Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to generate revenue as expected, (ii) our ability to effectively market and sell our EO services and to convert contracted revenues and our pipeline of potential contracts into actual revenues, (iii) risks related to the secured convertible notes, (iv) the potential loss of one or more of our largest customers, (v) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vi) risks and uncertainties associated with defense-related contracts, (vii) risk related to our pricing structure, (viii) our ability to scale production of our satellites as planned, (ix) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (x) our dependence on third parties to transport and launch our satellites into space, (xi) our reliance on third-party vendors and manufacturers to build and provide certain satellite components, products, or services, (xii) our dependence on ground station and cloud-based computing infrastructure operated by third pirates for value-added services, and any errors, disruption, performance problems, or failure in their or our operational infrastructure, (xiii) risk related to certain minimum service requirements in our customer contracts, (xiv) market acceptance of our EO services and our dependence upon our ability to keep pace with the latest technological advances, (xv) competition for EO services, (xvi) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xvii) unknown defects or errors in our products, (xviii) risk related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xix) substantial doubt about our ability to continue as a going concern, (xx) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xxi) the failure of the market for EO services to achieve the growth potential we expect, (xxii) risks related to our satellites and related equipment becoming impaired, (xxiii) risks related to the failure of our satellites to operate as intended, (xxiv) production and launch delays, launch failures, and damage or destruction to our satellites during launch and (xxv) the impact of natural disasters, unusual or prolonged unfavorable weather conditions, epidemic outbreaks, terrorist acts and geopolitical events (including the ongoing conflicts between Russia and Ukraine, in the Gaza Strip and the Red Sea region) on our business and satellite launch schedules.
CONSOLIDATED BALANCE SHEETSUNAUDITED December 31,(in thousands of U.S.dollars, except per share amounts) 2024 2023 ASSETS Current assets Cash and cash equivalents$ 22,493 $ 23,476 Accounts receivable, net of allowance of $148 and $126, respectively 1,464 901 Prepaid expenses and other current assets 3,907 2,173 Total current assets 27,864 26,550 Property and equipment, net 27,228 41,130 Operating lease right-of-use assets 877 3,195 Other non-current assets 5,722 5,507 Total assets$ 61,691 $ 76,382 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Current liabilities Accounts payable$ 3,754 $ 7,935 Warrant liabilities 11,511 2,795 Earnout liabilities 1,501 419 Operating lease liabilities 363 2,143 Contract liabilities 5,871 3,728 Accrued expenses and other liabilities 11,621 4,372 Total current liabilities 34,621 21,392 Secured Convertible Notes at fair value 79,070 — Operating lease liabilities 516 1,789 Contract liabilities — 1,000 Other non-current liabilities 516 526 Total liabilities 114,723 24,707 Commitments and contingencies Stockholders' (deficit) equity Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023 — — Class A Common Stock, $0.0001 par value, 385,000,000 shares authorized, 83,000,501 shares issued and 82,432,678 shares outstanding as of December 31, 2024 and 77,289,166 shares issued and 76,721,343 shares outstanding as of December 31, 2023 — — Class B Common Stock, $0.0001 par value, 15,000,000 shares authorized, 13,582,642 shares issued and outstanding as of December 31, 2024 and December 31, 2023 — — Treasury stock, at cost, 567,823 shares as of December 31, 2024 and 567,823 shares as of December 31, 2023 (8,603) (8,603)Additional paid-in capital 356,247 344,144 Accumulated other comprehensive loss (571) (33)Accumulated deficit (400,105) (283,833)Total stockholders’ (deficit) equity (53,032) 51,675 Total liabilities and stockholders' (deficit) equity$ 61,691 $ 76,382 SATELLOGIC INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSSUNAUDITED Year Ended December 31,(in thousands of U.S.dollars, except share and per share amounts)2024 2023Revenue$12,870 $10,074 Costs and expenses Cost of sales, exclusive of depreciation shown separately below 5,024 5,056 Selling, general and administrative 32,992 34,968 Engineering 14,405 22,197 Depreciation expense 12,655 17,256 Total costs and expenses 65,076 79,477 Operating loss (52,206) (69,403)Other (expense) income, net Interest income, net 970 1,722 Change in fair value of financial instruments (60,071) 6,474 Other (expense) income, net (2,107) 9,271 Total other (expense) income, net (61,208) 17,467 Loss before income tax (113,414) (51,936)Income tax expense (2,858) (9,082)Net loss available to stockholders$(116,272) $(61,018)Other comprehensive loss Foreign currency translation gain (loss), net of tax (538) 279 Comprehensive loss$(116,810) $(60,739) Basic net loss per share for the period attributable to holders of Common Stock$(1.28) $(0.68)Basic weighted-average Common Stock outstanding 91,164,286 89,539,910 Diluted net loss per share for the period attributable to holders of Common Stock$(1.28) $(0.68)Diluted weighted-average Common Stock outstanding 91,164,286 89,539,910 SATELLOGIC INC.
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