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”, “intend”, “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 as, 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. |
|||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
|||||||||||
|
Year Ended December 31, |
||||||||||
(in thousands of U.S. dollars, except share and per share amounts) |
2022 |
|
2021 |
|
2020 |
||||||
Revenue |
$ |
6,012 |
|
|
$ |
4,247 |
|
|
$ |
— |
|
Costs and expenses |
|
|
|
|
|
||||||
Cost of sales, exclusive of depreciation shown separately below |
|
3,284 |
|
|
|
1,876 |
|
|
|
— |
|
| General and administrative expenses |
|
37,191 |
|
|
|
36,640 |
|
|
|
8,003 |
|
| Research and development |
|
13,055 |
|
|
|
9,636 |
|
|
|
5,924 |
|
| Depreciation expense |
|
14,326 |
|
|
|
10,728 |
|
|
|
3,031 |
|
| Other operating expenses |
|
29,023 |
|
|
|
14,002 |
|
|
|
5,449 |
|
| Total costs and expenses |
|
96,879 |
|
|
|
72,882 |
|
|
|
22,407 |
|
| Operating loss |
|
(90,867 |
) |
|
|
(68,635 |
) |
|
|
(22,407 |
) |
| Other income (expense), net |
|
|
|
|
|
||||||
| Finance costs, net |
|
(652 |
) |
|
|
(9,738 |
) |
|
|
35 |
|
| Change in fair value of financial instruments |
|
58,311 |
|
|
|
17,983 |
|
|
|
9,637 |
|
| Loss on extinguishment of debt |
|
— |
|
|
|
(37,216 |
) |
|
|
(9,240 |
) |
| Other income, net |
|
1,140 |
|
|
|
1,069 |
|
|
|
594 |
|
| Total other income (expense), net |
|
58,799 |
|
|
|
(27,902 |
) |
|
|
1,026 |
|
| Loss before income tax |
|
(32,068 |
) |
|
|
(96,537 |
) |
|
|
(21,381 |
) |
| Income tax (expense) benefit |
|
(4,573 |
) |
|
|
232 |
|
|
|
(148 |
) |
| Net loss available to common stockholders |
$ |
(36,641 |
) |
|
$ |
(96,305 |
) |
|
$ |
(21,529 |
) |
| Other comprehensive loss |
|
|
|
|
|
||||||
| Foreign currency translation loss, net of tax |
|
(226 |
) |
|
|
(86 |
) |
|
|
— |
|
| Comprehensive loss |
$ |
(36,867 |
) |
|
$ |
(96,391 |
) |
|
$ |
(21,529 |
) |
|
|
|
|
|
|
|
||||||
| Basic loss per share for the period attributable to common stockholders |
$ |
(0.44 |
) |
|
$ |
(5.78 |
) |
|
$ |
(1.34 |
) |
| Basic weighted-average common shares outstanding |
|
83,188,276 |
|
|
|
16,655,634 |
|
|
|
16,029,826 |
|
| Diluted loss per share for the period attributable to common stockholders |
$ |
(0.66 |
) |
|
$ |
(5.78 |
) |
|
$ |
(1.34 |
) |
| Diluted weighted-average common shares outstanding |
|
83,798,149 |
|
|
|
16,655,634 |
|
|
|
16,029,826 |
|
| SATELLOGIC INC. |
|||||||
| CONSOLIDATED BALANCE SHEETS |
|||||||
|
|
December 31, |
||||||
| (in thousands of U.S. dollars, except per share amounts) |
2022 |
|
2021 |
||||
| ASSETS |
|
|
|
||||
| Current assets |
|
|
|
||||
| Cash and cash equivalents |
$ |
76,528 |
|
|
$ |
8,533 |
|
| Restricted cash |
|
126 |
|
|
|
— |
|
| Accounts receivable, net of allowance of $3,237 and $1,794, respectively |
|
1,388 |
|
|
|
1,196 |
|
| Prepaid expenses and other current assets |
|
3,198 |
|
|
|
2,695 |
|
| Total current assets |
|
81,240 |
|
|
|
12,424 |
|
| Property and equipment, net |
|
47,981 |
|
|
|
32,530 |
|
| Operating lease right-of-use assets |
|
8,171 |
|
|
|
2,955 |
|
| Deferred income tax assets |
|
— |
|
|
|
1,640 |
|
| Other non-current assets |
|
6,463 |
|
|
|
369 |
|
| Total assets |
$ |
143,855 |
|
|
$ |
49,918 |
|
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) |
|
|
|
||||
| Current liabilities |
|
|
|
||||
| Accounts payable |
$ |
9,850 |
|
|
$ |
6,650 |
|
| Debt |
|
— |
|
|
|
108,473 |
|
| Warrant liabilities |
|
8,335 |
|
|
|
143,237 |
|
| Earnout liabilities |
|
1,353 |
|
|
|
— |
|
| Operating lease liabilities |
|
2,176 |
|
|
|
985 |
|
| Contract liabilities |
|
1,941 |
|
|
|
935 |
|
| Accrued expenses and other liabilities |
|
6,417 |
|
|
|
23,435 |
|
| Total current liabilities |
|
30,072 |
|
|
|
283,715 |
|
| Operating lease liabilities |
|
6,063 |
|
|
|
2,083 |
|
| Contract liabilities |
|
1,000 |
|
|
|
1,000 |
|
| Other non-current liabilities |
|
522 |
|
|
|
2,552 |
|
| Total liabilities |
|
37,657 |
|
|
|
289,350 |
|
| Commitments and contingencies (Note 20) |
|
|
|
||||
| Redeemable preferred stock, $0.0001 par value |
|
— |
|
|
|
21,306 |
|
| Stockholders' equity (deficit) |
|
|
|
||||
| Preferred stock, $0.0001 par value |
|
— |
|
|
|
— |
|
| Common stock, $0.0001 par value |
|
— |
|
|
|
— |
|
| Treasury stock, at cost |
|
(8,603 |
) |
|
|
(170,949 |
) |
| Additional paid-in capital |
|
337,928 |
|
|
|
96,471 |
|
| Accumulated other comprehensive loss |
|
(312 |
) |
|
|
(86 |
) |
| Accumulated deficit |
|
(222,815 |
) |
|
|
(186,174 |
) |
| Total stockholders’ equity (deficit) |
|
106,198 |
|
|
|
(260,738 |
) |
| Total liabilities, redeemable preferred stock and stockholders' equity (deficit) |
$ |
143,855 |
|
|
$ |
49,918 |
|
| SATELLOGIC INC. |
|||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
|
|
Year Ended December 31, |
||||||||||
| (in thousands of U.S. dollars) |
2022 |
|
2021 |
|
2020 |
||||||
| Cash flows from operating activities: |
|
|
|
|
|
||||||
| Net loss |
$ |
(36,641 |
) |
|
$ |
(96,305 |
) |
|
$ |
(21,529 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
||||||
| Depreciation expense |
|
14,326 |
|
|
|
10,728 |
|
|
|
3,031 |
|
| Operating lease expense |
|
2,015 |
|
|
|
548 |
|
|
|
298 |
|
| Deferred tax expense (benefit) |
|
1,601 |
|
|
|
(1,619 |
) |
|
|
(38 |
) |
| Stock-based compensation |
|
8,368 |
|
|
|
10,881 |
|
|
|
1,732 |
|
| Interest expense |
|
1,693 |
|
|
|
9,703 |
|
|
|
43 |
|
| Change in fair value of financial instruments |
|
(58,311 |
) |
|
|
(17,983 |
) |
|
|
(9,637 |
) |
| Loss on debt extinguishment |
|
— |
|
|
|
37,216 |
|
|
|
9,240 |
|
| Expenses related to Merger |
|
9,859 |
|
|
|
— |
|
|
|
— |
|
| Foreign exchange differences |
|
(4,578 |
) |
|
|
(2,385 |
) |
|
|
(1,507 |
) |
| Loss on disposal of property and equipment and right of use assets |
|
996 |
|
|
|
579 |
|
|
|
372 |
|
| Bad debt expense |
|
1,736 |
|
|
|
1,794 |
|
|
|
— |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
||||||
| Accounts receivable |
|
(1,928 |
) |
|
|
(4,691 |
) |
|
|
(221 |
) |
| Prepaid expenses and other current assets |
|
(1,855 |
) |
|
|
21 |
|
|
|
(14 |
) |
| Accounts payable |
|
(3,202 |
) |
|
|
1,421 |
|
|
|
6,474 |
|
| Contract liabilities |
|
1,006 |
|
|
|
480 |
|
|
|
455 |
|
| Accrued expenses and other liabilities |
|
(1,562 |
) |
|
|
21,622 |
|
|
|
497 |
|
| Operating lease liabilities |
|
(1,985 |
) |
|
|
(449 |
) |
|
|
(370 |
) |
| Net cash used in operating activities |
|
(68,462 |
) |
|
|
(28,439 |
) |
|
|
(11,174 |
) |
| Cash flows from investing activities: |
|
|
|
|
|
||||||
| Acquisitions of property and equipment |
|
(27,252 |
) |
|
|
(11,233 |
) |
|
|
(15,787 |
) |
| Equity investment in OS |
|
(3,653 |
) |
|
|
— |
|
|
|
— |
|
| Other |
|
53 |
|
|
|
3 |
|
|
|
14 |
|
| Net cash used in investing activities |
|
(30,852 |
) |
|
|
(11,230 |
) |
|
|
(15,773 |
) |
| Cash flows from financing activities: |
|
|
|
|
|
||||||
| Proceeds from issuance of redeemable Series X preferred stock |
|
— |
|
|
|
20,332 |
|
|
|
— |
|
| Proceeds from issuance of debt |
|
— |
|
|
|
7,513 |
|
|
|
17,348 |
|
| Repurchase of stock |
|
(8,603 |
) |
|
|
— |
|
|
|
— |
|
| Proceeds from exercise of Public Warrants |
|
5,291 |
|
|
|
— |
|
|
|
— |
|
| Proceeds from sale of common stock |
|
167,504 |
|
|
|
— |
|
|
|
— |
|
| Proceeds from exercise of stock options |
|
144 |
|
|
|
791 |
|
|
|
802 |
|
| Net cash provided by financing activities |
|
164,336 |
|
|
|
28,636 |
|
|
|
18,150 |
|
| Net increase in cash, cash equivalents and restricted cash |
|
65,022 |
|
|
|
(11,033 |
) |
|
|
(8,797 |
) |
| Effect of foreign exchange rate changes |
|
4,237 |
|
|
|
2,299 |
|
|
|
1,507 |
|
| Cash, cash equivalents and restricted cash - beginning of period |
|
8,533 |
|
|
|
17,267 |
|
|
|
24,557 |
|
| Cash, cash equivalents and restricted cash - end of period |
$ |
77,792 |
|
|
$ |
8,533 |
|
|
$ |
17,267 |
|
