Notes to the Purchaser. The net proceeds from the issuance of the Secured Convertible Notes, after deducting transaction fees and other debt issuance costs, was approximately $27.6 million. The Secured Convertible Notes initially bear interest at a rate of SOFR plus 6.50% per annum (10.36% as of December 31, 2025), subject to an additional 4.0% per annum if certain events of default occur and are continuing (“Contingent Interest Feature”). The Secured Convertible Notes are guaranteed by the Company and each of the Company’s material subsidiaries (other than Nettar), and are secured by substantially all of the Company’s and its subsidiaries’ assets (including all of its intellectual property). Nettar may issue additional Secured Convertible Notes under the terms thereof, provided the aggregate principal outstanding amount does not exceed $50.0 million.

The Secured Convertible Notes are convertible by the holder of the notes into shares of the Company’s Class A common stock at an initial conversion price of $1.20 (or 833.33 shares of Class A common stock per $1,000 principal amount of Secured Convertible Notes) (“Conversion Feature”), subject to customary anti-dilution adjustments. The Company’s ability to settle conversions using the Company’s Class A common stock is subject to CFIUS Approval (as defined in the Note Purchase Agreement).

Unless this Note has been previously settled or converted in accordance with the other features mentioned within agreement, the entire outstanding principal balance and all unpaid accrued interest shall become fully due and payable on the Maturity Date of April 12, 2028.

In the event of an asset sale by the Company (outside the ordinary course of business) or an insurance or condemnation event that results in net proceeds to the Company in excess of $2.0 million Nettar will be required to offer to prepay the Secured Convertible Notes up to the amount of such proceeds at par (unless such proceeds are used to purchase comparable assets within six months). In the event the Secured Convertible Notes are accelerated as a result of an event of default, Nettar must pay a pre-payment penalty equal to 5% of the greater of (i) the outstanding principal amount and (ii) the then-prevailing conversion value. In connection with a change of control of the Company (including delisting of the Company’s Class A common stock), the holder has the right to require the Company to repurchase the Secured Convertible Notes for cash at a price equal to the greater of (i) 105% of the redemption value of the Secured Convertible Notes or (ii) 105% of the then-prevailing conversion value, plus accrued but unpaid interest thereon, as well as any other amounts owed (the “Put Price”). Nettar also has the right to repurchase or force-convert the Secured Convertible Notes in connection with a full acquisition of the Company at the Put Price.

The Secured Convertible Notes contain certain restrictive covenants, including restrictions on (i) incurring indebtedness, subject to certain exceptions, (including the ability to issue additional Secured Convertible Notes; provided the aggregate principal outstanding amount does not exceed $50.0 million), (ii) creating certain liens, subject to certain exceptions, (iii)

the payment of dividends or other restricted payments, (iv) the sale, transfer or otherwise conveyance of certain assets, subject to asset sale pre-payment described above, and (v) affiliate transactions.

In connection with the offering, the Company also entered into a registration rights agreement with the Purchaser, pursuant to which the Company agreed to register for resale the Class A common stock issuable upon conversion of the Secured Convertible Notes.

Fair value option

The Company chose to record the Secured Convertible Notes using the fair value option whereby the Secured Convertible Notes are valued as one instrument. If this election had not been made, the Company would have been required to bifurcate the Conversion Feature and the Contingent Interest Feature of the notes as separate derivatives. The Company elected the fair value option in order to account for the Notes as one instrument to better reflect the way that the Company views the financial instrument. As a result of electing the fair value option, interest on the Secured Convertible Notes is included in the Change in fair value of financial instruments on the statement of operations and comprehensive loss and debt issuance costs were recorded as expense in the year of issuance rather than being deferred and recorded as expense over the life of the Secured Convertible Notes. The carrying value of Secured Convertible notes at December 31, 2025 and December 31, 2024 includes accrued interest of $0.9 million and $1.0 million, respectively.

Income Taxes - Summary of Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Argentina
Tax Credit Carryforward [Line Items]
Gross Amount Carried Forward	$ 2,921
Gross Amount Recognized	(1,833)
Spain
Tax Credit Carryforward [Line Items]
Gross Amount Carried Forward	168
Gross Amount Recognized	0
United States
Tax Credit Carryforward [Line Items]
Gross Amount Carried Forward	9,199
Gross Amount Recognized	0
Uruguay
Tax Credit Carryforward [Line Items]
Gross Amount Carried Forward	3,096
Gross Amount Recognized	0
Israel
Tax Credit Carryforward [Line Items]
Gross Amount Carried Forward	67
Gross Amount Recognized	$ 0

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current
Federal	$ 8	$ 0
State	2	0
Foreign	663	2,858
Total current tax provision	673	2,858
Deferred
Domestic	0	0
Foreign	0	0
Total deferred tax provision	0	0
Income tax provision	$ 673	$ 2,858

Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	3,234,296
Granted (in shares)	0	0	0
Forfeited (in shares)	(1,180)
Exercised (in shares)	(1,900,194)
Expired (in shares)	(14,443)
Ending balance (in shares)	1,318,479	3,234,296
Exercisable (in shares)	1,318,479
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 1.50
Granted (in usd per share)	0
Forfeited (in usd per share)	8.55
Exercised (in usd per share)	0.95
Expired (in usd per share)	8.62
Ending balance (in usd per share)	2.22	$ 1.50
Exercisable, weighted average exercise price (in usd per share)	$ 2.22
Weighted-Average Remaining Contractual Term (years)
Weighted average remaining contractual life of outstanding options (years)	4 years 8 months 26 days	4 years 6 months 18 days
Exercisable, weighted average remaining contractual life of outstanding options (years)	4 years 8 months 26 days
Intrinsic value, outstanding	$ 811	$ 5,574
Exercisable, intrinsic value	$ 811

Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 2,087
2027	1,950
2028	1,912
2029	1,969
2030	1,783
thereafter	139
Total remaining lease payments	9,840
Less imputed interest	(2,567)
Present value of lease liability	7,273
Total current	1,174	$ 363
Total non-current	$ 6,099	$ 516

Property and Equipment - Geographic Location (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Non-current assets by geography
Property and equipment and operating lease ROU assets	$ 31,698	$ 28,105
Uruguay
Non-current assets by geography
Property and equipment and operating lease ROU assets	31,347	26,833
Argentina
Non-current assets by geography
Property and equipment and operating lease ROU assets	317	392
Spain
Non-current assets by geography
Property and equipment and operating lease ROU assets	22	746
Other countries
Non-current assets by geography
Property and equipment and operating lease ROU assets	$ 12	$ 134

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

We have operating leases relating to office facilities, manufacturing facilities and ground stations. Lease terms range from 3 years to 5 years.

Certain of the Company’s leases include options for early termination. The Company utilizes the base period as the lease term when initially recognizing right-of-use assets and lease liabilities, unless it is reasonably certain that a termination option will be exercised.

We recognized the following lease costs related to our operating leases for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024
Operating lease costs	$	1,926	$	2,004
Short-term lease costs	109		112
Variable lease costs	99		145

Total operating lease costs	$	2,134	$	2,261

Cash paid for amounts included in the measurement of operating lease liabilities were as follows for the years ended December 31, 2025 and 2024.


	Year Ended December 31,
	2025		2024
Operating cash flows - operating lease payments	$	(1,863)	$	(2,702)


	Operating leases
Years Ended
2026	$	2,087
2027	1,950
2028	1,912
2029	1,969
2030	1,783
thereafter	139
Total remaining lease payments	9,840
Less imputed interest	(2,567)
Present value of lease liability	$	7,273

Total current	$	1,174
Total non-current	$	6,099

The weighted-average remaining years for the operating leases are 4.1 years and 4.6 years as of December 31, 2025 and 2024, respectively. The weighted-average discount rate for operating leases is 9.2% and 3.6% as of December 31, 2025 and 2024, respectively. For the years ended December 31, 2025 and 2024, the Company obtained $8.0 million and $0.2 million, respectively of right-of-use assets for new operating lease obligations.

On November 29, 2024, the Company entered into a settlement agreement for its Netherlands Lease. The Company paid $0.3 million in termination fees in connection with the settlement agreement. As a result of the termination of the Netherlands Lease, the related right-of-use asset was written off and the lease liability was derecognized. In total, the Company recognized a gain on the termination of the Netherlands Lease of $0.4 million during the year ended December 31, 2024. The loss is included in engineering expenses on our Consolidated Statement of Operations and Comprehensive Loss.

The Company had an operating lease ROU asset of approximately $0.7 million related to the Netherlands Lease recorded in its Consolidated Balance Sheets as of December 31, 2024. The Company had current and non-current operating lease liabilities of approximately $0.5 million and $0.6 million, respectively, related to the Netherlands Lease recorded in its Consolidated Balance Sheets as of December 31, 2024.

Revenue from Contract with Customers (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Information about our revenue by business line is as follows:


	Year Ended December 31,
	2025		2024
Revenue by business line
Data & Analytics including CaaS	$	15,996	$	11,113

Space Systems	1,711		1,757
Total revenue	$	17,707	$	12,870

Information about our revenue by timing is as follows:


	Year Ended December 31,
	2025		2024
Revenue by timing
Over time	$	3,912	$	3,122
Point-in time	13,795		9,748
Total revenue	$	17,707	$	12,870

Information about our revenue by geography is as follows:


	Year Ended December 31,
	2025		2024
Revenue by geography (1)
North America	$	12,068	$	7,904
Europe	2,780		2,631
Asia & Asia Pacific	2,500		2,322
South America	359		13
Total revenue	$	17,707	$	12,870

(1)Revenue by geography is based on the geographical location of the customer.

Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable


	December 31,
	2025		2024
Current	$	10,609	$	5,871
Non-current	4,000		—
Total	$	14,609	$	5,871

Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction


	Within 1 Year		Years 1-2		Years 2-3		Thereafter
Remaining performance obligations	$	28,624	$	6,654	$	8,017	$	21,833

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax assets:
Stock-based compensation	$ 2,422	$ 2,009
Expense for estimated credit losses on accounts receivable	10	1,081
Organizational costs	596	608
Net operating loss carryforwards	3,813	7,024
Other	518	341
Total deferred income tax assets	7,359	11,063
Valuation allowance	(7,359)	(11,063)	$ (9,545)
Total deferred income tax assets (liabilities), net	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Emiliano Kargieman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On October 16, 2025, Emiliano Kargieman, our Chief Executive Officer, suspended a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 2,000,000 shares of the Company’s Class A common stock.
Name	Emiliano Kargieman
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	October 16, 2025
Aggregate Available	2,000,000