Daily news






Satellogic Reports First Half 2023 Financial Results and Provides Business Update

September 21, 2023

Satellogic Inc.  provided first half 2023 financial results and a business update.

“The first half of 2023 was highlighted by continued revenue growth supported by additional satellites in orbit, and the first steps to implement a strategic realignment of our business to capitalize on our highest growth opportunities in the US,” said Satellogic CEO, Emiliano Kargieman. “We are highly focused on leveraging the largest commercial fleet of sub-meter resolution satellites in the world with an aggressive plan to meet the developing needs of our customers and the broader EO market making our organization more streamlined and efficient.

“During the first half of 2023, revenue grew 33% year-over-year as both our Asset Monitoring and our Constellation-as-a-Service businesses gained momentum. We also celebrated our 15th consecutive successful launch and the continued expansion of our constellation, adding 12 new spacecraft to our fleet in orbit to support our partners and growth. We are consistently delivering more capacity, more reliability, and next-gen capabilities for our customers, and advancing on our goal of bi-weekly global remapping. We have proven that it's possible to provide high-quality satellite imagery through a constellation of small, low-orbit satellites at what we believe to be the lowest price, while retaining strong margins. To moderate capital expenditures, we do not expect to launch any additional satellites until the first quarter of 2024, with our next scheduled launch in Q1-2024 on SpaceX’s Transporter 10 mission.

“As the EO market and macroeconomic environment have evolved, we are strategically realigning our business to capture high value opportunities in the US.

“To support this strategy, Matt Tirman was appointed President and will be primarily responsible for the operational execution of our strategy and business plan, as well as our focus on the US market. Matt joined the Company in 2021 as President of Satellogic North America to lay the groundwork for Satellogic’s entry into the US market and then served as the company’s Chief Commercial Officer. Matt brings more than 20 years of experience scaling technology and aerospace companies across the US government and international markets. In this new role he will further our efforts in the US market and accelerate our mission to democratize access to geospatial data. He will be assisted by recent appointments Caitlin Kontgis, Senior Vice President of Commercial Growth, and Lorri Kohler, Senior Vice President of Operations.

“With our focus on the US, we are taking two important steps as follows: First, we plan to commence the process of redomiciling to Delaware from the British Virgin Islands, with an aim to completing the conversion in the first half of 2024. As a result, once this process is complete we will report results on a quarterly basis consistent with being a domestic filer. Second, we recently filed an application to license our constellation with the National Oceanic & Atmospheric Administration (NOAA). These actions are crucial in terms of satisfying requirements for expanding business in the US market, better positioning Satellogic to compete for US government and allied contracts.

“Looking ahead, we are committed to offering exceptional high-resolution EO capture capability while delivering the best geospatial data quality, all at the lowest cost,” concluded Kargieman.

Rick Dunn, Satellogic CFO, commented, “We ended the first half of 2022 with $42 million of cash on hand. Our revenue grew 33% to $3.2 million for the half year 2023. As we move through 2023, we have seen positive momentum in terms of revenue, backlog and pipeline with three signed strategic contracts in the third quarter. Our updated guidance is as follows:

(in Millions of U.S. dollars, except number of satellites)






Satellites Launched into Constellation



8 - 12


5 - 9


$10 - $20


$38 - $58


$60 - $90

Adjusted EBITDA

($45) - ($35)


($15) - $5


$5 - 25

“As previously indicated in the Company’s annual 20-F filing on April 27, 2023, our 2023 revenue continues to be heavily weighted to the second half of the year and reaching our revenue guidance for 2023 will largely be dependent on closing opportunities within our Space Systems line of business.

“As a result of slower than anticipated revenue growth, we undertook cost and spending control measures in 2023. These actions primarily related to the moderation of capital expenditures, a reduction of certain discretionary spending, as well as a headcount reduction in both the first and third quarter of 2023 which totaled approximately 110 employees and represented approximately 25% of the total headcount at the beginning of 2023. Cumulative reductions in headcount are expected to result in approximately $7.5 million of annual savings beginning in Q4 2023, which when combined with other streamlining and cost savings programs, are expected to result in meaningful reductions to cash burn as we end 2023 and look forward to 2024.

“As we look to 2024 and beyond, revenue will be driven by our continued growth in Asset Monitoring, Constellation-as-a-Service, and Space Systems. We anticipate that Space Systems will contribute considerable per unit cash flow and strong gross margin. We are evaluating a range of strategic alternatives, including opportunities to raise additional capital, to best position our Company to deliver on its value proposition,” concluded Dunn.

Key First Half and Subsequent Highlights

· Matt Tirman appointed as President, Caitlin Kontgis appointed to Senior Vice President of Commercial Growth and Lorri Kohler appointed to Senior Vice President of Operations; all of whom will be US-based.

· Signed an international government space agency as its first Space Systems customer.

· Awarded contract by a geospatial imagery provider to deliver high-resolution imagery in support of a US government GEOINT program.

· Signed an agreement with Quant Data & Analytics, a leading Saudi provider of Data & AI Products and Enterprise Solutions focused on the real estate and retail sectors. This agreement leverages Satellogic’s high-resolution satellite imagery to serve and evolve the ever-expanding property tech landscape across the Kingdom of Saudi Arabia and the Gulf region.

· Announced partnership and integration with SkyWatch, a leader in the remote sensing data technology industry. This partnership will bring Satellogic’s highest resolution commercially available EO data to EarthCache customers.

· Signed an agreement with Skyloom, a leader in space-based telecommunications, detailing plans to integrate Skyloom’s Optical Communications Terminal onto Satellogic satellites to test new methods of high-resolution EO data delivery.

· Successful Satellite Deployments

oFour satellites, launched with SpaceX on January 3rd at Cape Canaveral Space Force Station, including the first of the next-generation NewSat Mark-V model designed for high frequency global remapping to support commercial, environmental, and government applications.

oFour satellites successfully reached low-Earth orbit following the launch of SpaceX’s Transporter-7 mission on April 14th from Vandenberg Space Force Base, California featuring NewSat Mark-IV spacecraft.

oFour NewSat Mark-V spacecraft successfully reached low-Earth orbit following a SpaceX Falcon 9 launch on June 12th from Vandenberg Space Force Base in California.

· Signed Memorandum of Understanding for the development of joint Earth Observation applications with OHB SE, a German-based aerospace and technology group. The agreement is aimed at expanding opportunities in Europe to support the use of EO data and products for a greener and more sustainable planet, including applications for day-to-day decision-making in the fields of agriculture, forestry, energy, critical infrastructures, and climate change mitigation.

· Announced partnership and integration with SkyFi, a leading provider of EO data. This partnership will allow SkyFi’s customers (both businesses and individuals) to submit tasking orders to Satellogic satellites directly through the platform either at or on the SkyFi app.

Financial Results for the Six Months Ended June 30, 2023

· Revenue for the six months ended June 30, 2023, increased 33% to $3.2 million, as compared to revenue of $2.4 million for the six months ended June 30, 2022. The increase was driven primarily by Asset Monitoring and Constellation-as-a-Service lines of business.

· Gross profit for the six months ended June 30, 2023, totaled $1.1 million, as compared to a gross profit of $1.1 million for the six months ended June 30, 2022. Gross margin was 34% in the first half of 2023, as compared to 44% for the prior year period, due to higher ground station and cloud services costs associated with our larger constellation.

· General and administrative expenses were $9.9 million for the six months ended June 30, 2023, as compared to $24.6 million for the six months ended June 30, 2022. The decrease was primarily due to lower professional fees related to elevated merger activity during the six months ended June 30, 2022, lower bad debt expense, and lower insurance cost.

· Research & Development expenses increased to $5.8 million for the six months ended June 30, 2023, as compared to $5.7 million for the six months ended June 30, 2022. The increase was due primarily to the employee severance costs, offset by a decrease in stock-based compensation, both resulting from workforce reductions.

· Net loss for the six months ended June 30, 2023, increased to $29.9 million, as compared to a net loss of $8.1 million for the six months ended June 30, 2022. The increase was primarily driven by a decreased gain from the change in fair value of warrant and earnout liabilities, offset by a decrease in professional fees, which were elevated during the six months ended June 30, 2022 as a result of the merger transaction.

· Adjusted EBITDA loss for the six months ended June 30, 2023, decreased to $23.8 million from an Adjusted EBITDA loss of $26.7 million for the six months ended June 30, 2022, due to an increase in interest income on cash and cash equivalents resulting from increased interest rates, as well as a decrease in bad debt expense and insurance costs.

· Cash was $42.0 million at June 30, 2023, as compared to $76.5 million at December 31, 2022.

· Net cash used in operating activities decreased to $26.3 million for the six months ended June 30, 2023, as compared to $34.5 million for the six months ended June 30, 2023, primarily due a reduction in headcount and discretionary spending.

For additional information regarding our long-term outlook and risks and assumptions related thereto, see the Liquidity, Capital Resources and Going Concern section of Exhibit 99.2 of Satellogic’s recent Form 6-K filing.


Complete your e-mail address
to receive our industry leading weekly newsletter!
E-mail address: