Company: SATLW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001628280-25-025087
Chunk: 92

Company: Satellogic Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 92
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.S. GAAP. Non-GAAP measures such as EBITDA, Adjusted EBITDA and Free Cash Flow are not intended to be a substitute for any U.S. GAAP financial measure. 

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The following presents our non-GAAP financial measures, along with the most comparable GAAP metric: 

Three Months Ended March 31,(in thousands of U.S. dollars)20252024Net loss available to stockholders$(32,581)$(15,178)EBITDA (non-GAAP)(29,179)(10,891)Adjusted EBITDA (non-GAAP)(6,056)(9,123)Net cash used in operating activities(4,722)(10,115)Free Cash Flow (non-GAAP)(6,635)(12,057)

Non-GAAP Financial Measure Reconciliations 

The following table presents a reconciliation of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA to our net loss for the periods indicated. 

Three Months Ended March 31,(in thousands of U.S. dollars)20252024Net loss available to stockholders$(32,581)$(15,178)Interest expense— 9 Income tax expense715 1,433 Depreciation expense2,687 2,845 Non-GAAP EBITDA$(29,179)$(10,891)Professional fees related to Secured Convertible Notes— 971 Change in fair value of financial instruments22,361 752 Other expense (income), net (1)167 (1,401)Stock-based compensation595 1,446 Non-GAAP Adjusted EBITDA$(6,056)$(9,123)

(1) Other expense (income), net includes foreign exchange gain or loss and other non-operating income and expenses not considered indicative of our ongoing operational performance.

The following table presents a reconciliation of Non-GAAP Free Cash Flow to cash flows used in operating activities for the periods indicated. 

Three Months Ended March 31,(in thousands of U.S. dollars)20252024Net cash used in operating activities$(4,722)$(10,115)Less purchases of property and equipment(1,913)(1,942)Non-GAAP Free Cash Flow$(6,635)$(12,057)

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Liquidity and Capital Resources

Our cash and cash equivalents are maintained in highly liquid investments with remaining maturities of 90 days or less at the time of purchase. As of