Company: SATLW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001628280-25-025087
Chunk: 11

Company: Satellogic Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 11
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 of less than 12 months are recorded directly to lease expense.For the periods presented, we do not have any financing type leases.For the three months ended March 31, 2025 and 2024, lease expense was $0.4 million and $0.5 million, respectively. The decrease in lease expense was due primarily to the 2024 termination of a facility lease in the Netherlands. Lease obligations and right of use assets increased as of March 31, 2025 compared to December 31, 2024 due primarily to new ground station antenna leases in the three months ended March 31, 2025. Accounts Receivable and Allowance for Credit LossesTrade accounts receivable are stated at the amount owed by the customer, net of allowances for estimated credit losses, discounts, returns and rebates. We measure the allowance for credit losses based on the estimated loss. In calculating an allowance for credit losses, we use our historical experience, external indicators, forward-looking information and an aging method. Generally, we assess collectability of trade accounts receivable on a collective basis as they possess shared credit risk characteristics which have been grouped based on the days past due. For certain customers that have a large percentage of our total accounts receivable, we analyze them on a specific basis to determine expected collectability.  Accounts are written off against the allowance account when they are determined to be no longer collectible. The following table shows the activity in the allowance for credit losses for the three months ended March 31, 2025 and 2024:March 31,20252024Allowance for doubtful accounts as of beginning of period148126Provision — 16Write offs— — Recoveries collected— — Allowance for doubtful accounts as of end of period148142Cash, Cash Equivalents and Restricted CashCash and cash equivalents include deposits in banks and short-term (original maturities of three months or less at the time of purchase), highly liquid investments that are readily convertible to known amounts of cash with a maturity of three months or less at the time of purchase.Restricted cash, including amounts in Other non-current assets, represents amounts pledged as guarantees for sales and lease agreements as contractually required.March 31,December 31,20252024Cash and cash equivalents$17,716 $22,493 Restricted cash305 — Restricted cash included in Other non-current assets887 1,189 Total cash, cash equivalents and restricted cash$18,908 $