Company: SATLW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001628280-25-025087
Chunk: 73

Company: Satellogic Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 73
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 INC. Notes to Condensed Consolidated Financial Statements (in thousands of U.S. dollars, except share and per share information, unless otherwise stated) 

7. Earnout Liabilities

Sponsor EarnoutAs of December 31, 2024$1,501 Change in fair value of financial instruments491 As of March 31, 2025$1,992 Sponsor EarnoutPursuant to that certain Sponsor Support Agreement, dated as of July 5, 2021, by and among us, the Sponsor and Nettar (the “Sponsor Support Agreement”), the Sponsor has agreed that during the period between the Closing and the five-year anniversary of the Closing, the Sponsor shall not sell, transfer or otherwise dispose of Class A common stock equal to 1,869,000 less 30% of the Forfeiture Escrow Shares (as defined in the Sponsor Support Agreement) retired and canceled (“Sponsor Earnout”). The Sponsor Earnout is subject to potential forfeiture to us for no consideration until the occurrence of each tranche’s respective earnout triggering event. The earnout triggering events related to achieving a closing price at or above $12.50, $15.00 and $20.00 per share, respectively, for any 10 trading days over a 20 trading day period were not satisfied during the three months ended March 31, 2025. As a result, the Sponsor Earnout of 1,775,962 shares of Class A common stock were not vested and are subject to transfer restrictions and contingent forfeiture provisions.

8. Property and Equipment

Property and equipment, net consists of the following: Estimated Useful Life (in years)March 31,December 31,20252024Satellites and other equipment3-5$30,856 $30,668 Satellites under constructionNot applicable14,595 14,458 Leasehold improvements5-102,928 2,901 Other property and equipment3-104,317 4,307 Total property and equipment52,696 52,334 Less: Accumulated depreciation(26,894)(25,106)Property and equipment, net$25,802 $27,228 Provisions for depreciation are based on estimated useful lives of the assets using the straight-line method.Information related to our property and equipment and operating lease ROU assets by geography is as follows:March 31,December 31,20252024Uruguay$31,682 $