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Satellogic shares rose 20% to $4.68 in premarket trading Wednesday after the company reported higher third-quarter earnings and revenue. The results also beat analyst expectations, with earnings per share coming in above forecasts that called for a loss.
The satellite company reported earnings of $28.3 million for the third quarter, compared with $4.07 million a year earlier. Earnings were 14 cents a share, topping FactSet’s analyst consensus for a loss of 2 cents.
Revenue more than quadrupled to $16 million, above Wall Street estimates of $12.4 million. Service revenue more than doubled to $7.61 million, while product revenue rose from zero to $8.43 million.
Chief Executive Emiliano Kargieman said the results showed progress in scaling the business and turning commercial activity into revenue. Through Tuesday’s close, Satellogic shares had nearly doubled year to date.
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