Satellogic Inc 6-K, filed Mar 24, 2025

Satellogic Inc. (SATL)

6-K 2025-03-24 For: 2025-03-31

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Added on April 10, 2026

About this 6-K

Satellogic Inc filed this 6-K on March 24, 2025.

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SATELLOGIC INC.



By:	/s/ Rick Dunn
	Name:	Rick Dunn
	Title:	Chief Financial Officer

	Years Ended December 31,
(in thousands of U.S. dollars)	2024			2023
Net loss available to stockholders	$	(116,272	)	$	(61,018	)
Interest expense		71			51
Income tax expense		2,858			9,082
Depreciation expense		12,655			17,256
Non-GAAP EBITDA	$	(100,688	)	$	(34,629	)
Professional fees related to Secured Convertible Notes		2,444			—
Other expense (income), net		2,107			(9,271	)
Change in fair value of financial instruments		60,071			(6,474	)
Stock-based compensation		2,335			6,299
Non-GAAP Adjusted EBITDA	$	(33,731	)	$	(44,075	)

	Year Ended December 31,
*(in thousands of U.S. dollars, except share and per share amounts)*	2024			2023
Revenue	$	12,870		$	10,074
Costs and expenses
Cost of sales, exclusive of depreciation shown separately below		5,024			5,056
Selling, general and administrative		32,992			34,968
Engineering		14,405			22,197
Depreciation expense		12,655			17,256
Total costs and expenses		65,076			79,477
Operating loss		(52,206	)		(69,403	)
Other (expense) income, net
Interest income, net		970			1,722
Change in fair value of financial instruments		(60,071	)		6,474
Other (expense) income, net		(2,107	)		9,271
Total other (expense) income, net		(61,208	)		17,467
Loss before income tax		(113,414	)		(51,936	)
Income tax expense		(2,858	)		(9,082	)
Net loss available to stockholders	$	(116,272	)	$	(61,018	)
Other comprehensive loss
Foreign currency translation gain (loss), net of tax		(538	)		279
Comprehensive loss	$	(116,810	)	$	(60,739	)

Basic net loss per share for the period attributable to holders of Common Stock	$	(1.28	)	$	(0.68	)
Basic weighted-average Common Stock outstanding		91,164,286			89,539,910
Diluted net loss per share for the period attributable to holders of Common Stock	$	(1.28	)	$	(0.68	)
Diluted weighted-average Common Stock outstanding		91,164,286			89,539,910

	December 31,
*(in thousands of U.S. dollars, except per share amounts)*	2024			2023
ASSETS
Current assets
Cash and cash equivalents	$	22,493		$	23,476
Accounts receivable, net of allowance of $148 and $126, respectively		1,464			901
Prepaid expenses and other current assets		3,907			2,173
Total current assets		27,864			26,550
Property and equipment, net		27,228			41,130
Operating lease right-of-use assets		877			3,195
Other non-current assets		5,722			5,507
Total assets	$	61,691		$	76,382
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities
Accounts payable	$	3,754		$	7,935
Warrant liabilities		11,511			2,795
Earnout liabilities		1,501			419
Operating lease liabilities		363			2,143
Contract liabilities		5,871			3,728
Accrued expenses and other liabilities		11,621			4,372
Total current liabilities		34,621			21,392
Secured Convertible Notes at fair value		79,070			—
Operating lease liabilities		516			1,789
Contract liabilities		—			1,000
Other non-current liabilities		516			526
Total liabilities		114,723			24,707
Commitments and contingencies
Stockholders' (deficit) equity
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023		—			—
Class A Common Stock, $0.0001 par value, 385,000,000 shares authorized, 83,000,501 shares issued and 82,432,678 shares outstanding as of December 31, 2024 and 77,289,166 shares issued and 76,721,343 shares outstanding as of December 31, 2023		—			—
Class B Common Stock, $0.0001 par value, 15,000,000 shares authorized, 13,582,642 shares issued and outstanding as of December 31, 2024 and December 31, 2023		—			—
Treasury stock, at cost, 567,823 shares as of December 31, 2024 and 567,823 shares as of December 31, 2023		(8,603	)		(8,603	)
Additional paid-in capital		356,247			344,144
Accumulated other comprehensive loss		(571	)		(33	)
Accumulated deficit		(400,105	)		(283,833	)
Total stockholders’ (deficit) equity		(53,032	)		51,675
Total liabilities and stockholders' (deficit) equity	$	61,691		$	76,382

	Year Ended December 31,
*(in thousands of U.S. dollars)*	2024			2023
Cash flows from operating activities:
Net loss	$	(116,272	)	$	(61,018	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		12,655			17,256
Debt issuance costs		2,397			—
Operating lease expense		1,515			2,751
Stock-based compensation		2,335			6,299
Change in fair value of financial instruments		60,071			(6,474	)
Foreign exchange differences		(2,936	)		(10,933	)
Loss on disposal of property and equipment		4,377			—
Expense for estimated credit losses on accounts receivable, net of recoveries		22			1,126
Non-cash change in contract liabilities		(1,323	)		1,188
Other, net		234			666
Changes in operating assets and liabilities:
Accounts receivable		(1,126	)		(385	)
Prepaid expenses and other current assets		(1,666	)		2,114
Accounts payable		(2,356	)		1,533
Contract liabilities		2,532			598
Accrued expenses and other liabilities		7,200			(2,059	)
Operating lease liabilities		(2,024	)		(2,233	)
Cash paid for interest on Secured Convertible Notes		(1,525	)		—
Net cash used in operating activities		(35,890	)		(49,571	)
Cash flows from investing activities:
Purchases of property and equipment		(5,038	)		(14,885	)
Other		6			450
Net cash used in investing activities		(5,032	)		(14,435	)
Cash flows from financing activities:
Proceeds from Secured Convertible Notes		30,000			—
Payments of debt issuance costs		(2,397	)		—
Tax withholding payments for vested equity-based compensation awards		(660	)		(458	)
Proceeds from exercise of Public Warrants		1			—
Proceeds from PIPE Investment, net of transaction costs		9,600			—
Proceeds from exercise of stock options		911			375
Net cash provided by (used in) financing activities		37,455			(83	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(3,467	)		(64,089	)
Effect of foreign exchange rate changes		2,546			10,900
Cash, cash equivalents and restricted cash - beginning of period		24,603			77,792
Cash, cash equivalents and restricted cash - end of period	$	23,682		$	24,603