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) our ability to generate revenue as expected, including due to challenges created by macroeconomic concerns, geopolitical uncertainty (e.g., trade relationships), financial market fluctuations and related factors, (ii) our ability to effectively market and sell our EO services and to convert contracted revenues and our pipeline of potential contracts into actual revenues, (iii) risks related to the secured convertible notes, (iv) the potential loss of one or more of our largest customers, (v) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vi) risks and uncertainties associated with defense-related contracts, (vii) risk related to our pricing structure, (viii) our ability to scale production of our satellites as planned, (ix) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (x) our dependence on third parties, including SpaceX, to transport and launch our satellites into space, (xi) our reliance on third-party vendors and manufacturers to build and provide certain satellite components, products, or services and the inability of these vendors and manufacturers to meet our needs, (xii) our dependence on ground station and cloud-based computing infrastructure operated by third pirates for value-added services, and any errors, disruption, performance problems, or failure in their or our operational infrastructure, (xiii) risk related to certain minimum service requirements in our customer contracts, (xiv) market acceptance of our EO services and our dependence upon our ability to keep pace with the latest technological advances, including those related to artificial intelligence and machine learning, (xv) our ability to identify suitable acquisition candidates or consummate acquisitions on acceptable terms, or our ability to successfully integrate acquisitions, (xvi) competition for EO services, (xvii) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xviii) unknown defects or errors in our products, (xix) risk related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xx) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xxi) the failure of the market for EO services to achieve the growth potential we expect, (xxii) risks related to our satellites and related equipment becoming impaired, (xxiii) risks related to the failure of our satellites to operate as intended, (xxiv) production and launch delays, launch failures, and damage or destruction to our satellites during launch, (xxv) the impact of natural disasters, unusual or prolonged unfavorable weather conditions, epidemic outbreaks, terrorist acts and geopolitical events (including the ongoing conflicts between Russia and Ukraine, in the Gaza Strip and the Red Sea region) on our business and satellite launch schedules and (xxvi) the anticipated benefits of the domestication may not materialize.
CONDENSED CONSOLIDATED BALANCE SHEETSUNAUDITED March 31, December 31,(in thousands of U.S.dollars, except per share and par value amounts) 2025 2024 ASSETS Current assets Cash and cash equivalents$17,716 $22,493 Restricted cash 305 — Accounts receivable, net of allowance of $148 and $148, respectively 1,799 1,464 Prepaid expenses and other current assets 4,274 3,907 Total current assets 24,094 27,864 Property and equipment, net 25,802 27,228 Operating lease right-of-use assets 6,538 877 Other non-current assets 4,968 5,722 Total assets$61,402 $61,691 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Current liabilities Accounts payable$3,742 $3,754 Warrant liabilities 14,902 11,511 Earnout liabilities 1,992 1,501 Operating lease liabilities 989 363 Contract liabilities 6,308 5,871 Accrued expenses and other liabilities 13,661 11,621 Total current liabilities 41,594 34,621 Secured Convertible Notes at fair value 96,590 79,070 Operating lease liabilities 5,812 516 Other non-current liabilities 498 516 Total liabilities 144,494 114,723 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, 84,451,437 shares issued and 83,883,614 shares outstanding as of March 31, 2025 and 83,000,501 shares issued and 82,432,678 shares outstanding as of December 31, 2024 — — Class B Common Stock, $0.0001 par value, 15,000,000 shares authorized, 13,582,642 shares issued and outstanding as of March 31, 2025 and December 31, 2024 — — Treasury stock, at cost, 567,823 shares as of March 31, 2025 and 567,823 shares as of December 31, 2024 (8,603) (8,603)Additional paid-in capital 358,511 356,247 Accumulated other comprehensive loss (314) (571)Accumulated deficit (432,686) (400,105)Total stockholders’ (deficit) equity (83,092) (53,032)Total liabilities and stockholders' (deficit) equity$61,402 $61,691 SATELLOGIC INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSSUNAUDITED Three Months Ended March 31,(in thousands of U.S.dollars, except share and per share amounts) 2025 2024 Revenue$3,387 $3,328 Costs and expenses Cost of sales, exclusive of depreciation shown separately below 1,237 1,305 Selling, general and administrative 6,485 9,389 Engineering 2,493 4,387 Depreciation expense 2,687 2,845 Total costs and expenses 12,902 17,926 Operating loss (9,515) (14,598)Other (expense) income, net Interest income, net 177 204 Change in fair value of financial instruments (22,361) (752)Other (expense) income, net (167) 1,401 Total other (expense) income, net (22,351) 853 Loss before income tax (31,866) (13,745)Income tax expense (715) (1,433)Net loss available to stockholders$(32,581) $(15,178)Other comprehensive loss Foreign currency translation gain (loss), net of tax 257 (137)Comprehensive loss$(32,324) $(15,315) Basic net loss per share for the period attributable to holders of Common Stock$(0.34) $(0.17)Basic weighted-average Common Stock outstanding 96,655,349 90,331,496 Diluted net loss per share for the period attributable to holders of Common Stock$(0.34) $(0.17)Diluted weighted-average Common Stock outstanding 96,655,349 90,331,496 SATELLOGIC INC.
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