Company: SATLW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001874315-25-000014
Chunk: 121

Company: Satellogic Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 8
Chunk 121
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 2024, driven primarily by a $1.0 million increase in imagery ordered by new and existing Asset Monitoring customers. Revenue for the six months ended June 30, 2025 included $6.2 million attributable to our Asset Monitoring line of business, $0.8 million attributable to our Space Systems line of business, and $0.8 million attributable to our CaaS line of business compared to $5.1 million, $0.9 million and $0.8 million, respectively, in the prior year. 

Cost of sales

Cost of sales, exclusive of depreciation, decreased $0.1 million, or 5%, to $2.4 million for the six months ended June 30, 2025 from $2.6 million for the six months ended June 30, 2024. The decrease was driven primarily by lower  cloud services costs and Space Systems costs, partially offset by higher leased antenna costs. 

Selling, general and administrative expenses

Six Months Ended June 30,2025 vs 2024(in thousands of U.S. dollars)20252024$ Change% ChangeSelling, general and administrativeProfessional fees related to Secured Convertibles Notes$— $2,397 $(2,397)(100)%Professional fees2,681 4,634 (1,953)(42)%Stock-based compensation1,040 1,065 (25)(2)%Salaries, wages, and other benefits4,092 6,251 (2,159)(35)%Expense (income) from estimated credit losses on accounts receivable, net of recoveries(49)(12)(37)308 %Insurance584 957 (373)(39)%Software Expenses2,550 2,693 (143)(5)%Other administrative expenses948 945 3 — %Total$11,846 $18,930 $(7,084)(37)%

Selling, general and administrative expenses decreased $7.1 million, or 37%, to $11.8 million during the six months ended June 30, 2025, from $18.9 million for the six months ended June 30, 2024. The decrease was driven primarily by a $2.0 million decrease in professional fees consisting mainly of the accrued advisory fee pursuant to the Liberty Subscription Agreement and $2.4 million of professional fees related to the Secured Convertible Notes in 2024, partially offset by professional fees related