Company: SATLW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001874315-25-000014
Chunk: 65

Company: Satellogic Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 1
Chunk 65
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 $2,397 $(2,397)(100)%Professional fees2,681 4,634 (1,953)(42)%Stock-based compensation1,040 1,065 (25)(2)%Salaries, wages, and other benefits4,092 6,251 (2,159)(35)%Expense (income) from estimated credit losses on accounts receivable, net of recoveries(49)(12)(37)308 %Insurance584 957 (373)(39)%Software Expenses2,550 2,693 (143)(5)%Other administrative expenses948 945 3 — %Total$11,846 $18,930 $(7,084)(37)%

Selling, general and administrative expenses decreased $7.1 million, or 37%, to $11.8 million during the six months ended June 30, 2025, from $18.9 million for the six months ended June 30, 2024. The decrease was driven primarily by a $2.0 million decrease in professional fees consisting mainly of the accrued advisory fee pursuant to the Liberty Subscription Agreement and $2.4 million of professional fees related to the Secured Convertible Notes in 2024, partially offset by professional fees related to the Domestication in 2025. The decrease was also partially driven by decreases in salaries, wages, and other benefits as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from cash control measures during 2024.

Engineering expenses

Six Months Ended June 30,2025 vs 2024(in thousands of U.S. dollars)20252024Change% ChangeEngineeringSalaries, wages, and other benefits$3,524 $6,392 $(2,868)(45)%Stock-based compensation131 193 (62)(32)%Professional fees190 606 (416)(69)%Software expenses352 363 (11)(3)%Other 623 $1,120 (497)(44)%Total$4,820 $8,674 $(3,854)(44)%

Engineering expenses decreased $3.9 million, or 44%, to $4.8 million for the six months ended June 30, 2025 from $8.7 million for the six months ended June 30, 2024. The decrease was driven primarily by a decrease in salaries, wages, and other benefits and stock-based compensation as a