Company: SATLW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001628280-25-025087
Chunk: 116

Company: Satellogic Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 2
Chunk 116
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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)

37

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 March 31, 2025, we had $17.7 million in cash and cash equivalents on hand and total Secured Convertible Note principal and accrued interest outstanding of $30.2 million.

Since our formation, we have devoted substantial effort and capital resources to the development of our satellite constellation and image technology. As of March 31, 2025, we had an accumulated deficit of $432.7 million, and for the three months ended March 31, 2025, we had net cash used in operating activities of