Company: SATLW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001628280-25-014951
Chunk: 178

Company: Satellogic Inc.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 7
Chunk 178
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4 vs 2023(in thousands of U.S. dollars)20242023$ Change% ChangeSelling, general and administrativeIssuance costs and fees related to Secured Convertible Notes$2,444 $— $2,444 — %Professional fees11,454 7,424 4,030 54 %Stock-based compensation2,015 3,952 (1,937)(49)%Salaries, wages, and other benefits8,613 11,692 (3,079)(26)%Expense for estimated credit losses on accounts receivable, net of recoveries collected22 1,126 (1,104)(98)%Insurance1,923 2,671 (748)(28)%Software expenses5,259 5,721 (462)(8)%Other administrative expenses1,262 2,382 (1,120)(47)%Total$32,992 $34,968 $(1,976)(6)%

Selling, general and administrative expenses decreased $2.0 million, or 6%, to $33.0 million during the year ended December 31, 2024, from $35.0 million for the year ended December 31, 2023. The decrease was driven primarily by a decrease in salaries, wages, stock-based compensation and other benefits as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from continued cash control measures during 2024.  Additionally, the decrease was driven by lower expense for estimated credit losses on accounts receivable and lower insurance costs due to rate improvements on certain policies. These decreases were partially offset by a $4.0 million increase in professional fees consisting mainly of the accrued advisory fee pursuant to the subscription agreement entered into with Liberty in connection with going public in 2022 (see Note 4 (Reverse Recapitalization) to the Consolidated Financial Statements), and professional fees related to the Secured Convertible Notes.

Engineering expenses

Year Ended December 31,2024 vs 2023(in thousands of U.S. dollars)20242023Change% ChangeEngineeringSalaries, wages, and other benefits$10,259 $13,443 $(3,184)(24)%Stock-based compensation320 2,347 (2,027)(86)%Professional fees992 1,329 (337)(25)%Software expenses681 946 (265)(28)%Other 2,153 4,