Company: SATLW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001874315-25-000014
Chunk: 10

Company: Satellogic Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 2
Chunk 10
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 professional fees consisting mainly of the accrued advisory fee pursuant to the Liberty Subscription Agreement and $2.4 million of 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, and other benefits as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from cash control measures during 2024.

Engineering expenses

Six Months Ended June 30,2025 vs 2024(in thousands of U.S. dollars)20252024Change% ChangeEngineeringSalaries, wages, and other benefits$3,524 $6,392 $(2,868)(45)%Stock-based compensation131 193 (62)(32)%Professional fees190 606 (416)(69)%Software expenses352 363 (11)(3)%Other 623 $1,120 (497)(44)%Total$4,820 $8,674 $(3,854)(44)%

Engineering expenses decreased $3.9 million, or 44%, to $4.8 million for the six months ended June 30, 2025 from $8.7 million for the six months ended June 30, 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 cash control measures during 2024, including the termination of our high-throughput plant lease in the Netherlands.

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Depreciation expense

Depreciation expense decreased by $1.4 million, or 24%, to $4.5 million for the six months ended June 30, 2025, as compared to $5.9 million for the six months ended June 30, 2024. The decrease was due primarily to nine satellites that were launched in the second quarter of 2022 that became fully depreciated since the second quarter of 2024, compared to the launch of four new satellites since June 30, 2024.

Interest income, net

Interest income, net remained flat for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. 

Change in fair value of financial instruments

The negative change in fair value of financial instruments of $17.6 million was