Satellogic Reports Full Year 2022 Financial Results and Provides Business Update

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”, “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

 


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