Satellogic Reports First Half 2023 Financial Results and Provides Business Update

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 Earth Observation 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 U.S. federal securities laws. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on Satellogic’s current expectations and beliefs concerning future developments and their potential effects on Satellogic and include statements concerning Satellogic’s strategies, Satellogic’s future opportunities, and the commercial and governmental applications for Satellogic’s technology. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Satellogic. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) Satellogic’s ability to scale its constellation of satellites and to do so on Satellogic’s projected timeframe and in accordance with projected costs, (ii) Satellogic’s ability to continue to meet image quality expectations, to continue to enhance the capability of its network of satellites and to continue to offer superior unit economics, (iii) Satellogic’s ability to become or remain an industry leader, (iv) the number of commercial applications for Satellogic’s products and services, (v) Satellogic’s ability to address all commercial applications for satellite imagery, changes in the competitive and highly regulated industries in which Satellogic operates, variations in operating performance across competitors and changes in laws and regulations affecting Satellogic’s business, (vi) the ability to implement business plans, forecasts and other expectations, and to identify and realize additional opportunities, (vii) the risk of downturns in the commercial launch services, satellite and spacecraft industry, (viii) the risk that the market for Satellogic’s products and services does not develop as anticipated, (ix) the risk that Satellogic and its current and future collaborators are unable to successfully develop and commercialize Satellogic’s products or services, or experience significant delays in doing so, (x) the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations, (xi) the risk of product liability or regulatory lawsuits or proceedings relating to Satellogic’s products and services, and (xii) the risk that Satellogic is unable to secure or protect its intellectual property. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Satellogic’s Annual Report on Form 20-F and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations.

SATELLOGIC INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands of U.S. dollars, except share and per share amounts)

(Unaudited)

 

 

Six Months Ended June 30,

 

 

2023

 

 

 

2022

 

Revenue

$

3,184

 

 

$

2,388

 

Costs and expenses

 

 

 

Cost of sales, exclusive of depreciation shown separately below

 

2,113

 

 

 

1,329

 

General and administrative expenses

 

9,867

 

 

 

24,609

 

Research and development

 

5,827

 

 

 

5,716

 

Depreciation expense

 

8,610

 

 

 

6,485

 

Other operating expenses

 

13,078

 

 

 

13,736

 

Total costs and expenses

 

39,495

 

 

 

51,875

 

Operating loss

 

(36,311

)

 

 

(49,487

)

Other income (expense), net

 

 

 

Finance income (expense), net

 

1,082

 

 

 

(1,606

)

Change in fair value of financial instruments

 

5,580

 

 

 

44,596

 

Other income, net

 

1,922

 

 

 

519

 

Total other income (expense), net

 

8,584

 

 

 

43,509

 

Loss before income tax

 

(27,727

)

 

 

(5,978

)

Income tax expense

 

(2,124

)

 

 

(2,143

)

Net loss available to common stockholders

$

(29,851

)

 

$

(8,121

)

 

 

 

 

Other comprehensive loss

 

 

 

Foreign currency translation gain (loss), net of tax

 

76

 

 

 

(322

)

Comprehensive loss

$

(29,775

)

 

$

(8,443

)

 

 

 

 

Basic net loss per share for the period attributable to common stockholders

$

(0.33

)

 

$

(0.13

)

Basic weighted-average common shares outstanding

 

89,326,172

 

 

 

62,094,383

 

Diluted net loss per share for the period attributable to common stockholders

$

(0.33

)

 

$

(0.42

)

Diluted weighted-average common shares outstanding

 

89,326,172

 

 

 

63,505,040

 

SATELLOGIC INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands of U.S. dollars except share and per share amounts)

(Unaudited)

 

 

June 30,
2023

 

December 31,
2022

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

41,978

 

$

76,528

 

Restricted cash

 

 

 

126

 

Accounts receivable, net of allowance of $3,300 and $3,237, respectively

 

1,768

 

 

1,388

 

Prepaid expenses and other current assets

 

4,038

 

 

3,198

 

Total current assets

 

47,784

 

 

81,240

 

Property and equipment, net

 

45,763

 

 

47,981

 

Operating lease right-of-use assets

 

9,910

 

 

8,171

 

Other non-current assets

 

5,438

 

 

6,463

 

Total assets

$

108,895

 

$

143,855

 

LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities

 

 

 

Accounts payable

$

4,611

 

$

9,850

 

Warrant liabilities

 

3,604

 

 

8,335

 

Earnout liabilities

 

504

 

 

1,353

 

Operating lease liabilities

 

1,985

 

 

2,176

 

Contract liabilities

 

2,300

 

 

1,941

 

Accrued expenses and other liabilities

 

6,766

 

 

6,417

 

Total current liabilities

 

19,770

 

 

30,072

 

Operating lease liabilities

 

8,366

 

 

6,063

 

Contract liabilities

 

1,000

 

 

1,000

 

Other non-current liabilities

 

514

 

 

522

 

Total liabilities

 

29,650

 

 

37,657

 

Commitments and contingencies

 

 

 

Stockholders' equity

 

 

 

Preferred stock, $0.0001 par value

 

 

 

 

Common stock, $0.0001 par value, unlimited shares authorized; 76,078,888 Class A shares issued and outstanding; and 13,582,642 Class B shares issued and outstanding as of June 30, 2023 and 75,612,795 Class A shares issued and outstanding and 13,582,642 Class B shares issued and outstanding as of December 31, 2022

 

 

 

 

Treasury stock, at cost: 516,123 shares at June 30, 2023, and 516,123 shares at December 31, 2022

 

(8,603)

 

 

(8,603

)

Additional paid-in capital

 

340,750

 

 

337,928

 

Accumulated other comprehensive loss

 

(236)

 

 

(312

)

Accumulated deficit

 

(252,666)

 

 

(222,815

)

Total stockholders’ equity

 

79,245

 

 

106,198

 

Total liabilities, redeemable preferred stock and stockholders’ equity

$

108,895

 

$

143,855

 

SATELLOGIC INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. dollars)

(Unaudited)

 

 

Six Months Ended June 30,

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

Net loss

$

(29,851

)

 

$

(8,121

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation expense

 

8,610

 

 

 

6,485

 

Operating lease expense

 

1,405

 

 

 

857

 

Deferred tax expense

 

 

 

 

2,143

 

Stock-based compensation

 

2,841

 

 

 

4,485

 

Interest expense

 

 

 

 

1,685

 

Change in fair value of financial instruments

 

(5,580

)

 

 

(44,596

)

Expenses related to Merger

 

 

 

 

10,937

 

Foreign exchange differences

 

(2,909

)

 

 

(2,363

)

Loss on disposal of property and equipment

 

376

 

 

 

440

 

Bad debt expense

 

63

 

 

 

1,456

 

Loss on equity-method investment

 

43

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(303

)

 

 

(1,647

)

Prepaid expenses and other current assets

 

168

 

 

 

(4,367

)

Accounts payable

 

(2,221

)

 

 

280

 

Contract liabilities

 

359

 

 

 

1,719

 

Accrued expenses and other liabilities

 

1,691

 

 

 

(3,050

)

Operating lease liabilities

 

(1,005

)

 

 

(830

)

Net cash used in operating activities

 

(26,313

)

 

 

(34,487

)

Cash flows from investing activities:

 

 

 

Acquisitions of property and equipment

 

(9,928

)

 

 

(15,735

)

Other

 

 

 

 

53

 

Net cash used in investing activities

 

(9,928

)

 

 

(15,682

)

Cash flows from financing activities:

 

 

 

Repurchase of stock

 

 

 

 

(8,603

)

Tax withholding payments for vested equity-based compensation awards

 

(219

)

 

 

 

Proceeds from exercise of Public Warrants

 

 

 

 

5,292

 

Proceeds from sale of common stock

 

 

 

 

167,504

 

Proceeds from exercise of stock options

 

200

 

 

 

21

 

Net cash (used in) provided by financing activities

 

(19

)

 

 

164,214

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(36,260

)

 

 

114,045

 

Effect of foreign exchange rate changes

 

1,594

 

 

 

1,722

 

Cash, cash equivalents and restricted cash - beginning of period

 

77,792

 

 

 

8,533

 

Cash, cash equivalents and restricted cash - end of period

$

43,126

 

 

$

124,300

 


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