Satellogic (SATL) shares experienced a significant pre-market plunge, dropping 12.41% on Tuesday. The sharp decline followed the release of the company's quarterly financial results.

The satellite imagery company reported a quarterly adjusted loss of 84 cents per share for the quarter ended March 31, significantly wider than the mean analyst expectation of a 4-cent loss. While revenue of $6.11 million exceeded the $5.27 million forecast, the substantial earnings miss and reported quarterly loss of $118.3 million appear to have driven the negative market reaction.

This earnings disappointment comes after Satellogic shares had risen 59.9% during the quarter and gained 365.2% year-to-date prior to the report, potentially making the stock more vulnerable to negative news. The company has now missed earnings estimates for two consecutive quarters.