Company: SATLW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001628280-25-025087
Chunk: 36

Company: Satellogic Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 36
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 31%, to $6.5 million during the three months ended March 31, 2025, from $9.4 million for the three months ended March 31, 2024. The decrease was driven primarily by a $0.5 million decrease in professional fees consisting mainly of the accrued advisory fee pursuant to the Liberty Subscription Agreement and professional fees related to the Secured Convertible Notes in 2024, partially offset by professional fees related to the Domestication in 2025. The decrease was also partially driven by decreases in salaries, wages, stock-based compensation and other benefits as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from continued cash control measures during 2024.

Engineering expenses

Three Months Ended March 31,2025 vs 2024(in thousands of U.S. dollars)20252024Change% ChangeEngineeringSalaries, wages, and other benefits$1,876 $2,935 $(1,059)(36)%Stock-based compensation61 491 (430)(88)%Professional fees65 128 (63)(49)%Software expenses14 31 (17)(55)%Other 477 $802 (325)(41)%Total$2,493 $4,387 $(1,894)(43)%

Engineering expenses decreased $1.9 million, or 43%, to $2.5 million for the three months ended March 31, 2025 from $4.4 million for the three months ended March 31, 2024. The decrease was driven primarily by a decrease in salaries, wages, and other benefits and stock-based compensation as a result of the Company’s workforce reductions in 2024. The decrease was also partially driven by other expense reductions resulting from continued cash control measures during 2024, including the termination of our high-throughput plant lease in the Netherlands.

Depreciation expense

Depreciation expense decreased slightly by $0.2 million, or 6%, to $2.7 million for the three months ended March 31, 2025, as compared to $2.8 million for the three months ended March 31, 2024. The decrease was due primarily to two fewer operational satellites in orbit as of March 31, 2025 compared to March 31, 2024. 

Interest income, net

Interest income, net remained flat for the three months ended March 31, 2025 as compared to the three months ended