Satellogic imagery of the Qingdao Naval Base in China. Photo: Satellogic

Satellogic completed the relocation of the company from the British Virgin Islands to Delaware in the United States, Satellogic announced on March 26.

Satellogic initially announced the move in April 2024 to compete for and serve U.S. government and allied contracts.

Satellogic’s business operations, leadership, and financial structure will not change. The company’s stocks and warrants will continue to trade using the same symbols: “SATL” for common stock.

Satellogic CEO Emiliano Kargieman commented: “We are incredibly excited about the strategic realignment of Satellogic as a U.S. company. We believe this realignment provides better visibility to our investors and customers and better positions the company to capture high-value growth opportunities as it relates to competing for U.S. and allied government contracts.”

Financial Results for 2024

Satellogic’s revenue for 2024 increased by 28% to $12.9 million, compared to $10.1 million in 2023.

Net loss for the year increased to $116.3 million, up from $61 million in 2023. The company said the increase stemmed primarily from a $60 million change in the fair value of financial instruments and a $3.2 million rise in other expenses.

“While our improving revenue performance and strategic progress are encouraging, we’ve continued the work started in 2023 to realign and streamline our business to better position us to capitalize on near-term growth opportunities,” said Rick Dunn, Satellogic CFO.

Dunn said the company laid off 104 employees in the second quarter of 2024 and identified other operating cost reductions as well. He said the changes will result in $9.6 million in annual savings.