Satellogic (SATL) - 2022 Q2 - Quarterly Report

Revenue and Financial Performance - Revenue for the six months ended June 30, 2022, was $2,388,000, compared to $1,706,000 for the same period in 2021, representing an increase of 40%[4] - The operating loss for the six months ended June 30, 2022, was $(49,487,000), compared to $(22,097,000) in 2021, reflecting a deterioration of 124%[4] - Net loss attributable to common stockholders for the six months ended June 30, 2022, was $(8,121,000), a decrease from $(31,478,000) in 2021, showing an improvement of 74%[4] - For the six months ended June 30, 2022, the net loss was $8,121 thousand, compared to a net loss of $31,478 thousand for the same period in 2021, indicating a significant improvement[14] - The Company reported a loss before income tax of $5.978 million for the six months ended June 30, 2022, compared to a loss of $31.258 million for the same period in 2021[113] - The effective tax rate for the six months ended June 30, 2022, was -35.9%, significantly higher than the previous year's rate of -0.5%[113] Costs and Expenses - Total costs and expenses for the six months ended June 30, 2022, were $51,875,000, up from $23,803,000 in 2021, indicating a significant increase of 117%[4] - Cash flows from operating activities resulted in a net cash used of $34,487 thousand for the six months ended June 30, 2022, compared to $11,478 thousand for the same period in 2021, reflecting increased operational expenditures[14] - The company incurred expenses related to the merger amounting to $10,937 thousand during the six months ended June 30, 2022[14] - The company recognized depreciation expense of $6,485 thousand for the six months ended June 30, 2022, compared to $5,060 thousand for the same period in 2021[14] - The total lease expense for the six months ended June 30, 2022, was $857,000, compared to $225,000 for the same period in 2021[164] Cash and Assets - Cash and cash equivalents as of June 30, 2022, were $123,648,000, a significant increase from $8,533,000 as of December 31, 2021[7] - Total assets as of June 30, 2022, were $183,227,000, compared to $49,918,000 as of December 31, 2021, indicating a growth of 267%[7] - The total cash, cash equivalents, and restricted cash at the end of the period was $124,300 thousand, up from $23,343 thousand at the end of the same period in 2021[14] - The total stockholders' equity as of June 30, 2022, was $132,000,000, compared to a deficit of $(260,738,000) as of December 31, 2021, marking a substantial recovery[7] Liabilities - Total liabilities decreased to $51,227,000 as of June 30, 2022, from $289,350,000 as of December 31, 2021, representing a reduction of 82%[7] - Accrued expenses and other liabilities decreased to $6.5 million as of June 30, 2022, from $26.0 million as of December 31, 2021[120] - The company had convertible notes from related parties amounting to $0 as of June 30, 2022, down from $13.028 million as of December 31, 2021[152] Stock and Equity - Basic loss per share attributable to common stockholders for the six months ended June 30, 2022, was $(0.13), compared to $(1.91) in 2021, indicating a significant improvement[4] - The Company repurchased 516,123 shares of its Class A common stock for $2.7 million during the six months ended June 30, 2022[131] - As of June 30, 2022, there were 75,411,506 shares of Class A common stock issued and outstanding[128] - The total warrant liabilities as of June 30, 2022, amounted to $20.29 million, including $3.96 million in Level 1 and $16.33 million in Level 3 liabilities[147] Contracts and Agreements - The company entered into a five-year agreement requiring a minimum purchase of $4.0 million annually, recognizing $0.5 million of revenue related to this contract for the six months ended June 30, 2022[88] - The company recognized $1.5 million of revenue from a modified agreement to deliver imagery over 12 years, with total cash consideration of $38.2 million[86] - The company has contract liabilities totaling $3.7 million as of June 30, 2022, compared to $1.9 million as of December 31, 2021, indicating a significant increase of approximately 89%[89] Research and Development - Research and development costs are expensed in the period incurred, including materials, personnel costs, and contract services[67] - Research and development expenses for the six months ended June 30, 2021, were $4,144,000, reflecting a reclassification from other operating expenses[169] Foreign Currency and Other Gains - The company reported a foreign currency translation loss of $(322,000) for the six months ended June 30, 2022[4] - Aggregate foreign currency gains were $519,000 for the six months ended June 30, 2022, compared to $259,000 for the same period in 2021, showing an increase in foreign currency gains[47] Miscellaneous - The company aims to leverage its satellite constellation for multi-temporal analysis and high-frequency revisits, focusing on building a planetary scale analytics platform[18] - The Company has adopted new accounting standards effective January 1, 2021, simplifying the accounting for convertible instruments[69] - The Company assesses impairment of trade accounts receivable collectively based on shared credit risk characteristics[54]