$SATL

Satellogic Inc.

CIK:0001874315|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 15,919	$ 4,440	$ 22,026	$ 7,827
Costs and expenses, exclusive of depreciation shown separately below
Cost of revenue	2,822	1,189	4,273	2,426
Engineering	3,074	2,327	6,154	4,820
Selling, general and administrative	8,612	5,361	15,157	11,846
Depreciation	1,145	1,848	2,537	4,535
Total costs and expenses	15,653	10,725	28,121	23,627
Operating income (loss)	266	(6,285)	(6,095)	(15,800)
Other income (expense), net
Interest income, net	1,003	285	1,960	462
Change in fair value of financial instruments	(19,679)	(312)	(132,690)	(22,673)
Other income (expense), net	300	(380)	453	(547)
Total other income (expense), net	(18,376)	(407)	(130,277)	(22,758)
Loss before income tax	(18,110)	(6,692)	(136,372)	(38,558)
Income tax benefit (expense)	(1,939)	40	(1,979)	(675)
Net loss available to stockholders	(20,049)	(6,652)	(138,351)	(39,233)
Other comprehensive (loss) gain
Foreign currency translation (loss) gain, net of tax	(265)	749	(798)	1,006
Comprehensive loss	$ (20,314)	$ (5,903)	$ (139,149)	$ (38,227)
Basic and diluted earnings per share
Basic net loss per share for the period attributable to holders of Common Stock (in dollars per share)	$ (0.13)	$ (0.06)	$ (0.95)	$ (0.39)
Basic weighted-average Common Stock outstanding (in shares)	150,594,308	103,206,882	145,794,960	99,949,214
Diluted net loss per share for the period attributable to holders of Common Stock (in dollars per share)	$ (0.13)	$ (0.06)	$ (0.95)	$ (0.39)
Diluted weighted-average Common Stock outstanding (in shares)	150,594,308	103,206,882	145,794,960	99,949,214
Service
Revenue	$ 7,584	$ 4,440	$ 12,955	$ 7,827
Costs and expenses, exclusive of depreciation shown separately below
Cost of revenue	1,690	1,189	3,090	2,426
Product
Revenue	8,335	0	9,071	0
Costs and expenses, exclusive of depreciation shown separately below
Cost of revenue	$ 1,132	$ 0	$ 1,183	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (138,351)	$ (39,233)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	2,537	4,535
Operating lease expense	1,009	821
Deferred tax expense (benefit)	1,897	0
Stock-based compensation	2,168	1,171
Change in fair value of financial instruments, net of interest paid on Secured Convertible Notes	131,200	21,003
Foreign exchange differences	(173)	(191)
Loss on disposal of property and equipment	311	168
Release of estimated credit losses on accounts receivable	(34)	(49)
Non-cash change in contract liabilities	(337)	(249)
Adjustment for proceeds on sale of in-orbit satellites	(8,335)	0
Changes in operating assets and liabilities:
Accounts receivable	(1,350)	1,534
Inventories	726	0
Prepaid expenses and other current assets	(4,081)	1,251
Accounts payable	815	(536)
Contract liabilities	4,114	746
Accrued expenses and other liabilities	373	513
Operating lease liabilities	(961)	(548)
Net cash used in operating activities	(8,472)	(9,064)
Cash flows from investing activities:
Purchases of property and equipment	(11,185)	(2,689)
Proceeds from sale of in-orbit satellites	8,335	0
Net cash used in investing activities	(2,850)	(2,689)
Cash flows from financing activities:
Payments for withholding taxes related to the net share settlement of equity awards	(691)	(653)
Proceeds from exercise of stock options	235	1,275
Net cash provided by financing activities	32,339	21,430
Net increase in cash, cash equivalents and restricted cash	21,017	9,677
Effect of foreign exchange rate changes on cash and cash equivalents	32	220
Cash, cash equivalents and restricted cash - beginning of period	102,092	23,682
Cash, cash equivalents and restricted cash - end of period	123,141	33,579
ATM Program
Cash flows from financing activities:
Proceeds from issuance stock	0	2,039
Registered Direct Offering
Cash flows from financing activities:
Proceeds from issuance stock	$ 32,795	$ 18,769

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 112,809	$ 94,430
Restricted cash	9,118	7,407
Accounts receivable, net of allowance of $18 and $52, respectively	9,519	8,548
Inventories	1,819	2,090
Prepaid expenses and other current assets	6,321	2,699
Total current assets	139,586	115,174
Property and equipment, net	33,666	24,650
Operating lease right-of-use assets	6,482	7,048
Investment in equity securities	14,952	0
Other non-current assets	1,562	4,431
Total assets	196,248	151,303
Current liabilities
Accounts payable	4,433	2,432
Warrant liabilities	33,537	5,818
Earnout liabilities	3,663	554
Operating lease liabilities	1,266	1,174
Contract liabilities	14,598	10,609
Accrued expenses and other liabilities	2,257	1,918
Total current liabilities	59,754	22,505
Secured Convertible Notes at fair value	89,730	56,110
Operating lease liabilities	5,490	6,099
Contract liabilities	3,500	4,000
Other non-current liabilities	3,892	2,063
Total liabilities	162,366	90,777
Commitments and contingencies (Note 16)
Stockholders' equity
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Treasury stock, at cost, $567,823 shares as of June 30, 2026 and December 31, 2025	(8,603)	(8,603)
Additional paid-in capital	585,991	473,486
Accumulated other comprehensive (loss) income	(267)	531
Accumulated deficit	(543,239)	(404,888)
Total stockholders’ equity	33,882	60,526
Total liabilities and stockholders' equity	196,248	151,303
Class A ordinary shares
Stockholders' equity
Common stock	0	0
Class B ordinary shares
Stockholders' equity
Common stock	$ 0	$ 0