{"id":5363,"date":"2026-03-22T14:38:50","date_gmt":"2026-03-22T14:38:50","guid":{"rendered":"https:\/\/routiner7.com\/mil\/?p=5363"},"modified":"2026-04-07T23:52:17","modified_gmt":"2026-04-07T14:52:17","slug":"satellogic-2","status":"publish","type":"post","link":"https:\/\/routiner7.com\/mil\/satellogic-2\/","title":{"rendered":"\uc138\ud2c0\ub85c\uc9c1(SATL) \uc8fc\uac00 \ubd84\uc11d : FY-2025 \uc2e4\uc801 \ubc18\uc601"},"content":{"rendered":"<link rel=\"preconnect\" href=\"https:\/\/fonts.googleapis.com\">\n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Noto+Serif+KR:wght@400;700&#038;family=Noto+Sans+KR:wght@300;400;500;600&#038;family=DM+Serif+Display:ital@0;1&#038;family=Space+Mono:wght@400;700&#038;display=swap\" rel=\"stylesheet\">\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"Article\",\"headline\":\"\uc138\ud2c0\ub85c\uc9c1(SATL) FY2025 \uc2e4\uc801 \ubd84\uc11d \u2014 \ub9e4\ucd9c 38% \uc131\uc7a5\ud588\ub294\ub370, \uc9c4\uc9dc \ubcc0\ud55c \uac74 \uc22b\uc790\uac00 \uc544\ub2c8\ub2e4\",\"datePublished\":\"2026-03-22\",\"dateModified\":\"2026-03-22\",\"author\":{\"@type\":\"Person\",\"name\":\"\ud22c\uc790 \uc778\uc0ac\uc774\ud2b8 \ub7a9\"},\"publisher\":{\"@type\":\"Organization\",\"name\":\"\ud22c\uc790 \uc778\uc0ac\uc774\ud2b8 \ub7a9\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"__WPURL__\/wp-content\/uploads\/logo.png\"}},\"image\":{\"@type\":\"ImageObject\",\"url\":\"__WPURL__\/wp-content\/uploads\/satl-og.jpg\",\"width\":1200,\"height\":630},\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"__WPURL__\/satl-fy2025\/\"},\"about\":{\"@type\":\"Corporation\",\"name\":\"Satellogic Inc.\",\"tickerSymbol\":\"SATL\",\"exchange\":\"NASDAQ\"}}<\/script><br \/>\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"\uc138\ud2c0\ub85c\uc9c1(SATL) \ud604\uc7ac \uc8fc\uac00\ub294?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"2026\ub144 3\uc6d4 22\uc77c \uae30\uc900 SATL \uc8fc\uac00\ub294 \uc57d $3.28(\uc804\uc77c \uc885\uac00)\uc774\uba70, \uc2e4\uc801 \ubc1c\ud45c\uc77c +10.81% \uae09\ub4f1\ud588\uc2b5\ub2c8\ub2e4. \uc2dc\uac00\ucd1d\uc561\uc740 \uc57d $4.4\uc5b5\uc785\ub2c8\ub2e4.\"}},{\"@type\":\"Question\",\"name\":\"\uc138\ud2c0\ub85c\uc9c1 \uc8fc\uc694 \uc0ac\uc5c5\uc740?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"\uc138\ud2c0\ub85c\uc9c1\uc740 \uc9c0\uad6c\uad00\uce21(EO) \uc704\uc131\uc744 \uc124\uacc4\u00b7\uc81c\uc870\u00b7\uc6b4\uc601\ud558\ub294 \uc218\uc9c1\ud1b5\ud569\ud615 \uc6b0\uc8fc\uae30\uc5c5\uc785\ub2c8\ub2e4. \ub370\uc774\ud130&\uc560\ub110\ub9ac\ud2f1\uc2a4(90%), \uc704\uc131\uc2dc\uc2a4\ud15c \ud310\ub9e4, Constellation-as-a-Service \uc138 \ubd80\ubb38\uc73c\ub85c \uad6c\uc131\ub429\ub2c8\ub2e4.\"}},{\"@type\":\"Question\",\"name\":\"\uc138\ud2c0\ub85c\uc9c1 \ubaa9\ud45c\uc8fc\uac00\ub294?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Cantor Fitzgerald $7.00(\uc624\ubc84\uc6e8\uc774\ud2b8), Northland $5.50(\uc544\uc6c3\ud37c\ud3fc), Craig-Hallum $5.00(\ub9e4\uc218), Freedom Capital $4.50(\ub9e4\uc218). \ucee8\uc13c\uc11c\uc2a4 \ud3c9\uade0 \uc57d $5.50\uc785\ub2c8\ub2e4.\"}}]}<\/script><\/p>\n<div id=\"stock-wrap\" style=\"max-width:1100px;margin:0 auto;background:transparent;color:#1A1917;line-height:1.8;font-size:15px;font-family:'Noto Sans KR',sans-serif;\">\n<p style=\"font-family:'Noto Serif KR',serif;font-size:19px;color:#1A1917;font-weight:400;line-height:1.6;margin:0 0 20px 0;\">\ub9e4\ucd9c $1,770\ub9cc, \uc21c\uc190\uc2e4 96% \ucd95\uc18c, \ud604\uae08 $9,440\ub9cc \u2014 \uc22b\uc790\ub9cc \ubcf4\uba74 \uc644\ubcbd\ud55c\ub370, \uc8fc\uac00\ub294 \uc65c?<\/p>\n<div style=\"width:100%;overflow:hidden;\">\n<div class=\"si-main\" style=\"float:left;width:calc(100% - 322px);min-width:0;box-sizing:border-box;padding-right:32px;\">\n<p><!-- \ubaa9\ucc28 --><\/p>\n<nav style=\"background:rgba(0,0,0,0.03);border:1px solid #E0DED5;border-radius:6px;padding:18px 22px;margin-bottom:48px;\" aria-label=\"\ubaa9\ucc28\">\n<span style=\"font-family:'Space Mono',monospace;font-size:13.5px;letter-spacing:0.2em;text-transform:uppercase;color:#9E9B94;margin-bottom:12px;display:block;\">\ubaa9\ucc28<\/span><\/p>\n<ol style=\"list-style:none;padding:0;margin:0;\">\n<li style=\"display:flex;gap:9px;padding:5px 0;font-size:13.5px;color:#1A1917;align-items:baseline;\"><span style=\"font-family:'Space Mono',monospace;font-size:13.5px;color:#9E9B94;flex-shrink:0;min-width:20px;\">01<\/span><a href=\"#s-reality\" style=\"color:#1A1917;text-decoration:none;\">\uc2e4\uc801 \ubc1c\ud45c \uc804 \ub0b4\uac00 \uc37c\ub358 \uc804\ub9dd, \ub9de\uc558\ub098?<\/a><\/li>\n<li style=\"display:flex;gap:9px;padding:5px 0;font-size:13.5px;color:#1A1917;align-items:baseline;\"><span style=\"font-family:'Space Mono',monospace;font-size:13.5px;color:#9E9B94;flex-shrink:0;min-width:20px;\">02<\/span><a href=\"#s-numbers\" style=\"color:#1A1917;text-decoration:none;\">FY2025 \uc22b\uc790 \ud574\ubd80 \u2014 Q4\uac00 \ub9d0\ud574\uc8fc\ub294 \uac83<\/a><\/li>\n<li style=\"display:flex;gap:9px;padding:5px 0;font-size:13.5px;color:#1A1917;align-items:baseline;\"><span style=\"font-family:'Space Mono',monospace;font-size:13.5px;color:#9E9B94;flex-shrink:0;min-width:20px;\">03<\/span><a href=\"#s-merlin\" style=\"color:#1A1917;text-decoration:none;\">\uba40\ub9b0(Merlin) \u2014 &#8216;\uc774\ubbf8\uc9c0 \ud314\uae30&#8217;\uc5d0\uc11c &#8216;\uc815\ubcf4 \ud314\uae30&#8217;\ub85c<\/a><\/li>\n<li style=\"display:flex;gap:9px;padding:5px 0;font-size:13.5px;color:#1A1917;align-items:baseline;\"><span style=\"font-family:'Space Mono',monospace;font-size:13.5px;color:#9E9B94;flex-shrink:0;min-width:20px;\">04<\/span><a href=\"#s-risk\" style=\"color:#1A1917;text-decoration:none;\">$200M \uc178\ud504\uc640 \ud76c\uc11d \u2014 \uc9c4\uc9dc \ub9ac\uc2a4\ud06c \uc21c\uc704<\/a><\/li>\n<li style=\"display:flex;gap:9px;padding:5px 0;font-size:13.5px;color:#1A1917;align-items:baseline;\"><span style=\"font-family:'Space Mono',monospace;font-size:13.5px;color:#9E9B94;flex-shrink:0;min-width:20px;\">05<\/span><a href=\"#s-expert\" style=\"color:#1A1917;text-decoration:none;\">\uc6d4\uac00\ub294 \ubb50\ub77c\uace0 \ud558\ub098<\/a><\/li>\n<li style=\"display:flex;gap:9px;padding:5px 0;font-size:13.5px;color:#1A1917;align-items:baseline;\"><span style=\"font-family:'Space Mono',monospace;font-size:13.5px;color:#9E9B94;flex-shrink:0;min-width:20px;\">06<\/span><a href=\"#s-conclusion\" style=\"color:#1A1917;text-decoration:none;\">\uacb0\ub860<\/a><\/li>\n<\/ol>\n<\/nav>\n<p><!-- \uc139\uc158 01 --><\/p>\n<div id=\"s-reality\" style=\"margin-bottom:56px;\">\n<div style=\"display:flex;align-items:center;gap:14px;margin-bottom:16px;\">\n<div style=\"width:48px;height:48px;border-radius:50%;background:#1C4532;display:flex;align-items:center;justify-content:center;flex-shrink:0;\"><span style=\"font-family:'Space Mono',monospace;font-size:18px;font-weight:700;color:#FFFFFF;line-height:1;\">01<\/span><\/div>\n<p><span style=\"font-family:'DM Serif Display',serif;font-size:22px;font-weight:400;letter-spacing:0.02em;color:#3C3A35;\">\uc2e4\uc801 \ubc1c\ud45c \uc804 \ub0b4\uac00 \uc37c\ub358 \uc804\ub9dd, \ub9de\uc558\ub098?<\/span>\n<\/div>\n<h2 style=\"font-family:'DM Serif Display',serif;font-size:30px;font-weight:400;line-height:1.2;color:#1A1917;margin:0 0 22px 0;letter-spacing:-0.01em;\">\uae30\uc220\ub825 1\ub4f1, \ube44\uc988\ub2c8\uc2a4 3\ub4f1\uc774\ub77c \ud588\ub2e4. <span style=\"color:#1C4532;\">\ubc18\uc740 \ub9de\uace0 \ubc18\uc740 \ud2c0\ub838\ub2e4<\/span><\/h2>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">3\uc77c \uc804 \uc2e4\uc801 \ubc1c\ud45c \uc9c1\uc804\uc5d0 \uc4f4 \uae00\uc5d0\uc11c \ub098\ub294 \uc138\ud2c0\ub85c\uc9c1\uc744 &#8220;\uae30\uc220\ub825\uc740 1\ub4f1, \ube44\uc988\ub2c8\uc2a4\ub294 \uc544\uc9c1 3\ub4f1&#8221;\uc774\ub77c\uace0 \uaddc\uc815\ud588\ub2e4. \ud575\uc2ec \uadfc\uac70\ub294 \uc138 \uac00\uc9c0\uc600\ub2e4. \ub9e4\ucd9c \uaddc\ubaa8\uac00 \uacbd\uc7c1\uc0ac \ub300\ube44 \ub108\ubb34 \uc791\uace0, \uace0\uac1d \uac31\uc2e0\uc728\uc774 \ubd88\ud22c\uba85\ud558\uba70, NextGen(\ud604\uc7ac \uba40\ub9b0\uc73c\ub85c \ub9ac\ube0c\ub79c\ub529) \uc704\uc131\uc774 \ub098\uc624\uae30 \uc804\uae4c\uc9c4 \uc218\uc775\ud654 \uacbd\ub85c\uac00 \ubcf4\uc774\uc9c0 \uc54a\ub294\ub2e4\ub294 \uac83.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">3\uc6d4 19\uc77c \ubc1c\ud45c\ub41c FY2025 10-K\ub97c \uc5f4\uc5b4\ubd24\ub2e4. \uc194\uc9c1\ud788, \uc608\uc0c1\ubcf4\ub2e4 \ub9ce\uc774 \uc88b\uc558\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc5f0\uac04 \ub9e4\ucd9c $1,770\ub9cc(+38% YoY)\uc740 \ub0b4 \uc608\uc0c1 \ubc94\uc704 \uc548\uc774\uc5c8\uc9c0\ub9cc, Q4 \ub2e8\ub3c5 \ub9e4\ucd9c $620\ub9cc\uc774 \uc804\ub144 \ub3d9\uae30 \ub300\ube44 94% \uc131\uc7a5\ud55c \uac74 \uc608\uc0c1 \ubc16\uc774\ub2e4. \ucee8\uc13c\uc11c\uc2a4 $383\ub9cc\uc744 63% \ucd08\uacfc \ub2ec\uc131\ud55c \uc148\uc774\uac70\ub4e0. \uc21c\uc190\uc2e4\uc774 $1.16\uc5b5\uc5d0\uc11c $480\ub9cc\uc73c\ub85c 96% \uc904\uc5b4\ub4e0 \uac83\ub3c4 \uc778\uc0c1\uc801\uc774\ub2e4. \ubb3c\ub860 \uacf5\uc815\uac00\uce58 \ubcc0\ub3d9 \uac19\uc740 \ube44\ud604\uae08 \ud56d\ubaa9\uc774 \uc0c1\ub2f9 \ubd80\ubd84\uc774\uc9c0\ub9cc, \uc601\uc5c5 \ub808\ubca8\uc5d0\uc11c\ub3c4 \uc801\uc790\uac00 41% \uc904\uc5c8\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uadf8\ub798\uc11c &#8220;\ube44\uc988\ub2c8\uc2a4 3\ub4f1&#8221; \ud3c9\uac00\ub97c \uc218\uc815\ud55c\ub2e4. 2\ub4f1 \uc815\ub3c4\ub294 \uc904 \uc218 \uc788\ub2e4. \ub2e8, \uc544\uc9c1 1\ub4f1\uc740 \uc544\ub2cc \uc774\uc720\uac00 \uc788\ub294\ub370 \uadf8\uac74 \ub4a4\uc5d0\uc11c \uc598\uae30\ud558\uaca0\ub2e4.<\/p>\n<\/div>\n<p><!-- \uc139\uc158 02 --><\/p>\n<div id=\"s-numbers\" style=\"margin-bottom:56px;\">\n<div style=\"display:flex;align-items:center;gap:14px;margin-bottom:16px;\">\n<div style=\"width:48px;height:48px;border-radius:50%;background:#1C4532;display:flex;align-items:center;justify-content:center;flex-shrink:0;\"><span style=\"font-family:'Space Mono',monospace;font-size:18px;font-weight:700;color:#FFFFFF;line-height:1;\">02<\/span><\/div>\n<p><span style=\"font-family:'DM Serif Display',serif;font-size:22px;font-weight:400;letter-spacing:0.02em;color:#3C3A35;\">FY2025 \uc22b\uc790 \ud574\ubd80 \u2014 Q4\uac00 \ub9d0\ud574\uc8fc\ub294 \uac83<\/span>\n<\/div>\n<h2 style=\"font-family:'DM Serif Display',serif;font-size:30px;font-weight:400;line-height:1.2;color:#1A1917;margin:0 0 22px 0;letter-spacing:-0.01em;\">\ub9e4\ucd9c 38%\ubcf4\ub2e4 \uc911\uc694\ud55c \uac74 <span style=\"color:#1C4532;\">\ube44\uc6a9 25% \uac10\uc18c\ub2e4<\/span><\/h2>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc22b\uc790\ub97c \uc880 \uc815\ub9ac\ud574\ubcf4\uc790.<\/p>\n<div class=\"si-table\" style=\"width:100%;margin:0 0 20px 0;border:1px solid #E0DED5;border-radius:4px;overflow:hidden;\">\n<div class=\"si-dhead\" style=\"display:flex;background:#F0EFE9;border-bottom:2px solid #1A1917;\">\n<div style=\"flex:2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:13.5px;font-weight:700;color:#1A1917;\">\ud56d\ubaa9<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:13.5px;font-weight:700;color:#1A1917;text-align:right;\">FY2024<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:13.5px;font-weight:700;color:#1A1917;text-align:right;\">FY2025<\/div>\n<div style=\"flex:1;padding:10px 12px;font-family:'Space Mono',monospace;font-size:13.5px;font-weight:700;color:#1A1917;text-align:right;\">YoY<\/div>\n<\/div>\n<div class=\"si-drow\" style=\"display:flex;border-bottom:1px solid #E0DED5;background:#FFFFFF;\">\n<div style=\"flex:2;padding:10px 12px;font-size:14px;color:#1A1917;\">\uc5f0\uac04 \ub9e4\ucd9c<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">$12.9M<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">$17.7M<\/div>\n<div style=\"flex:1;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#166534;text-align:right;font-weight:700;\">+38%<\/div>\n<\/div>\n<div class=\"si-drow\" style=\"display:flex;border-bottom:1px solid #E0DED5;background:#FAFAF8;\">\n<div style=\"flex:2;padding:10px 12px;font-size:14px;color:#1A1917;\">Q4 \ub9e4\ucd9c<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">$3.2M<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">$6.2M<\/div>\n<div style=\"flex:1;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#166534;text-align:right;font-weight:700;\">+94%<\/div>\n<\/div>\n<div class=\"si-drow\" style=\"display:flex;border-bottom:1px solid #E0DED5;background:#FFFFFF;\">\n<div style=\"flex:2;padding:10px 12px;font-size:14px;color:#1A1917;\">\ucd1d \uc6b4\uc601\ube44\uc6a9<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">$64.9M<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">$48.7M<\/div>\n<div style=\"flex:1;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#166534;text-align:right;font-weight:700;\">-25%<\/div>\n<\/div>\n<div class=\"si-drow\" style=\"display:flex;border-bottom:1px solid #E0DED5;background:#FAFAF8;\">\n<div style=\"flex:2;padding:10px 12px;font-size:14px;color:#1A1917;\">\uc601\uc5c5\uc190\uc2e4<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">-$52.2M<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">-$31.0M<\/div>\n<div style=\"flex:1;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#166534;text-align:right;font-weight:700;\">-41%<\/div>\n<\/div>\n<div class=\"si-drow\" style=\"display:flex;border-bottom:1px solid #E0DED5;background:#FFFFFF;\">\n<div style=\"flex:2;padding:10px 12px;font-size:14px;color:#1A1917;\">\uc21c\uc190\uc2e4<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">-$116.3M<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">-$4.8M<\/div>\n<div style=\"flex:1;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#166534;text-align:right;font-weight:700;\">-96%<\/div>\n<\/div>\n<div class=\"si-drow\" style=\"display:flex;border-bottom:1px solid #E0DED5;background:#FAFAF8;\">\n<div style=\"flex:2;padding:10px 12px;font-size:14px;color:#1A1917;\">Adj. EBITDA \uc190\uc2e4<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">-$33.7M<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">-$17.4M<\/div>\n<div style=\"flex:1;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#166534;text-align:right;font-weight:700;\">-48%<\/div>\n<\/div>\n<div class=\"si-drow\" style=\"display:flex;background:#FFFFFF;\">\n<div style=\"flex:2;padding:10px 12px;font-size:14px;color:#1A1917;\">\uae30\ub9d0 \ud604\uae08<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">$22.5M<\/div>\n<div style=\"flex:1.2;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#1A1917;text-align:right;\">$94.4M<\/div>\n<div style=\"flex:1;padding:10px 12px;font-family:'Space Mono',monospace;font-size:14px;color:#166534;text-align:right;font-weight:700;\">+320%<\/div>\n<\/div>\n<\/div>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc22b\uc790\ub97c \uc704\uc5d0\uc11c \uc544\ub798\ub85c \uc77d\uc73c\uba74 &#8216;\uac1c\uc120&#8217;\uc774\ub2e4. \uadf8\ub7f0\ub370 \uc7a0\uae50, \uc5ec\uae30\uc11c \ud55c \uac00\uc9c0\ub9cc \uc9da\uace0 \ub118\uc5b4\uac00\uc57c \ud55c\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc21c\uc190\uc2e4 96% \uac10\uc18c($116.3M \u2192 $4.8M)\ub294 \ub208\uc5d0 \ub744\ub294 \uc218\uce58\uc9c0\ub9cc, \uc774\uac74 \uc8fc\ub85c \uacf5\uc815\uac00\uce58 \ubcc0\ub3d9 \uc774\uc775(\uc6cc\ub7f0\ud2b8\u00b7\uc804\ud658\uc0ac\ucc44 \ub4f1\uc758 \uc2dc\uac00 \ud3c9\uac00) \ub54c\ubb38\uc774\ub2e4. \uc601\uc5c5 \ub808\ubca8\uc5d0\uc11c\uc758 \uac1c\uc120\uc740 41%\uc774\uace0, Adj. EBITDA \uae30\uc900\uc73c\ub85c\ub294 48%. \uc774 \uc22b\uc790\uac00 \uc9c4\uc9dc \uccb4\uc9c8 \uac1c\uc120\uc744 \ubcf4\uc5ec\uc8fc\ub294 \uc9c0\ud45c\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\ub354 \ud765\ubbf8\ub85c\uc6b4 \uac74 \ub9e4\ucd9c \uad6c\uc131\uc774\ub2e4. \ub370\uc774\ud130&#038;\uc560\ub110\ub9ac\ud2f1\uc2a4\uac00 $1,600\ub9cc\uc73c\ub85c \uc804\uccb4 \ub9e4\ucd9c\uc758 90%\ub97c \ucc28\uc9c0\ud55c\ub2e4. \uc704\uc131 \ud310\ub9e4\u00b7CaaS\ub294 10%\uc5d0 \ubd88\uacfc\ud558\ub2e4. \uc774\uac74 \uc88b\uc740 \uc2e0\ud638\ub2e4. \ubc18\ubcf5 \uac00\ub2a5\ud55c \uad6c\ub3c5\ud615 \ub9e4\ucd9c \ube44\uc911\uc774 \ub192\ub2e4\ub294 \ub73b\uc774\uac70\ub4e0. \uc9c0\uc5ed\ubcc4\ub85c\ub294 \ubd81\ubbf8\uac00 68%\ub97c \ucc28\uc9c0\ud574\uc11c \ubbf8\uad6d \ubcf8\ud1a0 \uc774\uc804 \ud6a8\uacfc\uac00 \ud655\uc2e4\ud788 \ub098\ud0c0\ub098\uace0 \uc788\ub2e4.<\/p>\n<div style=\"border-left:3px solid #92700F;background:#FFFBEB;padding:16px 20px;margin:0 0 24px 0;border-radius:0 4px 4px 0;\">\n<span style=\"font-family:'Space Mono',monospace;font-size:13px;font-weight:700;color:#92700F;display:block;margin-bottom:8px;\">\ud83d\udca1 Adj. EBITDA\ub780?<\/span><\/p>\n<p style=\"margin:0;font-size:14px;color:#1A1917;line-height:1.7;\">Adjusted EBITDA\ub294 \uc774\uc790\u00b7\uc138\uae08\u00b7\uac10\uac00\uc0c1\uac01 \ucc28\uac10 \uc804 \uc774\uc775\uc5d0\uc11c \uc77c\ud68c\uc131 \ud56d\ubaa9(\uc8fc\uc2dd\ubcf4\uc0c1\ube44, \uad6c\uc870\uc870\uc815 \ube44\uc6a9 \ub4f1)\uc744 \ube7c\uace0 \uacc4\uc0b0\ud55c \uc218\uce58\ub2e4. \ud68c\uc0ac\uc758 \ud575\uc2ec \uc601\uc5c5 \ud604\uae08 \ucc3d\ucd9c \ub2a5\ub825\uc744 \ubcf4\ub824\uba74 \uc21c\uc774\uc775\ubcf4\ub2e4 \uc774 \uc9c0\ud45c\uac00 \ub354 \uc720\uc6a9\ud558\ub2e4.<\/p>\n<\/div>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\ub0b4\uac00 \uc2e4\uc801 \ubc1c\ud45c \uc804 \uae00\uc5d0\uc11c &#8220;\uc624\ub298 \ub0b4\uac00 \ubcfc \uc22b\uc790\ub294 \uace0\uac1d \uac31\uc2e0\uc728&#8221;\uc774\ub77c\uace0 \ud588\uc5c8\ub2e4. \uadf8\ub9ac\uace0 \uc5b4\ub2dd\ucf5c\uc5d0\uc11c \ub098\uc628 \uc218\uce58\ub97c \ubcf4\uba74 \u2014 \uc54c\ubc14\ub2c8\uc544 \uc815\ubd80 \ubaa8\ub2c8\ud130\ub9c1 \uacc4\uc57d\uc774 11\uac1c\uc6d4 \uc5f0\uc7a5\ub410\uace0, \uc778\ub3c4 Suhora\uc640 7\uc790\ub9bf\uc218 \uc2e0\uaddc \ub370\uc774\ud130 \uacc4\uc57d\uc774 \uccb4\uacb0\ub410\ub2e4. \uace0\uac1d\uc774 \ub3cc\uc544\uc624\uace0 \uc788\ub2e4. \uc774\uac74 PMF(Product-Market Fit) \uc2e0\ud638\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\ud558\ub098 \ub354. \ud604\uae08\uc774 $9,440\ub9cc\uc73c\ub85c 4\ubc30 \ub118\uac8c \ubd88\uc5b4\ub0ac\ub294\ub370, \uc774\uac74 \ub9e4\ucd9c\uc5d0\uc11c \uc628 \uac8c \uc544\ub2c8\ub2e4. 2025\ub144 10\uc6d4 $9,000\ub9cc \uacf5\ubaa8\uc640 2026\ub144 1\uc6d4 $3,500\ub9cc \uc9c1\uc811 \uacf5\ubaa8\ub85c \ucc44\uc6b4 \uac70\ub2e4. \uc5ec\uae30\uc11c \ubc14\ub85c \ud76c\uc11d \ubb38\uc81c\uac00 \ub098\uc624\ub294\ub370, \uc774\uac74 \ub9ac\uc2a4\ud06c \uc139\uc158\uc5d0\uc11c \ub2e4\ub8e8\uaca0\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">Q4 \ub9e4\ucd9c $620\ub9cc\uc744 \uc5f0\uac04\uc73c\ub85c \ub2e8\uc21c \ud658\uc0b0\ud558\uba74 $2,480\ub9cc\uc774\ub2e4. FY2025 \uc804\uccb4 $1,770\ub9cc \ub300\ube44 40% \ub192\uc740 \ub7f0\ub808\uc774\ud2b8\uc778\ub370, CFO \ub9ad \ub358\uc740 \uc5b4\ub2dd\ucf5c\uc5d0\uc11c 2026\ub144 \uc560\ub110\ub9ac\uc2a4\ud2b8 \ucd94\uc815\uce58\uac00 &#8220;\ubcf4\uc218\uc801&#8221;\uc774\ub77c\ub294 \ub258\uc559\uc2a4\ub97c \uc92c\ub2e4. \uacf5\uc2dd \uac00\uc774\ub358\uc2a4\ub294 \uc5c6\uc9c0\ub9cc, \ub9e4\ucd9c $2,500\ub9cc~$3,000\ub9cc \uc218\uc900\uc740 \ucda9\ubd84\ud788 \ub2ec\uc131 \uac00\ub2a5\ud574 \ubcf4\uc778\ub2e4.<\/p>\n<\/div>\n<p><!-- \uc139\uc158 03 --><\/p>\n<div id=\"s-merlin\" style=\"margin-bottom:56px;\">\n<div style=\"display:flex;align-items:center;gap:14px;margin-bottom:16px;\">\n<div style=\"width:48px;height:48px;border-radius:50%;background:#1C4532;display:flex;align-items:center;justify-content:center;flex-shrink:0;\"><span style=\"font-family:'Space Mono',monospace;font-size:18px;font-weight:700;color:#FFFFFF;line-height:1;\">03<\/span><\/div>\n<p><span style=\"font-family:'DM Serif Display',serif;font-size:22px;font-weight:400;letter-spacing:0.02em;color:#3C3A35;\">\uba40\ub9b0(Merlin) \u2014 &#8216;\uc774\ubbf8\uc9c0 \ud314\uae30&#8217;\uc5d0\uc11c &#8216;\uc815\ubcf4 \ud314\uae30&#8217;\ub85c<\/span>\n<\/div>\n<h2 style=\"font-family:'DM Serif Display',serif;font-size:30px;font-weight:400;line-height:1.2;color:#1A1917;margin:0 0 22px 0;letter-spacing:-0.01em;\">\uc774\uc804 \uae00\uc5d0\uc11c NextGen\uc774\ub77c \ubd88\ub800\ub358 \uac83\uc758 <span style=\"color:#1C4532;\">\uc815\uccb4\uac00 \ub4dc\ub7ec\ub0ac\ub2e4<\/span><\/h2>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc2e4\uc801 \ubc1c\ud45c \ud558\ub8e8 \uc804\uc778 3\uc6d4 18\uc77c, \uc138\ud2c0\ub85c\uc9c1\uc740 \ucc28\uc138\ub300 \uc704\uc131\uad70\uc744 \uacf5\uc2dd \ube0c\ub79c\ub529\ud588\ub2e4. \uc774\ub984\uc740 <strong>\uba40\ub9b0(Merlin)<\/strong>. \uc774\uc804 \uae00\uc5d0\uc11c &#8220;NextGen 30cm \uc704\uc131&#8221;\uc774\ub77c\uace0 \ubd88\ub800\ub358 \ubc14\ub85c \uadf8\uac83\uc778\ub370, \uacf5\uac1c\ub41c \uc2a4\ud399\uc774 \uc608\uc0c1\ubcf4\ub2e4 \uc57c\uc2ec\ucc28\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\ud575\uc2ec\uc744 \uc694\uc57d\ud558\uba74 \uc774\ub807\ub2e4. &#8220;\ub9e4\uc77c \uc804 \uc9c0\uad6c\ub97c 1\ubbf8\ud130 \ud574\uc0c1\ub3c4\ub85c \ub2e4\uc2dc \ucd2c\uc601\ud558\ub294 \ucd5c\ucd08\uc758 EO \uc2dc\uc2a4\ud15c&#8221;, &#8220;10\uac1c \uc2a4\ud399\ud2b8\ub7fc \ubc34\ub4dc(Sentinel-2\uc640 \ud638\ud658)&#8221;, &#8220;AI \uc628\ubcf4\ub4dc \ud504\ub85c\uc138\uc2f1\uc73c\ub85c \uada4\ub3c4\uc5d0\uc11c \ubc14\ub85c \ubd84\uc11d&#8221;, &#8220;\uc704\uc131 \uac04 \ub9c1\ud06c\ub85c \uc2e4\uc2dc\uac04 \uc54c\ub9bc\uacfc \ud6c4\uc18d \ucd2c\uc601 \uc5f0\uacc4&#8221;<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/routiner7.com\/mil\/wp-content\/uploads\/2026\/03\/satellogic-eo.jpg\" alt=\"\uc138\ud2c0\ub85c\uc9c1 EO\" width=\"686\" height=\"344\" class=\"alignnone size-full wp-image-5364\" style=\"display: block; margin: 0 auto;\" srcset=\"https:\/\/routiner7.com\/mil\/wp-content\/uploads\/2026\/03\/satellogic-eo.jpg 686w, https:\/\/routiner7.com\/mil\/wp-content\/uploads\/2026\/03\/satellogic-eo-300x150.jpg 300w\" sizes=\"(max-width: 686px) 100vw, 686px\" \/><\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc774\uac8c \uc65c \uc911\uc694\ud558\ub0d0\uba74 \uc9c0\uae08\uae4c\uc9c0 \uc704\uc131 \ud68c\uc0ac\ub4e4\uc740 &#8220;\uc0ac\uc9c4\uc744 \ucc0d\uc5b4\uc11c \ud30c\ub294&#8221; \ube44\uc988\ub2c8\uc2a4\ub97c \ud588\ub294\ub370, \uace0\uac1d\uc774 \ud2b9\uc815 \uc9c0\uc5ed \ucd2c\uc601\uc744 \uc694\uccad\ud558\uba74 \uc704\uc131\uc744 \uadf8\ucabd\uc73c\ub85c \ub3cc\ub9ac\uace0 \uc774\ubbf8\uc9c0\ub97c \ub0b4\ub824\ubcf4\ub0b4\ub294 \ubc29\uc2dd\uc774\ub2e4. \uba40\ub9b0\uc740 \uc774 \ubaa8\ub378\uc744 \uc644\uc804\ud788 \ub4a4\uc9d1\ub294\ub2e4. \ucd2c\uc601 \uc694\uccad \uc5c6\uc774 \ub9e4\uc77c \uc804 \uc138\uacc4\ub97c \uc790\ub3d9 \ucd2c\uc601\ud558\uace0, AI\uac00 \ubcc0\ud654\ub97c \uac10\uc9c0\ud574\uc11c \uc54c\ub9bc\uc744 \ubcf4\ub0b4\ub294 \uad6c\uc870\ub2e4. \uc704\uc131 \uac00\uc6a9\uc131\uc744 \ub450\uace0 \uace0\uac1d\ub07c\ub9ac \uacbd\uc7c1\ud560 \ud544\uc694\uac00 \uc5c6\ub2e4\ub294 \uc598\uae30\ub97c CEO \uce74\ub974\uae30\ub9cc\uc774 \uc5b4\ub2dd\ucf5c\uc5d0\uc11c \uc9c1\uc811 \ud588\ub2e4.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/routiner7.com\/mil\/wp-content\/uploads\/2026\/03\/satellogic-spain.jpg\" alt=\"\uc704\uc131 \ucd2c\uc601 \uc0ac\uc9c4\" width=\"690\" height=\"435\" class=\"alignnone size-full wp-image-5365\" style=\"display: block; margin: 0 auto;\" srcset=\"https:\/\/routiner7.com\/mil\/wp-content\/uploads\/2026\/03\/satellogic-spain.jpg 690w, https:\/\/routiner7.com\/mil\/wp-content\/uploads\/2026\/03\/satellogic-spain-300x189.jpg 300w\" sizes=\"(max-width: 690px) 100vw, 690px\" \/><\/p>\n<div style=\"border-left:3px solid #1C4532;padding:12px 20px;background:#FAFAF8;margin:0 0 24px 0;border-radius:0 4px 4px 0;\">\n<p style=\"margin:0;font-size:15px;color:#3C3A35;line-height:1.7;font-family:'Noto Serif KR',serif;\">&#8220;\ubb34\uc81c\ud55c \uace0\uac1d\uc774 \ubb34\uc81c\ud55c \uc0ac\uc774\ud2b8\ub97c \ub3d9\uc2dc\uc5d0 \ubaa8\ub2c8\ud130\ub9c1\ud560 \uc218 \uc788\ub2e4. \uc774\uac83\uc774 \uc6b0\ub9ac\uac00 \uc9c0\uad6c\uad00\uce21\uc5d0\uc11c \uac00\ub2a5\ud558\ub2e4\uace0 \uc0dd\uac01\ud558\ub294 \uac83\uc744 \uadfc\ubcf8\uc801\uc73c\ub85c \ubc14\uafb8\ub294 \uac83\uc774\ub2e4.&#8221;<\/p>\n<p style=\"margin:6px 0 0 0;font-size:13px;color:#9E9B94;\">\u2014 Emiliano Kargieman, FY2025 \uc5b4\ub2dd\ucf5c<\/p>\n<\/div>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uccab \ubc1c\uc0ac \ubaa9\ud45c\ub294 2026\ub144 10\uc6d4, \uc644\uc804 \uc6b4\uc6a9\uc740 2027\ub144 \uc0c1\ubc18\uae30. \uadf8\ub9ac\uace0 \uba40\ub9b0\uc740 &#8220;\uae30\uc874 \uace0\uac1d \uacc4\uc57d\uc73c\ub85c \uc644\uc804 \uc790\uae08 \uc870\ub2ec \uc644\ub8cc&#8221;\ub77c\uace0 \ud588\ub2e4. \uc5ec\uae30\uc11c \ub9d0\ud558\ub294 \ud575\uc2ec \uacc4\uc57d\uc774 2025\ub144 4\uc6d4\uc5d0 \ubc1c\ud45c\ub41c $3,000\ub9cc \ubc29\uc0b0 \uacc4\uc57d\uc774\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uadf8\ub7f0\ub370 \ud55c \uac00\uc9c0 \uc9da\uc5b4\uc57c \ud560 \uac8c \uc788\ub2e4. &#8220;Fully funded by customer contracts&#8221;\ub77c\ub294 \ud45c\ud604\uc774 \uc5b4\ub2dd\ucf5c\uc5d0\uc11c \ub450 \ubc88 \ub098\uc654\ub294\ub370, \uc774\uac74 \uac1c\ubc1c\ube44 \uc804\uccb4\uac00 \uacc4\uc57d \uc120\uc218\uae08\uc73c\ub85c \ucee4\ubc84\ub41c\ub2e4\ub294 \ub73b\uc774 \uc544\ub2c8\ub2e4. $3,000\ub9cc \uacc4\uc57d\uc758 \ub9e4\ucd9c \uc778\uc2dd\uc774 \uba40\ub9b0 \uac1c\ubc1c \uc77c\uc815\uacfc \ub9de\ubb3c\ub824 \uc788\ub2e4\ub294 \ub73b\uc5d0 \uac00\uae5d\ub2e4. \uc2e4\uc81c \uc704\uc131 \uc81c\uc870\u00b7\ubc1c\uc0ac \ube44\uc6a9\uc740 \uc790\uccb4 \ud604\uae08($9,440\ub9cc + 2026\ub144 1\uc6d4 $3,500\ub9cc)\uc5d0\uc11c \ub098\uc628\ub2e4. \uc774 \uad6c\ubd84\uc744 \uc548 \ud558\uba74 \uba40\ub9b0\uc774 \uacf5\uc9dc\ub85c \ub9cc\ub4e4\uc5b4\uc9c0\ub294 \uac83\ucc98\ub7fc \uc624\ud574\ud560 \uc218 \uc788\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uba40\ub9b0\uacfc \ud568\uaed8 \uc8fc\ubaa9\ud574\uc57c \ud560 \uac74 <strong>Aleph Observer<\/strong>\ub2e4. 2026\ub144 2\uc6d4\uc5d0 \ub7f0\uce6d\ud55c \uc774 \uc11c\ube44\uc2a4\ub294 \uae30\uc874 \uc704\uc131\uad70\uc73c\ub85c \ub9e4\uc77c \uc218\ubc31 \uac1c \uc0ac\uc774\ud2b8\ub97c \uc790\ub3d9 \ubaa8\ub2c8\ud130\ub9c1\ud558\ub294 \uc81c\ud488\uc778\ub370, \uba40\ub9b0\uc774 \uc644\uc131\ub418\uae30 \uc804\uc5d0 &#8220;\uc9c0\uc18d \uac10\uc2dc&#8221;\ub77c\ub294 \uac00\uce58\ub97c \ubbf8\ub9ac \ud314\uae30 \uc2dc\uc791\ud55c \uac70\ub2e4. \uc81c\ud488\uc744 \uba3c\uc800 \ub9cc\ub4e4\uace0 \uace0\uac1d\uc744 \ucc3e\ub294 \uac8c \uc544\ub2c8\ub77c, \uace0\uac1d \uc218\uc694\ub97c \uba3c\uc800 \ud655\uc778\ud558\uace0 \uc81c\ud488\uc744 \ud655\uc7a5\ud558\ub294 \uc21c\uc11c. \uc774\uc804 \uae00\uc5d0\uc11c \ub0b4\uac00 \uc758\ubb38\uc744 \ud488\uc5c8\ub358 PMF \ubb38\uc81c\uac00 \uc774\uac78\ub85c \uc5b4\ub290 \uc815\ub3c4 \ud574\uc18c\ub41c\ub2e4.<\/p>\n<\/div>\n<p><!-- \uc139\uc158 04 --><\/p>\n<div id=\"s-risk\" style=\"margin-bottom:56px;\">\n<div style=\"display:flex;align-items:center;gap:14px;margin-bottom:16px;\">\n<div style=\"width:48px;height:48px;border-radius:50%;background:#1C4532;display:flex;align-items:center;justify-content:center;flex-shrink:0;\"><span style=\"font-family:'Space Mono',monospace;font-size:18px;font-weight:700;color:#FFFFFF;line-height:1;\">04<\/span><\/div>\n<p><span style=\"font-family:'DM Serif Display',serif;font-size:22px;font-weight:400;letter-spacing:0.02em;color:#3C3A35;\">$200M \uc178\ud504\uc640 \ud76c\uc11d \u2014 \uc9c4\uc9dc \ub9ac\uc2a4\ud06c \uc21c\uc704<\/span>\n<\/div>\n<h2 style=\"font-family:'DM Serif Display',serif;font-size:30px;font-weight:400;line-height:1.2;color:#1A1917;margin:0 0 22px 0;letter-spacing:-0.01em;\">\uc2e4\uc801\uc740 \uc88b\uc558\ub294\ub370 <span style=\"color:#1C4532;\">\uac19\uc740 \ub0a0 $200M \uc178\ud504\ub97c \ub4f1\ub85d\ud588\ub2e4<\/span><\/h2>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc5ec\ub7ec \ub9ac\uc2a4\ud06c \uc911 \uac00\uc7a5 \uacbd\uacc4\ud558\ub294 \uac74 \uc8fc\uc2dd \ud76c\uc11d\uc774\ub2e4. \uc774\uc720\uac00 \uc788\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc138\ud2c0\ub85c\uc9c1\uc740 FY2025 \uc2e4\uc801 \ubc1c\ud45c\uc640 \uac19\uc740 \ub0a0, SEC\uc5d0 $2\uc5b5 \uaddc\ubaa8\uc758 \uc0c8 \uc178\ud504 \ub4f1\ub85d(S-3)\uc744 \uc81c\ucd9c\ud588\ub2e4. \uae30\uc874\uc5d0\ub3c4 $5,000\ub9cc ATM \ud504\ub85c\uadf8\ub7a8\uc774 \uc788\uc5c8\uace0, 2024\ub144 12\uc6d4 $1,000\ub9cc \uc0ac\ubaa8, 2025\ub144 10\uc6d4 $9,000\ub9cc \uacf5\ubaa8, 2026\ub144 1\uc6d4 $3,500\ub9cc \uc9c1\uc811 \uacf5\ubaa8\ub97c \uc5f0\ub2ec\uc544 \ud588\ub2e4. 1\ub144 \ubc18 \ub3d9\uc548 \ucd1d $1.65\uc5b5\uc744 \uc8fc\uc2dd \ubc1c\ud589\uc73c\ub85c \uc870\ub2ec\ud55c \uc148\uc774\ub2e4. \uc5ec\uae30\uc5d0 $2\uc5b5\uc9dc\ub9ac \uc178\ud504\uac00 \ucd94\uac00\ub410\ub2e4.<\/p>\n<div style=\"border-left:3px solid #92700F;background:#FFFBEB;padding:16px 20px;margin:0 0 24px 0;border-radius:0 4px 4px 0;\">\n<span style=\"font-family:'Space Mono',monospace;font-size:13px;font-weight:700;color:#92700F;display:block;margin-bottom:8px;\">\ud83d\udca1 \uc178\ud504 \ub4f1\ub85d\uc774\ub780?<\/span><\/p>\n<p style=\"margin:0;font-size:14px;color:#1A1917;line-height:1.7;\">\uc178\ud504 \ub4f1\ub85d(Shelf Registration)\uc740 SEC\uc5d0 \ubbf8\ub9ac \uc99d\uad8c \ubc1c\ud589 \uac00\ub2a5\uc131\uc744 \ub4f1\ub85d\ud574 \ub193\ub294 \uac83\uc774\ub2e4. \ub4f1\ub85d\ud588\ub2e4\uace0 \ubc14\ub85c \ubc1c\ud589\ud558\ub294 \uac74 \uc544\ub2c8\uace0, \ud5a5\ud6c4 \uc2dc\uc7a5 \uc0c1\ud669\uc774 \uc88b\uc744 \ub54c \ube60\ub974\uac8c \uc790\uae08\uc744 \uc870\ub2ec\ud560 \uc218 \uc788\ub294 &#8216;\uc635\uc158&#8217;\uc744 \ud655\ubcf4\ud558\ub294 \uac1c\ub150\uc774\ub2e4. \ubb38\uc81c\ub294 \uc774 \uc635\uc158\uc774 \uc874\uc7ac\ud558\ub294 \uac83 \uc790\uccb4\uac00 \uae30\uc874 \uc8fc\uc8fc\uc5d0\uac8c \ud76c\uc11d \uc555\ub825\uc73c\ub85c \uc791\uc6a9\ud55c\ub2e4\ub294 \uc810.<\/p>\n<\/div>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uacc4\uc0b0\uc744 \ud574\ubcf4\uc790. \ud604\uc7ac \ubc1c\ud589\uc8fc\uc2dd\uc740 \uc57d 1.36\uc5b5 \uc8fc(2026\ub144 3\uc6d4 \uae30\uc900). $200M \uc178\ud504\ub97c \ud604\uc7ac \uc8fc\uac00 $3.28 \uae30\uc900\uc73c\ub85c \uc804\uc561 \uc18c\ud654\ud558\uba74 \uc57d 6,100\ub9cc \uc8fc\uac00 \ucd94\uac00 \ubc1c\ud589\ub41c\ub2e4. \uae30\uc874 \uc8fc\uc8fc \uc785\uc7a5\uc5d0\uc11c 31% \ud76c\uc11d\uc774\ub2e4. \ubb3c\ub860 \ud55c \ubc88\uc5d0 \ub2e4 \ud558\uc9c4 \uc54a\uaca0\uc9c0\ub9cc, ATM\uc73c\ub85c \uc870\uae08\uc529 \ud314 \uac00\ub2a5\uc131\uc774 \ub192\ub2e4. Cantor Fitzgerald\uc640 Northland\uac00 ATM \ub300\ub9ac\uc778(Sales Agent)\uc778\ub370, \uc774 \ub450 \uacf3\uc774 \ub3d9\uc2dc\uc5d0 \uc138\ud2c0\ub85c\uc9c1\uc5d0 \ub9e4\uc218 \ub9ac\ud3ec\ud2b8\ub97c \ub0b4\uace0 \uc788\ub2e4\ub294 \uc810\ub3c4 \ub208\uc5ec\uaca8\ubd10\uc57c \ud55c\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\ub098\uba38\uc9c0 \ub9ac\uc2a4\ud06c\ub97c \uc815\ub9ac\ud558\uba74:<\/p>\n<div style=\"background:#FEF2F2;border:1px solid #FECACA;border-radius:5px;padding:16px 20px;margin:0 0 14px 0;\">\n<div style=\"display:flex;align-items:center;gap:10px;margin-bottom:8px;\">\n<span style=\"font-size:13px;font-weight:700;color:#B91C1C;background:#FFFFFF;padding:3px 10px;border-radius:3px;font-family:'Space Mono',monospace;\">\ub192\uc74c<\/span><br \/>\n<span style=\"font-size:15px;font-weight:600;color:#1A1917;\">\uc8fc\uc2dd \ud76c\uc11d (\uc178\ud504 $200M + ATM \uc9c4\ud589 \uc911)<\/span>\n<\/div>\n<p style=\"margin:0;font-size:14px;color:#3C3A35;line-height:1.6;\">1\ub144 \ubc18\uac04 $1.65\uc5b5 \uc870\ub2ec, \ucd94\uac00 $2\uc5b5 \uc635\uc158 \ud655\ubcf4. \ub9e4\ucd9c \ub300\ube44 \uc790\ubcf8 \uc870\ub2ec \uc18d\ub3c4\uac00 \uc555\ub3c4\uc801\uc73c\ub85c \ube60\ub974\ub2e4.<\/p>\n<\/div>\n<div style=\"background:#FFFBEB;border:1px solid #FDE68A;border-radius:5px;padding:16px 20px;margin:0 0 14px 0;\">\n<div style=\"display:flex;align-items:center;gap:10px;margin-bottom:8px;\">\n<span style=\"font-size:13px;font-weight:700;color:#92700F;background:#FFFFFF;padding:3px 10px;border-radius:3px;font-family:'Space Mono',monospace;\">\uc911\uac04<\/span><br \/>\n<span style=\"font-size:15px;font-weight:600;color:#1A1917;\">\uba40\ub9b0 \uc77c\uc815 \uc9c0\uc5f0 \uac00\ub2a5\uc131<\/span>\n<\/div>\n<p style=\"margin:0;font-size:14px;color:#3C3A35;line-height:1.6;\">2026\ub144 10\uc6d4 \uccab \ubc1c\uc0ac \ubaa9\ud45c. \uc6b0\uc8fc \uc0ac\uc5c5\uc5d0\uc11c \uc77c\uc815\uc740 \uac70\uc758 \ud56d\uc0c1 \ubc00\ub9b0\ub2e4. 6\uac1c\uc6d4~1\ub144 \uc9c0\uc5f0\uc740 \uc2dc\ub098\ub9ac\uc624\uc5d0 \ub123\uc5b4\uc57c \ud55c\ub2e4.<\/p>\n<\/div>\n<div style=\"background:#FFFBEB;border:1px solid #FDE68A;border-radius:5px;padding:16px 20px;margin:0 0 14px 0;\">\n<div style=\"display:flex;align-items:center;gap:10px;margin-bottom:8px;\">\n<span style=\"font-size:13px;font-weight:700;color:#92700F;background:#FFFFFF;padding:3px 10px;border-radius:3px;font-family:'Space Mono',monospace;\">\uc911\uac04<\/span><br \/>\n<span style=\"font-size:15px;font-weight:600;color:#1A1917;\">\ub9e4\ucd9c \uc9d1\uc911\ub3c4<\/span>\n<\/div>\n<p style=\"margin:0;font-size:14px;color:#3C3A35;line-height:1.6;\">\ubd81\ubbf8 68%, \ub370\uc774\ud130&#038;\uc560\ub110\ub9ac\ud2f1\uc2a4 90%. \uac74\uac15\ud55c \uad6c\uc131\uc774\uc9c0\ub9cc, \ud55c\ub450 \uac1c \ub300\ud615 \uacc4\uc57d\uc774 \ube60\uc9c0\uba74 \ub9e4\ucd9c\uc774 \uae09\ub77d\ud560 \uc218 \uc788\ub2e4.<\/p>\n<\/div>\n<div style=\"background:#F0FDF4;border:1px solid #BBF7D0;border-radius:5px;padding:16px 20px;margin:0 0 24px 0;\">\n<div style=\"display:flex;align-items:center;gap:10px;margin-bottom:8px;\">\n<span style=\"font-size:13px;font-weight:700;color:#166534;background:#FFFFFF;padding:3px 10px;border-radius:3px;font-family:'Space Mono',monospace;\">\ub0ae\uc74c<\/span><br \/>\n<span style=\"font-size:15px;font-weight:600;color:#1A1917;\">\ud604\uae08 \uc18c\uc9c4 \ub9ac\uc2a4\ud06c (\ud604\uc7ac \uae30\uc900)<\/span>\n<\/div>\n<p style=\"margin:0;font-size:14px;color:#3C3A35;line-height:1.6;\">2025\ub144 \uc601\uc5c5 \ud604\uae08 \uc18c\uc9c4 $2,690\ub9cc. \uae30\ub9d0 \ud604\uae08 $9,440\ub9cc + 2026\ub144 1\uc6d4 $3,500\ub9cc = \uc57d $1.3\uc5b5. \uc18c\uc9c4 \uc18d\ub3c4 \uc720\uc9c0 \uc2dc 4~5\ub144 \ub7f0\uc6e8\uc774. \ub2e8\uae30 \uc790\uae08\ub09c\uc740 \uc5c6\ub2e4.<\/p>\n<\/div>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc774\uc804 \uae00\uc5d0\uc11c\ub294 \ud604\uae08 \uc18c\uc9c4\uc744 \uac00\uc7a5 \ud070 \ub9ac\uc2a4\ud06c\ub85c \uaf3d\uc558\uc5c8\ub2e4. \uc774\ubc88 FY2025 \uc2e4\uc801\uc73c\ub85c \uc774 \uc6b0\ub824\ub294 \ud06c\uac8c \uc904\uc5c8\ub2e4. \ub300\uc2e0 \uc8fc\uc2dd \ud76c\uc11d\ubb38\uc81c\uac00 1\uc21c\uc704\ub85c \uc62c\ub77c\uc654\ub2e4. \ub3c8\uc774 \uc5c6\uc5b4\uc11c \ub9dd\ud558\uc9c4 \uc54a\uaca0\uc9c0\ub9cc, \uc8fc\uc8fc \uac00\uce58\uac00 \ub098\ube60\uc9c8 \uc218 \uc788\ub2e4\ub294 \uac8c \ub9ac\uc2a4\ud06c\ub2e4.<\/p>\n<\/div>\n<p><!-- \uc139\uc158 05 --><\/p>\n<div id=\"s-expert\" style=\"margin-bottom:56px;\">\n<div style=\"display:flex;align-items:center;gap:14px;margin-bottom:16px;\">\n<div style=\"width:48px;height:48px;border-radius:50%;background:#1C4532;display:flex;align-items:center;justify-content:center;flex-shrink:0;\"><span style=\"font-family:'Space Mono',monospace;font-size:18px;font-weight:700;color:#FFFFFF;line-height:1;\">05<\/span><\/div>\n<p><span style=\"font-family:'DM Serif Display',serif;font-size:22px;font-weight:400;letter-spacing:0.02em;color:#3C3A35;\">\uc6d4\uac00\ub294 \ubb50\ub77c\uace0 \ud558\ub098<\/span>\n<\/div>\n<h2 style=\"font-family:'DM Serif Display',serif;font-size:30px;font-weight:400;line-height:1.2;color:#1A1917;margin:0 0 22px 0;letter-spacing:-0.01em;\">4\uac1c \uc99d\uad8c\uc0ac \uc804\ubd80 <span style=\"color:#1C4532;\">\ub9e4\uc218 \uc774\uc0c1<\/span><\/h2>\n<div style=\"border-left:3px solid #166534;padding:16px 20px;background:#FAFAF8;margin:0 0 16px 0;border-radius:0 4px 4px 0;\">\n<p style=\"margin:0 0 4px 0;font-size:15px;color:#1A1917;line-height:1.7;\"><strong>Cantor Fitzgerald<\/strong> \u2014 Overweight, \ubaa9\ud45c\uac00 $7.00<\/p>\n<p style=\"margin:0;font-size:14px;color:#6B7280;line-height:1.6;\">2026\ub144 2\uc6d4 20\uc77c \ucee4\ubc84\ub9ac\uc9c0 \uac1c\uc2dc. \ube44\uc6a9 \uc6b0\uc704, \ubbf8\ud65c\uc6a9 \uc704\uc131 \uc6a9\ub7c9, \uc6b0\ud638\uc801 \uac70\uc2dc\ud658\uacbd\uc744 \uadfc\uac70\ub85c \uc81c\uc2dc. \ub2e4\ub9cc Cantor\ub294 ATM \ub300\ub9ac\uc778\uc774\uae30\ub3c4 \ud558\ub2e4.<\/p>\n<\/div>\n<div style=\"border-left:3px solid #166534;padding:16px 20px;background:#FAFAF8;margin:0 0 16px 0;border-radius:0 4px 4px 0;\">\n<p style=\"margin:0 0 4px 0;font-size:15px;color:#1A1917;line-height:1.7;\"><strong>Northland Securities<\/strong> \u2014 Outperform, \ubaa9\ud45c\uac00 $5.50<\/p>\n<p style=\"margin:0;font-size:14px;color:#6B7280;line-height:1.6;\">2026\ub144 2\uc6d4 18\uc77c \ucee4\ubc84\ub9ac\uc9c0 \uac1c\uc2dc. \uad6d\uac00 \uc548\ubcf4 \uc218\uc694 \uc99d\uac00\uc640 \uc815\ubd80 \uacc4\uc57d \ud30c\uc774\ud504\ub77c\uc778\uc5d0 \uc8fc\ubaa9. Northland\ub3c4 ATM \uacf5\ub3d9 \ub300\ub9ac\uc778.<\/p>\n<\/div>\n<div style=\"border-left:3px solid #166534;padding:16px 20px;background:#FAFAF8;margin:0 0 16px 0;border-radius:0 4px 4px 0;\">\n<p style=\"margin:0 0 4px 0;font-size:15px;color:#1A1917;line-height:1.7;\"><strong>Craig-Hallum<\/strong> \u2014 Buy, \ubaa9\ud45c\uac00 $5.00<\/p>\n<p style=\"margin:0;font-size:14px;color:#6B7280;line-height:1.6;\">2026\ub144 1\uc6d4 21\uc77c \ucee4\ubc84\ub9ac\uc9c0 \uac1c\uc2dc. $3,500\ub9cc \uc9c1\uc811 \uacf5\ubaa8\uc758 \uacf5\ub3d9 \ubc30\uce58 \ub300\ub9ac\uc778(Co-Placement Agent)\uc774\uae30\ub3c4 \ud558\ub2e4.<\/p>\n<\/div>\n<div style=\"border-left:3px solid #166534;padding:16px 20px;background:#FAFAF8;margin:0 0 16px 0;border-radius:0 4px 4px 0;\">\n<p style=\"margin:0 0 4px 0;font-size:15px;color:#1A1917;line-height:1.7;\"><strong>Freedom Capital<\/strong> \u2014 Strong Buy, \ubaa9\ud45c\uac00 $4.50<\/p>\n<p style=\"margin:0;font-size:14px;color:#6B7280;line-height:1.6;\">2026\ub144 3\uc6d4 11\uc77c \ucee4\ubc84\ub9ac\uc9c0 \uac1c\uc2dc. \uae30\uc874 \uada4\ub3c4 \uc704\uc131 \uc218\uc775\ud654 \uac1c\uc120\uacfc \uc11c\ube44\uc2a4 \ud655\uc7a5\uc744 \uadfc\uac70\ub85c \uc81c\uc2dc.<\/p>\n<\/div>\n<div style=\"border-left:3px solid #92700F;padding:16px 20px;background:#FAFAF8;margin:0 0 16px 0;border-radius:0 4px 4px 0;\">\n<p style=\"margin:0 0 4px 0;font-size:15px;color:#1A1917;line-height:1.7;\"><strong>CFO \ub9ad \ub358 (\uc5b4\ub2dd\ucf5c)<\/strong><\/p>\n<p style=\"margin:0;font-size:14px;color:#6B7280;line-height:1.6;\">&#8220;2026\ub144\uc5d0 flat growth\ub77c\uba74 \uc2e4\ub9dd\uc2a4\ub7ec\uc6b8 \uac83. \uc560\ub110\ub9ac\uc2a4\ud2b8 \ucd94\uc815\uce58\ub294 \uc6b0\ub9ac \ub0b4\ubd80 \uae30\ub300 \ub300\ube44 \ubcf4\uc218\uc801\uc774\uac70\ub098 \ube44\uc2b7\ud55c \uc218\uc900\uc774\ub2e4.&#8221; \uacf5\uc2dd \uac00\uc774\ub358\uc2a4\ub294 \uc5c6\uc9c0\ub9cc, \uc0ac\uc2e4\uc0c1 30%+ \uc131\uc7a5\uc744 \uc2dc\uc0ac\ud55c \ubc1c\uc5b8.<\/p>\n<\/div>\n<div style=\"border-left:3px solid #92700F;padding:16px 20px;background:#FAFAF8;margin:0 0 24px 0;border-radius:0 4px 4px 0;\">\n<p style=\"margin:0 0 4px 0;font-size:15px;color:#1A1917;line-height:1.7;\"><strong>CEO \uce74\ub974\uae30\ub9cc (\uc5b4\ub2dd\ucf5c)<\/strong><\/p>\n<p style=\"margin:0;font-size:14px;color:#6B7280;line-height:1.6;\">\ud30c\uc774\ud504\ub77c\uc778\uc774 &#8220;10\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc758 \uae30\ud68c&#8221;\ub77c\uace0 \uc5b8\uae09. Palantir, Maxar\/Vantor \ud30c\ud2b8\ub108\uc2ed, NGA Luno \ud504\ub85c\uadf8\ub7a8, NASA CSDA \uacc4\uc57d, Golden Dome \uae30\ud68c\ub97c \uad6c\uccb4\uc801\uc73c\ub85c \ub098\uc5f4. \ud2b9\ud788 \ubbf8\uad6d \ubc29\uc0b0 \uc2dc\uc7a5 \uc9c4\uc785\uc5d0 \ub300\ud55c \uc790\uc2e0\uac10\uc744 \ubc18\ubcf5\uc801\uc73c\ub85c \ud45c\ud604.<\/p>\n<\/div>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc194\uc9c1\ud558\uac8c \ud558\ub098 \uc9da\uaca0\ub2e4. \ucee4\ubc84\ub9ac\uc9c0\ub97c \uac1c\uc2dc\ud55c 4\uac1c \uc99d\uad8c\uc0ac \uc911 3\uacf3(Cantor, Northland, Craig-Hallum)\uc774 \uc138\ud2c0\ub85c\uc9c1\uc758 \uc790\ubcf8 \uc870\ub2ec \uc5c5\ubb34\ub97c \ub2f4\ub2f9\ud558\ub294 \uacf3\uc774\ub2e4. \uc774\ud574\ucda9\ub3cc \uac00\ub2a5\uc131\uc774 \uc788\ub2e4\ub294 \uc598\uae30\ub2e4. \ub9e4\uc218 \uc758\uacac\uc774 \ud2c0\ub9b0 \uac74 \uc544\ub2d0 \uc218 \uc788\uc9c0\ub9cc, \ub3c5\ub9bd\uc801\uc778 \uc560\ub110\ub9ac\uc2a4\ud2b8 \ucee4\ubc84\ub9ac\uc9c0\uac00 \uc544\uc9c1 \ubd80\uc871\ud558\ub2e4\ub294 \uc810\uc740 \ud22c\uc790 \ud310\ub2e8\uc5d0 \ubc18\uc601\ud574\uc57c \ud55c\ub2e4. Weiss Ratings\ub294 &#8220;sell (D-)&#8221;\ub97c \uc720\uc9c0\ud558\uace0 \uc788\ub2e4.<\/p>\n<\/div>\n<p><!-- \uc139\uc158 06 --><\/p>\n<div id=\"s-conclusion\" style=\"margin-bottom:56px;\">\n<div style=\"display:flex;align-items:center;gap:14px;margin-bottom:16px;\">\n<div style=\"width:48px;height:48px;border-radius:50%;background:#1C4532;display:flex;align-items:center;justify-content:center;flex-shrink:0;\"><span style=\"font-family:'Space Mono',monospace;font-size:18px;font-weight:700;color:#FFFFFF;line-height:1;\">06<\/span><\/div>\n<p><span style=\"font-family:'DM Serif Display',serif;font-size:22px;font-weight:400;letter-spacing:0.02em;color:#3C3A35;\">\uacb0\ub860<\/span>\n<\/div>\n<h2 style=\"font-family:'DM Serif Display',serif;font-size:30px;font-weight:400;line-height:1.2;color:#1A1917;margin:0 0 22px 0;letter-spacing:-0.01em;\">\uc774\uc81c \ubb38\uc81c\ub294 &#8216;\uc0b4 \uac83\uc778\uac00&#8217;\uac00 \uc544\ub2c8\ub77c <span style=\"color:#1C4532;\">&#8216;\uc5b8\uc81c, \uc5bc\ub9c8\uc5d0&#8217;\ub2e4<\/span><\/h2>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc2e4\uc801 \ubc1c\ud45c \uc804\uacfc \ube44\uad50\ud574\uc11c \ub0b4 \ud3ec\uc9c0\uc158\uc774 \ubc14\ub010 \ubd80\ubd84\uacfc \ubc14\ub00c\uc9c0 \uc54a\uc740 \ubd80\ubd84\uc744 \uc815\ub9ac\ud55c\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\"><strong>\ubc14\ub010 \uac83:<\/strong> \ud604\uae08 \uace0\uac08 \ub9ac\uc2a4\ud06c\uac00 \uac70\uc758 \uc0ac\ub77c\uc84c\ub2e4. Q4 \ub9e4\ucd9c \uac00\uc18d\ub3c4\uac00 \uc608\uc0c1\ubcf4\ub2e4 \uac15\ud588\ub2e4. \uba40\ub9b0 \ube0c\ub79c\ub529\uacfc Aleph Observer \ub7f0\uce6d\uc73c\ub85c &#8220;\uc774\ubbf8\uc9c0 \ud310\ub9e4 \u2192 \uc9c0\uc18d \uc815\ubcf4 \ud310\ub9e4&#8221; \uc804\ud658\uc774 \uc2e4\uc81c\ub85c \uc2dc\uc791\ub410\ub2e4. &#8220;\ube44\uc988\ub2c8\uc2a4 3\ub4f1&#8221; \ud3c9\uac00\ub97c 2\ub4f1\uc73c\ub85c \uc62c\ub824\uc57c\uaca0\ub2e4 \u314e\u314e<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\"><strong>\ubc14\ub00c\uc9c0 \uc54a\uc740 \uac83:<\/strong> \uc774 \uc8fc\uc2dd\uc744 \uc0ac\ub294 \uc21c\uac04 \uc5ec\uc804\ud788 \uba40\ub9b0(\uad6c NextGen) \uc131\uacf5\uc5d0 \uc62c\uc778\ud558\ub294 \uc148\uc774\ub2e4. 2027\ub144 \uc0c1\ubc18\uae30 \uc6b4\uc6a9 \uc2dc\uc791 \uc804\uae4c\uc9c0\ub294 \uc2e4\uc9c8\uc801\uc778 \ubc38\ub958\uc5d0\uc774\uc158 \uc7ac\ud3c9\uac00\uac00 \uc5b4\ub835\ub2e4. \uadf8\ub9ac\uace0 $200M \uc178\ud504\uac00 \uba38\ub9ac \uc704\uc5d0 \uac78\ub824\uc788\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\ubc38\ub958\uc5d0\uc774\uc158\uc744 \ud55c\ubc88 \uacc4\uc0b0\ud574\ubcf4\uc790. \ud604\uc7ac \uc2dc\ucd1d \uc57d $4.4\uc5b5, FY2025 \ub9e4\ucd9c $1,770\ub9cc\uc774\uba74 P\/S\uac00 \uc57d 25\ubc30\ub2e4. Q4 \ub7f0\ub808\uc774\ud2b8 \uae30\uc900($2,480\ub9cc) P\/S\ub3c4 \uc57d 18\ubc30. Planet Labs(PL)\uac00 \uc2dc\ucd1d $28\uc5b5\uc5d0 TTM \ub9e4\ucd9c \uc57d $2.4\uc5b5\uc774\ub2c8 P\/S \uc57d 12\ubc30, BlackSky(BKSY)\uac00 \uc2dc\ucd1d $6\uc5b5\uc5d0 TTM \ub9e4\ucd9c \uc57d $1\uc5b5\uc774\ub2c8 P\/S \uc57d 6\ubc30. \uc138\ud2c0\ub85c\uc9c1\uc774 \uc555\ub3c4\uc801\uc73c\ub85c \ube44\uc2f8\ub2e4.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uadf8\ub7f0\ub370 \uc774\uac78 \ub4a4\uc9d1\uc5b4 \ubcf4\uba74 \uc598\uae30\uac00 \ub2ec\ub77c\uc9c4\ub2e4. Cantor \ubaa9\ud45c\uac00 $7.00(\uc2dc\ucd1d $9.5\uc5b5)\uc774 \uc815\ub2f9\ud654\ub418\ub824\uba74 P\/S 25\ubc30 \uc720\uc9c0 \uac00\uc815 \uc2dc \ub9e4\ucd9c $3,800\ub9cc\uc774 \ud544\uc694\ud558\ub2e4. FY2025 \ub300\ube44 115% \uc131\uc7a5\uc774\ub2e4. \ub9d0\uc774 \uc548 \ub418\ub294 \uac74 \uc544\ub2cc\ub370, \uba40\ub9b0 \ub9e4\ucd9c\uc774 \uc778\uc2dd\ub418\uae30 \uc2dc\uc791\ud558\ub294 2027\ub144\uc740 \ub3fc\uc57c \uac00\ub2a5\ud558\ub2e4. \ubc18\ub300\ub85c P\/S\uac00 PL \uc218\uc900(12\ubc30)\uc73c\ub85c \uc815\uc0c1\ud654\ub418\uba74, \ud604\uc7ac \ub9e4\ucd9c\ub85c\ub294 \uc2dc\ucd1d $2.1\uc5b5, \uc8fc\uac00 \uc57d $1.55\uc5d0 \ud574\ub2f9\ud55c\ub2e4. \uc9c0\uae08\ubcf4\ub2e4 53% \ud558\ub77d.<\/p>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\uc774\uac74 \ubc29\ubb38\uc790\ub4e4\uaed8 \uc81c\uc548 \ub4dc\ub9ac\ub294 \uc2dc\ub098\ub9ac\uc624\uc784<\/p>\n<div style=\"background:#F0FDF4;border:1px solid #BBF7D0;border-radius:5px;padding:18px 20px;margin:0 0 16px 0;\">\n<p style=\"margin:0 0 8px 0;font-size:15px;font-weight:700;color:#166534;\">PL\u00b7BKSY\ub97c \uc774\ubbf8 \ubcf4\uc720\ud558\uace0 \uc788\ub2e4\uba74<\/p>\n<p style=\"margin:0;font-size:14px;color:#1A1917;line-height:1.7;\">\uc138\ud2c0\ub85c\uc9c1\uae4c\uc9c0 \ucd94\uac00\ud560 \uc774\uc720\uac00 \uc57d\ud558\ub2e4. \uc138 \ud68c\uc0ac \ub2e4 &#8220;\uc704\uc131 EO \u2192 \uc815\ubd80 \uacc4\uc57d&#8221;\uc774\ub77c\ub294 \uac19\uc740 \ud14c\ub9c8\uc5d0 \ub178\ucd9c\ub3fc \uc788\ub2e4. SATL\ub9cc\uc758 \ucc28\ubcc4\uc810(\uba40\ub9b0, \ube44ITAR)\uc774 \uc2e4\uc801\uc73c\ub85c \uc99d\uba85\ub418\uae30 \uc804\uae4c\uc9c0\ub294 \ubd84\uc0b0 \ud6a8\uacfc\uac00 \uac70\uc758 \uc5c6\ub2e4. PL\uc774 \uc774\ubbf8 \ubc29\uc0b0 \ub9e4\ucd9c 70%+ \uc131\uc7a5 \uc911\uc774\uace0, BKSY\ub294 Gen-3 \uc704\uc131\uad70\uc744 \ud655\uc7a5\ud558\uace0 \uc788\ub2e4. \uc138\ud2c0\ub85c\uc9c1\uc744 \ucd94\uac00\ud558\ub824\uba74, \uae30\uc874 \ud3ec\uc9c0\uc158 \uc77c\ubd80\ub97c \uad50\uccb4\ud558\ub294 \ubc29\uc2dd\uc774 \ub9de\ub2e4.<\/p>\n<\/div>\n<div style=\"background:#FFFBEB;border:1px solid #FDE68A;border-radius:5px;padding:18px 20px;margin:0 0 16px 0;\">\n<p style=\"margin:0 0 8px 0;font-size:15px;font-weight:700;color:#92700F;\">\uc6b0\uc8fc \ud14c\ub9c8\uc5d0 \ucc98\uc74c \uad00\uc2ec\uc744 \uac16\uac8c \ub41c \ud22c\uc790\uc790\ub77c\uba74<\/p>\n<p style=\"margin:0;font-size:14px;color:#1A1917;line-height:1.7;\">SATL \ub2e8\ub3c5 \ub9e4\uc218\ubcf4\ub2e4 ETF\ubd80\ud130\uac00 \ub9de\ub2e4. ARKX, UFO, ROKT \uac19\uc740 \uc6b0\uc8fc ETF\uc5d0 \uba3c\uc800 \ub178\ucd9c\uc744 \uc7a1\uace0, \uc139\ud130\ub97c \uc774\ud574\ud55c \ub4a4\uc5d0 \uac1c\ubcc4 \uc885\ubaa9\uc744 \uace8\ub77c\uc57c \ud55c\ub2e4. \uc138\ud2c0\ub85c\uc9c1\uc740 \uc2dc\ucd1d $4.4\uc5b5\uc9dc\ub9ac \ucd08\uc18c\ud615\uc8fc\ub2e4. \ud558\ub8e8 \ubcc0\ub3d9\ud3ed\uc774 10% \ub118\ub294 \ub0a0\uc774 \ud754\ud558\ub2e4. \uc885\ubaa9 \ud558\ub098\uc5d0 \uae30\ub300\uc640 \uacf5\ud3ec\ub97c \ub3d9\uc2dc\uc5d0 \uac78\uae30\uc5d4 \ubcc0\ub3d9\uc131\uc774 \ub108\ubb34 \ud06c\ub2e4.<\/p>\n<\/div>\n<div style=\"background:#EFF6FF;border:1px solid #BFDBFE;border-radius:5px;padding:18px 20px;margin:0 0 24px 0;\">\n<p style=\"margin:0 0 8px 0;font-size:15px;font-weight:700;color:#1D4ED8;\">\uc774\ubbf8 SATL\uc744 \uc8fc\uc2dc\ud558\uace0 \uc788\uac70\ub098 \uc18c\ub7c9 \ubcf4\uc720 \uc911\uc774\ub77c\uba74<\/p>\n<p style=\"margin:0;font-size:14px;color:#1A1917;line-height:1.7;\">FY2025 \uc2e4\uc801\uc740 \uae0d\uc815\uc801 \ud655\uc778\uc774\uc9c0\ub9cc, \uc9c0\uae08 \ucd94\uac00 \ub9e4\uc218\ub97c \uc11c\ub450\ub97c \uc774\uc720\ub294 \uc5c6\ub2e4. \ub2e4\uc74c \ud655\uc778 \ud3ec\uc778\ud2b8 \ub450 \uac00\uc9c0\ub97c \uae30\ub2e4\ub9ac\ub294 \uac8c \ub0ab\ub2e4. \uccab\uc9f8, 2026\ub144 10\uc6d4 \uba40\ub9b0 \uccab \ubc1c\uc0ac \uc131\uacf5 \uc5ec\ubd80. \ub458\uc9f8, $200M \uc178\ud504\uac00 \uc2e4\uc81c\ub85c \uc5bc\ub9c8 \uaddc\ubaa8\ub85c, \uc5b4\ub5a4 \uac00\uaca9\uc5d0 \uc9d1\ud589\ub418\ub294\uc9c0. \uc178\ud504 \uc9d1\ud589 \uc5c6\uc774 Q2~Q3 \ub9e4\ucd9c\uc774 Q4 \ub7f0\ub808\uc774\ud2b8($620\ub9cc\/\ubd84\uae30)\ub97c \uc720\uc9c0\ud558\uac70\ub098 \ub118\uae30\uba74, \uadf8\ub54c\uac00 \ubd84\ud560 \ub9e4\uc218 \uc2dc\uc810\uc774\ub2e4.<\/p>\n<\/div>\n<p style=\"margin:0 0 18px 0;font-size:15px;color:#1A1917;\">\ud55c \uc904\ub85c \uc694\uc57d\ud558\uaca0\ub2e4. FY2025 \uc2e4\uc801\uc740 &#8220;\uae30\uc220\ub825\ub9cc \uc88b\uc740 \ud68c\uc0ac&#8221;\uc5d0\uc11c &#8220;\ub3c8\ub3c4 \ubc8c\uae30 \uc2dc\uc791\ud55c \ud68c\uc0ac&#8221;\ub85c\uc758 \uc804\ud658 \uc99d\uac70\ub2e4. \ud558\uc9c0\ub9cc \uba40\ub9b0\uc774 \uada4\ub3c4\uc5d0 \uc62c\ub77c\uac00\uae30 \uc804\uae4c\uc9c0, \uc774\uac74 \uc5ec\uc804\ud788 \uc57d\uc18d\uc5d0 \ub300\ud55c \ubca0\ud305\uc774\uc9c0 \uc2e4\uc801\uc5d0 \ub300\ud55c \ubca0\ud305\uc774 \uc544\ub2c8\ub2e4.<\/p>\n<\/div>\n<\/div>\n<p><!-- \uc0ac\uc774\ub4dc\ubc14 --><\/p>\n<aside aria-label=\"\uc885\ubaa9 \uc694\uc57d \uc815\ubcf4\" style=\"float:right;width:290px;padding-top:0;\">\n<div class=\"si-side\" style=\"width:290px;min-width:0;box-sizing:border-box;\">\n<p><!-- \u2460 \uc694\uc57d --><\/p>\n<div style=\"background:#FFFFFF;border:1px solid #E0DED5;border-radius:5px;padding:18px 20px;margin-bottom:18px;\">\n<span style=\"font-family:'Noto Sans KR',sans-serif;font-size:13px;font-weight:700;letter-spacing:0.04em;color:#3C3A35;padding-bottom:11px;margin-bottom:14px;border-bottom:2px solid #1A1917;display:block;\">\ud83d\udccb \uc694\uc57d \uc815\ub9ac<\/span><\/p>\n<ul style=\"list-style:none;padding:0;margin:0;\">\n<li style=\"display:flex;gap:8px;padding:8px 0;font-size:13.5px;color:#1A1917;border-bottom:1px solid #E0DED5;line-height:1.5;align-items:flex-start;font-family:'Noto Sans KR',sans-serif;\"><span style=\"color:#1C4532;flex-shrink:0;\">\u2192<\/span>FY2025 \ub9e4\ucd9c $17.7M(+38%), Q4 $6.2M(+94%)<\/li>\n<li style=\"display:flex;gap:8px;padding:8px 0;font-size:13.5px;color:#1A1917;border-bottom:1px solid #E0DED5;line-height:1.5;align-items:flex-start;font-family:'Noto Sans KR',sans-serif;\"><span style=\"color:#1C4532;flex-shrink:0;\">\u2192<\/span>\uc21c\uc190\uc2e4 96% \ucd95\uc18c, \ud604\uae08 $94.4M(\uc5ed\ub300 \ucd5c\ub300)<\/li>\n<li style=\"display:flex;gap:8px;padding:8px 0;font-size:13.5px;color:#1A1917;border-bottom:1px solid #E0DED5;line-height:1.5;align-items:flex-start;font-family:'Noto Sans KR',sans-serif;\"><span style=\"color:#1C4532;flex-shrink:0;\">\u2192<\/span>\uba40\ub9b0(Merlin) \uc704\uc131\uad70 2026.10 \uccab \ubc1c\uc0ac \ubaa9\ud45c<\/li>\n<li style=\"display:flex;gap:8px;padding:8px 0;font-size:13.5px;color:#1A1917;line-height:1.5;align-items:flex-start;font-family:'Noto Sans KR',sans-serif;\"><span style=\"color:#1C4532;flex-shrink:0;\">\u2192<\/span>$200M \uc178\ud504 \ub4f1\ub85d \u2192 \ud76c\uc11d \ub9ac\uc2a4\ud06c \uc0c1\uc874<\/li>\n<\/ul>\n<\/div>\n<p><!-- \u2461 \uc0ac\uc5c5\ubd80\ubb38 \ub9e4\ucd9c \ube44\uc911 --><\/p>\n<div style=\"background:#FFFFFF;border:1px solid #E0DED5;border-radius:5px;padding:18px 20px;margin-bottom:18px;\">\n<span style=\"font-family:'Noto Sans KR',sans-serif;font-size:13px;font-weight:700;letter-spacing:0.04em;color:#3C3A35;padding-bottom:11px;margin-bottom:14px;border-bottom:2px solid #1A1917;display:block;\">\ud83d\udcca \uc0ac\uc5c5\ubd80\ubb38 \ub9e4\ucd9c \ube44\uc911<\/span><\/p>\n<div style=\"margin-bottom:10px;\">\n<div style=\"display:flex;justify-content:space-between;font-size:13px;font-family:'Noto Sans KR',sans-serif;color:#3C3A35;margin-bottom:4px;\"><span>\ub370\uc774\ud130 &#038; \uc560\ub110\ub9ac\ud2f1\uc2a4<\/span><span style=\"font-family:'Space Mono',monospace;\">90%<\/span><\/div>\n<div style=\"background:#F0EFE9;border-radius:2px;height:6px;\">\n<div style=\"background:#1C4532;height:6px;border-radius:2px;width:90%;\"><\/div>\n<\/div>\n<\/div>\n<div style=\"margin-bottom:10px;\">\n<div style=\"display:flex;justify-content:space-between;font-size:13px;font-family:'Noto Sans KR',sans-serif;color:#3C3A35;margin-bottom:4px;\"><span>\uc704\uc131 \uc2dc\uc2a4\ud15c \ud310\ub9e4<\/span><span style=\"font-family:'Space Mono',monospace;\">7%<\/span><\/div>\n<div style=\"background:#F0EFE9;border-radius:2px;height:6px;\">\n<div style=\"background:#475569;height:6px;border-radius:2px;width:7%;\"><\/div>\n<\/div>\n<\/div>\n<div style=\"margin-bottom:0;\">\n<div style=\"display:flex;justify-content:space-between;font-size:13px;font-family:'Noto Sans KR',sans-serif;color:#3C3A35;margin-bottom:4px;\"><span>CaaS &amp; \uae30\ud0c0<\/span><span style=\"font-family:'Space Mono',monospace;\">3%<\/span><\/div>\n<div style=\"background:#F0EFE9;border-radius:2px;height:6px;\">\n<div style=\"background:#9E9B94;height:6px;border-radius:2px;width:3%;\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><!-- \u2462 \ub3d9\uc885 \ube44\uad50 --><\/p>\n<div style=\"background:#FFFFFF;border:1px solid #E0DED5;border-radius:5px;padding:18px 20px;margin-bottom:18px;\">\n<span style=\"font-family:'Noto Sans KR',sans-serif;font-size:13px;font-weight:700;letter-spacing:0.04em;color:#3C3A35;padding-bottom:11px;margin-bottom:14px;border-bottom:2px solid #1A1917;display:block;\">\u2696\ufe0f \ub3d9\uc885 \uc5c5\uc885 \ube44\uad50 (P\/S TTM)<\/span><\/p>\n<div style=\"display:flex;justify-content:space-between;align-items:center;padding:8px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;font-family:'Noto Sans KR',sans-serif;\">\n<span style=\"color:#1A1917;\">\uc138\ud2c0\ub85c\uc9c1 (SATL)<\/span><br \/>\n<span style=\"font-family:'Space Mono',monospace;font-size:13.5px;color:#1C4532;font-weight:700;\">25x<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;align-items:center;padding:8px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;font-family:'Noto Sans KR',sans-serif;\">\n<span style=\"color:#1A1917;\">Planet Labs (PL)<\/span><br \/>\n<span style=\"font-family:'Space Mono',monospace;font-size:13.5px;color:#475569;font-weight:700;\">12x<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;align-items:center;padding:8px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;font-family:'Noto Sans KR',sans-serif;\">\n<span style=\"color:#1A1917;\">BlackSky (BKSY)<\/span><br \/>\n<span style=\"font-family:'Space Mono',monospace;font-size:13.5px;color:#475569;font-weight:700;\">6x<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;align-items:center;padding:8px 0;font-size:13.5px;font-family:'Noto Sans KR',sans-serif;\">\n<span style=\"color:#1A1917;\">Spire Global (SPIR)<\/span><br \/>\n<span style=\"font-family:'Space Mono',monospace;font-size:13.5px;color:#475569;font-weight:700;\">8x<\/span>\n<\/div>\n<\/div>\n<p><!-- \u2463 \ud575\uc2ec \uc7ac\ubb34 --><\/p>\n<div style=\"background:#FFFFFF;border:1px solid #E0DED5;border-radius:5px;padding:18px 20px;margin-bottom:18px;\">\n<span style=\"font-family:'Noto Sans KR',sans-serif;font-size:13px;font-weight:700;letter-spacing:0.04em;color:#3C3A35;padding-bottom:11px;margin-bottom:14px;border-bottom:2px solid #1A1917;display:block;\">\ud83d\udcb0 \ud575\uc2ec \uc7ac\ubb34 \uc694\uc57d (FY2025)<\/span><\/p>\n<div style=\"display:flex;justify-content:space-between;padding:7px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;background:#FAFAF8;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<span style=\"color:#6B6860;\">\uc5f0\uac04\ub9e4\ucd9c<\/span><span style=\"font-family:'Space Mono',monospace;color:#1A1917;font-weight:700;\">$17.7M<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;padding:7px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<span style=\"color:#6B6860;\">Q4 \ub9e4\ucd9c<\/span><span style=\"font-family:'Space Mono',monospace;color:#1A1917;font-weight:700;\">$6.2M<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;padding:7px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;background:#FAFAF8;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<span style=\"color:#6B6860;\">\uc601\uc5c5\uc774\uc775\ub960<\/span><span style=\"font-family:'Space Mono',monospace;color:#991B1B;font-weight:700;\">-175%<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;padding:7px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<span style=\"color:#6B6860;\">\uc21c\uc190\uc2e4<\/span><span style=\"font-family:'Space Mono',monospace;color:#1A1917;font-weight:700;\">$4.8M<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;padding:7px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;background:#FAFAF8;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<span style=\"color:#6B6860;\">Adj. EBITDA<\/span><span style=\"font-family:'Space Mono',monospace;color:#991B1B;font-weight:700;\">-$17.4M<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;padding:7px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<span style=\"color:#6B6860;\">\ud604\uae08 \ubcf4\uc720<\/span><span style=\"font-family:'Space Mono',monospace;color:#166534;font-weight:700;\">$94.4M<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;padding:7px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;background:#FAFAF8;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<span style=\"color:#6B6860;\">\uc794\uc5ec \uc218\ud589\uc758\ubb34<\/span><span style=\"font-family:'Space Mono',monospace;color:#1A1917;font-weight:700;\">$65.1M<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;padding:7px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<span style=\"color:#6B6860;\">\ud604\uc7ac\uc8fc\uac00<\/span><span style=\"font-family:'Space Mono',monospace;color:#1A1917;font-weight:700;\">$3.28<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;padding:7px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;background:#FAFAF8;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<span style=\"color:#6B6860;\">\uc2dc\uac00\ucd1d\uc561<\/span><span style=\"font-family:'Space Mono',monospace;color:#1A1917;font-weight:700;\">$444M<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;padding:7px 0;border-bottom:1px solid #E0DED5;font-size:13.5px;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<span style=\"color:#6B6860;\">EPS (TTM)<\/span><span style=\"font-family:'Space Mono',monospace;color:#991B1B;font-weight:700;\">-$0.04<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;padding:7px 0;font-size:13.5px;background:#FAFAF8;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<span style=\"color:#6B6860;\">P\/S (FY2025)<\/span><span style=\"font-family:'Space Mono',monospace;color:#1A1917;font-weight:700;\">25.1x<\/span>\n<\/div>\n<\/div>\n<p><!-- \u2464 \uc8fc\uc694 \ud3b8\uc785 ETF --><\/p>\n<div style=\"background:#FFFFFF;border:1px solid #E0DED5;border-radius:5px;padding:18px 20px;margin-bottom:18px;\">\n<span style=\"font-family:'Noto Sans KR',sans-serif;font-size:13px;font-weight:700;letter-spacing:0.04em;color:#3C3A35;padding-bottom:11px;margin-bottom:14px;border-bottom:2px solid #1A1917;display:block;\">\ud83d\uddc2\ufe0f \uc8fc\uc694 \ud3b8\uc785 ETF <span style=\"font-size:11px;font-weight:400;color:#9E9B94;\">(\ud22c\uc790\uc2dc\uc810 \ube44\uc911 \uc7ac\ud655\uc778 \ud544\uc694)<\/span><\/span><\/p>\n<div style=\"display:flex;justify-content:space-between;align-items:center;padding:7px 0;border-bottom:1px solid #E0DED5;background:#FAFAF8;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<div>\n<div style=\"font-family:'Space Mono',monospace;font-size:12px;font-weight:700;color:#1A1917;\">UFO (\ubbf8\uad6d)<\/div>\n<div style=\"font-family:'Noto Sans KR',sans-serif;font-size:12px;color:#6B6860;margin-top:1px;\">Procure Space ETF<\/div>\n<\/div>\n<p><span style=\"font-family:'Space Mono',monospace;font-size:13px;color:#1C4532;font-weight:700;\">~2.5%<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;align-items:center;padding:7px 0;border-bottom:1px solid #E0DED5;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<div>\n<div style=\"font-family:'Space Mono',monospace;font-size:12px;font-weight:700;color:#1A1917;\">ARKX (\ubbf8\uad6d)<\/div>\n<div style=\"font-family:'Noto Sans KR',sans-serif;font-size:12px;color:#6B6860;margin-top:1px;\">ARK Space Exploration ETF<\/div>\n<\/div>\n<p><span style=\"font-family:'Space Mono',monospace;font-size:13px;color:#1C4532;font-weight:700;\">~0.5%<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;align-items:center;padding:7px 0;border-bottom:1px solid #E0DED5;background:#FAFAF8;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<div>\n<div style=\"font-family:'Space Mono',monospace;font-size:12px;font-weight:700;color:#1A1917;\">ROKT (\ubbf8\uad6d)<\/div>\n<div style=\"font-family:'Noto Sans KR',sans-serif;font-size:12px;color:#6B6860;margin-top:1px;\">SPDR Kensho Final Frontiers<\/div>\n<\/div>\n<p><span style=\"font-family:'Space Mono',monospace;font-size:13px;color:#1C4532;font-weight:700;\">~1.0%<\/span>\n<\/div>\n<div style=\"display:flex;justify-content:space-between;align-items:center;padding:7px 0;margin:0 -20px;padding-left:20px;padding-right:20px;\">\n<div>\n<div style=\"font-family:'Space Mono',monospace;font-size:12px;font-weight:700;color:#1A1917;\">TIGER \uc6b0\uc8fc\ud56d\uacf5 (\ud55c\uad6d)<\/div>\n<div style=\"font-family:'Noto Sans KR',sans-serif;font-size:12px;color:#6B6860;margin-top:1px;\">\ubbf8\ub798\uc5d0\uc14b \uc6b0\uc8fc\ud56d\uacf5&#038;\ud0d0\uc0ac ETF<\/div>\n<\/div>\n<p><span style=\"font-family:'Space Mono',monospace;font-size:13px;color:#9E9B94;font-weight:700;\">\ubbf8\ud3b8\uc785<\/span>\n<\/div>\n<\/div>\n<p><!-- \u2465 \uc8fc\uc694 \uc774\ubca4\ud2b8 --><\/p>\n<div style=\"background:#FFFFFF;border:1px solid #E0DED5;border-radius:5px;padding:18px 20px;margin-bottom:18px;\">\n<span style=\"font-family:'Noto Sans KR',sans-serif;font-size:13px;font-weight:700;letter-spacing:0.04em;color:#3C3A35;padding-bottom:11px;margin-bottom:14px;border-bottom:2px solid #1A1917;display:block;\">\ud83d\udcc5 \uc8fc\uc694 \uc774\ubca4\ud2b8<\/span><\/p>\n<div style=\"display:flex;gap:10px;align-items:flex-start;margin-bottom:12px;\">\n<div style=\"flex-shrink:0;font-family:'Space Mono',monospace;font-size:11px;color:#FFFFFF;background:#1C4532;padding:3px 7px;border-radius:3px;white-space:nowrap;margin-top:2px;\">3.19<\/div>\n<div style=\"font-family:'Noto Sans KR',sans-serif;font-size:13.5px;color:#1A1917;line-height:1.5;\">FY2025 \uc2e4\uc801 \ubc1c\ud45c \uc644\ub8cc \u2713 (YoY +38%)<\/div>\n<\/div>\n<div style=\"display:flex;gap:10px;align-items:flex-start;margin-bottom:12px;\">\n<div style=\"flex-shrink:0;font-family:'Space Mono',monospace;font-size:11px;color:#FFFFFF;background:#1C4532;padding:3px 7px;border-radius:3px;white-space:nowrap;margin-top:2px;\">3.25<\/div>\n<div style=\"font-family:'Noto Sans KR',sans-serif;font-size:13.5px;color:#1A1917;line-height:1.5;\">Craig-Hallum \ub274\uc2a4\ud398\uc774\uc2a4 \ucee8\ud37c\ub7f0\uc2a4 CFO \ucc38\uc11d<\/div>\n<\/div>\n<div style=\"display:flex;gap:10px;align-items:flex-start;margin-bottom:12px;\">\n<div style=\"flex-shrink:0;font-family:'Space Mono',monospace;font-size:11px;color:#FFFFFF;background:#92700F;padding:3px 7px;border-radius:3px;white-space:nowrap;margin-top:2px;\">Q2 2026<\/div>\n<div style=\"font-family:'Noto Sans KR',sans-serif;font-size:13.5px;color:#1A1917;line-height:1.5;\">CEiiA \ud3ec\ub974\ud22c\uac08 NewSat \uc704\uc131 2\uae30 \uc778\ub3c4<\/div>\n<\/div>\n<div style=\"display:flex;gap:10px;align-items:flex-start;margin-bottom:12px;\">\n<div style=\"flex-shrink:0;font-family:'Space Mono',monospace;font-size:11px;color:#FFFFFF;background:#C8001A;padding:3px 7px;border-radius:3px;white-space:nowrap;margin-top:2px;\">10\uc6d4 \ubaa9\ud45c<\/div>\n<div style=\"font-family:'Noto Sans KR',sans-serif;font-size:13.5px;color:#1A1917;line-height:1.5;\">\uba40\ub9b0(Merlin) \uccab \uc704\uc131 \ubc1c\uc0ac \u2014 \ucd5c\ub300 \ucd09\ub9e4<\/div>\n<\/div>\n<div style=\"display:flex;gap:10px;align-items:flex-start;\">\n<div style=\"flex-shrink:0;font-family:'Space Mono',monospace;font-size:11px;color:#FFFFFF;background:#166534;padding:3px 7px;border-radius:3px;white-space:nowrap;margin-top:2px;\">H1 2027<\/div>\n<div style=\"font-family:'Noto Sans KR',sans-serif;font-size:13.5px;color:#1A1917;line-height:1.5;\">\uba40\ub9b0 \uc704\uc131\uad70 \uc644\uc804 \uc6b4\uc6a9 \uc2dc\uc791<\/div>\n<\/div>\n<\/div>\n<p><!-- \u2466 \uc8fc\uac00 \ucc28\ud2b8 --><\/p>\n<div style=\"background:#FFFFFF;border:1px solid #E0DED5;border-radius:5px;padding:18px 20px;margin-bottom:18px;\">\n<span style=\"font-family:'Noto Sans KR',sans-serif;font-size:13px;font-weight:700;letter-spacing:0.04em;color:#3C3A35;padding-bottom:11px;margin-bottom:14px;border-bottom:2px solid #1A1917;display:block;\">\ud83d\udcc8 \uc8fc\uac00 \ucc28\ud2b8 (3\uac1c\uc6d4)<\/span><\/p>\n<div style=\"border-radius:4px;overflow:hidden;border:1px solid #E0DED5;\">\n<iframe src=\"https:\/\/www.tradingview.com\/widgetembed\/?frameElementId=tradingview_SATL&#038;symbol=NASDAQ%3ASATL&#038;interval=D&#038;range=3M&#038;hide_top_toolbar=0&#038;hide_legend=0&#038;save_image=0&#038;style=1&#038;theme=light&#038;timezone=Asia%2FSeoul&#038;studies=[]&#038;show_popup_button=0&#038;withdateranges=1&#038;hideideas=1&#038;hide_side_toolbar=1&#038;locale=kr\" style=\"width:100%;height:280px;border:none;display:block;\" allowtransparency=\"true\" frameborder=\"0\" scrolling=\"no\"><\/iframe>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<div style=\"clear:both;\"><\/div>\n<\/div>\n<footer style=\"margin-top:40px;padding:20px 0;border-top:1px solid #E0DED5;\">\n<p style=\"font-size:13.5px;color:#9E9B94;line-height:1.8;font-family:'Noto Sans KR',sans-serif;margin:0;\">\u203b \uc774 \uc815\ubcf4\ub294 <strong style=\"color:#3C3A35;\">2026\ub144 3\uc6d4 22\uc77c \uae30\uc900 \ub370\uc774\ud130<\/strong>\ub97c \ubc18\uc601\ud558\uc5ec \uc791\uc131\ud558\uc600\uc73c\uba70, \uc774\ud6c4 \uc2dc\uc7a5 \uc0c1\ud669\u00b7\uc2e4\uc801 \ubc1c\ud45c\u00b7\ud658\uc728 \ubcc0\ub3d9 \ub4f1\uc5d0 \ub530\ub77c \uc218\uce58\uac00 \ub2ec\ub77c\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc8fc\uc694 \uc7ac\ubb34 \uc218\uce58 \ucd9c\ucc98: Satellogic 10-K(FY2025, 2026.03.19 SEC \uc81c\ucd9c), \uc5b4\ub2dd\ucf5c \ud2b8\ub79c\uc2a4\ud06c\ub9bd\ud2b8(Yahoo Finance), \uc8fc\uac00\u00b7\uc2dc\ucd1d\uc740 Investing.com 2026.03.19 \uae30\uc900\uc785\ub2c8\ub2e4. \uc774 \uae00\uc740 \ud22c\uc790 \uad8c\uc720\uac00 \uc544\ub2c8\uba70, \ucd5c\uc885 \ud22c\uc790 \ud310\ub2e8\uc740 \ud56d\uc0c1 \ubcf8\uc778\uc758 \ubaab\uc785\ub2c8\ub2e4.<\/p>\n<\/footer>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\ub9e4\ucd9c $1,770\ub9cc, \uc21c\uc190\uc2e4 96% \ucd95\uc18c, \ud604\uae08 $9,440\ub9cc \u2014 \uc22b\uc790\ub9cc \ubcf4\uba74 \uc644\ubcbd\ud55c\ub370, \uc8fc\uac00\ub294 \uc65c? \ubaa9\ucc28 01\uc2e4\uc801 \ubc1c\ud45c \uc804 \ub0b4\uac00 \uc37c\ub358 \uc804\ub9dd, \ub9de\uc558\ub098? 02FY2025 \uc22b\uc790 \ud574\ubd80 \u2014<span class=\"more-link theme-more-link\"><a href=\"https:\/\/routiner7.com\/mil\/satellogic-2\/\">\uc77d\uc5b4\ubcf4\uae30<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,4],"tags":[64],"class_list":["entry","author-milad","post-5363","post","type-post","status-publish","format-standard","category-us-stock","category-analysis","tag-64"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\uc138\ud2c0\ub85c\uc9c1(SATL) \uc8fc\uac00 \ubd84\uc11d : FY-2025 \uc2e4\uc801 \ubc18\uc601<\/title>\n<meta name=\"description\" content=\"\uc138\ud2c0\ub85c\uc9c1(Satellogic)\uc758 2025 \ud68c\uacc4\uc5f0\ub3c4 \uc2e4\uc801 \ubc1c\ud45c\ub294 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