Company: SATLW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001628280-25-025087
Chunk: 35

Company: Satellogic Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 35
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)(18,121)132 %Income tax expense(715)(1,433)718 (50)%Net loss$(32,581)$(15,178)$(17,403)115 %

Revenue

During the three months ended March 31, 2025, revenue increased $0.1 million, or 2% to $3.4 million from $3.3 million for the three months ended March 31, 2024, driven primarily by a $0.4 million increase in imagery ordered by new and existing Asset Monitoring customers, partially offset by a $0.4 million decrease in revenue generated from the Space Systems business line. Revenue for the three months ended March 31, 2025 included $2.6 million attributable to our Asset Monitoring line of business, $0.4 million attributable to our Space Systems line of business, and $0.4 million attributable to our CaaS line of business compared to $2.2 million, $0.7 million and $0.4 million, respectively, in the prior year. 

Cost of sales

Cost of sales, exclusive of depreciation, decreased $0.1 million, or 5%, to $1.2 million for the three months ended March 31, 2025 from $1.3 million for the three months ended March 31, 2024. The decrease was driven primarily by lower Space Systems costs on lower sales volume, partially offset by higher outsourced ground station costs. 

34

Selling, general and administrative expenses

Three Months Ended March 31,2025 vs 2024(in thousands of U.S. dollars)20252024$ Change% ChangeSelling, general and administrativeProfessional fees related to Secured Convertibles Notes$— $971 $(971)(100)%Professional fees1,795 2,265 (470)(21)%Stock-based compensation533 955 (422)(44)%Salaries, wages, and other benefits2,142 2,746 (604)(22)%Expense for estimated credit losses on accounts receivable, net of recoveries— 16 (16)N/MInsurance322 515 (193)(37)%Software Expenses158 621 (463)(75)%Other administrative expenses1,535 1,300 235 18 %Total$6,485 $9,389 $(2,904)(31)%

Selling, general and administrative expenses decreased $2.9 million, or