Company: SATLW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001874315-25-000014
Chunk: 118

Company: Satellogic Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 8
Chunk 118
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 (1,483)(63)%Stock-based compensation507 110 397 361 %Salaries, wages, and other benefits1,950 3,505 (1,555)(44)%Expense (income) from estimated credit losses on accounts receivable, net of recoveries(49)(28)(21)75 %Insurance262 442 (180)(41)%Software Expenses1,279 1,293 (14)(1)%Other administrative expenses526 424 102 24 %Total$5,361 $9,541 $(4,180)(44)%

Selling, general and administrative expenses decreased $4.2 million, or 44%, to $5.4 million during the three months ended June 30, 2025, from $9.5 million for the three months ended June 30, 2024. The decrease was driven primarily by a $1.5 million decrease in professional fees consisting mainly of the accrued advisory fee pursuant to the Liberty Subscription Agreement and $1.4 million from a decrease in professional fees related to the Secured Convertible Notes 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 $0.4 million increase in stock-based compensation primarily from forfeitures related to the workforce reductions in 2024.

Engineering expenses

Three Months Ended June 30, 20252025 vs 2024(in thousands of U.S. dollars)20252024Change% ChangeEngineeringSalaries, wages, and other benefits$1,648 $3,457 $(1,809)(52)%Stock-based compensation70 (298)368 (123)%Professional fees125 478 (353)(74)%Software expenses194 177 17 10 %Other 290 $473 (183)(39)%Total$2,327 $4,287 $(1,960)(46)%

Engineering expenses decreased $2.0 million, or 46%, to $2.3 million for the three months ended June 30, 2025 from $4.3 million for the three months ended June 30, 2024. The decrease was driven primarily by a decrease in salaries, wages, and other benefits as a result of the Company’s workforce