Company: SATLW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001874315-25-000014
Chunk: 61

Company: Satellogic Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 1
Chunk 61
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 new and existing Asset Monitoring customers, and a $0.4 million increase in revenue generated from the Space Systems business line. Revenue for the three months ended June 30, 2025 included $3.5 million attributable to our Asset Monitoring line of business, $0.5 million attributable to our Space Systems line of business, and $0.4 million attributable to our CaaS line of business compared to $3.0 million, $0.1 million and $0.4 million, respectively, in the prior year. 

Cost of sales

Cost of sales, exclusive of depreciation, decreased $0.1 million, or 5%, to $1.2 million for the three months ended June 30, 2025 from $1.2 million for the three months ended June 30, 2024. The decrease was driven primarily by lower cloud services costs, partially offset by higher antenna lease costs.

33

Selling, general and administrative expenses

Three Months Ended June 30, 20252025 vs 2024(in thousands of U.S. dollars)20252024$ Change% ChangeSelling, general and administrativeProfessional fees related to Secured Convertibles Notes$— $1,426 $(1,426)(100)%Professional fees886 2,369 (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