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In September, Satellogic projected $38,000,000 to $58,000,000 in revenues for 2024 and withdrew that guidance in April.
Satellogic laid off 34 employees, representing about 13% of its workforce at the time, in a 2024-05-24 filing with the U.S. Securities and Exchange Commission.
Satellogic had a cash balance of $23,500,000 at the end of 2023, down from $76,500,000 at the end of 2022.
Satellogic recorded a net loss of $61,000,000 in 2023 versus a net loss of $36,600,000 in 2022.
Satellogic recorded $10,100,000 in revenue in 2023, a 68% increase from 2022.
Satellogic raised $30,000,000 through a senior convertible notes agreement with Tether Investments Ltd.
Satellogic had forecasted revenues of $38,000,000 to $58,000,000 in 2024 in September 2023 but subsequently withdrew that guidance.
Satellogic announced in September 2023 that it would move its headquarters to the United States to facilitate direct access to the U.S. government market rather than working through resellers.
Satellogic obtained a commercial remote sensing license from the Office of Space Commerce within the National Oceanic and Atmospheric Administration in November 2023.
Satellogic expects to use net proceeds of $27,600,000 from the Tether convertible notes, after transaction fees and expenses, to support company operations.
Satellogic characterized the May 2024 layoffs as part of previously announced and ongoing efforts to reduce operational costs and control spending.
Satellogic provides electro-optical Earth observation data to governments and corporations for decision-making.
Satellogic will issue floating rate secured convertible promissory notes in the aggregate principal amount of $30,000,000 to Tether Investments Limited under the Note Purchase Agreement.
In connection with a change of control of Satellogic, including delisting of Satellogic’s Class A ordinary shares, the holder has the right to require the Borrower to repurchase the Secured Convertible Notes for cash at a price equal to the greater of 105% of the redemption value and 105% of the then-prevailing conversion value, plus accrued but unpaid interest and any other amounts owed (the Put Price).
Satellogic expects the new financing facility to provide funding to support expansion in 2024.
The Secured Convertible Notes are convertible into Satellogic’s Class A ordinary shares at an initial conversion price of $1.20 per share equivalent (833 Class A Ordinary Shares per $1,000 principal amount), subject to customary anti-dilution adjustments.
If Satellogic effects an asset sale outside the ordinary course of business or an insurance or condemnation event results in net proceeds to Satellogic in excess of $2 million, the Borrower must offer to prepay the Secured Convertible Notes up to the amount of the relevant proceeds at par unless such proceeds are used to purchase comparable assets within six months.
Tata Advanced Systems Limited and Satellogic signed a collaboration agreement in November 2023 to develop and integrate an advanced Earth observation satellite in India.
Satellogic provided industry knowledge transfer, foundational components, intellectual property licensing terms, and support to construct an AIT facility in India as part of its Space Systems offering.
Tata Advanced Systems and Satellogic signed a collaboration in November 2023 to develop and integrate an advanced Earth observation satellite in India.