Satellogic (US:SATL)2024-04-16 20:10Revenue and Profitability - Revenue for FY 2023 increased by 68% to $10.1 million, compared to $6.0 million in FY 2022, driven primarily by Space Systems and Asset Monitoring businesses [12]. - Gross profit for FY 2023 was $5.0 million, an 84% increase from $2.7 million in FY 2022, with a gross margin of 50%, up from 45% in the prior year [13]. - Satellogic reported revenue of $10,074,000 for the year ended December 31, 2023, a 67% increase from $6,012,000 in 2022 [38]. - The net loss available to stockholders for 2023 was $61,018,000, compared to a net loss of $36,641,000 in 2022, reflecting a 67% increase in losses [38]. - Basic loss per share for the period attributable to stockholders was $(0.68) in 2023, compared to $(0.44) in 2022 [38]. Cash and Assets - Cash on hand at the end of 2023 was $23.5 million, down from $76.5 million at the end of 2022 [18]. - Cash and cash equivalents decreased to $23,476,000 as of December 31, 2023, down from $76,528,000 in 2022, representing a 69% decline [40]. - Total assets decreased to $76,382,000 in 2023 from $143,855,000 in 2022, a reduction of 47% [40]. - Cash, cash equivalents, and restricted cash at the end of the period stood at $24,603,000, a decrease from $77,792,000 at the end of 2022 [42]. Expenses and Cost Management - The total costs and expenses for 2023 were $79,477,000, down from $96,879,000 in 2022, indicating an 18% reduction [38]. - Satellogic's general and administrative expenses were $23,500,000 in 2023, down from $37,191,000 in 2022, a decrease of 37% [38]. - Research and development expenses were $10,656,000 in 2023, down from $13,055,000 in 2022, reflecting an 18% decrease [38]. - Headcount reduction of approximately 25% is expected to result in annual savings of about $7.5 million in 2024 [9]. - The company incurred $14,885,000 in capital expenditures for property and equipment, down from $27,252,000 in the previous year, indicating a reduction in investment [42]. Strategic Initiatives - The company received a $30 million strategic investment from Tether Investments Limited to support its U.S. strategy [5]. - A remote sensing license was granted by NOAA, allowing the company to expand its operations and compete for U.S. government contracts [4]. - The company plans to redomicile to Delaware in 2024 to better position itself for U.S. market opportunities [4]. - The company anticipates targeting new U.S. government contract opportunities in 2024, in addition to its existing international pipeline [4]. - The company plans to redomicile in the U.S. and is focused on expanding its commercial and governmental applications for its technology [37]. Losses and Financial Management - Net loss for FY 2023 increased to $61.0 million, compared to a net loss of $36.6 million in FY 2022 [16]. - Non-GAAP Adjusted EBITDA loss for FY 2023 decreased to $44.1 million from $56.0 million in FY 2022, primarily due to increased revenue and cost control measures [17]. - The company experienced a change in fair value of financial instruments resulting in a loss of $6,474,000, a significant improvement from the loss of $58,311,000 in 2022 [42]. - The company reported a foreign exchange difference expense of $10,933,000, which was higher than the $4,578,000 reported in 2022 [42]. - The company reported a loss on debt extinguishment of $0, compared to $37,216,000 in 2021, indicating improved debt management [42].