Satellogic Reports Full Year 2023 Financial Results and Provides Business Update
- Revenue increased by 68% to $10.1 million in FY 2023.
- Received a $30 million strategic investment from Tether Investments
- Planned redomicile to the U.S. to compete for U.S. government contracts.
- Partnerships with Tata Advanced Systems and Uzma led to revenue growth and expansion of the satellite constellation.
- Net loss increased to $61.0 million for the year ended December 31, 2023.
- Cost control measures implemented in 2023 led to a reduction in headcount and expenses.
- Withdrawal of previously communicated guidance due to long sales cycles and external variables.
- Non-GAAP Adjusted EBITDA loss decreased to $44.1 million for the year ended December 31, 2023.
- Cash on hand was $23.5 million at December 31, 2023, compared to $76.5 million at December 31, 2022.
- Net loss increased to $61.0 million for the year ended December 31, 2023.
- Withdrawal of previously communicated guidance due to uncertainties in sales cycles.
- Reduction in headcount by approximately 25% at the beginning of 2023.
- Non-GAAP Adjusted EBITDA loss of $44.1 million for the year ended December 31, 2023.
- Cash on hand decreased to $23.5 million at December 31, 2023, compared to $76.5 million at December 31, 2022.
Insights
Reviewing the financial results, the revenue growth of 68% is impressive, especially within the Earth Observation (EO) sector. The strategic investment by Tether Investments Limited is significant as it brings liquidity and perhaps confidence in the company's future.
However, the report indicates a substantial net loss increase, which is concerning. While gross profit and margin have improved, cost control measures hint at an operational pivot. The withdrawal of future guidance suggests underlying uncertainty. Investors should monitor this alongside the company's strategic realignment, particularly the emphasis on U.S. contracts post-redomicile.
The EO market is gaining traction and Satellogic's focus on the U.S government contracts post-redomiciling could be a lucrative pivot. The note on delayed revenue growth is a red flag that may indicate competitive pressures or execution risks.
Satellogic's partnerships in India and Southeast Asia demonstrate its international market penetration. However, the retail investor should scrutinize the sustainability of these international agreements amidst the company's strategic shift towards the U.S market.
Satellogic's advancements in small-satellite technology and recent launches indicate strong technical capabilities. The approval for a remote sensing license from NOAA is a strategic win, critical for U.S. market compliance. However, the space sector's long sales cycles and reliance on government contracts can introduce volatility and risk to revenue predictability, which must be factored into the long-term investment outlook.
Their planned satellite with Uzma and collaboration with TASL to build satellites in India are indicative of industry trends towards privatization and localization of space assets. However, retail investors should consider the execution risk and potential market reception of these advanced EO data products.
Revenue up
Received
Planned Redomicile to
“The second half of 2023 was highlighted by new partnerships, continued revenue growth, and milestone accomplishments in our strategy to capitalize on high-value opportunities in the U.S.,” said Satellogic CEO, Emiliano Kargieman. “As the EO market and macroeconomic environment continue to evolve, we are strategically realigning our business to capture high value opportunities in the
“To support our new strategy, we recently announced a
Matt Tirman, Satellogic President, added, “During the second half of 2023 we had several compelling wins for our pipeline. With Tata Advanced Systems Limited (“TASL”), we are establishing and developing local space technology capabilities in
“The results of our efforts were revenue growth of
“Looking ahead, we are highly focused on a plan to meet the developing needs of our customers and the broader EO market, while making our organization more streamlined and efficient. We are closing in on the strategic realignment of our business to capitalize on what we believe to be our highest growth opportunities in the U.S.,” concluded Tirman.
Rick Dunn, Satellogic CFO, commented, “We ended 2023 with
“While we are encouraged by our positive momentum, we experienced slower than anticipated revenue growth. As a result, we undertook cost and spending control measures in 2023. These actions primarily related to the moderation of capital expenditures, a reduction of certain discretionary spending, as well as a headcount reduction, which represented approximately
“We continue to expect that our revenue for 2024 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, although that revenue may be heavily weighted to the second half of the year. As we look to 2024 and beyond, we are focused on executing on our strategic realignment and growth opportunities in the U.S. market. We continue to expect our revenue will be driven by our further growth in Space Systems, Asset Monitoring, and Constellation-as-a-Service.
“Lastly, our ability to accurately forecast annual revenue and profitability relies on the speed and decision-making of our large commercial partners. This sales cycle is often long and subject to many variables beyond our control. For these reasons, the Company is withdrawing its previously communicated guidance. We have no current plans to publish guidance in the near term, but look forward to providing periodic updates as we achieve strategic and commercial milestones,” concluded Dunn.
Financial Results for the Year Ended December 31, 2023
-
Revenue for the year ended December 31, 2023, increased
68% to , as compared to revenue of$10.1 million for the year ended December 31, 2022. The increase was driven primarily by Space Systems and Asset Monitoring lines of business.$6.0 million -
Gross profit, excluding depreciation expense, for the year ended December 31, 2023, totalled
, an$5.0 million 84% increase, as compared to for the year ended December 31, 2022. Gross margin was$2.7 million 50% in the full year 2023, as compared to45% for the prior year period, due primarily to the year over year increase in revenue. -
General and administrative expenses were
for the year ended December 31, 2023, as compared to$23.5 million for the year ended December 31, 2022. The decrease was primarily due to cost savings initiatives in 2023, lower professional fees related to elevated merger activity during 2022, and lower insurance and other administrative expenses.$37.2 million -
Research & Development expenses decreased to
for the year ended December 31, 2023, as compared to$10.7 million for the year ended December 31, 2022. The decrease was driven primarily by a decrease in other research and development expenses and professional fees, as a result of cost control measures implemented in 2023. Additionally, employee related expenses decreased due to lower average headcount in 2023 as compared to 2022.$13.1 million -
Net loss for the year ended December 31, 2023, increased to
, as compared to a net loss of$61.0 million for the year ended December 31, 2022. The increase was primarily driven by a decrease in the change in fair value of financial instruments.$36.6 million -
Non-GAAP Adjusted EBITDA loss for the year ended December 31, 2023, decreased to
from an Adjusted EBITDA loss of$44.1 million for the year ended December 31, 2022, primarily due to an increase in revenue, as well as a decrease in non-merger related costs and expenses and as a result of cost control measures implemented in 2023.$56.0 million -
Cash was
at December 31, 2023, as compared to$23.5 million at December 31, 2022.$76.5 million -
Net cash used in operating activities decreased to
for the year ended December 31, 2023, as compared to$49.6 million for the year ended December 31, 2022, primarily due to a reduction in headcount, research and development expenses, and professional fees.$68.5 million
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, 2023, 2022 and 2021.
We define Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA further adjusted for merger-related transaction costs and other income (expense). Other income (expense) consists of foreign currency gains and losses, changes in the fair value of financial instruments, loss on extinguishment of debt and stock-based compensation.
The following table presents a reconciliation of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA to its net loss for the periods indicated.
|
Year Ended December 31, |
||||||||||
(in thousands of |
2023 |
|
2022 |
|
2021 |
||||||
Net loss |
$ |
(61,018 |
) |
|
$ |
(36,641 |
) |
|
$ |
(96,305 |
) |
Plus interest expense |
|
51 |
|
|
|
1,596 |
|
|
|
8,729 |
|
Plus income tax expense (benefit) |
|
9,082 |
|
|
|
4,573 |
|
|
|
(232 |
) |
Plus depreciation |
|
17,256 |
|
|
|
14,326 |
|
|
|
10,728 |
|
Non-GAAP EBITDA |
$ |
(34,629 |
) |
|
$ |
(16,146 |
) |
|
$ |
(77,080 |
) |
Plus Merger transaction costs |
|
— |
|
|
|
11,188 |
|
|
|
16,236 |
|
Less other income, net (1) |
|
(9,271 |
) |
|
|
(1,140 |
) |
|
|
(1,069 |
) |
Less change in fair value of financial instruments |
|
(6,474 |
) |
|
|
(58,311 |
) |
|
|
(17,983 |
) |
Plus loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
37,216 |
|
Plus stock-based compensation |
|
6,299 |
|
|
|
8,368 |
|
|
|
10,881 |
|
Non-GAAP Adjusted EBITDA |
$ |
(44,075 |
) |
|
$ |
(56,041 |
) |
|
$ |
(31,799 |
) |
Key Second Half 2023 and Subsequent Highlights
-
In April 2024, entered into a Note Purchase Agreement, under which the Company agreed to issue floating rate secured convertible promissory notes in the aggregate principal amount of
to Tether Investments Limited, the company behind the world's leading stablecoin.$30 million -
Signed strategic contract with Tata Advanced Systems (“TASL”), India’s leading private sector player for aerospace and defense solutions, to build LEO Satellites in
India with TASL to establish an Assembly, Integration, and Testing (“AIT”) facility for satellites inIndia and co-develop a satellite design with Satellogic. Following this collaboration, announced the successful deployment of TASL’s TSAT-1A satellite aboard the Bandwagon-1 mission on April 7, 2024, via SpaceX’s Falcon 9 rocket launched from Launch Complex 39A atKennedy Space Center, Florida . - Signed a Memorandum of Understanding with TAQNIA ETS to support the advancement of geospatial technologies for The Saudi Technology Development And Investment Company (TAQNIA) information services.
- Signed a Memorandum of Understanding with OHB to explore collaborative opportunities to develop advanced Earth Observation data based services. The agreement underlines the joint commitment to support the use of EO data and products for a greener and more sustainable planet, including applications for day-to-day decision-making in the fields of agriculture, forestry, energy, critical infrastructures, and climate change mitigation.
-
Granted a remote sensing license by the National Oceanic and Atmospheric Administration (“NOAA”) as part of Satellogic’s strategy to capitalize on high-value opportunities and redomicile to the
U.S. , which is expected in the second quarter of 2024. -
NewSat-44, a Mark-V satellite successfully reached low-Earth orbit following the launch of SpaceX’s Transporter-10 mission on March 4, 2024 from Vandenberg Space Force Base,
California . -
Signed multi-million
dollar +3 -year agreement with UZMA, a leading energy and technology company, to advance geospatial capabilities inSoutheast Asia . - Signed an agreement with Skyloom, a leader in space-based telecommunications, detailing plans to integrate Skyloom’s Optical Communications Terminal onto Satellogic satellites to test new methods of high-resolution EO data delivery.
- Announced partnership and integration with SkyWatch, a leader in the remote sensing data technology industry bringing Satellogic’s highest resolution commercially available EO data to EarthCache customers.
- Announced the integration of Satellogic's satellite imagery archives into SkyFi's platform, bringing enhanced EO capabilities to end users and supplementing the existing tasking capabilities within the Satellogic constellation.
-
Signed an agreement with Quant Data & Analytics, a leading Saudi provider of Data & AI Products and Enterprise Solutions focused on the real estate and retail sectors. This agreement leverages Satellogic’s high-resolution satellite imagery to serve and evolve the ever-expanding property tech landscape across the
Kingdom of Saudi Arabia and the Gulf region.
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
SATELLOGIC INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
|||||||||||
|
Year Ended December 31, |
||||||||||
(in thousands of |
2023 |
|
2022 |
|
2021 |
||||||
Revenue |
$ |
10,074 |
|
|
$ |
6,012 |
|
|
$ |
4,247 |
|
Costs and expenses |
|
|
|
|
|
||||||
Cost of sales, exclusive of depreciation shown separately below |
|
5,056 |
|
|
|
3,284 |
|
|
|
1,876 |
|
General and administrative expenses |
|
23,500 |
|
|
|
37,191 |
|
|
|
36,640 |
|
Research and development |
|
10,656 |
|
|
|
13,055 |
|
|
|
9,636 |
|
Depreciation expense |
|
17,256 |
|
|
|
14,326 |
|
|
|
10,728 |
|
Other operating expenses |
|
23,009 |
|
|
|
29,023 |
|
|
|
14,002 |
|
Total costs and expenses |
|
79,477 |
|
|
|
96,879 |
|
|
|
72,882 |
|
Operating loss |
|
(69,403 |
) |
|
|
(90,867 |
) |
|
|
(68,635 |
) |
Other income (expense), net |
|
|
|
|
|
||||||
Finance income (expense), net |
|
1,722 |
|
|
|
(652 |
) |
|
|
(9,738 |
) |
Change in fair value of financial instruments |
|
6,474 |
|
|
|
58,311 |
|
|
|
17,983 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(37,216 |
) |
Other income, net |
|
9,271 |
|
|
|
1,140 |
|
|
|
1,069 |
|
Total other income (expense), net |
|
17,467 |
|
|
|
58,799 |
|
|
|
(27,902 |
) |
Loss before income tax |
|
(51,936 |
) |
|
|
(32,068 |
) |
|
|
(96,537 |
) |
Income tax (expense) benefit |
|
(9,082 |
) |
|
|
(4,573 |
) |
|
|
232 |
|
Net loss available to stockholders |
$ |
(61,018 |
) |
|
$ |
(36,641 |
) |
|
$ |
(96,305 |
) |
Other comprehensive loss |
|
|
|
|
|
||||||
Foreign currency translation gain (loss), net of tax |
|
279 |
|
|
|
(226 |
) |
|
|
(86 |
) |
Comprehensive loss |
$ |
(60,739 |
) |
|
$ |
(36,867 |
) |
|
$ |
(96,391 |
) |
|
|
|
|
|
|
||||||
Basic loss per share for the period attributable to stockholders |
$ |
(0.68 |
) |
|
$ |
(0.44 |
) |
|
$ |
(5.78 |
) |
Basic weighted-average common shares outstanding |
|
89,539,910 |
|
|
|
83,188,276 |
|
|
|
16,655,634 |
|
Diluted loss per share for the period attributable to stockholders |
$ |
(0.68 |
) |
|
$ |
(0.66 |
) |
|
$ |
(5.78 |
) |
Diluted weighted-average common shares outstanding |
|
89,539,910 |
|
|
|
83,798,149 |
|
|
|
16,655,634 |
|
SATELLOGIC INC. CONSOLIDATED BALANCE SHEETS |
|||||||
|
December 31, |
||||||
(in thousands of |
2023 |
|
2022 |
||||
ASSETS |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
23,476 |
|
|
$ |
76,528 |
|
Restricted cash |
|
— |
|
|
|
126 |
|
Accounts receivable, net of allowance of |
|
901 |
|
|
|
1,388 |
|
Prepaid expenses and other current assets |
|
2,173 |
|
|
|
3,198 |
|
Total current assets |
|
26,550 |
|
|
|
81,240 |
|
Property and equipment, net |
|
41,130 |
|
|
|
47,981 |
|
Operating lease right-of-use assets |
|
3,195 |
|
|
|
8,171 |
|
Other non-current assets |
|
5,507 |
|
|
|
6,463 |
|
Total assets |
$ |
76,382 |
|
|
$ |
143,855 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
7,935 |
|
|
$ |
9,850 |
|
Warrant liabilities |
|
2,795 |
|
|
|
8,335 |
|
Earnout liabilities |
|
419 |
|
|
|
1,353 |
|
Operating lease liabilities |
|
2,143 |
|
|
|
2,176 |
|
Contract liabilities |
|
3,728 |
|
|
|
1,941 |
|
Accrued expenses and other liabilities |
|
4,372 |
|
|
|
6,417 |
|
Total current liabilities |
|
21,392 |
|
|
|
30,072 |
|
Operating lease liabilities |
|
1,789 |
|
|
|
6,063 |
|
Contract liabilities |
|
1,000 |
|
|
|
1,000 |
|
Other non-current liabilities |
|
526 |
|
|
|
522 |
|
Total liabilities |
|
24,707 |
|
|
|
37,657 |
|
Commitments and contingencies (Note 20) |
|
|
|
||||
Stockholders' equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Ordinary Shares, |
|
— |
|
|
|
— |
|
Treasury stock, at cost, 567,823 shares as of December 31, 2023 and 567,823 shares as of December 31, 2022 |
|
(8,603 |
) |
|
|
(8,603 |
) |
Additional paid-in capital |
|
344,144 |
|
|
|
337,928 |
|
Accumulated other comprehensive loss |
|
(33 |
) |
|
|
(312 |
) |
Accumulated deficit |
|
(283,833 |
) |
|
|
(222,815 |
) |
Total stockholders’ equity |
|
51,675 |
|
|
|
106,198 |
|
Total liabilities and stockholders' equity |
$ |
76,382 |
|
|
$ |
143,855 |
|
SATELLOGIC INC. CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
|
Year Ended December 31, |
||||||||||
(in thousands of |
2023 |
|
2022 |
|
2021 |
||||||
Cash flows from operating activities: |
|
|
|
|
|
||||||
Net loss |
$ |
(61,018 |
) |
|
$ |
(36,641 |
) |
|
$ |
(96,305 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
||||||
Depreciation expense |
|
17,256 |
|
|
|
14,326 |
|
|
|
10,728 |
|
Operating lease expense |
|
2,751 |
|
|
|
2,015 |
|
|
|
548 |
|
Deferred tax expense (benefit) |
|
— |
|
|
|
1,601 |
|
|
|
(1,619 |
) |
Stock-based compensation |
|
6,299 |
|
|
|
8,368 |
|
|
|
10,881 |
|
Interest expense |
|
— |
|
|
|
1,693 |
|
|
|
9,703 |
|
Change in fair value of financial instruments |
|
(6,474 |
) |
|
|
(58,311 |
) |
|
|
(17,983 |
) |
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
37,216 |
|
Expenses related to Merger |
|
— |
|
|
|
9,859 |
|
|
|
— |
|
Foreign exchange differences |
|
(10,933 |
) |
|
|
(4,578 |
) |
|
|
(2,385 |
) |
Expense for estimated credit losses on accounts receivable |
|
1,126 |
|
|
|
1,736 |
|
|
|
1,794 |
|
Non-cash change in contract liabilities |
|
1,188 |
|
|
|
— |
|
|
|
— |
|
Other, net |
|
666 |
|
|
|
996 |
|
|
|
579 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
||||||
Accounts receivable |
|
(385 |
) |
|
|
(1,928 |
) |
|
|
(4,691 |
) |
Prepaid expenses and other current assets |
|
2,114 |
|
|
|
(1,855 |
) |
|
|
21 |
|
Accounts payable |
|
1,533 |
|
|
|
(3,202 |
) |
|
|
1,421 |
|
Contract liabilities |
|
598 |
|
|
|
1,006 |
|
|
|
480 |
|
Accrued expenses and other liabilities |
|
(2,059 |
) |
|
|
(1,562 |
) |
|
|
21,622 |
|
Operating lease liabilities |
|
(2,233 |
) |
|
|
(1,985 |
) |
|
|
(449 |
) |
Net cash used in operating activities |
|
(49,571 |
) |
|
|
(68,462 |
) |
|
|
(28,439 |
) |
Cash flows from investing activities: |
|
|
|
|
|
||||||
Purchases of property and equipment |
|
(14,885 |
) |
|
|
(27,252 |
) |
|
|
(11,233 |
) |
Proceeds from sale of property and equipment |
|
450 |
|
|
|
— |
|
|
|
— |
|
Equity investment in OS |
|
— |
|
|
|
(3,653 |
) |
|
|
— |
|
Other |
|
— |
|
|
|
53 |
|
|
|
3 |
|
Net cash used in investing activities |
|
(14,435 |
) |
|
|
(30,852 |
) |
|
|
(11,230 |
) |
Cash flows from financing activities: |
|
|
|
|
|
||||||
Proceeds from issuance of redeemable Series X preferred stock |
|
— |
|
|
|
— |
|
|
|
20,332 |
|
Proceeds from issuance of debt |
|
— |
|
|
|
— |
|
|
|
7,513 |
|
Repurchase of stock |
|
— |
|
|
|
(8,603 |
) |
|
|
— |
|
Tax withholding payments for vested equity-based compensation awards |
|
(458 |
) |
|
|
— |
|
|
|
— |
|
Proceeds from exercise of Public Warrants |
|
— |
|
|
|
5,291 |
|
|
|
— |
|
Proceeds from sale of Ordinary Shares |
|
— |
|
|
|
167,504 |
|
|
|
— |
|
Proceeds from exercise of stock options |
|
375 |
|
|
|
144 |
|
|
|
791 |
|
Net cash (used in) provided by financing activities |
|
(83 |
) |
|
|
164,336 |
|
|
|
28,636 |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(64,089 |
) |
|
|
65,022 |
|
|
|
(11,033 |
) |
Effect of foreign exchange rate changes |
|
10,900 |
|
|
|
4,237 |
|
|
|
2,299 |
|
Cash, cash equivalents and restricted cash - beginning of period |
|
77,792 |
|
|
|
8,533 |
|
|
|
17,267 |
|
Cash, cash equivalents and restricted cash - end of period |
$ |
24,603 |
|
|
$ |
77,792 |
|
|
$ |
8,533 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240415804224/en/
Investor Relations:
MZ Group
Chris Tyson/Larry Holub
(949) 491-8235
SATL@mzgroup.us
Media Relations:
Satellogic
pr@satellogic.com
Source: Satellogic Inc.
FAQ
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