Workflow
Satellogic Reports 2024 Financial Results and Business Update
SATLSatellogic (SATL) GlobeNewswire·2025-03-24 20:34

Core Insights - Satellogic Inc. reported a revenue increase of 28% to 12.9millionfortheyearendedDecember31,2024,comparedto12.9 million for the year ended December 31, 2024, compared to 10.1 million in 2023, driven by a 5millionincreaseinimageryordersfromAssetMonitoringcustomers[9][6][2]−ThecompanyisnearingcompletionofitsredomiciletotheU.S.,whichisexpectedtoenhancemarketopportunitiesandinvestortransparency[6][5]−Satellogiccompleteda5 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 50millionAt−The−Market(ATM)programtostrengthenitscapitalposition[5][6]FinancialPerformance−Revenuefor2024was50 million At-The-Market (ATM) program to strengthen its capital position [5][6] Financial Performance - Revenue for 2024 was 12.9 million, up from 10.1millionin2023,withsignificantcontributionsfromAssetMonitoring(10.1 million in 2023, with significant contributions from Asset Monitoring (9.5 million) and Space Systems (1.8million)[9][7]−Costofsalesremainedflatat1.8 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 33.0million,primarilyduetoworkforcereductionsandcostcontrolmeasures[9][6]StrategicDevelopments−ApivotalagreementwithMaxarIntelligencewasestablished,grantingexclusiverightstotaskSatellogic′ssatelliteconstellationforU.S.Governmentnationalsecuritymissions[3][4]−SatellogicwasselectedbyNASAforacontractundertheCommercialSmallSatDataAcquisitionProgram,withamaximumvalueof33.0 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 2.0millioninseverancecharges,whichisexpectedtoyieldannualsavingsofabout2.0 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 22.5million,aslightdecreasefrom22.5 million, a slight decrease from 23.5 million at the end of 2023 [9][6] - Net cash used in operating activities decreased to 35.9millionin2024from35.9 million in 2024 from 49.6 million in 2023, attributed to workforce reductions and cost control initiatives [9][6]