Company: SATLW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001874315-25-000019
Chunk: 120

Company: Satellogic Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 120
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 The decrease was driven primarily by a decrease 

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in salaries, wages, and other benefits and stock-based compensation as a result of the Company’s workforce reductions in 2024. The decrease was also partially driven by other expense reductions resulting from cash control measures during 2024, including the termination of our high-throughput plant lease in the Netherlands.

Depreciation expense

Depreciation expense decreased by $3.5 million, or 37%, to $6.0 million for the nine months ended September 30, 2025, as compared to $9.5 million for the nine 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 nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. 

Change in fair value of financial instruments

The negative change in fair value of financial instruments of $5.8 million was related to net losses on our financial instruments of $10.8 million for the nine months ended September 30, 2025, compared to net losses of $5.0 million for the nine months ended September 30, 2024. The change was primarily driven by the remeasurement of the fair value of the Secured Convertible Notes, warrant and earnout liabilities primarily impacted by the rise in trading price of our Class A common stock primarily in the first quarter of 2025, partially offset by the effect of a decrease in the trading price of our Class A common stock in the third quarter of 2025. These losses were also partially offset by a gain in the value of our OS warrants we hold due primarily to the rise in the underlying OS stock price during the nine months ended September 30, 2025.

Other (expense) income, net 

Other (expense) income, net decreased $2.2 million, or 132%, to $0.5 million of expense for the nine months ended September 30, 2025, compared to $1.7 million of income for the nine months ended September 30, 2024. The decrease was driven primarily by foreign currency exchange net losses for the nine months ended September 30, 2025 compared to foreign currency exchange net gains in the nine months ended September 30, 2024