Satellogic Inc.

Listed Company

SATLCIK 0001874315NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthRadio & Tv Broadcasting & Communications EquipmentD8FY ends Dec 31

Period

FY 2025

Revenue

$17.70M

Net Income

$-4.78M

Total Assets

$151.30M

Equity

$60.53M

Shares Out

27.30M

Op. Cash Flow

$-26.89M

Business

Satellogic Inc. is a vertically integrated Earth observation company that designs, manufactures, launches and operates high-resolution imaging satellite constellations to provide geospatial data. It offers satellite imagery, derived geospatial data products and analytics, constellation-as-a-service (CaaS), and satellite sales and support including manufacturing, integration and testing. Its key business lines are Asset Monitoring, Constellation-as-a-Service and Space Systems. It serves government, defense and commercial customers globally through direct sales, a network of distributors and partners, third-party ground stations, cloud platforms and a self-service SaaS marketplace.

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Revenue	18	13	10
Cost of sales, exclusive of depreciation shown separately below	5	5	5
Engineering	10	14	22
Selling, general and administrative	26	33	35
Depreciation expense	8	13	17
Total costs and expenses	49	65	79
Operating loss	−31	−52	−69
Interest income, net	2	970,000	2
Change in fair value of financial instruments	26	−60	6
Other income (expense), net	−541,000	−2	9
Total other income (expense), net	27	−61	17
Loss before income tax	−4	−113	−52
Income tax expense	−673,000	−3	−9
Net loss available to stockholders	−5	−116	—
Foreign currency translation gain (loss), net of tax	1	−538,000	279,000
Comprehensive loss	−4	−117	−61
Basic net loss per share for the period attributable to holders of Common Stock (in dollars per share)	−0.04	−1.28	−0.68
Basic weighted-average Common Stock outstanding (in shares)	109	91	90
Diluted net loss per share for the period attributable to holders of Common Stock (in dollars per share)	−0.18	−1.28	−0.68
Diluted weighted-average Common Stock outstanding (in shares)	134	91	90

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	94	22	23	—
Restricted cash	7	0	—	—
Accounts receivable, net of allowance of $52 and $148, respectively	9	1	901,000	—
Inventories	2	0	—	—
Prepaid expenses and other current assets	3	4	2	—
Total current assets	115	28	27	—
Property and equipment, net	25	27	41	—
Operating lease right-of-use assets	7	877,000	3	—
Other non-current assets	4	6	6	—
Total assets	151	62	76	—
Accounts payable	2	4	8	—
Warrant liabilities	6	12	3	—
Earnout liabilities	554,000	2	419,000	—
Operating lease liabilities	1	363,000	2	—
Contract liabilities	11	6	4	—
Accrued expenses and other liabilities	2	12	4	—
Total current liabilities	23	35	21	—
Secured Convertible Notes at fair value	56	79	0	—
Operating lease liabilities	6	516,000	2	—
Contract liabilities	4	0	1	—
Other non-current liabilities	2	516,000	526,000	—
Total liabilities	91	115	25	—
Commitments and contingencies (Note 19)	—	—	—	—
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	—
Treasury stock, at cost, $567,823 shares as of December 31, 2025 and 2024	−9	−9	−9	—
Additional paid-in capital	473	356	344	—
Accumulated other comprehensive income (loss)	531,000	−571,000	−33,000	—
Accumulated deficit	−405	−400	−284	—
Total stockholders equity (deficit)	61	−53	52	106
Total liabilities and stockholders' equity	151	62	76	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Debt issuance costs	0	2	0
Operating lease expense	2	2	3
Stock-based compensation	4	2	6
Change in fair value of financial instruments, net of interest paid on Secured Convertible Notes	−29	59	—
Foreign exchange differences	−105,000	−3	−11
Loss on disposal of property and equipment	691,000	4	0
(Release) expense for estimated credit losses on accounts receivable	−38,000	22,000	—
Equity in net (income) loss of affiliate	−8,000	0	—
Non-cash change in contract liabilities	−357,000	−1	1
Other, net	296,000	234,000	666,000
Accounts receivable	−6	−1	−385,000
Inventories	−723,000	0	—
Prepaid expenses and other current assets	2	−2	2
Accounts payable	−2	−2	2
Contract liabilities	9	3	598,000
Accrued expenses and other liabilities	−8	7	−2
Operating lease liabilities	−2	−2	−2
Net cash used in operating activities	−27	−36	−50
Purchases of property and equipment	−7	−5	−15
Other	0	6,000	450,000
Net cash used in investing activities	−7	−5	−14
Proceeds from Secured Convertible Notes	0	30	0
Payments of debt issuance costs	0	−2	0
Payments for withholding taxes related to the net share settlement of equity awards	−1	−660,000	−458,000
Proceeds from exercise of Public Warrants	0	1,000	0
Proceeds from exercise of stock options	2	911,000	375,000
Net cash provided by financing activities	113	37	−83,000
Net increase (decrease) in cash, cash equivalents and restricted cash	78	−3	−64
Effect of foreign exchange rate changes	159,000	3	11

Filings

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