Satellogic Cuts Workforce by 13% Amid Efforts to Reduce Costs

Commercial imaging company Satellogic has laid off 13% of its workforce as part of ongoing efforts to reduce costs and target new business opportunities with the U.S. government.

In a May 24 filing with the U.S. Securities and Exchange Commission (SEC), the company announced the layoff of 34 employees, or about 13% of its staff.

The company, which had 274 employees globally at the end of 2023, did not specify which positions or locations were affected. Previous workforce reductions in 2023 had already cut about 110 jobs as Satellogic aimed to curb spending and extend its cash reserves.

Satellogic operates a constellation of over two dozen satellites for high-resolution and hyperspectral imagery.

Despite a 68% revenue increase to $10.1 million in 2023, the company reported a net loss of $61 million, up from $36.6 million in 2022.

"We experienced slower than anticipated revenue growth. As a result, we undertook cost and spending control measures in 2023." - Rick Dunn, CFO

In September, the company withdrew its 2024 revenue forecast of $38 million to $58 million, citing long and variable sales cycles.

To better access U.S. government contracts, Satellogic is relocating its headquarters to the United States and obtained a commercial remote sensing license from the National Oceanic and Atmospheric Administration in November. The move is expected to be completed in the first half of 2024.

In April, Satellogic raised $30 million through a senior convertible notes agreement with Tether Investments Ltd.