Satellogic Reports 2024 Financial Results and Business Update
Satellogic (NASDAQ: SATL) reported its 2024 financial results with a 28% revenue increase to $12.9 million. The company secured key commercial milestones, including an exclusive agreement with Maxar Intelligence and selection by NASA for the Commercial SmallSat Data Acquisition Program.
Financial highlights include:
- Cash position of $22.5 million at year-end
- Reduced cash used in operations by 27.6% ($13.7 million)
- Cost of sales improved to 39% of revenue (from 50% in 2023)
- Net loss increased to $116.3 million (from $61.0 million in 2023)
The company completed a $10 million private placement and entered into a $50 million ATM program. Satellogic implemented cost-reduction measures, including workforce reduction of 104 employees, expecting approximately $9.6 million in annual savings. The company is nearing completion of its redomicile to the U.S., aiming to enhance market opportunities and investor transparency.
Satellogic (NASDAQ: SATL) ha riportato i risultati finanziari per il 2024 con un aumento del fatturato del 28% a 12,9 milioni di dollari. L'azienda ha raggiunto importanti traguardi commerciali, tra cui un accordo esclusivo con Maxar Intelligence e la selezione da parte della NASA per il Programma di Acquisizione Dati Commerciali SmallSat.
I punti salienti finanziari includono:
- Posizione di cassa di 22,5 milioni di dollari a fine anno
- Riduzione del 27,6% dell'uso di cassa nelle operazioni (13,7 milioni di dollari)
- Il costo delle vendite è migliorato al 39% del fatturato (rispetto al 50% nel 2023)
- La perdita netta è aumentata a 116,3 milioni di dollari (rispetto ai 61,0 milioni di dollari nel 2023)
L'azienda ha completato un collocamento privato di 10 milioni di dollari e ha avviato un programma ATM da 50 milioni di dollari. Satellogic ha implementato misure di riduzione dei costi, tra cui la riduzione della forza lavoro di 104 dipendenti, prevedendo risparmi annuali di circa 9,6 milioni di dollari. L'azienda è vicina al completamento del suo trasferimento negli Stati Uniti, mirando a migliorare le opportunità di mercato e la trasparenza per gli investitori.
Satellogic (NASDAQ: SATL) reportó sus resultados financieros de 2024 con un aumento del 28% en ingresos a 12,9 millones de dólares. La compañía logró hitos comerciales clave, incluyendo un acuerdo exclusivo con Maxar Intelligence y la selección por parte de NASA para el Programa de Adquisición de Datos Comerciales SmallSat.
Los aspectos financieros destacados incluyen:
- Posición de efectivo de 22,5 millones de dólares al final del año
- Reducción del 27,6% en el uso de efectivo en operaciones (13,7 millones de dólares)
- El costo de ventas mejoró al 39% de los ingresos (desde el 50% en 2023)
- La pérdida neta aumentó a 116,3 millones de dólares (desde 61,0 millones de dólares en 2023)
La compañía completó un colocación privada de 10 millones de dólares y entró en un programa ATM de 50 millones de dólares. Satellogic implementó medidas de reducción de costos, incluyendo la reducción de su fuerza laboral en 104 empleados, esperando aproximadamente 9,6 millones de dólares en ahorros anuales. La empresa está cerca de completar su re-domiciliación a EE. UU., con el objetivo de mejorar las oportunidades de mercado y la transparencia para los inversores.
Satellogic (NASDAQ: SATL)는 2024년 재무 결과를 보고하며 수익이 28% 증가하여 1,290만 달러에 달했다고 발표했습니다. 이 회사는 Maxar Intelligence와의 독점 계약 및 NASA의 상업용 SmallSat 데이터 수집 프로그램에 선정되는 등 주요 상업적 이정표를 확보했습니다.
재무 하이라이트는 다음과 같습니다:
- 연말 현금 보유액 2,250만 달러
- 운영에서 사용된 현금이 27.6% 감소(1,370만 달러)
- 매출원가가 매출의 39%로 개선됨(2023년 50%에서)
- 순손실이 1억 1,630만 달러로 증가(2023년 6,100만 달러에서)
회사는 1,000만 달러의 사모펀드를 완료하고 5,000만 달러의 ATM 프로그램에 참여했습니다. Satellogic은 104명의 직원 감원을 포함한 비용 절감 조치를 시행하여 연간 약 960만 달러의 절감을 기대하고 있습니다. 회사는 시장 기회와 투자자 투명성을 높이기 위해 미국으로의 재도약을 거의 완료하고 있습니다.
Satellogic (NASDAQ: SATL) a annoncé ses résultats financiers pour 2024 avec une augmentation des revenus de 28% à 12,9 millions de dollars. L'entreprise a atteint des étapes commerciales clés, y compris un accord exclusif avec Maxar Intelligence et la sélection par la NASA pour le Programme d'Acquisition de Données Commerciales SmallSat.
Les points forts financiers incluent :
- Position de trésorerie de 22,5 millions de dollars à la fin de l'année
- Réduction de 27,6% de la trésorerie utilisée dans les opérations (13,7 millions de dollars)
- Le coût des ventes s'est amélioré à 39% des revenus (contre 50% en 2023)
- La perte nette a augmenté à 116,3 millions de dollars (contre 61,0 millions de dollars en 2023)
L'entreprise a complété un placement privé de 10 millions de dollars et a lancé un programme ATM de 50 millions de dollars. Satellogic a mis en œuvre des mesures de réduction des coûts, y compris la réduction de 104 employés, s'attendant à des économies annuelles d'environ 9,6 millions de dollars. L'entreprise est sur le point de finaliser son transfert aux États-Unis, visant à améliorer les opportunités de marché et la transparence pour les investisseurs.
Satellogic (NASDAQ: SATL) hat seine finanziellen Ergebnisse für 2024 veröffentlicht, mit einem Umsatzanstieg von 28% auf 12,9 Millionen Dollar. Das Unternehmen hat wichtige kommerzielle Meilensteine erreicht, darunter einen exklusiven Vertrag mit Maxar Intelligence und die Auswahl durch die NASA für das Commercial SmallSat Data Acquisition Program.
Finanzielle Höhepunkte umfassen:
- Bargeldposition von 22,5 Millionen Dollar zum Jahresende
- Reduzierung des Cash-Einsatzes in den Betrieben um 27,6% (13,7 Millionen Dollar)
- Die Kosten der verkauften Waren verbesserten sich auf 39% des Umsatzes (von 50% im Jahr 2023)
- Der Nettoverlust stieg auf 116,3 Millionen Dollar (von 61,0 Millionen Dollar im Jahr 2023)
Das Unternehmen hat eine Privatplatzierung von 10 Millionen Dollar abgeschlossen und ein ATM-Programm über 50 Millionen Dollar gestartet. Satellogic hat Kostensenkungsmaßnahmen umgesetzt, einschließlich der Reduzierung von 104 Mitarbeitern, und erwartet jährliche Einsparungen von etwa 9,6 Millionen Dollar. Das Unternehmen steht kurz vor dem Abschluss seiner Verlegung in die USA, um Marktchancen und Investoren-Transparenz zu verbessern.
- 28% revenue growth to $12.9 million
- Improved cost of sales efficiency from 50% to 39% of revenue
- Secured NASA contract with potential value of $476 million
- Reduced cash burn by 27.6% year-over-year
- Successfully raised $10 million through private placement
- Net loss increased significantly to $116.3 million from $61.0 million
- Space Systems revenue decreased by $2.2 million
- Workforce reduction of 104 employees with $2.0 million in severance charges
- Cash position declined slightly to $22.5 million from $23.5 million
Insights
Satellogic's 2024 results present a mixed financial picture with some encouraging operational developments. The 28% revenue growth to
However, significant challenges remain. The net loss expanded dramatically to
The
Satellogic's NASA contract participation and Maxar Intelligence agreement represent promising commercial developments, but 2025 performance will heavily depend on closing opportunities in their Space Systems business line, which management indicates has higher margins but showed revenue decline in 2024.
Satellogic's strategic positioning shows promise despite financial challenges. The Maxar Intelligence partnership represents a significant commercial milestone, giving them access to high-value national security customers within the U.S. government ecosystem. The NASA Commercial SmallSat Data Acquisition Program selection validates their technical capabilities among a select group of providers.
The company's decision to moderate constellation growth following their Mark V deployment indicates a shift from capacity building to commercial exploitation. This aligns with industry trends where Earth observation companies are increasingly focusing on extracting value from existing assets rather than continuing aggressive constellation expansion.
The planned U.S. redomicile is a strategic move that should reduce barriers to securing sensitive government contracts, particularly in defense and intelligence. This positions Satellogic more competitively against U.S.-based Earth observation providers.
Their statement that 2025 revenue will depend heavily on Space Systems opportunities suggests potential satellite manufacturing or technology transfer deals beyond their core imagery services. However, the
The
Revenue up
Redomicile to U.S. Nears Completion; Set to Accelerate Market Opportunities
Completed
Entered into
NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) -- Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today provided a business update and financial results for the year ended December 31, 2024.
“The second half of 2024 was highlighted by commercial milestones, including a pivotal agreement with Maxar Intelligence granting them exclusive rights to task Satellogic’s high-revisit constellation and use our cost-effective satellite imagery to support national security missions for the U.S. Government and select U.S. partners internationally.” said Satellogic CEO, Emiliano Kargieman.
“Additionally, we were selected by NASA as one of eight recipients of NASA's Commercial SmallSat Data Acquisition Program (CSDA) On-Ramp1 Multiple Award contract, with a maximum cumulative value of
“In 2024, we have made good progress in raising capital to further invest in the business. In December we announced the private placement of
“We are also excited to disclose our intended domestication to the U.S. in December, which is expected to be completed by the end of the month,” commented Rick Dunn, Satellogic CFO. We believe the domestication will continue to lower our barriers to entry in the U.S. and allied markets and improve transparency for investors and customers.”
“In terms of financial results, we ended 2024 with
“While our improving revenue performance and strategic progress are encouraging and confidence-building, we’ve continued the work started in 2023 to realign and streamline our business to better position us to capitalize on near-term growth opportunities. Specifically, we further reduced our workforce by 104 full time equivalents in the second quarter of 2024, incurring approximately
“We expect that our revenue for 2025 will largely be dependent on closing opportunities within our Space Systems line of business, which we anticipate will contribute considerable per unit cash flow and strong gross margin. As we look to 2025 and beyond, management continues to focus on near-term growth opportunities and moving the Company forward on a path to profitability,” concluded Dunn.
Financial Results for the Year Ended December 31, 2024
- Revenue for the year ended December 31, 2024, increased by
$2.8 million , or28% , to$12.9 million , as compared to revenue of$10.1 million for the year ended December 31, 2023. The increase was driven primarily by a$5 million increase in imagery ordered by new and existing Asset Monitoring customers, partially offset by a$2.2 million decrease in revenue generated from the Space Systems business line. Revenue for the year ended December 31, 2024 included$9.5 million attributable to our Asset Monitoring line of business,$1.8 million attributable to our Space Systems line of business, and$1.6 million attributable to our CaaS line of business compared to$4.5 million ,$3.9 million and$1.6 million , respectively, in the prior year. - Cost of Sales, excluding depreciation expense, for the year ended December 31, 2024, remained flat at
$5.0 million , as compared to$5.1 million for the year ended December 31, 2023. However, as a percentage of revenue, our cost of sales were39% for the year ended December 31, 2024, as compared to50% for the year ended December 31, 2023. - Selling, General and Administrative expenses for the year ended December 31, 2024, decreased by
$2.0 million , or6% , to$33.0 million , as compared to$35.0 million for the year ended December 31, 2023. This decrease was primarily driven by a decrease in salaries, wages, stock-based compensation and other benefits as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from continued cash control measures during 2024. Additionally, the decrease was driven by lower expense for estimated credit losses on accounts receivable and lower insurance costs due to rate improvements on certain policies. These decreases were partially offset by a$4.0 million increase in professional fees consisting mainly of the accrued, nonrecurring advisory fee pursuant to the subscription agreement entered into with Liberty in connection with going public in 2022 and professional fees related to the secured convertible notes. - Engineering expenses for the year ended June 30, 2024, decreased
$7.8 million , or35% , to$14.4 million for the year ended December 31, 2024 from$22.2 million for the year ended December 31, 2023. The decrease was driven primarily by a decrease in salaries, wages, and other benefits and stock-based compensation as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from continued cash control measures during 2024, in addition to fees resulting from the termination of our high-throughput plant lease in the Netherlands. - Net loss for the year ended December 31, 2024, increased by
$55.2 million to$116.3 million , as compared to a net loss of$61.0 million for the year ended December 31, 2023. The increase was primarily driven by an increase in the change in fair value of financial instruments ($60.0 million ) and other expenses ($3.2 million ) offset by increases in revenue and decreases in operating costs. - Non-GAAP Adjusted EBITDA loss for the year ended December 31, 2024, improved by
$10.4 million to$33.7 million , from an Adjusted EBITDA loss of$44.1 million for the year ended December 31, 2023, primarily due to year-over-year increases in revenue and decreases in operating expenses. - Cash was
$22.5 million at December 31, 2024, compared to$23.5 million at December 31, 2023. - Net cash used in operating activities was
$35.9 million for the year ended December 31, 2024, compared to$49.6 million for the year ended December 31, 2023. This decline in net cash used by operations was primarily due to workforce reduction and overall cost control initiatives.
Use of Non-GAAP Financial Measures
We monitor a number of financial performance and liquidity measures on a regular basis in order to track the progress of our business. Included in these financial performance and liquidity measures are the non-GAAP measures, Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA. We believe these measures provide analysts, investors and management with helpful information regarding the underlying operating performance of our business, as they remove the impact of items that we believe are not reflective of our underlying operating performance. The non-GAAP measures are used by us to evaluate our core operating performance and liquidity on a comparable basis and to make strategic decisions. The non-GAAP measures also facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation, capital expenditures and non-cash items (i.e., depreciation, embedded derivatives, debt extinguishment and stock-based compensation) which may vary for different companies for reasons unrelated to operating performance. However, different companies may define these terms differently and accordingly comparisons might not be accurate. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA are not intended to be a substitute for any GAAP financial measure. For the definitions of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA and reconciliations to the most directly comparable GAAP measure, net loss, see below.
We define Non-GAAP EBITDA as net loss excluding interest, income taxes, depreciation and amortization. We did not incur amortization expense during the years ended December 31, 2024 and 2023.
We define Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA further adjusted for professional fees related to the secured convertible notes, other income (expense), net, changes in the fair value of financial instruments and stock-based compensation. Other income, net consists mainly of differences related to foreign exchange gains and losses as well as gains and losses on disposal of property and equipment.
The following table presents a reconciliation of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA to its net loss for the periods indicated.
| Years Ended December 31, | |||||||
| (in thousands of U.S. dollars) | 2024 | 2023 | |||||
| Net loss available to stockholders | $ | (116,272 | ) | $ | (61,018 | ) | |
| Interest expense | 71 | 51 | |||||
| Income tax expense | 2,858 | 9,082 | |||||
| Depreciation expense | 12,655 | 17,256 | |||||
| Non-GAAP EBITDA | $ | (100,688 | ) | $ | (34,629 | ) | |
| Professional fees related to Secured Convertible Notes | 2,444 | — | |||||
| Other expense (income), net | 2,107 | (9,271 | ) | ||||
| Change in fair value of financial instruments | 60,071 | (6,474 | ) | ||||
| Stock-based compensation | 2,335 | 6,299 | |||||
| Non-GAAP Adjusted EBITDA | $ | (33,731 | ) | $ | (44,075 | ) | |
About Satellogic
Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic (NASDAQ: SATL) is the first vertically integrated geospatial company, driving real outcomes with planetary-scale insights. Satellogic is creating and continuously enhancing the first scalable, fully automated EO platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for customers.
Satellogic’s mission is to democratize access to geospatial data through its information platform of high-resolution images to help solve the world’s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic unlocks the power of EO to deliver high-quality, planetary insights at the lowest cost in the industry.
With more than a decade of experience in space, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point.
To learn more, please visit: http://www.satellogic.com
Forward-Looking Statements
This press release 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 and include statements concerning Satellogic’s strategic realignment as a U.S. company, and the visibility and high growth opportunities it will provide in connection therewith. 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 press release. 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 press release, including but not limited to: (i) our ability to generate revenue as expected, (ii) our ability to effectively market and sell our EO services and to convert contracted revenues and our pipeline of potential contracts into actual revenues, (iii) risks related to the secured convertible notes, (iv) the potential loss of one or more of our largest customers, (v) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vi) risks and uncertainties associated with defense-related contracts, (vii) risk related to our pricing structure, (viii) our ability to scale production of our satellites as planned, (ix) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (x) our dependence on third parties to transport and launch our satellites into space, (xi) our reliance on third-party vendors and manufacturers to build and provide certain satellite components, products, or services, (xii) our dependence on ground station and cloud-based computing infrastructure operated by third pirates for value-added services, and any errors, disruption, performance problems, or failure in their or our operational infrastructure, (xiii) risk related to certain minimum service requirements in our customer contracts, (xiv) market acceptance of our EO services and our dependence upon our ability to keep pace with the latest technological advances, (xv) competition for EO services, (xvi) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xvii) unknown defects or errors in our products, (xviii) risk related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xix) substantial doubt about our ability to continue as a going concern, (xx) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xxi) the failure of the market for EO services to achieve the growth potential we expect, (xxii) risks related to our satellites and related equipment becoming impaired, (xxiii) risks related to the failure of our satellites to operate as intended, (xxiv) production and launch delays, launch failures, and damage or destruction to our satellites during launch and (xxv) the impact of natural disasters, unusual or prolonged unfavorable weather conditions, epidemic outbreaks, terrorist acts and geopolitical events (including the ongoing conflicts between Russia and Ukraine, in the Gaza Strip and the Red Sea region) on our business and satellite launch schedules. 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 20-F 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.
Contacts
Investor Relations:
Ryan Driver, VP of Strategy & Corporate Development
ryan.driver@satellogic.com
Media Relations:
Satellogic
pr@satellogic.com
| SATELLOGIC INC. | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||
| UNAUDITED | |||||||
| Year Ended December 31, | |||||||
| (in thousands of U.S. dollars, except share and per share amounts) | 2024 | 2023 | |||||
| Revenue | $ | 12,870 | $ | 10,074 | |||
| Costs and expenses | |||||||
| Cost of sales, exclusive of depreciation shown separately below | 5,024 | 5,056 | |||||
| Selling, general and administrative | 32,992 | 34,968 | |||||
| Engineering | 14,405 | 22,197 | |||||
| Depreciation expense | 12,655 | 17,256 | |||||
| Total costs and expenses | 65,076 | 79,477 | |||||
| Operating loss | (52,206 | ) | (69,403 | ) | |||
| Other (expense) income, net | |||||||
| Interest income, net | 970 | 1,722 | |||||
| Change in fair value of financial instruments | (60,071 | ) | 6,474 | ||||
| Other (expense) income, net | (2,107 | ) | 9,271 | ||||
| Total other (expense) income, net | (61,208 | ) | 17,467 | ||||
| Loss before income tax | (113,414 | ) | (51,936 | ) | |||
| Income tax expense | (2,858 | ) | (9,082 | ) | |||
| Net loss available to stockholders | $ | (116,272 | ) | $ | (61,018 | ) | |
| Other comprehensive loss | |||||||
| Foreign currency translation gain (loss), net of tax | (538 | ) | 279 | ||||
| Comprehensive loss | $ | (116,810 | ) | $ | (60,739 | ) | |
| Basic net loss per share for the period attributable to holders of Common Stock | $ | (1.28 | ) | $ | (0.68 | ) | |
| Basic weighted-average Common Stock outstanding | 91,164,286 | 89,539,910 | |||||
| Diluted net loss per share for the period attributable to holders of Common Stock | $ | (1.28 | ) | $ | (0.68 | ) | |
| Diluted weighted-average Common Stock outstanding | 91,164,286 | 89,539,910 | |||||
| SATELLOGIC INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| UNAUDITED | |||||||
| December 31, | |||||||
| (in thousands of U.S. dollars, except per share amounts) | 2024 | 2023 | |||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 22,493 | $ | 23,476 | |||
| Accounts receivable, net of allowance of | 1,464 | 901 | |||||
| Prepaid expenses and other current assets | 3,907 | 2,173 | |||||
| Total current assets | 27,864 | 26,550 | |||||
| Property and equipment, net | 27,228 | 41,130 | |||||
| Operating lease right-of-use assets | 877 | 3,195 | |||||
| Other non-current assets | 5,722 | 5,507 | |||||
| Total assets | $ | 61,691 | $ | 76,382 | |||
| LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 3,754 | $ | 7,935 | |||
| Warrant liabilities | 11,511 | 2,795 | |||||
| Earnout liabilities | 1,501 | 419 | |||||
| Operating lease liabilities | 363 | 2,143 | |||||
| Contract liabilities | 5,871 | 3,728 | |||||
| Accrued expenses and other liabilities | 11,621 | 4,372 | |||||
| Total current liabilities | 34,621 | 21,392 | |||||
| Secured Convertible Notes at fair value | 79,070 | — | |||||
| Operating lease liabilities | 516 | 1,789 | |||||
| Contract liabilities | — | 1,000 | |||||
| Other non-current liabilities | 516 | 526 | |||||
| Total liabilities | 114,723 | 24,707 | |||||
| Commitments and contingencies | |||||||
| Stockholders' (deficit) equity | |||||||
| Preferred stock, | — | — | |||||
| Class A Common Stock, | — | — | |||||
| Class B Common Stock, | — | — | |||||
| Treasury stock, at cost, 567,823 shares as of December 31, 2024 and 567,823 shares as of December 31, 2023 | (8,603 | ) | (8,603 | ) | |||
| Additional paid-in capital | 356,247 | 344,144 | |||||
| Accumulated other comprehensive loss | (571 | ) | (33 | ) | |||
| Accumulated deficit | (400,105 | ) | (283,833 | ) | |||
| Total stockholders’ (deficit) equity | (53,032 | ) | 51,675 | ||||
| Total liabilities and stockholders' (deficit) equity | $ | 61,691 | $ | 76,382 | |||
| SATELLOGIC INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| UNAUDITED | |||||||
| Year Ended December 31, | |||||||
| (in thousands of U.S. dollars) | 2024 | 2023 | |||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (116,272 | ) | $ | (61,018 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation expense | 12,655 | 17,256 | |||||
| Debt issuance costs | 2,397 | — | |||||
| Operating lease expense | 1,515 | 2,751 | |||||
| Stock-based compensation | 2,335 | 6,299 | |||||
| Change in fair value of financial instruments | 60,071 | (6,474 | ) | ||||
| Foreign exchange differences | (2,936 | ) | (10,933 | ) | |||
| Loss on disposal of property and equipment | 4,377 | — | |||||
| Expense for estimated credit losses on accounts receivable, net of recoveries | 22 | 1,126 | |||||
| Non-cash change in contract liabilities | (1,323 | ) | 1,188 | ||||
| Other, net | 234 | 666 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (1,126 | ) | (385 | ) | |||
| Prepaid expenses and other current assets | (1,666 | ) | 2,114 | ||||
| Accounts payable | (2,356 | ) | 1,533 | ||||
| Contract liabilities | 2,532 | 598 | |||||
| Accrued expenses and other liabilities | 7,200 | (2,059 | ) | ||||
| Operating lease liabilities | (2,024 | ) | (2,233 | ) | |||
| Cash paid for interest on Secured Convertible Notes | (1,525 | ) | — | ||||
| Net cash used in operating activities | (35,890 | ) | (49,571 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (5,038 | ) | (14,885 | ) | |||
| Other | 6 | 450 | |||||
| Net cash used in investing activities | (5,032 | ) | (14,435 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from Secured Convertible Notes | 30,000 | — | |||||
| Payments of debt issuance costs | (2,397 | ) | — | ||||
| Tax withholding payments for vested equity-based compensation awards | (660 | ) | (458 | ) | |||
| Proceeds from exercise of Public Warrants | 1 | — | |||||
| Proceeds from PIPE Investment, net of transaction costs | 9,600 | — | |||||
| Proceeds from exercise of stock options | 911 | 375 | |||||
| Net cash provided by (used in) financing activities | 37,455 | (83 | ) | ||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (3,467 | ) | (64,089 | ) | |||
| Effect of foreign exchange rate changes | 2,546 | 10,900 | |||||
| Cash, cash equivalents and restricted cash - beginning of period | 24,603 | 77,792 | |||||
| Cash, cash equivalents and restricted cash - end of period | $ | 23,682 | $ | 24,603 | |||
FAQ
What was Satellogic's (SATL) revenue growth in 2024?
How much did SATL reduce its operating costs in 2024?
What major contracts did Satellogic (SATL) secure in 2024?
How much capital did SATL raise in 2024?
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