Satellogic (SATL)2024-04-16 20:10Revenue and Profitability - Revenue for FY 2023 increased by 68% to 6.0 million in FY 2022, driven primarily by Space Systems and Asset Monitoring businesses [12]. - Gross profit for FY 2023 was 2.7 million in FY 2022, with a gross margin of 50%, up from 45% in the prior year [13]. - Satellogic reported revenue of 6,012,000 in 2022 [38]. - The net loss available to stockholders for 2023 was 36,641,000 in 2022, reflecting a 67% increase in losses [38]. - Basic loss per share for the period attributable to stockholders was (0.44) in 2022 [38]. Cash and Assets - Cash on hand at the end of 2023 was 76.5 million at the end of 2022 [18]. - Cash and cash equivalents decreased to 76,528,000 in 2022, representing a 69% decline [40]. - Total assets decreased to 143,855,000 in 2022, a reduction of 47% [40]. - Cash, cash equivalents, and restricted cash at the end of the period stood at 77,792,000 at the end of 2022 [42]. Expenses and Cost Management - The total costs and expenses for 2023 were 96,879,000 in 2022, indicating an 18% reduction [38]. - Satellogic's general and administrative expenses were 37,191,000 in 2022, a decrease of 37% [38]. - Research and development expenses were 13,055,000 in 2022, reflecting an 18% decrease [38]. - Headcount reduction of approximately 25% is expected to result in annual savings of about 14,885,000 in capital expenditures for property and equipment, down from 30 million strategic investment from Tether Investments Limited to support its U.S. strategy [5]. - A remote sensing license was granted by NOAA, allowing the company to expand its operations and compete for U.S. government contracts [4]. - The company plans to redomicile to Delaware in 2024 to better position itself for U.S. market opportunities [4]. - The company anticipates targeting new U.S. government contract opportunities in 2024, in addition to its existing international pipeline [4]. - The company plans to redomicile in the U.S. and is focused on expanding its commercial and governmental applications for its technology [37]. Losses and Financial Management - Net loss for FY 2023 increased to 36.6 million in FY 2022 [16]. - Non-GAAP Adjusted EBITDA loss for FY 2023 decreased to 56.0 million in FY 2022, primarily due to increased revenue and cost control measures [17]. - The company experienced a change in fair value of financial instruments resulting in a loss of 58,311,000 in 2022 [42]. - The company reported a foreign exchange difference expense of 4,578,000 reported in 2022 [42]. - The company reported a loss on debt extinguishment of 37,216,000 in 2021, indicating improved debt management [42].