Updated
The most significant concentration Satellogic discloses is customers each accounting for more than 10% of revenue, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Satellogic’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'In 2025, we had three customers that each accounted for more than 10% of our total revenue and in 2024, we had two customers that accounted for 10% of our total revenue.'”
“10-K Item 1A: 'Currently there are only a few companies that offer launch services, including SpaceX, with whom we have entered into the SpaceX Agreement.'”
Satellogic's disclosed concentration risk is split between customer and supplier exposure, both counterparty-dependent rather than structural. On the customer side, three customers each accounted for more than 10% of total revenue in 2025, up from two customers in 2024 — an increasing reliance on a small number of large contracts that could produce meaningful revenue swings if any one relationship is lost or delayed. On the supply side, the company depends on SpaceX for launch services under the SpaceX Agreement, noting that only a few companies currently offer launch services at all. This pairing is significant: a satellite operator with concentrated revenue and a single practical launch partner faces two independent points of failure that could each disrupt operations or growth timelines. Neither exposure is described as macro or diversified — both are dependency-type risks tied to specific counterparties rather than diffuse structural factors like geography or product mix. Together they suggest that near-term execution risk is more counterparty-driven than market-driven: the loss of a top customer or a disruption at SpaceX would have an outsized, idiosyncratic impact relative to a business with a broader customer base or multiple launch providers.
For the engine’s reasoning on SATL’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AVAV | AeroVironment, Inc. | 2 | 1 | 1 | 4 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| SATL● | Satellogic Inc. | 0 | 2 | 0 | 2 |
| AIR | AAR Corp. | 0 | 0 | 1 | 1 |
| ATRO | Astronics Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.