Company: SATLW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001874315-25-000019
Chunk: 123

Company: Satellogic Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 123
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507 2,824 1,765 Non-GAAP Adjusted EBITDA$(4,646)$(7,076)$(14,275)$(26,228)

38

(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 September 30,Nine Months Ended September 30,(in thousands of U.S. dollars)2025202420252024Net cash used in operating activities$(8,371)$(8,364)$(17,435)$(32,255)Less purchases of property and equipment(1,338)(1,001)(4,027)(4,335)Non-GAAP Free Cash Flow$(9,709)$(9,365)$(21,462)$(36,590)

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 September 30, 2025, we had $28.3 million in cash and cash equivalents on hand and total Secured Convertible Note principal and accrued interest outstanding of $30.1 million.

Since our formation, we have devoted substantial effort and capital resources to the development of our satellite constellation and image technology. As of September 30, 2025, we had an accumulated deficit of $435.4 million, and for the nine months ended September 30, 2025, we had net cash used in operating activities of $17.4 million.

We continue to maintain cost and spending control measures which were implemented in the second quarter of 2024, including controlling growth in our workforce to preserve liquidity. 

On April 12, 2024, the Company, Nettar, and Holder Representative entered into the Note Purchase Agreement with the Purchaser, pursuant to which Nettar agreed to issue the Secured Convertible Notes in the aggregate principal amount of $30.0 million to the Purchaser. The net proceeds from the issuance of the Secured Convertible Notes, after deducting transaction fees and other debt issuance costs, was approximately $27.6 million. The Secured Convertible Notes initially bear interest at a rate of SOFR plus 6.50% per annum. subject to an additional 4.