Expanded its Fleet to 22 Satellites with Plans to Launch up to 12 Additional Satellites in 2022

Closed Business Combination with CF Acquisition Corp. V, with Gross Proceeds of ~$262 million, $168 million added to the Balance Sheet, and Listed on Nasdaq

Started Construction of Manufacturing Facility in the Netherlands to Reach Production Capacity of 25 Satellites per Quarter by the Third Quarter of 2023

Appointed New Directors to Board, Including Former Secretary of the Treasury Steven T. Mnuchin and Former Chairman of the Joint Chiefs of Staff Joseph F. Dunford Jr.

NEW YORK — (BUSINESS WIRE) — May 3, 2022 — Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today announced financial results for the year ended December 31, 2021.

2021 Operational Highlights

• Accelerated growth with leadership appointments across Corporate Development, Human Resources, Financial Reporting and Sales to build on industry leading Earth Observation (“EO”) capabilities and geospatial data applications.
• Satellogic established Satellogic North America (“SATNA”) in FY21 as a wholly owned subsidiary to pursue business in the North American public sector. In its first six months of operations, SATNA secured placement on the GSA schedule and contractually supported US Government partners in Afghanistan and across multiple US DOD exercises including Scarlet Dragon and Global Information Dominance Exercise. SATNA is in process of securing a US facility clearance to deepen its work with the US defense and intelligence community.
• Announced construction of a high-throughput satellite manufacturing facility in the Netherlands that will follow a modern production approach and Industry 4.0 principles and is expected to reach full production capacity of 25 satellites per quarter by Q3 2023.
• Executed a letter of intent with Agencia Espacial del Paraguay (“AEP”) to develop a Space-as-a-Service program for the country, undertaking various technological and scientific projects in accordance with AEP’s Institutional Strategic Plan and the Space Policy of Paraguay.
• Expanded collaboration with Amazon Web Services, Inc. (“AWS”), including use of AWS’s Ground Station to scale services and deliver insights to customers faster.
• Joined the International Disasters Charter to provide satellite imaging data to the International Charter Space and Major Disasters for use in monitoring and response activities.
• Partnered with GeoTerraImage, the premier geospatial solutions provider in southern Africa, to leverage Satellogic’s geospatial data to advance resource-allocation and food-security solutions.
• Announced a Multiple Launch Agreement with SpaceX and launched four additional satellites on a SpaceX Falcon 9 Rocket.
• Announced partnerships with four major US-based space organizations: The United States Geospatial Intelligence Foundation, Intelligence and National Security Alliance, SmallSat Alliance and Open Geospatial Consortium.

2022 Operational Highlights to Date

• Closed business combination with CF Acquisition Corp. V on January 25, 2022 and listed on the Nasdaq under “SATL”.
• As a result of the business combination, Satellogic added approximately $168 million to its December 31, 2021 cash balance to fund future growth initiatives.
• Completed a $150 million investment by Secretary Steven Mnuchin’s Liberty Strategic Capital and announced a share repurchase program.
• Expanded its fleet to 22 operational satellites with the launch of five additional satellites on SpaceX’s Transporter-4 mission in March 2022.
• Entered into a teaming agreement with Geollect, a world leading geospatial intelligence and data analysis company, to offer unrivalled maritime domain awareness capabilities.
• Collaborating with Orbital Insight, the leader in geospatial intelligence, to integrate Satellogic's high-frequency, high-resolution collections of satellite imagery and full-motion video 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.
• Collaborating 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 organizations on the ground.
• 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.
• Collaborating with Palantir Technologies Inc., a leading builder of operating systems for the modern enterprise, to leverage Palantir's Foundry platform, accelerating business processes, rapid image product delivery, AI model training, and enterprise-wide data integration. More information is available here.
• New members to the Company’s Board of Directors include 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& Co.; Joseph F. Dunford Jr., Liberty Strategic Capital’s Senior Managing Director and former Chairman of the Joint Chiefs of Staff; and Tom Killalea, a 25-year global technology executive and advisor.
• Presented at several leading industry and investor conferences nationally including the GEOINT 2022 Symposium, Deutsche Bank 30th Annual Media, Internet & Telecom Conference, Bank of America Space, Transportation, Aviation, and Autos Research Summit.

“2021 marked our first year of commercial revenue and positioned us for our milestone achievement of a successful business combination with CF Acquisition Corp. V and the listing of our ordinary shares on the Nasdaq, along with continued financial and operational momentum,” said Satellogic CEO, Emiliano Kargieman. “Our public status and major investments accelerated our business plan towards 200+ satellites in orbit and daily world remaps by 2025 as we work to provide ground-breaking, high-resolution images and data analytics of the entire earth in real time at an affordable price. With 22 satellites now in orbit and up to twelve additional satellites launching this year, we expect to have 34 satellites in orbit by Q4 2022.”

“Looking ahead, we are highly focused on driving revenue growth through our subscription model, with a strong sales pipeline, including government and D&I. Combined with expanding margins we anticipate positive free cash flow in 2024. We believe our vertically integrated approach will continue to unlock commercial opportunities in the market. I look forward to additional announcements in the months to come as we strive to create long-term sustainable growth and shareholder value,” concluded Kargieman.

Financial Results for the Year Ended December 31, 2021

• Revenues for the year ended December 31, 2021, were $4.2 million. The Company commenced selling and delivering commercial imagery in 2021.
• Net loss for the year ended December 31, 2021 was $117.7 million, or $(23.35) per share compared to a net loss of $113.9 million, or ($23.47) per share, in 2020. Net loss for the full year 2021 and 2020 included embedded derivative expense totalling $42.1 million and $84.2 million, respectively, which are non-cash expenses.
• Adjusted EBITDA loss for the year ended December 31, 2021 increased to $30.7 million compared to Adjusted EBITDA loss of $17.5 million in the same period in 2020.
• Cash and cash equivalents as of December 31, 2021 totalled $8.5 million compared to $17.3 million as of December 31, 2020.
• In January 2022, the Company raised over $262 million in gross proceeds through a successful business combination transaction with CF Acquisition Corp. V and concurrent private placements and completed its public listing on Nasdaq.

Satellogic CFO, Rick Dunn, commented, “As a result of our business combination, we added approximately $168 million to our balance sheet to fund our growth strategy. The capital will further position Satellogic to remap the entire surface of the Earth in sub-meter resolution, creating unprecedented data analytics and commercial applications within a $140 billion Total Addressable Market. With more mapping capacity, superior pricing power, and a growing satellite constellation, we continue to expect rapid revenue growth over the near term.”