Company: SATLW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001874315-25-000019
Chunk: 62

Company: Satellogic Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 62
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 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 reductions in 2024 and a decrease in insurance and other expense reductions resulting from cash control measures during 2024. These decreases were partially offset by a $1.0 million increase in stock-based compensation primarily from a broadened pool of employees receiving stock-based compensation in 2025 and forfeitures related to the workforce reductions in 2024.

Engineering expenses

Three Months Ended September 30,2025 vs 2024(in thousands of U.S. dollars)20252024Change% ChangeEngineeringSalaries, wages, and other benefits$1,746 $2,137 $(391)(18)%Stock-based compensation233 62 171 276 %Professional fees97 89 8 9 %Software expenses162 171 (9)(5)%Other 391 $389 2 1 %Total$2,629 $2,848 $(219)(8)%

Engineering expenses decreased $0.2 million, or 8%, to $2.6 million for the three months ended September 30, 2025 from $2.8 million for the three months ended September 30, 2024. The decrease was driven primarily by a decrease in salaries, wages, and other benefits as a result of the Company’s workforce reductions in 2024. These decreases were partially offset by an increase in stock-based compensation primarily from a broadened pool of employees receiving stock-based compensation in 2025 and forfeitures related to the workforce reductions made in 2024, which reduced expense in 2024.

Depreciation expense

Depreciation expense decreased by $2.1 million, or 58%, to $1.5 million for the three months ended September 30, 2025, as compared to $3.6 million for the three months ended September 30, 2024. The decrease was due primarily to a reduction in the number of satellites with depreciable useful lives, as nine satellites became fully depreciated since the third quarter of 2024.

Interest income, net

Interest income, net remained flat for the three