Satellogic Inc. · NASDAQ:SATL
Satellogic — SPAC Merger (July 2021)
69 slides from Satellogic's SPAC merger presentation, Jul 6, 2021
Slide 1: Investor Presentation July 2021
INVESTOR PRESENTATION ~~ JULY 2021 SATELLOGIC:
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER Disclaimers and Other Important Information This presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Nettar Group Inc
Slide 3: Legal Disclaimer (Cont'd)
LEGAL DISCLAIMER (CONT’D) Use of Projections This Presentation contains projected financial information with respect to Satellogic. Such projected financial information constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being in
Slide 4: Transaction Summary
TRANSACTION SUMMARY CF Acquisition Corp. V (“CFAC V”) business combination with Nettar Group, Inc. d/b/a Satellogic (“Satellogic”) at a pro forma enterprise value of $850mm TRANSACTION HIGHLIGHTS $250mm cash in trust from CF Acquisition Corp. V (“CFAC V”)1 TRANSACTION SIZE $100mm PIPE2 $850mm pro fo
Slide 5: Overview of Sponsor
OVERVIEW OF SPONSOR HOWARD LUTNICK Chairman and Chief Executive Officer Cantor Fitzgerald Cantor Fitzgerald, founded in 1945, is a leading Investment Bank led by a highly experienced executive team including Howard Lutnick, Chairman Joined Cantor Fitzgerald in 1983 and and CEO, and Anshu Jain, Presi
Slide 6: Investment Highlights
INVESTMENT HIGHLIGHTS 1 Vastly superior unit economics for high resolution imagery with remapping capability 2 Massive $140bn+ TAM1 opportunity unlocked by near zero marginal cost structure and SaaS platform 3 Differentiated and proven technology with 13 satellites already in orbit2 4 $2.1bn sales p
Slide 7: Presenters
PRESENTERS EMILIANO KARGIEMAN I CEO & Founder 25+ years building technology and technology companies Co-founded Core Security Technologies: developed the first automated penetration testing software, has worked with clients such as Apple, Cisco, Homeland Security, NSA, NASA and Lockheed Martin Co-fo
Slide 8: Satellogic Is Creating a Searchable Earth
SATELLOGIC IS CREATING A SEARCHABLE EARTH 1 GLOBAL DAILY UPDATED CATALOG REMAPPING OF OF EVERYTHING EVERY SQFT ON EARTH With the ability to provide additional layers of insight… Object Identification Scene Classification Predictive Models Change Tracking Driving better decision-making across industr
Slide 9: Port of Cartagena, Colombia
Port of Cartagena, Colombia Image captured by NewSat-8 CONFIDENTIAL 9
Slide 10: Sample imagery: Cartagena, Panama Canal, Barcelona, Cape Town
Port of Cartagena, Colombia Panama Canal, Panama Image captured by NewSat-8 Image captured by NewSat-8 Barcelona Marina, Spain Cape Town, South Africa Image captured by NewSat-15 Image captured by NewSat-15 10
Slide 11: Abu Dhabi Marina, UAE
Abu Dhabi Marina, UAE Image captured by NewSat-8 11
Slide 12: Sample imagery: Abu Dhabi, Melbourne, Rio, Oroville
Abu Dhabi Marina, UAE Melbourne, Australia Image captured by NewSat-8 Image captured by NewSat-11 Botafogo Bay, Rio de Janeiro, Brazil Oroville Lake, CA, USA Image captured by NewSat-7 Image captured by NewSat-4 12
Slide 13: Aircraft Boneyard, Tucson
Aircraft Boneyard, Tucson, AZ, USA Image captured by NewSat-16 13
Slide 14: Sample imagery: Airports
Aircraft Boneyard, Tucson, AZ, USA Chhatrapati Shivaji Maharaj International Airport, Mumbai, India Image captured by NewSat-16 Image captured by NewSat-8 Ben Gurion International Airport, Tel Aviv, Israel Yonaguni Airport, Okinawa, Japan Image captured by NewSat-8 Image captured by NewSat-8 14
Slide 15: Melbourne, Australia
Melbourne, Australia Image captured by NewSat-11 15
Slide 16: Ortigueira, State of Parana, Brazil
Ortigueira, State of Parana, Brazil Image captured by NewSat-8 16
Slide 17: Abu Dhabi, UAE
Abu Dhabi, UAE Image captured by NewSat-8 17
Slide 18: Rainbow Bridge, Minato, Japan
Rainbow Bridge, Minato, Japan Image captured by NewSat-8 18
Slide 19: Sample imagery: Chicago, Texas, Barcelona, Dubai
Chicago, IL, USA Texas, USA Image captured by NewSat-5 Image captured by NewSat-8 Barcelona, Spain Dubai, UAE Image captured by NewSat-15 Image captured by NewSat-5 19
Slide 20: Komatipoort, South Africa
Komatipoort, South Africa Image captured by NewSat-4 20
Slide 21: Saint Neots, UK
Saint Neots, UK Image captured by NewSat-8 21
Slide 22: Damtshaa Diamond Mine, Botswana
Damtshaa Diamond Mine, Botswana Image captured by NewSat-8 22
Slide 23: Sample imagery: Energy infrastructure
Cardon Refinery, Falcon, Venezuela Three Gorges Dam, Hubai, China Image captured by NewSat-16 Image captured by NewSat-15 Megalopoli Power Plant, Greece Capricorn Ridge Wind Farm, TX, USA Image captured by NewSat-10 Image captured by NewSat-8 23
Slide 24: Mo'orea, French Polynesia
Mo’orea, French Polynesia Image captured by NewSat-8 24
Slide 25: Our Mission
OUR MISSION Satellogic was built to help solve the greatest challenges of our time: Resource utilization and distribution FOOD SUPPLY ENERGY SUPPLY WATER SUPPLY CLIMATE CHANGE IMMIGRATION Crop detection, Infrastructure and Watershed monitoring, Planetary health Border control, maturity and health, p
Slide 26: The Current Category Is Broken
THE CURRENT CATEGORY IS BROKEN Terrestrial methods of obtaining Earth Observation Earth Observation satellite data has had limited imagery have a number of critical shortcomings commercial applicability to date DEFENSE & INTELLIGENCE OTHER SMALL SATELLITES LONG LEAD HIGH CANNOT CANNOT MANUALLY HIGH
Slide 27: Satellogic Has Reduced Unit Economics by Up to 100x
SATELLOGIC HAS REDUCED UNIT ECONOMICS BY UP TO 100X 1 UNLOCKING A MASSIVE TAM 2 DESIGNED FROM THE GROUND UP MAPPING AT NEAR ZERO MARGINAL COST CREATING COSTS MATERIALLY BELOW OUR COMPETITORS1 At scale, Satellogic will $56.07 re-map the Earth daily $52.41 $38.81 $27.45 $0.46 WorldView-4 GEN-2 Pleiade
Slide 28: Only Company Capable of Sub-Meter Remapping
SATELLOGIC WILL BE THE ONLY COMPANY CAPABLE OF REMAPPING THE WORLD AT SUB-METER RESOLUTION AT THE FREQUENCY REQUIRED TO ADDRESS COMMERCIAL APPLICATIONS1 Sub-meter resolution with high-frequency represents an important threshold where significant commercial applications can be harvested Most applicat
Slide 29: Satellogic's Technology Is Proven With Ability to Scale
SATELLOGIC’S TECHNOLOGY IS PROVEN WITH THE ABILITY TO SCALE SATELLOGIC HAS PROVEN TECHNOLOGY MORE CURRENT CAPACITY THAN 13 SATELLITES NEXT 4 EO CURRENTLY COMPANIES IN ORBIT2 COMBINED1 GROUND ABILITY TO MAP AT 0.7M VIDEO STATIONS IN RESOLUTION OPERATION CURRENT MULTIPLE CAPACITY TO SUCCESSFUL REMAP T
Slide 30: Satellogic's Differentiated Technology
SATELLOGIC’S DIFFERENTIATED TECHNOLOGY Patented camera design gives Satellogic unique competitive advantages PATENTED OPTICAL TECHNOLOGY SATELLITE OPTIMIZATION THE CHALLENGE THE CHALLENGE Motion blur To create a smaller, lighter and Signal-to-noise more cost-effective system 27,000 Km/h SATELLOGIC R
Slide 31: Satellogic's Vertical Integration / R&D
SATELLOGIC’S VERTICAL INTEGRATION / R&D Vertical integration enables Satellogic to have shorter R&D cycles, go to market quicker and reduce satellite costs by up to 80% vs. competitors1 VERTICAL INTEGRATION COST REDUCTION $450k bill of materials vs. $10mm Design, manufacturing for competitors1 and /
Slide 32: Satellogic's Differentiators
SATELLOGIC’S DIFFERENTIATORS Leveraging substantial competitive advantages in costs and camera technology for a disruptive new business model 10x capture capacity via proprietary camera technology vs. Continuous Emerging competitors1 capture economies of scale 10x work to both CAPEX reduction Large
Slide 33: Go-to-Market Strategy
GO-TO-MARKET STRATEGY While we grow our constellation of satellites to deliver services to the commercial sector, we will be focusing on selling and delivering to our Government and Defense & Intelligence (D&I) clients that will help to finance the build out of our constellation 13 SATELLITES 60+ SA
Slide 34: Backlog of ~$38MM and $2.1BN Pipeline
SATELLOGIC HAS A BACKLOG OF ~$38MM WITH $2.1BN OF OPPORTUNITIES IN CURRENT PIPELINE DISCOVER1 Backlog4 QUALIFY2 VALIDATE3 ~$38mm 337 256 41 40 Near-term Pipeline5 OPPORTUNITIES OPPORTUNITIES OPPORTUNITIES OPPORTUNITIES $0.8bn $2.1bn Longer-term Pipeline6 $1.3bn SELECT EXAMPLES North American D&I cus
Slide 35: Demonstrated Use of Data in Vital Applications
SATELLOGIC HAS SUCCESSFULLY DEMONSTRATED THE USE OF ITS DATA IN VITAL APPLICATIONS ENERGY AGRICULTURE FORESTRY INFRASTRUCTURE Precision Farming / Infrastructure planning for APPLICATION Oil Pipeline Monitoring Oil Field Monitoring Food supply chain Forestry - tree count renewable energy projects Maj
Slide 36: A Game Changer for Finance and Insurance
A GAME CHANGER FOR FINANCE AND INSURANCE Yield prediction of every agricultural field Wood cuttings across the globe PRECISE ESTIMATION OF Energy output for every solar panel, wind farm, COMMODITIES OUTPUT hydroelectric dam and thermal power plant Mineral output from open-pit mines Letseng Diamond M
Slide 37: A Critical Tool in the Fight Against Climate Change
A CRITICAL TOOL IN THE FIGHT AGAINST CLIMATE CHANGE Ocean level, temperature and acidity REAL TIME Fractures in polar ice caps PLANETARY HEALTH Global temperature MONITORING Natural disasters Water distribution (droughts/floods) Early pest detection to minimize pesticides INTELLIGENCE FOR Water humi
Slide 38: Market Opportunity
MARKET OPPORTUNITY The key to unlocking a $140bn+1 market opportunity lies in the ability to monitor the planet at a high resolution, at a high frequency and at the right price (Cents/km2) INDUSTRY APPLICATIONS TAM Low Roads and Bridges, Trains, Ports INFRASTRUCTURE ~$16 - 18bn1,2 and Airports, Dams
Slide 39: Superior Product to New Space Competitors
SATELLOGIC HAS A SUPERIOR PRODUCT TO NEW SPACE COMPETITORS NEWSAT GEN-2 RESOLUTION 70cm 100cm (MULTISPECTRAL IMAGING) VIDEO CAPTURE COST OF SATELLITE <1mm ~10mm SATELLITE MANUFACTURER SATELLOGIC LeoStella (JV with Thales Alenia) DAILY CAPTURE CAPACITY PER 300k 29k SATELLITE (IMAGING) KM2 OPERATIONAL
Slide 40: Superior Product to New Space Competitors
SATELLOGIC HAS A SUPERIOR PRODUCT TO NEW SPACE COMPETITORS EVER GIVEN container ship blocking the Suez Canal, Egypt Image captured by NewSat-16 All pictures were downloaded from companies’ public twitter posts on March 26, 2021 40
Slide 41: Superior Product and Massive Cost Advantage
SATELLOGIC HAS A SUPERIOR PRODUCT TO NEW SPACE COMPETITORS AND A MASSIVE COST ADVANTAGE EVER GIVEN container ship blocking the Suez Canal, Egypt Image captured by NewSat-16 NEWSAT 1-18 WORLDVIEW-3 PLEIADES-1B Satellite cost: < $1mm Satellite cost: $835mm1 Satellite cost: $425mm3 Weight: 38.5 kg Weig
Slide 42: Information Platform for Planet Earth
SATELLOGIC WILL BE THE INFORMATION PLATFORM FOR PLANET EARTH HIGH-RESOLUTION, AVAILABLE THROUGH UI TO ENABLE A BROAD RANGE EO DATA ON A DAILY BASIS AND APIs TO CUSTOMERS AND OF VALUE-ADDED SERVICES 3RD PARTY DEVELOPERS An updated Catalog of everything on Earth1 Count ships in a harbor Identify trees
Slide 43: Management Team
MANAGEMENT TEAM EMILIANO GERARDO RICK AVIV REBECA MATT THOMAS LORRI KARGIEMAN RICHARTE DUNN COHEN BRANDYS TIRMAN VANMATRE KOHLER CEO & Founder CTO / CISO & Founder CFO COO & Chief of Staff General Counsel Head of Satellogic NA VP of Global Business VP of Global Development Compliance Co-founded Core
Slide 44: Project and Technology Roadmap
PROJECT AND TECHNOLOGY ROADMAP Our plan is to continue to increase frequency and resolution towards a live view of planet Earth 2020 2021 2022 2023 2024 2025+ SATELLITES IN ORBIT 13 17 37 111 208 300 SATELLITE CHARACTERISTICS 0.99m 0.77m - 0.64m 0.40m 0.30m (GSD RESOLUTION) at 470 km at 600 km - at
Slide 45: Long Term Growth Opportunity
LONG TERM GROWTH OPPORTUNITY: INFRASTRUCTURE TO EXTEND STAY AND PROSPERITY ON PLANET EARTH Constellation of mass-produced, inexpensive small satellites orbiting Earth will provide key services for the resiliency and growth of a thriving planet 2040+ 2035+ We are building the key blocks to leverage l
Slide 46: Investment Highlights
INVESTMENT HIGHLIGHTS 1 Vastly superior unit economics for high resolution imagery with remapping capability 2 Massive $140bn+ TAM1 opportunity unlocked by near zero marginal cost structure and SaaS platform 3 Differentiated and proven technology with 13 satellites already in orbit2 4 $2.1bn sales p
Slide 47: Satellogic in Action
SATELLOGIC IN ACTION 47
Slide 48: Update: Successful Satellite Launch June 30th
UPDATE WE SUCCESSFULLY LAUNCHED 4 MORE SATELLITES IN A SPACEX ROCKET ON JUNE 30TH! These four new spacecraft will join the operational fleet in 6 to 8 weeks, as commissioning finishes 48
Slide 49: Financial Overview
FINANCIAL OVERVIEW 49
Slide 50: Offering Portfolio
OFFERING PORTFOLIO Two unique and complementary business segments aimed at positioning the company in the larger information industry and at differentiating ourselves from traditional EO based products 1 GOVERNMENT, D&I 2 COMMERCIAL CUSTOMERS Planetary-scale dataset of affordable high-frequency, Ded
Slide 51: Financial Projections
FINANCIAL PROJECTIONS ($mm) REVENUE GROSS PROFIT ADJ. EBITDA1 COMMERCIAL CUSTOMERS GOVERNMENT, D&I $787 $593 463 $473 $365 $279 139 $197 $132 324 $109 $47 23 226 6 $40 $49 $0 $7 109 $4 ($17) ($32) 0 0 7 0 41 $0 ($2) 2020A 2021E 2022E 2023E 2024E 2025E 2020A 2021E 2022E 2023E 2024E 2025E 2020A 2021E
Slide 52: Capex as Decreasing Percentage of Revenues and Profits
AT SCALE, SATELLOGIC’S CAPEX BECOMES A DECREASING PERCENTAGE OF REVENUES AND PROFITS ($mm) # SATELLITES IN ORBIT 13 17 37 111 208 300 300 27.7% 13.8% OTHER CAPEX $218 SATELLITE REPLACEMENT CAPEX 20 SATELLITE GROWTH CAPEX $186 $169 23 CAPEX AS A PERCENTAGE OF REVENUE 13 33 $136 19 9 23 176 $63 152 13
Slide 53: Financial Summary
FINANCIAL SUMMARY ($mm) 2020A 2021E 2022E 2023E 2024E 2025E Satellites Launched 13 4 20 87 100 113 Satellites Decommissioned 0 0 0 (13) (3) (21) Satellites in Orbit 13 17 37 111 208 300 Defense & Intelligence revenues 0 7 41 109 226 324 Commercial platform revenues 0 0 6 23 139 463 Total revenues $0
Slide 54: Strong Financial Model
STRONG FINANCIAL MODEL NET REVENUE GROWTH 200%+ Supported by opening up the commercial market (YEAR OVER YEAR) 2021E-2025E CAGR (weekly remaps in 2022/2023, daily in 2025) GROSS MARGIN ~75% Attractive gross margins driven by minimal MANTAINED THROUGH 2025E incremental cost of additional revenue ADJ.
Slide 55: Transaction Overview
TRANSACTION OVERVIEW 55
Slide 56: Detailed Transaction Overview
DETAILED TRANSACTION OVERVIEW ($mm) Transaction Highlights Pro Forma Capitalization Transaction expected to fund business plan, with additional opportunities for acceleration and Pro Forma Shares Outstanding 112.4 incremental value creation through M&A1,2 Equity Value $1,124 $100mm PIPE, including $
Slide 57: Selected Public Comparable Universe
SELECTED PUBLIC COMPARABLE UNIVERSE FOR SATELLOGIC Space Economy Data & Analytics / SaaS Category Creators Expanding use cases for space Data-driven solutions Creating new / dramatically technologies disrupting existing markets High, durable growth with Mostly unproven technologies operating leverag
Slide 58: Selected Peer Operational Benchmarking
SELECTED PEER OPERATIONAL BENCHMARKING SPACE ECONOMY DATA & ANALYTICS / SaaS CATEGORY CREATORS 373% 269% 113% REVENUE GROWTH 28% 29% ’21-’24E ’21-’23E 54% 46% 36% ADJ. EBITDA 11% 15% MARGIN1 2024E 2023E ESTIMATED TAM ~$140bn ~$40bn ~$91bn - - PROVEN TECHNOLOGY Source: Company filings, investor prese
Slide 59: Selected Peer Valuation Benchmarking
SELECTED PEER VALUATION BENCHMARKING 21.0x 11.2x EV / REVENUE 3.0x 2.8x 2.3x SPACE ECONOMY DATA & ANALYTICS / SaaS CATEGORY CREATORS EV / 2024E EV / 2022E Source: Company filings, investor presentations and FactSet as of 06/30/2021 Note: Multiples for BlackSky, Astra, Momentus, Spire and Rocket Lab
Slide 60: Transaction Priced at Discount to Peer Multiples
TRANSACTION IS PRICED AT A MEANINGFUL DISCOUNT TO PEER MULTIPLES TRANSACTION VALUE RELATIVE VALUATION SUMMARY OF APPROACH ($ in billions) $5.7 Applied a range of forward multiples to Satellogic’s 2024E and 2025E management forecasted revenue and then discounted back 3 and 4 years, respectively, assu
Slide 61: Appendix
APPENDIX 61
Slide 62: Selected Peer Operational and Valuation Benchmarking
SELECTED PEER OPERATIONAL AND VALUATION BENCHMARKING SPACE ECONOMY DATA & ANALYTICS / SaaS CATEGORY CREATORS Average: 294% Average: 30% Average: 29% Median: 373% Median: 28% Median: 29% 269% 480% 373% 424% REVENUE 113% 87% 107% GROWTH 22% 29% 27% 28% 29% 62% 24% 19% 25% 35% 15% 28% 36% 37% 29% N/M ’
Slide 63: Non-GAAP Adjusted EBITDA Reconciliation
NON-GAAP ADJUSTED EBITDA RECONCILIATION ($000) 2019 2020 Net result for the year (loss) (20,765) (113,926) Plus: Income tax (benefit) expense 83 148 Plus: Finance costs 4,501 7,566 Less: Finance income (398) (79) Less: Other financial income (expense) 112 (597) Plus: Depreciation of satellites and o
Slide 64: Final Transaction Structure
FINAL TRANSACTION STRUCTURE SPAC Target Shareholders Shareholders Satellogic Inc (BVI) CF Acquisition Nettar Goup Inc. Corp. V (dba Satellogic) (Delaware) (BVI) 64
Slide 65: Our Patented Approach Is an Alternative for World Remaps
OUR PATENTED APPROACH IS AN ALTERNATIVE FOR WORLD REMAPS Large Spotlight Multiple image Aperture Maneuver postprocessing (e.g. WorldView-4) (e.g. GEN-2) (e.g. SkySat) NewSat Mark-IV MASS (kg) 2,087 2 56 4 120 7 38.5 COST (mm)1 835 3 10 5 10 8 1 DAILY CAPACITY (km2) 680,000 2 29,040 6 26,667 9 300,00
Slide 66: Systematic Approach to Satellite Business
SATELLOGIC’S SYSTEMATIC APPROACH TO SATELLITE BUSINESS TECHNOLOGY AND DESIGN MANUFACTURE AND LAUNCH OPERATE Satellogic designs all of the strategic Satellogic assembles and tests all Satellogic directly controls, manages, components of its satellites in-house components for its satellites in-house a
Slide 67: Global Footprint
GLOBAL FOOTPRINT BUSINESS DEVELOPMENT + SALES SOLUTIONS Beijing FINANCE Barcelona PRODUCT DELIVERY BUSINESS DEVELOPMENT + PLATFORM Charlotte SALES Tel Aviv Miami DEVELOPMENT TEAM MANUFACTURING Corboba AND ASSEMBLY SATELLITE R&D + MISSION OPERATIONS Montevideo Buenos Aires 240+ EMPLOYEES 67
Slide 68: Company Timeline
COMPANY TIMELINE Signed first Approved to launch commercial with Arianespace contract (July 2019) and SpaceX (Dec 2019) Secured Satellogic First Design Completed dedicated Signed first DSC was founded prototype patent manufacturing launches Contract tested granted facility contract 2010 2011 2012 20
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