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

Company: Satellogic Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 10
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 for the nine months ended September 30, 2025 included $8.9 million attributable to our Asset Monitoring line of business, $1.3 million attributable to our Space Systems line of business, and $1.2 million attributable to our CaaS line of business compared to $7.6 million, $0.9 million and $1.2 million, respectively, in the prior year. 

Cost of sales

Cost of sales, exclusive of depreciation, decreased $0.2 million, or 5%, to $3.6 million for the nine months ended September 30, 2025 from $3.8 million for the nine months ended September 30, 2024. The decrease was driven primarily by lower  cloud services costs and Space Systems costs, partially offset by higher leased antenna costs and ground station costs.

Selling, general and administrative expenses

Nine Months Ended September 30,2025 vs 2024(in thousands of U.S. dollars)20252024$ Change% ChangeSelling, general and administrativeProfessional fees related to Secured Convertibles Notes$— $2,397 $(2,397)(100)%Professional fees3,621 6,808 (3,187)(47)%Stock-based compensation2,460 1,510 950 63 %Salaries, wages, and other benefits6,126 8,608 (2,482)(29)%Expense (income) from estimated credit losses on accounts receivable, net of recoveries(60)63 (123)(195)%Insurance849 1,406 (557)(40)%Software Expenses3,865 3,985 (120)(3)%Other administrative expenses1,398 813 585 72 %Total$18,259 $25,590 $(7,331)(29)%

Selling, general and administrative expenses decreased $7.3 million, or 29%, to $18.3 million during the nine months ended September 30, 2025, from $25.6 million for the nine months ended September 30, 2024. The decrease was driven primarily by a $3.2 million decrease in professional fees consisting mainly of the accrued advisory fee pursuant to the Liberty Subscription Agreement that was fully accrued in 2024 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