Company: SATLW
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001874315-25-000014
Chunk: 125

Company: Satellogic Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 8
Chunk 125
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ed EBITDA to our net loss for the periods indicated. 

Three Months Ended June 30,Six Months Ended June 30,(in thousands of U.S. dollars)2025202420252024Net loss available to stockholders$(6,652)$(18,101)$(39,233)$(33,279)Interest expense3 2 3 11 Income tax (benefit) expense(40)355 675 1,788 Depreciation expense1,848 3,101 4,535 5,946 Non-GAAP EBITDA$(4,841)$(14,643)$(34,020)$(25,534)Professional fees related to Secured Convertible Notes— 1,426 — 2,397 Change in fair value of financial instruments312 4,272 22,673 5,024 Other expense (income), net (1)380 (896)547 (2,297)Stock-based compensation576 (188)1,171 1,258 Non-GAAP Adjusted EBITDA$(3,573)$(10,029)$(9,629)$(19,152)

(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 June 30,Six Months Ended June 30,(in thousands of U.S. dollars)2025202420252024Net cash used in operating activities$(4,342)$(13,776)$(9,064)$(23,891)Less purchases of property and equipment(776)(1,392)(2,689)(3,334)Non-GAAP Free Cash Flow$(5,118)$(15,168)$(11,753)$(27,225)

38

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 June 30, 2025, we had $32.6 million in cash and cash equivalents on hand and total Secured Convertible Note principal and accrued interest outstanding of $31.0 million.

Since our formation, we have devoted substantial effort and capital resources to the development of our satellite constellation and image technology.