Following a business update, Satellogic Inc. (NASD: SATL), a pioneer in sub-meter resolution Earth Observation (“EO”) data collecting, saw its share price rise 14.92% to $3.39 in after-hours trading on Friday.
What kind of update has SATL given?
On Thursday, Satellogic (SATL) released a business update. In the first part of 2022, Satellogic began to completely commercialize low Earth observation, which was one of the company’s most significant advances in the direction of mission realization. SATL successfully listed its common shares on the Nasdaq to the public at the start of the year, which was a significant accomplishment. The biggest business fleet of sub-meter resolution satellites in the world with the highest daily data collecting capacity is currently in orbit with 26 satellites operated by SATL.
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Every day, SATL clients use its pictures and generated data to monitor tourist attractions all around the world. With a three-year contract signed from the Republic of Albania to operate a dedicated satellite constellation, SATL’s Constellation-as-a-Service (CaaS) operation has lately acquired pace. The company’s Asset Monitoring revenue has increased at a 35% CAGR year along October.
Additionally, the corporation has created a brand-new division called Space Systems (satellite sales), which will enable SATL to offer its satellites directly to certain clients for whom satellite ownership is significant. With its quick build-to-launch cycles, SATL can send a satellite into orbit from the time a contract is signed, a first for the sector.
In order to achieve our goal of remapping the Earth, SATL anticipates continuing its fast-paced satellite construction and launch program together with strong financial and operational momentum. By the end of 2023, SATL hopes to have the potential to remap the Earth every two weeks thanks to the launch of up to 21 more satellites, bringing the total number of satellites in orbit to 26.
How will SATL evolve going forward?
Going forward Satellogic (SATL) has a strong commitment to accelerating revenue growth. SATL thinks that the business foundations will continue to solid in order to support it in achieving its long-term growth goals. This is based on the prospects that it has previously closed as well as a strong sales queue, which includes government, Defense, and Intelligence clients.