Company: SATLW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001874315-25-000019
Chunk: 19

Company: Satellogic Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 19
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 for the impact of non-cash items (1)17,600 14,647 Net loss adjusted for the impact of non-cash items(17,666)(30,722)Changes in assets and liabilitiesAccounts receivable(2)(20)(304)Prepaid expenses and other current assets(3)2,008 (2,080)Accounts payable(4)(1,475)(4,574)Other(5)(282)5,425 Net cash used in operating activities$(17,435)$(32,255)

(1)Includes items such as depreciation, changes in the fair value of financial instruments, interest expense, income tax, stock-based compensation expense, expense for estimated credit losses on accounts receivable, changes in foreign currency and others. 

(2)The change is primarily due to timing of payments and improved collection of our accounts receivable. 

(3)The change is primarily due to lower prepaid insurance costs.

(4)The change is primarily due to the timing of payments. 

(5)The change is primarily due to timing of payments, net of an increase in contract liabilities for new revenue contracts.

Cash Flows Used in Investing Activities 

Our cash flows used in investing activities to date have been primarily comprised of purchases of satellite components and other property and equipment. Investing activities have increased substantially as we ramped up satellite production activity and factory development in connection with expanding our production capacity.

Net cash used in investing activities $4.0 million for the nine months ended September 30, 2025, was down slightly compared to $4.3 million for the nine months ended September 30, 2024. Cash control measures implemented in 2023 limited the number of launches in both periods. 

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Cash Flows Provided by (used in) Financing Activities 

Net cash provided by financing activities was $27.0 million for the nine months ended September 30, 2025 compared to net cash provided by financing activities of $27.3 million for the nine months ended September 30, 2024, which resulted primarily from proceeds from stock issuances under the Registered Direct Offering, ATM Program and proceeds from exercise of stock options in the nine months ended September 30, 2025, as discussed above. 

Debt

Refer to Note 15 (Secured Convertible Notes) to the Condensed Consolidated Financial Statements for a discussion of our debt at September 30, 2025 and December 31, 2024.

Critical Accounting Policies