- In April 2024, entered into a Note Purchase Agreement, under which the Company agreed to issue floating rate secured convertible promissory notes in the aggregate principal amount of $30 million to Tether Investments Limited, the company behind the world's leading stablecoin.
- Signed strategic contract with Tata Advanced Systems (“TASL”), India’s leading private sector player for aerospace and defense solutions, to build LEO Satellites in India with TASL to establish an Assembly, Integration, and Testing (“AIT”) facility for satellites in India and co-develop a satellite design with Satellogic. Following this collaboration, announced the successful deployment of TASL’s TSAT-1A satellite aboard the Bandwagon-1 mission on April 7, 2024, via SpaceX’s Falcon 9 rocket launched from Launch Complex 39A at Kennedy Space Center, Florida.
- Signed a Memorandum of Understanding with TAQNIA ETS to support the advancement of geospatial technologies for The Saudi Technology Development And Investment Company (TAQNIA) information services.
- Signed a Memorandum of Understanding with OHB to explore collaborative opportunities to develop advanced Earth Observation data based services. The agreement underlines the joint commitment to support the use of EO data and products for a greener and more sustainable planet, including applications for day-to-day decision-making in the fields of agriculture, forestry, energy, critical infrastructures, and climate change mitigation.
- Granted a remote sensing license by the National Oceanic and Atmospheric Administration (“NOAA”) as part of Satellogic’s strategy to capitalize on high-value opportunities and redomicile to the U.S., which is expected in the second quarter of 2024.
- NewSat-44, a Mark-V satellite successfully reached low-Earth orbit following the launch of SpaceX’s Transporter-10 mission on March 4, 2024 from Vandenberg Space Force Base, California.
- Signed multi-million dollar +3-year agreement with UZMA, a leading energy and technology company, to advance geospatial capabilities in Southeast Asia.
- Signed an agreement with Skyloom, a leader in space-based telecommunications, detailing plans to integrate Skyloom’s Optical Communications Terminal onto Satellogic satellites to test new methods of high-resolution EO data delivery.
- Announced partnership and integration with SkyWatch, a leader in the remote sensing data technology industry bringing Satellogic’s highest resolution commercially available EO data to EarthCache customers.
- Announced the integration of Satellogic's satellite imagery archives into SkyFi's platform, bringing enhanced EO capabilities to end users and supplementing the existing tasking capabilities within the Satellogic constellation.
- Signed an agreement with Quant Data & Analytics, a leading Saudi provider of Data & AI Products and Enterprise Solutions focused on the real estate and retail sectors. This agreement leverages Satellogic’s high-resolution satellite imagery to serve and evolve the ever-expanding property tech landscape across the Kingdom of Saudi Arabia and the Gulf region.
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 EO 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, including its plans to redomicile in the U.S., Satellogic’s future opportunities and financial performance, 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) our ability to generate revenue as expected, (ii) our ability to effectively market and sell our EO services and to convert contracted revenues and our pipeline of potential contracts into actual revenues, (iii) risks related to the secured convertible notes, (iv) the potential loss of one or more of our largest customers, (v) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vi) risks and uncertainties associated with defense-related contracts, (vii) our ability to scale production of our satellites as planned, (viii) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (ix) our dependence on third parties to transport and launch our satellites into space, (x) our reliance on third party vendors and manufacturers to build and provide certain satellite components, products, or services, (xi) market acceptance of our EO services and our dependence upon our ability to keep pace with the latest technological advances, (xii) competition for EO services, (xiii) unknown defects or errors in our products, (xiv) risk related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xv) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xvi) the failure of the market for EO services to achieve the growth potential we expect, (xvii) risks related to our satellites and related equipment becoming impaired, (xviii) risks related to the failure of our satellites to operate as intended, (xix) production and launch delays, launch failures, and damage or destruction to our satellites during launch and (xx) the impact of natural disasters, unusual or prolonged unfavorable weather conditions, epidemic outbreaks, terrorist acts and geopolitical events (including the ongoing conflicts between Russia and Ukraine, in the Gaza Strip and the Red Sea region) on our business and satellite launch schedules. 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. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
|||||||||||
|
Year Ended December 31, |
||||||||||
(in thousands of U.S. dollars, except share and per share amounts) |
2023 |
|
2022 |
|
2021 |
||||||
| Revenue |
$ |
10,074 |
|
|
$ |
6,012 |
|
|
$ |
4,247 |
|
| Costs and expenses |
|
|
|
|
|
||||||
| Cost of sales, exclusive of depreciation shown separately below |
|
5,056 |
|
|
|
3,284 |
|
|
|
1,876 |
|
| General and administrative expenses |
|
23,500 |
|
|
|
37,191 |
|
|
|
36,640 |
|
| Research and development |
|
10,656 |
|
|
|
13,055 |
|
|
|
9,636 |
|
| Depreciation expense |
|
17,256 |
|
|
|
14,326 |
|
|
|
10,728 |
|
| Other operating expenses |
|
23,009 |
|
|
|
29,023 |
|
|
|
14,002 |
|
| Total costs and expenses |
|
79,477 |
|
|
|
96,879 |
|
|
|
72,882 |
|
| Operating loss |
|
(69,403 |
) |
|
|
(90,867 |
) |
|
|
(68,635 |
) |
| Other income (expense), net |
|
|
|
|
|
||||||
| Finance income (expense), net |
|
1,722 |
|
|
|
(652 |
) |
|
|
(9,738 |
) |
| Change in fair value of financial instruments |
|
6,474 |
|
|
|
58,311 |
|
|
|
17,983 |
|
| Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(37,216 |
) |
| Other income, net |
|
9,271 |
|
|
|
1,140 |
|
|
|
1,069 |
|
| Total other income (expense), net |
|
17,467 |
|
|
|
58,799 |
|
|
|
(27,902 |
) |
| Loss before income tax |
|
(51,936 |
) |
|
|
(32,068 |
) |
|
|
(96,537 |
) |
| Income tax (expense) benefit |
|
(9,082 |
) |
|
|
(4,573 |
) |
|
|
232 |
|
| Net loss available to stockholders |
$ |
(61,018 |
) |
|
$ |
(36,641 |
) |
|
$ |
(96,305 |
) |
| Other comprehensive loss |
|
|
|
|
|
||||||
| Foreign currency translation gain (loss), net of tax |
|
279 |
|
|
|
(226 |
) |
|
|
(86 |
) |
| Comprehensive loss |
$ |
(60,739 |
) |
|
$ |
(36,867 |
) |
|
$ |
(96,391 |
) |
|
|
|
|
|
|
|
||||||
| Basic loss per share for the period attributable to stockholders |
$ |
(0.68 |
) |
|
$ |
(0.44 |
) |
|
$ |
(5.78 |
) |
| Basic weighted-average common shares outstanding |
|
89,539,910 |
|
|
|
83,188,276 |
|
|
|
16,655,634 |
|
| Diluted loss per share for the period attributable to stockholders |
$ |
(0.68 |
) |
|
$ |
(0.66 |
) |
|
$ |
(5.78 |
) |
| Diluted weighted-average common shares outstanding |
|
89,539,910 |
|
|
|
83,798,149 |
|
|
|
16,655,634 |
|
| SATELLOGIC INC. CONSOLIDATED BALANCE SHEETS |
|||||||
|
|
December 31, |
||||||
| (in thousands of U.S. dollars, except per share amounts) |
2023 |
|
2022 |
||||
| ASSETS |
|
|
|
||||
| Current assets |
|
|
|
||||
| Cash and cash equivalents |
$ |
23,476 |
|
|
$ |
76,528 |
|
| Restricted cash |
|
— |
|
|
|
126 |
|
| Accounts receivable, net of allowance of $126 and $3,237, respectively |
|
901 |
|
|
|
1,388 |
|
| Prepaid expenses and other current assets |
|
2,173 |
|
|
|
3,198 |
|
| Total current assets |
|
26,550 |
|
|
|
81,240 |
|
| Property and equipment, net |
|
41,130 |
|
|
|
47,981 |
|
| Operating lease right-of-use assets |
|
3,195 |
|
|
|
8,171 |
|
| Other non-current assets |
|
5,507 |
|
|
|
6,463 |
|
| Total assets |
$ |
76,382 |
|
|
$ |
143,855 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
||||
| Current liabilities |
|
|
|
||||
| Accounts payable |
$ |
7,935 |
|
|
$ |
9,850 |
|
| Warrant liabilities |
|
2,795 |
|
|
|
8,335 |
|
| Earnout liabilities |
|
419 |
|
|
|
1,353 |
|
| Operating lease liabilities |
|
2,143 |
|
|
|
2,176 |
|
| Contract liabilities |
|
3,728 |
|
|
|
1,941 |
|
| Accrued expenses and other liabilities |
|
4,372 |
|
|
|
6,417 |
|
| Total current liabilities |
|
21,392 |
|
|
|
30,072 |
|
| Operating lease liabilities |
|
1,789 |
|
|
|
6,063 |
|
| Contract liabilities |
|
1,000 |
|
|
|
1,000 |
|
| Other non-current liabilities |
|
526 |
|
|
|
522 |
|
| Total liabilities |
|
24,707 |
|
|
|
37,657 |
|
| Commitments and contingencies (Note 20) |
|
|
|
||||
| Stockholders' equity |
|
|
|
||||
| Preferred stock, $0.0001 par value |
|
— |
|
|
|
— |
|
| Ordinary Shares, $0.0001 par value, unlimited shares authorized, 77,289,166 Class A ordinary shares issued and 76,721,343 shares outstanding; and 13,582,642 convertible Class B ordinary shares issued and outstanding as of December 31, 2023 and 76,180,618 Class A ordinary shares issued and 75,612,795 shares outstanding and 13,582,642 convertible Class B ordinary shares issued and outstanding as of December 31, 2022 |
|
— |
|
|
|
— |
|
| Treasury stock, at cost, 567,823 shares as of December 31, 2023 and 567,823 shares as of December 31, 2022 |
|
(8,603 |
) |
|
|
(8,603 |
) |
| Additional paid-in capital |
|
344,144 |
|
|
|
337,928 |
|
| Accumulated other comprehensive loss |
|
(33 |
) |
|
|
(312 |
) |
| Accumulated deficit |
|
(283,833 |
) |
|
|
(222,815 |
) |
| Total stockholders’ equity |
|
51,675 |
|
|
|
106,198 |
|
| Total liabilities and stockholders' equity |
$ |
76,382 |
|
|
$ |
143,855 |
|
| SATELLOGIC INC. CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
|
|
Year Ended December 31, |
||||||||||
| (in thousands of U.S. dollars) |
2023 |
|
2022 |
|
2021 |
||||||
| Cash flows from operating activities: |
|
|
|
|
|
||||||
| Net loss |
$ |
(61,018 |
) |
|
$ |
(36,641 |
) |
|
$ |
(96,305 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
||||||
| Depreciation expense |
|
17,256 |
|
|
|
14,326 |
|
|
|
10,728 |
|
| Operating lease expense |
|
2,751 |
|
|
|
2,015 |
|
|
|
548 |
|
| Deferred tax expense (benefit) |
|
— |
|
|
|
1,601 |
|
|
|
(1,619 |
) |
| Stock-based compensation |
|
6,299 |
|
|
|
8,368 |
|
|
|
10,881 |
|
| Interest expense |
|
— |
|
|
|
1,693 |
|
|
|
9,703 |
|
| Change in fair value of financial instruments |
|
(6,474 |
) |
|
|
(58,311 |
) |
|
|
(17,983 |
) |
| Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
37,216 |
|
| Expenses related to Merger |
|
— |
|
|
|
9,859 |
|
|
|
— |
|
| Foreign exchange differences |
|
(10,933 |
) |
|
|
(4,578 |
) |
|
|
(2,385 |
) |
| Expense for estimated credit losses on accounts receivable |
|
1,126 |
|
|
|
1,736 |
|
|
|
1,794 |
|
| Non-cash change in contract liabilities |
|
1,188 |
|
|
|
— |
|
|
|
— |
|
| Other, net |
|
666 |
|
|
|
996 |
|
|
|
579 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
||||||
| Accounts receivable |
|
(385 |
) |
|
|
(1,928 |
) |
|
|
(4,691 |
) |
| Prepaid expenses and other current assets |
|
2,114 |
|
|
|
(1,855 |
) |
|
|
21 |
|
| Accounts payable |
|
1,533 |
|
|
|
(3,202 |
) |
|
|
1,421 |
|
| Contract liabilities |
|
598 |
|
|
|
1,006 |
|
|
|
480 |
|
| Accrued expenses and other liabilities |
|
(2,059 |
) |
|
|
(1,562 |
) |
|
|
21,622 |
|
| Operating lease liabilities |
|
(2,233 |
) |
|
|
(1,985 |
) |
|
|
(449 |
) |
| Net cash used in operating activities |
|
(49,571 |
) |
|
|
(68,462 |
) |
|
|
(28,439 |
) |
| Cash flows from investing activities: |
|
|
|
|
|
||||||
| Purchases of property and equipment |
|
(14,885 |
) |
|
|
(27,252 |
) |
|
|
(11,233 |
) |
| Proceeds from sale of property and equipment |
|
450 |
|
|
|
— |
|
|
|
— |
|
| Equity investment in OS |
|
— |
|
|
|
(3,653 |
) |
|
|
— |
|
| Other |
|
— |
|
|
|
53 |
|
|
|
3 |
|
| Net cash used in investing activities |
|
(14,435 |
) |
|
|
(30,852 |
) |
|
|
(11,230 |
) |
| Cash flows from financing activities: |
|
|
|
|
|
||||||
| Proceeds from issuance of redeemable Series X preferred stock |
|
— |
|
|
|
— |
|
|
|
20,332 |
|
| Proceeds from issuance of debt |
|
— |
|
|
|
— |
|
|
|
7,513 |
|
| Repurchase of stock |
|
— |
|
|
|
(8,603 |
) |
|
|
— |
|
| Tax withholding payments for vested equity-based compensation awards |
|
(458 |
) |
|
|
— |
|
|
|
— |
|
| Proceeds from exercise of Public Warrants |
|
— |
|
|
|
5,291 |
|
|
|
— |
|
| Proceeds from sale of Ordinary Shares |
|
— |
|
|
|
167,504 |
|
|
|
— |
|
| Proceeds from exercise of stock options |
|
375 |
|
|
|
144 |
|
|
|
791 |
|
| Net cash (used in) provided by financing activities |
|
(83 |
) |
|
|
164,336 |
|
|
|
28,636 |
|
| Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(64,089 |
) |
|
|
65,022 |
|
|
|
(11,033 |
) |
| Effect of foreign exchange rate changes |
|
10,900 |
|
|
|
4,237 |
|
|
|
2,299 |
|
| Cash, cash equivalents and restricted cash - beginning of period |
|
77,792 |
|
|
|
8,533 |
|
|
|
17,267 |
|
| Cash, cash equivalents and restricted cash - end of period |
$ |
24,603 |
|
|
$ |
77,792 |
|
|
$ |
8,533 |
|
