Revenue of $3.4 million in 1Q 2025 Domestication to U.S. Completed Awarded $30 Million Contract for AI-First Constellation and Closed $20 Million Registered Direct Offering NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) -- Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today provided a business update and reported its financial results for the three months ended March 31, 2025. “The year is off to a great start with our recent announcements in April relat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________ FORM 10-Q __________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-41247 __________________________ Satellogi ...

DAVIDSON, N.C., May 12, 2025 (GLOBE NEWSWIRE) -- Satellogic Inc. (NASDAQ: SATL), a leader in high-resolution Earth observation data, announced today it has entered into a multi-million dollar agreement with an Asia Pacific customer. The agreement provides the customer with rapid, flexible tasking of Satellogic’s NewSat constellation, enabling prompt delivery of imagery to support a range of applications. This agreement underscores the value and reliability of Satellogic’s satellite imagery for critical appl ...

NEW YORK, April 16, 2025 (GLOBE NEWSWIRE) -- Satellogic Inc. (NASDAQ: SATL), a leader in high-resolution Earth observation data, announced today that it has closed the purchase and sale of 6,451,612 shares of the Company’s Class A Common Stock at a purchase price of $3.10 in a registered direct offering pursuant to a definitive share purchase agreement entered into with a certain institutional investor on April 15, 2025. Cantor Fitzgerald & Co. acted as the exclusive placement agent for the offering. The gr ...

Core Insights - The article discusses the performance of Satellogic (NASDAQ: SATL), which has seen a 6% decline in stock value since a strong sell rating was issued in December [2]. Group 1: Company Performance - Satellogic reported its full-year results, which may indicate a more positive outlook for the company moving forward [2]. Group 2: Industry Context - The investing group, The Aerospace Forum, aims to identify investment opportunities within the aerospace, defense, and airline sectors, highlighting the industry's significant growth prospects [2]. - The analysis provided by the group is informed by data-driven insights, which are crucial for understanding the complexities of the aerospace industry [2].

Core Insights - Satellogic Inc. has secured a multi-year contract worth $30 million to provide near-daily, ultra-low latency analytics to a defense and security customer, leveraging its AI-first satellite constellation [1][2][3] - The satellite constellation is designed to run AI algorithms in real-time, enabling advanced surveillance applications such as rapid change monitoring and detection of defense targets [2][3] - The CEO of Satellogic emphasized the company's commitment to rapid innovation and enhancing strategic decision-making for international defense customers [3] Group 1: Contract and Capabilities - The contract will enable Satellogic to deliver multiband optical imagery, enhancing operational responsiveness and decision-making capabilities for defense and security applications [1][2] - The constellation's features include high-quality multispectral imagery and rapid on-orbit processing, allowing for quick detection of changes in military asset positioning and infrastructure [3] Group 2: Company Background - Founded in 2010, Satellogic is recognized as the first vertically integrated geospatial company, focusing on providing high-resolution Earth observation data [5] - The company's mission is to democratize access to geospatial data, addressing global challenges such as climate change and food security through its advanced imaging technology [6][5]

Financial Performance - Total revenue for the year ended December 31, 2024, was $12.87 million, a 28% increase from $10.07 million in 2023[80] - North America contributed $7.90 million to total revenue in 2024, up from $3.48 million in 2023, representing a 127% increase[80] - As of December 31, 2024, the company reported an accumulated deficit of $400.1 million and net cash used in operating activities of $35.9 million[175] - The company had cash and cash equivalents of $22.5 million as of December 31, 2024, and will continue to incur losses until a sufficient number of customers and contracts are onboarded[175] - In 2024, two customers accounted for more than 10% of total revenue, while in 2023, four customers accounted for 10% of total revenue, indicating a reliance on a small number of customers[181] Business Operations and Strategy - The company has 22 satellites in orbit as of the report date, with 20 operational and two in testing, aiming for a long-term constellation size of approximately 200 satellites[73] - The company plans to reshape the high-resolution Earth observation (EO) business model by leveraging superior unit economics, aiming to tap into an estimated $140 billion market opportunity[96] - The company anticipates that its Constellation-as-a-Service (CaaS) line of business will provide a strong recurring revenue base in the government and defense market over time[78] - The Asset Monitoring business is expected to be the most predictable revenue stream and a primary driver of future growth[76] - The company plans to expand its commercial platform, which is expected to become the industry standard for geospatial analysis, leveraging unique data sets and partnerships[118] Market and Competitive Landscape - The global satellite manufacturing and sales market is valued at approximately $76 billion from 2021 to 2030, with around 80 countries and 80 commercial organizations investing in EO-related programs[97] - The market for Earth Observation (EO) services is still emerging, and the company faces competition from larger, more experienced service providers[177] - The company faces competition from various entities, including commercial satellite imagery companies and state-owned providers, which may limit its ability to gain market share[207] - Increased competition could lead to fewer customer contracts and reduced margins, adversely affecting the company's business and financial condition[212] Technology and Innovation - The company has a vertically integrated satellite manufacturing capability, allowing it to produce and launch satellites for less than one-tenth the cost of competitors[73] - The NewSat Mark-V satellite model has a mass of less than 50 kilograms, costs approximately $1 million including launch, and has a daily imaging capacity of over 300,000 square kilometers[149] - Satellogic's innovative camera design allows for the collection of over 10 times more data than other small-satellite designs, enhancing operational flexibility[145] - The company has 37 issued patents and 45 pending patent applications, continuing to invest in R&D to maintain high-resolution imaging capabilities[147] Risks and Challenges - The company is in the process of winding down operations in China, which may impact its ability to secure contracts with certain government agencies[178] - The company faces risks from geopolitical changes and government spending priorities that could impact defense-related contracts[184] - The operational life of satellites is anticipated to be approximately three years, and shorter useful lives could lead to delays in commercial payloads and declines in revenue[225] - The company does not maintain in-orbit lifecycle insurance, which means any damage to satellites in orbit could have a significant adverse effect on financial condition[240] - Natural disasters and geopolitical events pose risks to business operations and satellite launch schedules, potentially disrupting services[243] Regulatory and Compliance - The company is subject to NOAA's oversight after obtaining an operator's license in November 2023, as it pivots operational control of its satellite constellation to U.S. personnel[153] - The company is subject to stringent U.S. export and import control laws, and any unfavorable changes could materially affect business operations[254] - The inability to secure necessary export authorizations could hinder the company's ability to compete effectively and operate as planned[256] - Changes in export control regulations may restrict operations and impact the ability to secure necessary licenses[257] Future Outlook - The company aims to democratize access to geospatial data, driving better decision-making across industries by providing insights at the lowest cost in the industry[103] - The company intends to pursue acquisitions of complementary technologies and products as part of its growth strategy, but integration challenges could disrupt operations and impact results[203] - The company plans to build a constellation of over 200 satellites, but faces risks related to production scaling, including potential delays and increased costs[186] - The company anticipates experiencing seasonality in its business, with fluctuations in operating results due to customer behavior and usage-based contracts[119]

Core Viewpoint - Satellogic Inc. has completed its domestication process, transitioning from the British Virgin Islands to Delaware, which is expected to enhance visibility and growth opportunities in the U.S. market [1]. Company Overview - Founded in 2010, Satellogic is the first vertically integrated geospatial company, focusing on providing planetary-scale insights through a fully automated Earth observation platform [2]. - The company's mission is to democratize access to geospatial data, addressing critical global issues such as climate change, energy supply, and food security [3]. - Satellogic has over a decade of experience in space, demonstrating proven technology and a strong track record in satellite deployment and data delivery [4]. Strategic Realignment - The strategic realignment as a U.S. company is anticipated to improve investor and customer visibility and position the company to compete for U.S. and allied government contracts [1].

Core Insights - Satellogic Inc. reported a revenue increase of 28% to $12.9 million for the year ended December 31, 2024, compared to $10.1 million in 2023, driven by a $5 million increase in imagery orders from Asset Monitoring customers [9][6][2] - The company is nearing completion of its redomicile to the U.S., which is expected to enhance market opportunities and investor transparency [6][5] - Satellogic completed a $10 million private placement and entered into a $50 million At-The-Market (ATM) program to strengthen its capital position [5][6] Financial Performance - Revenue for 2024 was $12.9 million, up from $10.1 million in 2023, with significant contributions from Asset Monitoring ($9.5 million) and Space Systems ($1.8 million) [9][7] - Cost of sales remained flat at $5.0 million, resulting in a cost of sales percentage of 39% for 2024, down from 50% in 2023 [9][6] - Selling, General and Administrative expenses decreased by 6% to $33.0 million, primarily due to workforce reductions and cost control measures [9][6] Strategic Developments - A pivotal agreement with Maxar Intelligence was established, granting exclusive rights to task Satellogic's satellite constellation for U.S. Government national security missions [3][4] - Satellogic was selected by NASA for a contract under the Commercial SmallSat Data Acquisition Program, with a maximum value of $476 million for all awardees, highlighting its commitment to high-quality Earth observation data [4][6] - The company reduced its workforce by 104 full-time equivalents, incurring approximately $2.0 million in severance charges, which is expected to yield annual savings of about $9.6 million [6][9] Cash Flow and Liquidity - Cash on hand at the end of 2024 was $22.5 million, a slight decrease from $23.5 million at the end of 2023 [9][6] - Net cash used in operating activities decreased to $35.9 million in 2024 from $49.6 million in 2023, attributed to workforce reductions and cost control initiatives [9][6]

Revenue Performance - Revenue for the six months ended June 30, 2024, was $6,829,000, representing an increase of 114% compared to $3,184,000 in the same period of 2023[3] - Total revenue for the six months ended June 30, 2024, was $6.8 million, a 114% increase from $3.2 million in the same period of 2023[80] - Revenue from Asset Monitoring was $5.1 million for the six months ended June 30, 2024, compared to $2.4 million in 2023, representing a 116% increase[80] - Revenue from Asia Pacific increased significantly to $1.6 million in the first half of 2024, compared to $269,000 in 2023[80] - Revenue from three customers exceeding 10% of total revenue amounted to $4.6 million for the six months ended June 30, 2024[52] Financial Position - Cash and cash equivalents increased to $25,605,000 as of June 30, 2024, up from $23,476,000 at the end of 2023, a growth of 9%[6] - Total assets remained relatively stable at $76,598,000 as of June 30, 2024, compared to $76,382,000 at the end of 2023[6] - Total stockholders' equity decreased to $19,064,000 in 2024 from $51,675,000 in 2023, a decline of approximately 63%[6] - The company has cash and cash equivalents of $25.6 million as of June 30, 2024, which is deemed insufficient to fund operations and capital expenditures for larger scale revenue generation[27] - Total current liabilities decreased to $2,730,000 as of June 30, 2024, from $4,372,000 as of December 31, 2023[100] Operating Performance - Operating loss improved to $(29,275,000) in 2024 from $(36,311,000) in 2023, reflecting a 19% reduction in losses[3] - Net loss available to stockholders increased to $(33,279,000) in 2024 compared to $(29,851,000) in 2023, indicating a 12% increase in net losses[3] - The company experienced a net cash used in operating activities of $(23,891,000) for the six months ended June 30, 2024, compared to $(26,313,000) in 2023, showing an improvement of approximately 9%[15] - Loss before income tax for the six months ended June 30, 2024, was $(31,491,000), compared to $(27,727,000) for the same period in 2023[103] - The basic net loss per share for the six months ended June 30, 2024, was $(0.37), compared to $(0.33) for the same period in 2023[115] Funding and Capital Structure - The company raised $30,000,000 through secured convertible notes during the six months ended June 30, 2024[15] - The company raised approximately $27.6 million through the issuance of Secured Convertible Notes, which mature on April 12, 2028[28][30] - As of June 30, 2024, the company had $36,430,000 in Secured Convertible Notes, with an interest rate of SOFR plus 6.50% per annum[129] - The Secured Convertible Notes are convertible into shares at an initial conversion price of $1.20, equivalent to 833 Class A Ordinary Shares per $1,000 principal amount[130] - The aggregate principal outstanding amount of additional Secured Convertible Notes cannot exceed $50.0 million[133] Impairment and Liabilities - The company performed an impairment test as of June 30, 2024, and concluded that the asset group is not impaired despite the net loss for the period[53] - The estimated fair value of the Sponsor Earnout liability as of June 30, 2024, is $213,000, down from $419,000 as of December 31, 2023[93] - The fair value of the Secured Convertible Notes was determined to be $36,430,000, with a difference of $6.4 million between the aggregate fair value and the unpaid principal balance[119] - The Company has established necessary accruals for probable unfavorable litigation outcomes based on legal counsel advice[138] - As of June 30, 2024, there are no contingent liabilities that need to be reflected in the Condensed Consolidated Financial Statements[138] Stock-Based Compensation - The total stock-based compensation expense for the six months ended June 30, 2024, was $1,258,000, a decrease from $2,841,000 in the same period of 2023[113] - The intrinsic value of outstanding unvested RSUs at June 30, 2024, was $3,138,000, with 3,017,253 RSUs remaining unvested[109] - The company recognized unrecognized stock-based compensation costs of $0.2 million for options and $2.9 million for RSUs, expected to be recognized over 0.4 years and 1.7 years, respectively[111] Other Financial Metrics - Aggregate foreign currency gains were $2.2 million for the six months ended June 30, 2024, compared to $2.0 million in 2023[63] - Lease expense for the six months ended June 30, 2024, was $1.1 million, a decrease from $1.3 million in the same period of 2023[68] - Contract liabilities totaled $3.8 million as of June 30, 2024, down from $4.7 million as of December 31, 2023[83] - The allowance for credit losses decreased to $114,000 as of June 30, 2024, from $3.3 million at the beginning of the period[72] - Total finance income (expense), net for the six months ended June 30, 2024, was $511,000, compared to $1,082,000 for the same period in 2023[100]