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A 2024-01-18 filing with the Securities and Exchange Commission projected Satellogic would have 202 satellites in orbit in 2025 generating $480,000,000 in revenue and $297,000,000 in adjusted EBITDA.
When the merger with CF Acquisition Corp. V was announced in July, the companies expected $250,000,000 from the SPAC and $100,000,000 from the PIPE, which they projected would leave Satellogic with $271,000,000 in cash after debt repayment and expenses.
Liberty Strategic Capital’s contemplated $150,000,000 investment brings Satellogic’s total capital raised to more than $265,000,000 net of expected redemptions of CFV stock.
CF Acquisition Corp. V and Satellogic planned to merge at an implied enterprise value of $850,000,000 as of July 2021.
The shareholder vote for the Satellogic merger was delayed from 2023-12-08 to 2023-12-30 and then postponed again to 2024-01-24.
A July investor presentation projected Satellogic would have 300 satellites in orbit in 2025 generating $787,000,000 in revenue and $473,000,000 in adjusted EBITDA.
Satellogic will continue to operate its current Assembly, Integration, and Test facility in Montevideo, Uruguay with a capacity of 24 satellites per year.
Satellogic will construct a 57,000-square-foot high-throughput satellite manufacturing facility in the Netherlands.
The Satellogic facility will provide office and meeting space for approximately 80 persons to support hybrid working.
Satellogic expects that expanding its supply chain through the new facility will enable scaling up production plans to support a goal of constantly maintaining 300 satellites in orbit.
Satellogic announced a SPAC deal in July 2021 but has been struggling to close its merger.
CF Acquisition Corp. V, the SPAC merging with Satellogic, delayed a shareholder vote on the deal for a third time on 2021-12-30 and rescheduled that vote for 2022-01-24.
Satellogic will use the $271,000,000 in capital to complete a 300-satellite constellation by 2025.
Satellogic projects revenue growth from $7,000,000 in the current year to $787,000,000 in 2025.
The new Satellogic manufacturing facility in the Netherlands will open in mid-2022 and, when fully functional at the beginning of 2023, will be able to produce 25 satellites a quarter.
The shareholder vote on 2021-12-20 is the final step before completing the merger and turning Satellogic into a publicly traded company.
Satellogic plans to provide daily remapping of the entire globe with high-resolution imagery when its full 300-satellite constellation is in place in 2025.
The SPAC proceeds and a concurrent private placement were projected to provide Satellogic with $271,000,000 at a valuation of $1,100,000,000.
Satellogic plans to provide weekly remapping of the entire globe with high-resolution imagery in 2023.
Satellogic’s Dedicated Satellite Constellation Program enables municipal, state, and national governments to manage a fleet of satellites over a specific area of interest and develop a geospatial imaging program at higher frequency, higher resolution, and lower cost.