Business
Satellogic Reports First Half 2023 Financial Results and Provides Business Update
Plans to Redomicile to US; NOAA License Application Filed Revenue up 33% in 1H 2023 Launched 12 Satellites; Expanded Fleet Capacity and Daily Revisit Rate
About this update from Satellogic Inc.
[{"type":"text","content":"\nPlans to Redomicile to US; NOAA License Application Filed\n\n\nRevenue up 33% in 1H 2023\n\n\nLaunched 12 Satellites; Expanded Fleet Capacity and Daily Revisit Rate\n\n\nFocus on High Growth Opportunities in the US Market and Improving Operational Efficiencies\n\n\nAnnounces First Space Systems Customer\n\n\n NEW YORK--(BUSINESS WIRE)--\nSatellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today provided first half 2023 financial results and a business update.\n\n\n“The first half of 2023 was highlighted by continued revenue growth supported by additional satellites in orbit, and the first steps to implement a strategic realignment of our business to capitalize on our highest growth opportunities in the US,” said Satellogic CEO, Emiliano Kargieman. “We are highly focused on leveraging the largest commercial fleet of sub-meter resolution satellites in the world with an aggressive plan to meet the developing needs of our customers and the broader EO market making our organization more streamlined and efficient.\n\n\n“During the first half of 2023, revenue grew 33% year-over-year as both our Asset Monitoring and our Constellation-as-a-Service businesses gained momentum. We also celebrated our 15th consecutive successful launch and the continued expansion of our constellation, adding 12 new spacecraft to our fleet in orbit to support our partners and growth. We are consistently delivering more capacity, more reliability, and next-gen capabilities for our customers, and advancing on our goal of bi-weekly global remapping. We have proven that it's possible to provide high-quality satellite imagery through a constellation of small, low-orbit satellites at what we believe to be the lowest price, while retaining strong margins. To moderate capital expenditures, we do not expect to launch any additional satellites until the first quarter of 2024, with our next scheduled launch in Q1-2024 on SpaceX’s Transporter 10 mission.\n\n\n“As the EO market and macroeconomic environment have evolved, we are strategically realigning our business to capture high value opportunities in the US.\n\n\n“To support this strategy, Matt Tirman was appointed President and will be primarily responsible for the operational execution of our strategy and business plan, as well as our focus on the US market. Ma...