Company: SATLW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001874315-25-000019
Chunk: 119

Company: Satellogic Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 119
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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 was also partially driven by decreases in salaries, wages, and other benefits as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from cash control measures during 2024. These increases were partially offset by an increase in stock-based compensation that was driven primarily from forfeitures related to the workforce reductions in 2024.

Engineering expenses

Nine Months Ended September 30,2025 vs 2024(in thousands of U.S. dollars)20252024Change% ChangeEngineeringSalaries, wages, and other benefits$5,270 $8,529 $(3,259)(38)%Stock-based compensation364 255 109 43 %Professional fees287 695 (408)(59)%Software expenses514 534 (20)(4)%Other 1,014 $1,509 (495)(33)%Total$7,449 $11,522 $(4,073)(35)%

Engineering expenses decreased $4.1 million, or 35%, to $7.4 million for the nine months ended September 30, 2025 from $11.5 million for the nine months ended September 30, 2024.