Satellogic Provides Business Update

Asset Monitoring Revenue Grew at a 35% CAGR Year-to-Date through October with Constellation-as-a-Service (CaaS) Business Gaining Momentum Following a Multi-Million-Dollar Agreement Awarded from the Republic of Albania

Fully Funded, Debt-free 2023 Business Plan with Expectation of Reaching Adjusted EBITDA Breakeven in 2024

$124 million in Cash at 1H 2022; Expected to be $78 - $82 million at End of 2022

Established New ‘Space Systems’ Business Line to Sell Satellites Directly to Select Customers, with Unmatched Build-to-Launch Cycles of Less than 8 months

Largest High Resolution Commercial Capture Capability (6.2MM sq km daily) in the World; Expanded Fleet to 26 Satellites in 2022

Full Financial Results for 1H 2022 to be Issued Prior to Year End

Management to Host Conference Call Today at 4:30 p.m. ET

NEW YORK — (BUSINESS WIRE) — December 15, 2022 — Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today provided a business update.

“In the first half of 2022, Satellogic took the most significant steps in our history towards realising our mission, beginning to fully commercialize low Earth Observation,” said Satellogic CEO, Emiliano Kargieman. “We began the year with the milestone achievement of a successful public listing of our ordinary shares on the Nasdaq. Today, we are currently operating 26 satellites in orbit, the largest commercial fleet of sub-meter resolution satellites in the world with the largest daily data collection capacity.

“Our customers are using our imagery and derived data every day to monitor points of interest around the world. Our Asset Monitoring revenue has grown at a 35% CAGR year-to-date through October. Our Constellation-as-a-Service (CaaS) business has recently gained momentum with a three-year agreement awarded from the Republic of Albania to access a dedicated satellite constellation.

“We have also established a new business line, Space Systems (satellite sales), that will allow us to sell our satellites directly to select customers where satellite ownership is important. Our fast build-to-launch cycles allow us to go from a signed contract to a satellite delivered in orbit in less than 8 months, a first in this industry.

“Along with continued financial and operational momentum, we expect to continue to build and launch satellites at a fast pace towards our vision of remapping the Earth. With 26 satellites now in orbit, we expect to launch up to 21 satellites in 2023 to give us the capability of remapping the Earth every two weeks by the end of 2023.

“Looking ahead we are highly focused on driving revenue growth. Considering the opportunities that we have already closed and a strong sales pipeline, including government and Defense and Intelligence customers, we believe the business fundamentals remain strong as we work towards achieving our long-term growth objectives. We expect our vertically integrated approach will continue to unlock commercial opportunities in the market. We look forward to reporting additional developments in the months to come as we strive to create long-term sustainable growth and shareholder value.

“In summary, we have the largest high resolution capture capability in orbit, the best data quality among our peers, and the lowest cost. These three pillars are designed to support our penetration of the existing Earth Observation data market and drive its expansion,” concluded Kargieman.

Rick Dunn, Satellogic CFO, commented, “We went public in late January, which allowed us to begin our life as a public company debt free and with cash proceeds totaling $168 million and we ended the first half with $124 million of cash on hand. As we wrap up 2022 and prepare for 2023, we have seen increased momentum in terms of revenue, backlog and pipeline. We expect 2023 to be much stronger considering some of the opportunities that we have already closed, coupled with the quality of opportunities reflected in our pipeline that we’re aggressively working to close. As such, our 2023 revenue is expected to be in the range of $30 - $50 million. Our 1H 2022 revenue was $2.4 million and our full year 2022 revenue is expected to be in the range of $6 - $8 million.

“Going forward, revenue will be driven by our continued growth within our existing lines of business, Asset Monitoring and Constellation-as-a-Service, together with our Space Systems line of business. We anticipate that Space Systems will contribute considerable per unit cash flow and strong gross margin. Space Systems gross margin is expected to be higher than Asset Monitoring or Constellation-as-a-Service considering our low manufacturing costs. We expect to end the year with $78 - $82 million of cash, no debt and a 2023 business plan funded by operations and existing cash on hand. Our revised business plan is designed to reach Adjusted EBITDA breakeven in 2024,” concluded Dunn.

Key First Half and Subsequent 2022 Highlights

As a result of the going public transaction, Satellogic added approximately $168 million to its December 31, 2021 cash balance to fund future growth and operations.
Asset Monitoring revenue grew at a 35% CAGR Year-to-Date through October with Constellation-as-a-Service (CaaS) business gaining momentum following a multi-million-dollar agreement awarded from the Republic of Albania.
Fully funded, debt-free 2023 business plan with expectation of reaching Adjusted EBITDA breakeven in 2024.
$124 million in cash at 1H 2022; expected to be $78 - $82 million at end of 2022; debt free.
Established new Space Systems business line to sell satellites directly to select customers, with unmatched build-to-launch cycles of less than 8 months.
Expanded its fleet to 26 operational satellites; largest commercial fleet of sub-meter resolution satellites in the world with 6.2 million sq km daily capture capability.
Initiated collaboration with Palantir Technologies Inc., a leading builder of operating systems for the modern enterprise, to leverage Palantir's Foundry platform in a number of aspects of Satellogic’s operations including business processes, rapid image product delivery, AI model training, and enterprise-wide data integration.
Joined Ursa Space's Virtual Constellation and Partner Network, enhancing Ursa Space's Image Services platform, the world's largest one-stop shop for commercial SAR imagery comprising multiple SAR, RF, and optical vendors, and providing an additional outlet for Satellogic imagery.
Collaborated with Kleos Space, a space-powered radio frequency reconnaissance data-as-a-service company, to pursue government and commercial tenders.
Collaborated with Astraea, a geospatial and AI analysis software company, to distribute critical EO data directly to the Ukrainian government, allied governments, and humanitarian organisations on the ground.
Signed a Multiple Launch Agreement (“MLA”) with SpaceX reserving launch capacity for Satellogic’s next 68 satellites following the current MLA covering 2022 launches and confirmed that SpaceX continues to be Satellogic’s preferred vendor for rideshare missions, meeting the capacity demands of Satellogic’s constellation roadmap and providing shorter periods between satellite development and deployment.
Entered into a teaming agreement with Geollect, a world leading geospatial intelligence and data analysis company, to offer unrivalled maritime domain awareness capabilities.
Initiated collaboration with Orbital Insight, the leader in geospatial intelligence, to integrate Satellogic's high-frequency, high-resolution data into Orbital Insight's platform and offer customers better access to high quality data, improve the revisit rate, and reduce the cost of running analytics.
Initiated collaboration with KSAT to finalise and commission four dedicated antennas at the Troll Ground Station and Svalbard Ground Station to help reduce latency and increase overall download capacity for Satellogic’s constellation in support of its mission to deliver high-frequency, high-resolution EO data.
Initiated collaboration with Amazon Web Services to host Satellogic’s live Earth catalogue, virtualizing compute capacity to analyse data at scale, apply machine learning to locate features to track changes over time, and provide alerts to end users when insights are discovered, resulting in enhanced customer experiences, decreased data processing times, and optimising costs.
Teamed up with UP42, a geospatial developer platform and marketplace enabling direct access to Satellogic’s satellite tasking high-resolution imagery via the UP42 API-based platform to offer rapid monitoring capabilities.
Initiated collaboration with SkyFi to integrate Satellogic's cloud-based imagery production line with the SkyFi App to provide users with an end-to-end imagery experience.
Entered into a teaming agreement with Mayday.ai, a German-based provider of real-time risk and disaster intelligence, to improve and democratise data intelligence for risk and disaster management.
Initiated collaboration with Nova Systems to provide EO data for its operations in Australia, giving Australian industry and government clients greater access to high-resolution satellite imagery and geospatial intelligence.
Enhanced operations in the Australian market to strengthen regional customer relationships and provide local support for a growing APAC space economy.
Earned industry-leading results in the United States Geological Survey assessment of Satellogic's NewSat multispectral sensor compared to its main competitors.
Won gold medal for best multispectral imaging, silver medal for best hyperspectral imaging, and bronze medal for EO persistence, in the NGA Imagery Olympics.
Selected as a Finalist by the European Association of Remote Sensing Companies for its “Company Award 2022”, recognizing a significant contribution to the development of the EO Services sector in Europe in the current year.
Signed an exclusive agreement to monitor all subnational protected areas on the planet through the new GREEN+ Jurisdictional Programme, collecting high-resolution satellite imagery over all the Earth's forests until 2025.
Executed a three-year agreement with the Government of Albania to develop a dedicated satellite constellation with a Constellation-as-a-Service model to accelerate Albania’s participation in the New Space Economy and provide unprecedented, country-wide situational awareness.
Completed a ~5% investment in Officina Stellare, a leader in the design and production of optomechanical instrumentation, driving strategic focus on vertical integration.
Promoted Matt Tirman to Chief Commercial Officer, Ignacio Zuleta joined as the new VP of Product Imagery Platform, and Sebastien Prioris added as VP of Product Platform Applications, further closing the gap between space innovation and scalable customer solutions.
Appointed Matthew Brannen as VP of Legal to add compliance and regulatory leadership and support rapid growth into new markets and industries.
Presented at multitude of industry conferences including GEOINT 2022 Symposium, Geospatial World Forum 2022, The IAF Global Conference on Space for Emerging Countries (GLEC 2022), Locate 2022, World Satellite Business Week – 25th Anniversary, 73rd International Astronautical Congress, IISS Manama Dialogue, Amazon Web Services re:Invent 2022, Berlin Security Conference, USGIF GEOGala, and Reagan National Defense Forum.
Presented at multitude of investor conferences including Deutsche Bank 30th Annual Media, Internet & Telecom Conference, Bank of America Space, Transportation, Aviation, and Autos Research Summit (STAARS), 17th Annual Needham Technology & Media Conference, Morgan Stanley European Space Summit, Baird 2022 Global Consumer, Technology & Services Conference, LD Micro Invitational XII, Jefferies Industrials Conference, and Deutsche Bank Global Space Summit.
In connection with the closing of the business combination Satellogic’s Board of Directors was expanded. The current Board includes Steven T. Mnuchin , former Secretary of the Treasury and Founder and Managing Partner of Liberty Strategic Capital; Howard Lutnick , Chairman and Chief Executive Officer of Cantor Fitzgerald; Joseph F. Dunford Jr. , Liberty Strategic Capital’s Senior Managing Director and former Chairman of the Joint Chiefs of Staff; Tom Killalea , a 25-year global technology executive and advisor; Marcos Galperin , Co-Founder, Chairman and Chief Executive Officer at MercadoLibre; Bradley Halverson , Former Group President and Chief Financial Officer at Caterpillar; Ted Wang , Partner at Cowboy Ventures; and Emiliano Kargieman , Founder and Chief Executive Officer of Satellogic.

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