Company: SATLW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001874315-25-000019
Chunk: 115

Company: Satellogic Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 115
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 million from $2.8 million for the three months ended September 30, 2024, driven primarily by a $0.5 million increase in revenue generated from the Space Systems business line and a $0.3 million increase in imagery ordered by new and existing Asset Monitoring customers. Revenue for the three months ended September 30, 2025 included $2.7 million attributable to our Asset Monitoring line of business, $0.5 million attributable to our Space Systems line of business, and $0.4 million attributable to our CaaS line of business compared to $2.4 million, $0.0 million and $0.4 million, respectively, in the prior year. 

Cost of sales

Cost of sales, exclusive of depreciation, decreased $57 thousand, or 5%, to $1.2 million for the three months ended September 30, 2025 from $1.2 million for the three months ended September 30, 2024. The decrease was driven primarily by lower cloud services costs, partially offset by higher antenna lease costs.

33

Selling, general and administrative expenses

Three Months Ended September 30,2025 vs 2024(in thousands of U.S. dollars)20252024$ Change% ChangeSelling, general and administrativeProfessional fees940 2,174 (1,234)(57)%Stock-based compensation1,420 445 975 219 %Salaries, wages, and other benefits2,034 2,357 (323)(14)%Expense (income) from estimated credit losses on accounts receivable, net of recoveries(11)75 (86)(115)%Insurance265 449 (184)(41)%Software expenses1,315 1,292 23 2 %Other administrative expenses450 (132)582 (441)%Total$6,413 $6,660 $(247)(4)%

Selling, general and administrative expenses decreased $0.3 million, or 4%, to $6.4 million during the three months ended September 30, 2025, from $6.7 million for the three months ended September 30, 2024. The decrease was driven primarily by a $1.2 million decrease in professional fees consisting mainly of the accrued advisory fee pursuant to the Liberty Subscription Agreement that was fully accrued in 2024. The decrease was also driven by decreases in salaries, wages, and other benefits as a result of the Company’s workforce