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INVESTOR PRESENTATION NASDAQ: SATL Discover | Monitor | Operate October 2026 The Infrastructure to Power Persistent Global Intelligence
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Legal Disclaimer Disclaimers and Other Important Information This presentation (this “Presentation”) was prepared solely by, and is being provided by, Satellogic Inc. (“Satellogic” or the “Company”) for informational purposes only. By reviewing or reading this Presentation, you will be deemed to have agreed to the obligations and restrictions set out below. This Presentation and any oral statements made in connection with this Presentation do not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, or the solicitation of any proxy, vote, consent or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of such jurisdiction. This Presentation does not constitute either advice or a recommendation regarding any securities. The communication of this Presentation is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. No representations or warranties, express or implied, are given in, or in respect of, this Presentation. This Presentation is subject to updating, completion, revision, verification and further amendment. Neither Satellogic nor its affiliates have authorized anyone to provide interested parties with additional or different information. No securities regulatory authority has expressed an opinion about the securities of Satellogic, and it is an offense to claim otherwise. To the fullest extent permitted by law, in no circumstances will Satellogic or any of its subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents (including the internal economic models), its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Recipients of this Presentation are not to construe its contents, or any prior or subsequent communications from or with Satellogic or its representatives as investment, legal or tax advice. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Satellogic. Recipients of this Presentation should each make their own evaluation of Satellogic and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Industry and Market Data This Presentation has been prepared solely by Satellogic and includes market data and other statistical information from third-party industry publications and sources as well as from research reports prepared for other purposes. Although Satellogic believes these third-party sources are reliable as of their respective dates, neither Satellogic nor any of its affiliates has independently verified the accuracy or completeness of this information and cannot assure you of the data’s accuracy or completeness. Some data is also based on Satellogic’s good faith estimates, which are derived from both internal sources and the third-party sources described above. None of Satellogic, its affiliates, nor their respective directors, officers, employees, members, partners, shareholders or agents make any representation or warranty with respect to the accuracy of such information. Trademarks and Intellectual Property All trademarks, service marks, and trade names of Satellogic or its affiliates used herein are trademarks, service marks, or registered trade names of Satellogic as noted herein. Any other product, company names, or logos mentioned herein are the trademarks and/or intellectual property of their respective owners, and their use is not alone intended to, and does not alone imply, a relationship with Satellogic, or an endorsement or sponsorship by or of Satellogic. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Satellogic or the applicable rights owner will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. Additional Information and Where to Find It This Presentation does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Investors and security holders will be able to obtain free copies of all relevant documents filed or that will be filed with the SEC by Satellogic through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Satellogic may be obtained by written request to Satellogic at Satellogic USA, Inc., 210 Delburg St., Davidson, NC 28036. 2
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Forward-Looking Statements & Non-GAAP Measures Forward-Looking Statements Legend This Presentation contains “forward-looking statements” within the meaning of the U.S. federal securities laws. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on Satellogic’s current expectations and beliefs concerning future developments and their potential effects on Satellogic. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this Presentation. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Satellogic. Many factors could cause actual future events to differ materially from the forward-looking statements in this Presentation, including but not limited to: (i) our ability to generate revenue as expected, including due to challenges created by macroeconomic concerns, geopolitical uncertainty (e.g., trade relationships), financial market fluctuations and related factors, (ii) our ability to effectively market and sell our EO services and to convert our pipeline of potential contracts into actual revenues, (iii) market acceptance of our Persistent Global Intellignece (PGI) services and our dependence upon our ability to keep pace with the latest technological advances, including those related to artificial intelligence and machine learning, (iv) risks related to the secured convertible notes, (v) the potential loss of one or more of our largest customers, (vi) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vii) risks and uncertainties associated with defense-related contracts, (viii) risks related to our pricing structure, (ix) our ability to scale production of our satellites as planned, (x) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (xi) our dependence on third parties, including SpaceX, to transport and launch our satellites into space, (xii) our reliance on third-party vendors and manufacturers to build and provide certain satellite components, products, or services and the inability of these vendors and manufacturers to meet our needs, (xiii) our dependence on ground station and cloud-based computing infrastructure operated by third parties for value-added services, and any errors, disruption, performance problems, or failure in their or our operational infrastructure, (xiv) risks related to certain minimum service requirements in our customer contracts, (xv) our ability to identify suitable acquisition candidates or consummate acquisitions on acceptable terms, or our ability to successfully integrate acquisitions, (xvi) competition for EO services, (xvii) risks related to changes in tax laws and regulations, including the “One Big Beautiful Bill Act,” (xviii) risks related to changes in trade policy and the related impact on macroeconomic conditions, including further expansions of U.S. export controls and tariffs, as well as related retaliatory actions, (xix) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xx) unknown defects or errors in our products, (xxi) risks related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xxii) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xxiii) the failure of the market for EO services to achieve the growth potential we expect, (xxiv) risks related to our satellites and related equipment becoming impaired, (xxv) risks related to the failure of our satellites to operate as intended, (xxvi) production and launch delays, launch failures, and damage or destruction to our satellites during launch, (xxvii) the impact of natural disasters, unusual or prolonged unfavorable weather conditions, epidemic outbreaks, terrorist acts and geopolitical events (including the new conflicts in Iran and the Middle East) on our business and satellite launch schedules, (xxviii) risks related to our ability to protect our intellectual property critical to the design and function of our satellites and our EO services, and (xxix) the anticipated benefits of our domestication may not materialize. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Satellogic’s Annual Report on Form 10-K and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations. Non-GAAP Financial Measures This Presentation includes certain non-GAAP financial measures, including Non-GAAP EBITDA, and Non-GAAP Adjusted EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. We define Non-GAAP EBITDA as net loss excluding interest income, net, income taxes, depreciation and amortization, Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA further adjusted for other (expense) income, net, changes in the fair value of financial instruments, and stock-based compensation, and Non-GAAP Adjusted Operating Cash Flow as net cash used in operating activities adjusted for proceeds from the sale of in-orbit satellites. As of January 1, 2026, we updated our methodology to exclude interest income from EBITDA and Adjusted EBITDA to align our reporting with industry peers; the prior period has been recast using the updated methodology. We use these non-GAAP measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons, and we believe they provide analysts, investors and management with helpful information regarding the underlying operating performance and cash generation of our business by removing the impact of items we believe are not reflective of that performance. There are limitations to the use of non-GAAP financial measures, and other companies may define these terms differently, so comparisons may not be accurate. A reconciliation of Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, and Non-GAAP Adjusted Operating Cash Flow to the most directly comparable GAAP measures (net loss and net cash used in operating activities) is included in this Presentation. The Company defines “Backlog” as its Remaining Performance Obligations (RPO) as defined under US GAAP (ASC 606). 3
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4 Management team presenters DUSTIN GREER Interim CFO & SVP Corporate Controller DR. CAITLIN KONTGIS Chief of Staff 4
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Building the infrastructure to power persistent global intelligence U.S.-Domiciled HQ in Charlotte, NC NASDAQ: SATL Publicly traded Building Financial Momentum ● 259% year over year revenue growth for Q2 ● Positive adjusted EBITDA, Q2 ‘26 ● $112.8M cash on the balance sheet at Q2 ‘26 200 Years Combined flight heritage The first vertically-integrated Earth Observation satellite company delivering sub-meter resolution at planetary scale. EMILIANO KARGIEMAN CEO & Founder VADM FRANK D. WHITWORTH III (RET.) President STEVEN T. MNUCHIN Founder & Managing Partner, Liberty Strategic Capital GEN. JOSEPH F. DUNFORD JR. (RET.) CEO, CSIS (Board Chairman) (Board member) 5
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How we go to market DIMENSIONS LANDSCAPE DEMAND MARKET DATA & ANALYTICS SPACE SYSTEMS Combining resolution, revisit, and continuous capture at global scale. Vertically integrated, sovereign-trusted design: bus, payload, operations, and training. NATO allies committed to 5% GDP defense spending by ‘35, expanding ISR/space investment. 50+ sovereigns now fund dedicated military space budgets. Persistent Global Intelligence: on-demand monitoring of any point on Earth. Government + commercial space operators have tripled since 2018. Positioned for the persistent-monitoring transition: commercial-grade economics, sovereign-grade optionality. 6 Source: Euroconsult/Novaspace market reports; SpaceNews (Oct 2024); NATO public communiqués; management internal analyses and estimates. Defense & Intel | Civ & Gov | Agriculture | Forestry | Energy & Mining | Maritime
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The infrastructure behind persistent intelligence 7 OPERATIONAL MONITORING NewSat Mark V & VI | 50 cm GSD Operational Persistent Monitoring at Scale. Continuous awareness across thousands of sites, assets, and areas of interest. GLOBAL AWARENESS Merlin | 1 m class First Launch October 1, 2026 See Everything, Every Day. Daily global remapping creates a persistent baseline for change detection, anomaly cueing, and early warning. PRECISION COLLECTION NextGen | 30 cm class In Development Confirm. Characterize. Act. Ultra-high-resolution collection to verify activity, characterize change, and support decision-making.
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Marketing positioning: Key points of differentiation Radical Cost Leadership Vertical integration + patented optics. Structurally lower cost/image at greater capacity than legacy providers. Best In Class Technology Stack Full-stack, mission- optimized constellation. Broad-area discovery to high-confidence verification. AI-Accelerated, On the Ground & In Orbit Onboard AI collapses the ground loop. Billions of pixels to immediate signal, hours to seconds. Sovereign Solutions Dedicated capacity for allied governments. Rapid deployment and sovereign- controlled operations. Source: Management internal analyses and estimates. 8
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Evolving customer engagement A land-and-expand path: from on-demand imagery to a fully sovereign space capability. ENTRY POINT Imagery Access On-demand collection, flexible access, immediate value EXPANSION Persistent Monitoring Subscription monitoring, dedicated capacity, recurring intelligence STRATEGIC PARTNERSHIP Sovereign Intelligence Dedicated satellites, full control, long-term technological independence. 9
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LEGACY EARTH OBSERVATION REQUEST "Get me an image of X." OUTPUT Fragmented snapshots LEGACY TAM Small-area, prescribed tasking. Imagery as a deliverable. PERSISTENT GLOBAL INTELLIGENCE REQUIREMENT "Identify & monitor X continuously." OUTPUT Uninterrupted signal streams PGI TAM Global, persistent monitoring. Intelligence as an always-on feed. 10 The market is transitioning rapidly based on demand Satellogic provides the foundation for persistent intelligence operations: scalable, secure, reliable, and able to evolve as the market moves.
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Merlin: Newest constellation now in orbit Merlin.01 fully integrated in the Satellogic cleanroom, July 2026 FLIGHT HARDWARE Merlin fully integrated in our facility on our flight-proven NewSat manufacturing line. 18 MONTHS: FROM CONCEPT TO ORBIT For defense and intelligence markets, speed-to-orbit & predictability matter. LAUNCHED SUCCESSFULLY Merlin.01 launched Oct. 1, initiating deployment of our global detection layer for monitoring entire regions. 11
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Powerful momentum Why Now 50+ sovereigns now fund dedicated military space budgets. Sales cycles compressed from years to months — NATO allies committed to 5% GDP defense by 2035. Vertically integrated, flight-proven sub-meter platform at commercial scale. Aleph Observer delivers sub-meter EO at scale today; Merlin extends the advantage. GAAP net loss $(20.0)M — includes $(19.7)M non-cash change in fair value of financial instruments. Source: Q2 2026 10-Q; company press releases; SpaceNews (Oct 2024); NATO Hague Summit Declaration (Jun 2025). See appendix for G AAP reconciliation. *Gross margin excl. depreciation. Commercial momentum building — first positive quarter, growing pipeline. 1. Sovereign & Defense Wins Accelerating • Portugal CEiiA: first of two satellites delivered ($18M program) • May 2026: >$18M international defense agreement — one-year persistent EO with full-scale path • Apr 2026: Secured $12M in-orbit NewSat contract and full transfer of ownership to a sovereign defense customer 2. Product & Platform Inflection • SynMax & SpaceKnow strategic agreements — AI-powered geospatial products on the PGI platform • Merlin: Launched October 2026; H2 2027 full ops — fully funded • Operating one of the largest high-resolution commercial constellations — delivering high- resolution, high-revisit and continuous coverage for Persistent Global Intelligence 3. Financial Inflection • Q2 revenue +259% YoY to $15.9M; H1 revenue +181% to $22.0M • Positive operating income, $0.3M and Adj. EBITDA, $2.8M — first in company history • $112.8M cash; $80.7M RPO; 82% gross margin* • $12M convertible notes converted — principal reduced from $30M to $18M 4. Strategic & Institutional Validation • LTG (Ret.) Michael E. Williamson joined the board as independent director (Jun 2026) • VADM (Ret.) Trey Whitworth joined the company as President (Sept 2026) • Four senior sales leaders added — Matt Clark, Brett Davis, Jonathan Lee, and Jamil Kawar 12
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Financial performance: Q2 2026 +259% REVENUE YoY GROWTH Q2 Total $15.9M $0.3M OPERATING INCOME first positive quarter +$6.6M YoY $2.8M ADJ. EBITDA first positive quarter +$6.7M YoY $112.8M CASH & EQUIVALENTS vs. $94.4M at YE 2025 $80.7M REMAINING PERF. OBLIGATIONS (RPO) as of Q2 2026 82% GROSS MARGIN Q2 2026 – (excludes depreciation) 13 GAAP net loss $(20.0)M — includes $(19.7)M non-cash change in fair value of financial instruments. Source: Q2 2026 10-Q; Q2 2026 Earnings Presentation; FY2025 10-K. See appendix for reconciliation of non-GAAP measures to US GAAP. REVENUE BY BUSINESS LINE Data & Analytics $7.1M · 45% Space Systems $8.8M · 55% REVENUE BY GEOGRAPHY Europe $9.2M · 58% MENA $3.6M · 22% Americas $2.3M · 14% APAC $0.9M · 6% RPO RECOGNITION PROFILE: $80.7M Less than 1 year $45.8M Years 1–2 $9.3M Years 2–3 $7.2M Thereafter $18.4M
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1 3 4 5 Best in Class Technology and Economics: Vertical integration enables speed to launch and unmatched unit economics position Satellogic to lead the industry toward persistent global intelligence - moving from transactional imagery to always-on monitoring. Fully Funded to Global Awareness: Our new Merlin constellation is fully funded and Merlin.01 is in orbit. Merlin takes our work from known-site monitoring to whole-world, continuous awareness. Two Business Lines to Capture Market Opportunity: Full breadth of product and services enable Satellogic to capture evolving customer demand. From small-scale data and analytics to sovereign satellite constellations, Satellogic is poised to capture market demand across the customer journey. Vertical Integration is our Moat: In-house design, manufacturing, and constellation management make persistent, theater-scale coverage economically accessible for our customers. Strong Operational and Financial Momentum: Q2 year over year revenue growth of 259%, first positive Adjusted EBITDA quarter of $2.8M, and solid cash position of $112.8M at end of June 2026. 2 Source: Q2 2026 10-Q; Q2 2026 Earnings Release; company press releases; sell-side research; management internal analyses. 14 Key takeaways
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INVESTOR RELATIONS Satellogic Inc. ir@satellogic.com MEDIA RELATIONS Satellogic Inc. pr@satellogic.com www.satellogic.com 15 NASDAQ: SATL IR AGENCY MZ Group, Chris Tyson / Larry Holub SATL@mzgroup.us | (949) 491-8235
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Appendix Analyst Coverage, leadership and governance, product portfolio, and non-GAAP reconciliation Doraleh Port, Djibouti PLA Overseas Support Base and Adjacent Port Infrastructure 16
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NASDAQ: SATL Satellogic Inc. FINANCIAL SNAPSHOT | AS OF JUNE 30, 2026 (Q2 CLOSE) Share Price (52-Wk) $1.26 – $12.00 Market Cap (52-Wk) $0.18B – $1.72B Avg. Daily Volume (90 day avg.) 10.5M shares Shares Outstanding 153.71M (Class A + B) 2Q 2026 Revenue $15.9M (+259% YoY) 2Q 2026 Adj. EBITDA $2.8M (first positive qtr) 2Q 2026 Gross Margin 82% Cash & Equivalents $112.8M Non-Cancellable RPO $80.7M as of Q2 2026 Source: Q2 2026 10-Q; FY2025 10-K; market data as of June 30, 2026. Consensus rating and average price target compiled by Satellogic from published sell-side research as of August 13, 2026. Satellogic does not endorse or adopt any analyst’s estimates, projections or price targets. ANALYST COVERAGE & CAPITAL MARKETS Exchange: NASDAQ | Ticker: SATL | IR Contact: MZ Group, Chris Tyson / Larry Holub | SATL@mzgroup.us | (949) 491 -8235 CONSENSUS RATING 5 of 5 Sell-Side Firms AVG PRICE TARGET (as of August 13, 2026) $10.20 Range $9.00 – $11.00 5 SELL-SIDE FIRMS COVERING SATL 17 INDEPENDENT RESEARCH FIRM Quilty Space Cantor Fitzgerald Craig-Hallum Northland Capital Markets Roth Capital Partners Freedom Capital BUY
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Executive leadership team EMILIANO KARGIEMAN CEO & Founder CAITLIN KONTGIS Chief of Staff DUSTIN GREER Interim CFO & SVP, Corporate Controller JEFFREY KERRIDGE SVP of Global Sales RYAN DRIVER SVP, Strategy & Corporate Development ALAN KHARSANSKY CTO GERARDO RICHARTE Chief Architect & Founder LORRI KOHLER SVP, Operations GONZALO CASTILLO VP of Product & Customer Success NOAH BENZ SVP, General Counsel 18 VADM FRANK D. “TREY” WHITWORTH, USN (RET.) President
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STEVEN T. MNUCHIN Founder and Managing Partner, Liberty Strategic Capital MIGUEL GUTIÉRREZ Founder, The Rohatyn Group TOM KILLALEA Former President, Aoinle KELLY KENNEDY Chief Financial Officer, Willow Innovations TED WANG Partner, Cowboy Ventures EMILIANO KARGIEMAN CEO & Board Director, Satellogic GEN. JOSEPH F. DUNFORD JR. (RET.) President & CEO, Center for Strategic and International Studies Board of directors LTG MICHAEL E. WILLIAMSON (RET.) Global Strategic Advisor, Lockheed Martin 19
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From Reactive Tasking to Persistent Intelligence WHAT WE DELIVER ON-DEMAND TASKING High-resolution multispectral tasking with global coverage and industry-leading capacity. 50cm SR | 4-band R,G,B,NIR | Up to 7 daily revisits | From $8/km² ALEPH OBSERVER: PERSISTENT MONITORING Always-on intelligence across hundreds or thousands of sites. Shifts operations from reactive tasking to comprehensive visibility. No tasking queues, no reprioritization, no gaps. Daily revisit | Embedded AI | Subscription model | Theater-scale coverage MULTISPECTRAL + SUPER RESOLUTION True multispectral imagery at native resolution on all bands No pan-sharpening quality degradation. Post-processed to 50cm. GO-TO-MARKET Direct to customer (Aleph Observer subscriptions) and strategic distribution agreements (Vantor, Suhora). STRATEGIC PARTNERS & KEY CUSTOMERS NGA NASA Allied Govts Palantir Vantor70cm native GSD | 50cm SR post-processing | 6.7km swath | CE90 10m CAPABILITY LEGACY SATELLOGIC Cost per scene / km² Costly ✓ Industry-leading Daily Capacity Constrained ✓ Order-of-magnitude advantage Persistent Monitoring Limited / None ✓ Theater-scale coverage Pan-sharpening Required ✓ Not needed, native multispectral Data & analytics WHY WE WIN Source: Company public pricing disclosures; company press releases; management internal analyses and estimates. 20
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Space systems Capital Efficient, Proven, High-Quality Earth Observation Satellite Missions Fastest purchase-to-orbit for sub-meter optical satellites THE OFFER DELIVERY Flexible, including in-orbit transfer RESOLUTIONS 30cm, 50cm, 70cm, 1m INCLUDES Launch, mission operations, training, transfer EXPORT STATUS Non-ITAR by design, simplified export for allied nations CUSTOMIZATION Additional payload bay; in-country AIT facility support GROUND SEGMENT Customer-selected stations, cloud/on-prem data processing PROVEN GLOBAL FOOTPRINT United States Navy Slingshot Program Europe Portugal: CEiiA ($18M) | Albania extension Asia-Pacific India (TATA/Suhora) | Malaysia (Uzma) | Taiwan (TASA) Australia HEO Partnership: first sovereign sub-meter EO Deployment and Operational Track Record: 60+ Satellites Launched | 10+ Years In-Orbit Heritage Source: Company press releases; management internal analyses and estimates. Sovereign Defense Undisclosed sovereign customer: $12M in-orbit NewSat (Apr 2026) 21
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Reconciliation of Non-GAAP Measures: Adjusted EBITDA to US GAAP (1) Other expense (income), net includes foreign exchange gain or loss and other non -operating income and expenses not considere d indicative of our ongoing operational performance. (2) As of January 1, 2026, the Company updated its methodology to exclude interest income from EBITDA and Adjusted EBITDA; th e prior period has been recast. (in thousands of U.S. dollars) Q2 2026 Q2 2025 Net loss available to stockholders $(20,049) $(6,652) Interest income, net (2) (1,003) (285) Income tax (benefit) expense 1,939 (40) Depreciation 1,145 1,848 Non-GAAP EBITDA $(17,968) $(5,129) Change in fair value of financial instruments 19,679 312 Other expense (income), net (1) (300) 380 Stock-based compensation 1,433 576 Non-GAAP Adjusted EBITDA $2,844 $(3,861) 22