0001628280-24-016229 | 20-F | XBRL Viewer

Earnout Liabilities (Tables)

12 Months Ended

Dec. 31, 2023


	Sponsor Earnout
As of December 31, 2022	$	1,353

Change in fair value of financial instruments	(934)

As of December 31, 2023	$	419

Schedule of Assumptions used in the Valuation

Assumptions used in the valuation are as follows:


	December 31,		December 31,
	2023		2022
Expected term (in years)	3.07		4.07
Dividend yield (%)	—		—
Expected volatility	64	%	50	%
Risk-free interest rate	4.0	%	4.1	%
Expected number of shares	1,775,962		1,775,962

The following table lists the inputs used under the Black-Scholes model for stock-option awards during the year ended December 31, 2021. No options were granted in 2023 or 2022.


	Year Ended December 31,
		2021
Weighted-average fair value of options at the measurement date (grant date)		$	23.36
Dividend yield (%)		—
Expected volatility (%)		61- 72
Risk-free interest rate (%)		0.5 - 1.4
Weighted average share price		$	6.79

Related Parties

12 Months Ended

Dec. 31, 2023

Related Parties

We had convertible notes with certain related parties at December 31, 2021. The convertible notes were settled in connection with the Merger. See Note 4 (Recapitalization Transaction). The following tables provides the balances owed and associated finance costs as follows:


	December 31,
	2023		2022		2021
Convertible notes debt from related parties
Amounts owed to related parties	$	—	$	—	$	13,028
	Year Ended December 31,
	2023		2022		2021
Interest expense	$	—	$	554	$	620

See description of transactions with CF&Co. and Liberty Investment as part of the Merger Transaction described in Note 4 (Reverse Recapitalization).

We made purchases totaling $1.8 million from our equity method investee, OS, in the year ended December 31,2023 and there was $0.3 million owed to OS and included in accounts payable at December 31,2023. See Note 20 (Equity Method Investment).

CF&Co, which is the beneficial owner of more than 5% of the Company’s outstanding Class A Ordinary Shares, served as the Company’s financial advisor in connection with the offering and sale of the Secured Convertible Notes. Pursuant to a letter agreement, CF&Co will receive a fee equal to $0.9 million after the closing of the Secured Convertible Notes. Howard Lutnick, a member of the Company’s Board of Directors, is the Chief Executive Office of CF&Co.

See Note 21 (Subsequent Events) for additional details on the Secured Convertible Notes.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Nature of the Business and Basis of Presentation (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Apr. 12, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of operating segments \| segment			1
Retained earnings (accumulated deficit)			$ 283,833	$ 222,815
Net cash used in operating activities			49,571	68,462	$ 28,439
Cash and cash equivalents			$ 23,476	$ 76,528
Subsequent Event \| Convertible Debt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate principle amount	$ 30,000
Proceeds from issuance of secured notes	$ 27,600
Debt instrument interest rate in event of default	0.040
Subsequent Event \| Convertible Debt \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt instrument, face amount	$ 50,000
Forecast \| Subsequent Event \| Convertible Debt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate principle amount	30,000
Proceeds from issuance of secured notes	$ 27,600	$ 27,600
Variable rate (as a percent)	6.50%
Forecast \| Subsequent Event \| Convertible Debt \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt instrument, face amount	$ 50,000

Equity Method Investment	12 Months Ended
Equity Method Investment	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment On May 6, 2022, we entered into an Investment Agreement with OS, a company engaged in the design and production of telescopes and opto-mechanical and aerospace instrumentation for ground and space-based applications, to purchase 5% (283,725 shares) of OS’s outstanding common shares for $3.7 million. Additionally, OS issued 524,715 stock warrants to us, giving us the right to convert each warrant into a single common share over a period of up to 36 months. The investment was completed on September 30, 2022. Emiliano Kargieman, our Chief Executive Officer, was appointed to OS’s board of directors. The inclusion of Mr. Kargieman on OS’s board of directors, the option to purchase additional shares, and being a significant customer of OS gives the Company a certain level of control that makes the equity method of accounting appropriate even though the Company’s investment is less than 20%. The investment has a carrying value of $3.8 million as of December 31, 2023 and is included in Other non-current assets on the Consolidated Balance Sheets. The aggregate value of the investment based on the quoted market price is approximately $3.1 million.

Income Tax - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 3,889	$ 0
Increases (decreases) in tax positions related to prior periods	(2,833)
Increases (decreases) in tax positions related to prior periods		3,889
Increases (decreases) related to prior year tax positions as a result of lapse of statute	(30)	0
Ending balance	$ 1,026	$ 3,889

CONSOLIDATED STATEMENTS OF REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Total	Hannover	Restricted stock units	Shares issued to Sponsor under Forward Purchase Securities Agreement	PIPE Warrant	Liberty Subscription Agreement	SPAC Public Warrants	Cantor Loan	Convertible Debt	Preferred stock	Preferred stock Hannover	Ordinary Shares	Ordinary Shares Hannover	Ordinary Shares Restricted stock units	Ordinary Shares Shares issued to Sponsor under Forward Purchase Securities Agreement	Ordinary Shares PIPE Warrant	Ordinary Shares Liberty Subscription Agreement	Ordinary Shares SPAC Public Warrants	Ordinary Shares Cantor Loan	Ordinary Shares Convertible Debt	Additional paid-in capital	Additional paid-in capital Restricted stock units	Additional paid-in capital Shares issued to Sponsor under Forward Purchase Securities Agreement	Additional paid-in capital PIPE Warrant	Additional paid-in capital Liberty Subscription Agreement	Additional paid-in capital SPAC Public Warrants	Additional paid-in capital Cantor Loan	Additional paid-in capital Convertible Debt	Treasury stock	Accumulated other comprehensive loss	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2020	0
Beginning balance at Dec. 31, 2020	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series X preferred stock (in shares)	2,033,230
Issuance of Redeemable Series X preferred stock	$ 20,332,000
Dividends on Redeemable Series X preferred stock	$ 974,000
Ending balance (in shares) at Dec. 31, 2021	2,033,230
Ending balance at Dec. 31, 2021	$ 21,306,000
Beginning balance (in shares) at Dec. 31, 2020										8,740,398
Beginning balance (in shares) at Dec. 31, 2020												16,280,360
Beginning balance at Dec. 31, 2020	(25,828,000)																				$ 64,041,000								$ 0	$ 0	$ (89,869,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stockholder transaction & Hannover Holdings Transaction (in shares)										(4,128,413)
Preferred stockholder transaction & Hannover Holdings Transaction	(189,200,000)																				(18,251,000)								(170,949,000)
Extinguishment of Convertible Notes	39,009,000																				39,009,000
Exercised (in shares)												1,102,494
Exercise of stock options	791,000																				791,000
Net loss	(96,305,000)																														(96,305,000)
Comprehensive loss	(86,000)																													(86,000)
Stock-based compensation	$ 10,881,000																				10,881,000
Ending balance (in shares) at Dec. 31, 2021	4,611,985									4,611,985
Ending balance (in shares) at Dec. 31, 2021												17,382,854
Ending balance at Dec. 31, 2021	$ (260,738,000)																				96,471,000								(170,949,000)	(86,000)	(186,174,000)
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends on Redeemable Series X preferred stock	$ 97,000
Conversion of Series X preferred stock in connection with the reverse recapitalization (in shares)	(2,033,230)											(2,140,340)
Conversion of redeemable Series X preferred stock and accrued dividends in connection with the reverse recapitalization	$ (21,403,000)																				(21,403,000)
Ending balance (in shares) at Dec. 31, 2022	0
Ending balance at Dec. 31, 2022	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stockholder transaction & Hannover Holdings Transaction (in shares)											(149,817)	(516,123)	(51,700)
Preferred stockholder transaction & Hannover Holdings Transaction	(2,750,000)	$ (5,853,000)																											(2,750,000)
Merger transaction and Reverse Recapitalization (in shares)										(4,462,168)
Merger transaction and Reverse Recapitalization	$ 5,145,000											$ 22,630,545									(165,804,000)								170,949,000
Stock issued during period, conversion of convertible securities (in shares)																6,108,332	20,619,835	613,111	788,021	17,980,954
Stock issued during period, conversion of convertible securities				$ 10,000,000	$ 47,028,000	$ 120,506,000	$ 5,628,000	$ 7,880,000	$ 64,051,000														$ 10,000,000	$ 47,028,000	$ 120,506,000	$ 5,628,000	$ 7,880,000	$ 64,051,000
Conversion of redeemable Series X preferred stock and accrued dividends in connection with the Reverse Recapitalization (in shares)	2,033,230											2,140,340
Conversion of redeemable Series X preferred stock and accrued dividends in connection with the Reverse Recapitalization	$ 21,403,000																				21,403,000
Reclassification of Columbia Warrant to equity	124,805,000																				124,805,000
Repayment of Columbia Loan	(3,418,000)																				(3,418,000)
Reclassification of Forfeiture Earnout Liability to equity	1,005,000																				1,005,000
Exercised (in shares)														223,218
Exercise of stock options			$ 144,000																			$ 144,000
Net loss	(36,641,000)																														(36,641,000)
Comprehensive loss	(226,000)																													(226,000)
Issuance of stock (in shares)																			26,050
Issuance of stock								$ 167,000																			$ 167,000
Withholding of stock units to satisfy tax withholding obligations upon the vesting of restricted stock units and exercise of stock options			(306,000)																			(306,000)
Stock-based compensation	8,368,000																				8,368,000
Ending balance (in shares) at Dec. 31, 2022										0
Ending balance (in shares) at Dec. 31, 2022												89,195,437
Ending balance at Dec. 31, 2022	$ 106,198,000																				337,928,000								(8,603,000)	(312,000)	(222,815,000)
Beginning balance (in shares) at Jan. 24, 2022	17,215,336
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued during period, conversion of convertible securities (in shares)															1,250,000
Issuance of stock (in shares)				1,250,000
Ending balance (in shares) at Jan. 25, 2022	88,824,647
Ending balance (in shares) at Dec. 31, 2023	0
Ending balance at Dec. 31, 2023	$ 0
Beginning balance (in shares) at Dec. 31, 2022												89,195,437
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised (in shares)	366,938													1,108,548
Exercise of stock options			375,000																			375,000
Net loss	$ (61,018,000)																														(61,018,000)
Comprehensive loss	279,000																													279,000
Withholding of stock units to satisfy tax withholding obligations upon the vesting of restricted stock units and exercise of stock options			$ (458,000)																			$ (458,000)
Stock-based compensation (in shares)												0
Stock-based compensation	6,299,000																				6,299,000
Ending balance (in shares) at Dec. 31, 2023										0
Ending balance (in shares) at Dec. 31, 2023												90,303,985
Ending balance at Dec. 31, 2023	$ 51,675,000																				$ 344,144,000								$ (8,603,000)	$ (33,000)	$ (283,833,000)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (61,018)	$ (36,641)	$ (96,305)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	17,256	14,326	10,728
Operating lease expense	2,751	2,015	548
Deferred tax expense (benefit)	0	1,601	(1,619)
Stock-based compensation	6,299	8,368	10,881
Interest expense	0	1,693	9,703
Change in fair value of financial instruments	(6,474)	(58,311)	(17,983)
Loss on debt extinguishment	0	0	37,216
Expenses related to Merger	0	9,859	0
Foreign exchange differences	(10,933)	(4,578)	(2,385)
Expense for estimated credit losses on accounts receivable	1,126	1,736	1,794
Non-cash change in contract liabilities	1,188	0	0
Other, net	666	996	579
Changes in operating assets and liabilities:
Accounts receivable	(385)	(1,928)	(4,691)
Prepaid expenses and other current assets	2,114	(1,855)	21
Accounts payable	1,533	(3,202)	1,421
Contract liabilities	598	1,006	480
Accrued expenses and other liabilities	(2,059)	(1,562)	21,622
Operating lease liabilities	(2,233)	(1,985)	(449)
Net cash used in operating activities	(49,571)	(68,462)	(28,439)
Cash flows from investing activities:
Purchases of property and equipment	(14,885)	(27,252)	(11,233)
Proceeds from sale of property and equipment	450	0	0
Equity investment in OS	0	(3,653)	0
Other	0	53	3
Net cash used in investing activities	(14,435)	(30,852)	(11,230)
Cash flows from financing activities:
Proceeds from issuance of redeemable Series X preferred stock	0	0	20,332
Proceeds from issuance of debt	0	0	7,513
Repurchase of stock	0	(8,603)	0
Tax withholding payments for vested equity-based compensation awards	(458)	0	0
Proceeds from exercise of Public Warrants	0	5,291	0
Proceeds from sale of Ordinary Shares	0	167,504	0
Proceeds from exercise of stock options	375	144	791
Net cash (used in) provided by financing activities	(83)	164,336	28,636
Net (decrease) increase in cash, cash equivalents and restricted cash	(64,089)	65,022	(11,033)
Effect of foreign exchange rate changes	10,900	4,237	2,299
Cash, cash equivalents and restricted cash - beginning of period	77,792	8,533	17,267
Cash, cash equivalents and restricted cash - end of period	$ 24,603	$ 77,792	$ 8,533

Income Tax - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 1,026	$ 3,889	$ 0
Unrecognized tax benefits that would impact effective tax rate	900
Operating loss carryforwards	$ 14,500	$ 13,300

Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Income tax, net of refunds	$ 1,673	$ 758	$ 96
Interest	$ 28	$ 3,520	$ 49,283

Debt (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	May 09, 2022	Jan. 25, 2022	Jan. 18, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 08, 2021
Debt Instrument [Line Items]
Loss on debt extinguishment				$ 0	$ 0	$ 37,216
Reacquired treasury stock		$ 170,900
Columbia Warrants
Debt Instrument [Line Items]
Reclassification to equity				$ 124,800
Cantor Loan
Debt Instrument [Line Items]
Debt conversion, converted instrument, shares issued	26,050
VWAP threshold (in dollars per share)		$ 8.00
Debt instrument, converted instrument, additional shares issued		197,005
Columbia Loan
Debt Instrument [Line Items]
Loans payable							$ 40,100
Class A ordinary shares \| Cantor Loan
Debt Instrument [Line Items]
Stock issued during period, conversion of convertible securities (in shares)		788,021	788,021
VWAP threshold (in dollars per share)		$ 10.00
Convertible Debt
Debt Instrument [Line Items]
Loss on debt extinguishment						$ 37,200
Convertible Debt \| Class A ordinary shares
Debt Instrument [Line Items]
Debt conversion, converted instrument, shares issued		17,980,954

Fair Value Measurements and Financial Instruments - Reconciliation of Level 3 Fair Value Measurements of Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Warrant Liability \| Liberty Warrants and Liberty Advisory Fee Warrant
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 6,191	$ 0
Issues		30,853
Remeasurement (gain)/loss	(4,174)	(24,662)
Write-off of deferred costs		0
Settlements		0
Ending balance	2,017	6,191
Warrant Liability \| PIPE Warrant
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	311	0
Issues		1,312
Remeasurement (gain)/loss	(214)	(1,001)
Write-off of deferred costs		0
Settlements		0
Ending balance	97	311
Warrant Liability \| Columbia Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	143,237
Issues		0
Remeasurement (gain)/loss	0	(18,635)
Write-off of deferred costs		203
Settlements		(124,805)
Ending balance	0	0
Sponsor Earnout
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,353	0
Issues		8,022
Remeasurement (gain)/loss	(934)	(6,669)
Write-off of deferred costs		0
Settlements		0
Ending balance	419	1,353
Forfeiture Earnout
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0
Issues		6,135
Remeasurement (gain)/loss	0	(5,130)
Write-off of deferred costs		0
Settlements		(1,005)
Ending balance	0	0
Cantor Loan
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	7,522
Issues		0
Remeasurement (gain)/loss	0	488
Write-off of deferred costs		0
Settlements		(8,010)
Ending balance	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, allowance	$ 126	$ 3,237
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Treasury stock (in shares)	567,823	567,823
Class A ordinary shares
Common stock, par value (in dollars per share)	$ 0.0001
Common stock, shares, issued (in shares)	77,289,166	76,180,618
Common stock, shares, outstanding (in shares)	76,721,343	75,612,795
Class B ordinary shares
Common stock, par value (in dollars per share)	$ 0.0001
Common stock, shares, issued (in shares)	13,582,642	13,582,642
Common stock, shares, outstanding (in shares)	13,582,642	13,582,642

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We have operating leases relating to office facilities, manufacturing facilities and ground stations. Lease terms range from two years to 10 years.

Certain of the Company’s leases include options for early termination. The Company utilizes the base period as the lease term when initially recognizing right-of-use assets and lease liabilities, unless it is reasonably certain that a termination option will be exercised.

We recognized the following lease costs related to our operating leases for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022		2021
Operating lease costs	$	2,804	$	2,061	$	573
Short-term lease costs	37		56		7
Variable lease costs	160		145		52

Total operating lease costs	$	3,001	$	2,262	$	632

Cash paid for amounts included in the measurement of operating lease liabilities were as follows for the years ended December 31, 2023 and 2022.


	Year Ended December 31,
	2023		2022		2021
Operating cash flows	$	(2,368)	$	(2,186)	$	(508)

The amounts of future undiscounted cash flows related to the lease payments over the lease term and the reconciliation to the present value of the operating lease liabilities at December 31, 2023 is as follows:


	Operating leases
Years Ended
2024	$	1,249
2025	1,051
2026	877
2027	645
2028	352
thereafter	—
Total remaining lease payments	4,174
Less imputed interest	(242)
Present value of lease liability	$	3,932

Total current	$	2,143
Total non-current	$	1,789

The weighted-average remaining years for the operating leases are 4.5 years and 5.7 years as of December 31, 2023 and 2022, respectively. The weighted-average discount rate for operating leases is 4.9% and 4.6% as of December 31, 2023 and 2022, respectively. For the years ended December 31, 2023 and 2022, the Company obtained $3.1 million and $7.2 million, respectively of right-of-use assets for new operating lease obligations.

Revenue from Contract with Customers - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue		$ 10,074	$ 6,012	$ 4,247
Noncancelable agreement, term	5 years
Noncancelable agreement, amount	$ 4,000
Revenue from noncash agreement		2,800	3,400
Contract with customer, liability, revenue recognized		1,800	900	500
Unused credits amounts		$ 2,700	1,600
Expiration period for unused credits		1 year
Transferred over Time
Disaggregation of Revenue [Line Items]
Total revenue		$ 3,000	1,600	3,800
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Total revenue		$ 7,100	$ 4,400	$ 400

Equity Method Investment (Details) - USD ($) $ in Thousands		12 Months Ended
Equity Method Investment (Details) - USD ($) $ in Thousands	May 06, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investment, outstanding common shares, percent	5.00%
Shares purchased	283,725
Equity investment in OS	$ 3,700	$ 0	$ 3,653	$ 0
Conversion period		36 months
Carrying value		$ 3,800
Quoted market price		$ 3,100
OS \| Warrants
Schedule of Equity Method Investments [Line Items]
Class of warrant or right, outstanding (in shares)		524,715

Income Tax - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Loss before income tax	$ (51,936,000)	$ (32,068,000)	$ (96,537,000)
Provision for (benefit from) income tax at weighted-average statutory rates	0	0	0
U.S. state and local income tax, net of federal benefit	1,000	(3,000)	5,000
U.S. foreign-derived intangible income deduction	0	(141,000)	(200,000)
Argentina tax inflation adjustment	(4,170,000)	239,000	(381,000)
Change in valuation allowances	8,041,000	4,283,000	3,648,000
Uncertain tax positions	2,118,000	2,293,000	0
Change in carryforward attributes	(1,594,000)	(1,740,000)	0
Effect of rates different than statutory	9,357,000	(423,000)	(3,300,000)
Tax credits	(156,000)	(112,000)	0
Withholding taxes	156,000	0	0
Equity compensation	(4,301,000)	0	0
Other	(370,000)	177,000	(4,000)
Total provision for (benefit from) income tax	$ 9,082,000	$ 4,573,000	$ (232,000)

Net Loss Per Share - Schedule of diluted shares outstanding because the effect would have been anti-dilutive (Details)) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	59,100,047	58,487,423	29,441,138
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	49,184,868	49,184,868	15,931,360
Sponsor earnout shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,775,962	1,775,962	0
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,909,302	6,067,313	6,864,563
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,229,915	1,459,280	0
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	0	6,645,215

Income Tax

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax

We are incorporated in the BVI. Our operations are conducted through various subsidiaries in a number of countries throughout the world with significant operations in Uruguay, where we operate in a free trade zone. Consequently, income tax has been provided based on the laws and tax rates in effect in the countries in which operations are conducted or in which our subsidiaries are considered resident for corporate income tax purposes, including Argentina, China, Israel, the Netherlands, Spain, Uruguay, and the United States. Our provision for (benefit from) income tax for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended December 31,
	2023		2022		2021
Current	$	9,082	$	2,972	$	1,387
Deferred	—		1,601		(1,619)
Total provision for (benefit from) income tax	$	9,082	$	4,573	$	(232)

We maintain the exception under ASC 740-270-30-36(b), Accounting for Income Taxes, for jurisdictions that do not have reliable estimates of income.

As of December 31, 2023, we have gross unrecognized tax benefits of $1.0 million, exclusive of interest and penalties. If recognized, $0.9 million would reduce our effective tax rate. If applicable, we accrue interest and penalties related to uncertain tax positions as a component of the income tax provision.

A reconciliation of the beginning and ending amounts of our gross unrecognized tax benefits is as follows.


	Year Ended December 31,
	2023		2022
Balance at January 1	$	3,889	$	—

Increases (decreases) in tax positions related to prior periods	(2,833)		3,889
Increases (decreases) related to prior year tax positions as a result of lapse of statute	(30)		—
Balance at December 31	$	1,026	$	3,889

The BVI does not impose an income tax. Our provision for (benefit from) income tax differed from the 0% tax rate imposed in the BVI due to the following items for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Loss before income tax	$	(51,936)	$	(32,068)	$	(96,537)

Provision for (benefit from) income tax at weighted-average statutory rates	—		—		—
U.S. state and local income tax, net of federal benefit	1		(3)		5
U.S. foreign-derived intangible income deduction	—		(141)		(200)
Argentina tax inflation adjustment	(4,170)		239		(381)
Change in valuation allowances	8,041		4,283		3,648
Uncertain tax positions	2,118		2,293		—
Change in carryforward attributes	(1,594)		(1,740)		—
Effect of rates different than statutory	9,357		(423)		(3,300)
Tax credits	(156)		(112)		—
Withholding taxes	156		—		—
Equity compensation	(4,301)		—		—
Other	(370)		177		(4)
Total	$	9,082	$	4,573	$	(232)

The change in the effective tax rate from December 31, 2022 to December 31, 2023 is primarily related to the expiration of NOLs and the volatile socio-economic environment in Argentina and the impact on the local currency compared to the U.S. dollar.

Deferred tax assets and liabilities as of December 31, 2023 and 2022 consisted of the following:


	December 31,
	2023		2022
Deferred income tax assets:
Stock-based compensation	$	4,218	$	3,023
Expense for estimated credit losses on accounts receivable	1,095		415
Deferred financing costs	753		806
Other	48		193
Net operating loss carryforwards	3,431		1,365
Total deferred income tax assets	9,545		5,802
Valuation allowance	(9,545)		(5,802)
Total deferred income tax assets (liabilities), net	$	—	$	—

The assessment of the realizability of the deferred income tax assets is based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses at the worldwide consolidated level, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred income tax assets. The assessment of the recoverability of deferred income tax assets will not change until there is sufficient evidence to support their realizability. We continue to assess and record any necessary changes to align our deferred tax assets to their realizable value.

Below is a summary of our estimated loss and tax credit carryforwards at December 31, 2023. Our tax attributes are subject to limitations on utilization due to historic ownership changes and may be subject to future limitations upon subsequent change of control, as defined by the Internal Revenue Code Sections 382 and 383.


Net Operating Loss	Expiration	Gross Amount Carried Forward		Net Amount Recognized as of December 31, 2023
Argentina	December 31, 2023 - December 31, 2027	$	—	$	2,362
Netherlands	Indefinite	5,105		—
China	December 31, 2026 - December 31, 2027	696		—
United States	Indefinite	5,572		—
Uruguay	December 31, 2026 - December 31, 2027	3,080		—

As of December 31, 2023 and 2022, we had $14.5 million and $13.3 million of net operating loss (“NOL”) carryforwards, respectively.

In the normal course of business, we are subject to examination by taxing authorities. Tax years vary by jurisdiction, ranging from 2017 to 2022 remain open for examination.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	$ 3,237	$ 1,794
Provision	1,126	1,736	$ 1,794
Write-offs	(4,237)	0
Foreign exchange and other	0	(293)
Allowance for doubtful accounts, ending balance	$ 126	$ 3,237	$ 1,794

Revenue from Contract with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Information about our revenue by business line is as follows:


	Year Ended December 31,
	2023		2022		2021
Revenue by business line
Asset Monitoring	$	4,505	$	4,390	389
Constellation as a Service ("CaaS")	1,648		1,622		3,858
Space Systems	3,921		—		—
Total revenue	$	10,074	$	6,012	$	4,247

Information about our revenue by geography is as follows:


	Year Ended December 31,
	2023		2022		2021
Revenue by geography (1)
North America	$	3,475	$	3,647	$	204
Europe	2,113		1,629		4
Asia Pacific	4,422		619		4,000
South America	64		117		39
Total revenue	$	10,074	$	6,012	$	4,247

(1)Revenue by geography is based on the geographical location of the customer.

Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable

Our contract liabilities consist of payments received from customers, or such consideration contractually due, in advance of providing the relevant satellite imagery or related service. Amounts included in Contract liabilities are as follows:


	December 31,
	2023		2022
Non-current	$	1,000	$	1,000
Current	3,728		1,941
Total	$	4,728	$	2,941

Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The following table represents the total transaction price for the remaining performance obligations as of December 31, 2023 related to non-cancellable contracts longer than 12 months in duration that is expected to be recognized over future periods.


	Within 1 Year		Years 1-2		Years 2-3		Thereafter
Remaining performance obligations	$	12,008	$	7,098	$	4,250	$	—

Warrant Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Warrant Liability


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		$8.63 Warrants		Total Warrant Liabilities






As of December 31, 2022	$	6,191	$	311	$	1,833	$	8,335
Change in fair value of financial instruments	(4,174)		(214)		(1,152)		(5,540)
As of December 31, 2023	$	2,017	$	97	$	681	$	2,795

Income Tax - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current	$ 9,082	$ 2,972	$ 1,387
Deferred	0	1,601	(1,619)
Total provision for (benefit from) income tax	$ 9,082	$ 4,573	$ (232)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Additional Financial Statement Information - Financial Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest expense	$ (51)	$ (1,596)	$ (8,729)
Redeemable Series X preferred stock dividends	0	(97)	(974)
Other finance costs	(128)	(123)	(71)
Interest income	1,901	1,164	36
Finance income (expense), net	$ 1,722	$ (652)	$ (9,738)

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References + Details

Earnout Liabilities - Earnout Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Earnout Liability [Roll Forward]
As of December 31, 2022	$ 1,353
As of December 31, 2023	419
Sponsor Earnout
Earnout Liability [Roll Forward]
As of December 31, 2022	1,353
Change in fair value of financial instruments	(934)
As of December 31, 2023	$ 419

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 2,804	$ 2,061	$ 573
Short-term lease costs	37	56	7
Variable lease costs	160	145	52
Total operating lease costs	$ 3,001	$ 2,262	$ 632

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 23,476	$ 76,528
Restricted cash	0	126
Restricted cash included in Other non-current assets	1,127	1,138
Total cash, cash equivalents and restricted cash	$ 24,603	$ 77,792	$ 8,533	$ 17,267

Revenue from Contract with Customers - Revenue by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 10,074	$ 6,012	$ 4,247
North America
Disaggregation of Revenue [Line Items]
Total revenue	3,475	3,647	204
Europe
Disaggregation of Revenue [Line Items]
Total revenue	2,113	1,629	4
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	4,422	619	4,000
South America
Disaggregation of Revenue [Line Items]
Total revenue	$ 64	$ 117	$ 39

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease, Cost

We recognized the following lease costs related to our operating leases for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022		2021
Operating lease costs	$	2,804	$	2,061	$	573
Short-term lease costs	37		56		7
Variable lease costs	160		145		52

Total operating lease costs	$	3,001	$	2,262	$	632

Cash paid for amounts included in the measurement of operating lease liabilities were as follows for the years ended December 31, 2023 and 2022.


	Year Ended December 31,
	2023		2022		2021
Operating cash flows	$	(2,368)	$	(2,186)	$	(508)

Summary of Operating Lease Liabilities


	Operating leases
Years Ended
2024	$	1,249
2025	1,051
2026	877
2027	645
2028	352
thereafter	—
Total remaining lease payments	4,174
Less imputed interest	(242)
Present value of lease liability	$	3,932

Total current	$	2,143
Total non-current	$	1,789

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Secured Convertible Notes On April 12, 2024, the Company, Borrower, and Holder Representative entered into the Note Purchase Agreement with the Purchaser, pursuant to which the Borrower agreed to issue the Secured Convertible Notes in the aggregate principal amount of $30 million to the Purchaser. The net proceeds from the issuance of the Secured Convertible Notes, after deducting transaction fees and other debt issuance costs, was approximately $27.6 million. The Secured Convertible Notes initially bear interest at a rate of SOFR plus 6.50% per annum, subject to an additional 4.0% per annum if certain events of default occur and are continuing. The Secured Convertible Notes are guaranteed by the Company and each of the Company’s material subsidiaries (other than the Borrower), and are secured by substantially all of the Company’s and its subsidiaries’ assets (including all of its intellectual property). The Borrower may issue additional Secured Convertible Notes under the terms thereof, provided the aggregate principal outstanding amount does not exceed $50 million. The Secured Convertible Notes mature on April 12, 2028 The Secured Convertible Notes are convertible into shares of the Company’s Class A ordinary shares at an initial conversion price of $1.20 (or 833 Class A ordinary shares per $1,000 principal amount of Secured Convertible Notes), subject to customary anti-dilution adjustments. The Company’s ability to settle conversions using the Company’s Class A ordinary shares is subject to CFIUS Approval (as defined in the Secured Convertible Notes). In the event of an asset sale by the Company (outside the ordinary course of business) or an insurance or condemnation event that results in net proceeds to the Company in excess of $2 million, the Borrower will be required to offer to prepay the Secured Convertible Notes up to the amount of such proceeds at par (unless such proceeds are used to purchase comparable assets within six months). In the event the Secured Convertible Notes are accelerated as a result of an event of default, the Borrower must pay a pre-payment penalty equal to 5% of the greater of (i) the outstanding principal amount and (ii) the then-prevailing conversion value. In connection with a change of control of the Company (including delisting of the Company’s Class A Ordinary shares), the holder has the right to require the Company to repurchase the Secured Convertible Notes for cash at a price equal to the greater of (i) 105% of the redemption value of the Secured Convertible Notes or (ii) 105% of the then-prevailing conversion value, plus accrued but unpaid interest thereon, as well as any other amounts owed (the “Put Price”). The Borrower also has the right to repurchase or force-convert the Secured Convertible Notes in connection with a full acquisition of the Company at the Put Price. The Secured Convertible Notes contain standard certain restrictive covenants, including restrictions on (i) incurring indebtedness, subject to certain exceptions (including the ability to issue additional Secured Convertible Notes; provided the aggregate principal outstanding amount does not exceed $50 million), (ii) creating certain liens, subject to certain exceptions, (iii) the payment of dividends or other restricted payments, (iv) the sale, transfer or otherwise conveyance of certain assets, subject to asset sale pre-payment described above, and (v) affiliate transactions. In connection with the Offering, the Company also entered into (i) a side letter with the Purchaser (the “Side Letter”), pursuant to which the Purchaser will be entitled to pre-emptive rights, in order to maintain its as-converted ownership percentage on the same basis as new capital raised and (ii) a registration rights agreement with the Purchaser (the “Registration Rights Agreement”), pursuant to which the Company agreed to register for resale the Class A Ordinary Shares issuable upon conversion of the Secured Convertible Notes. CF&Co served as the Company’s financial advisor in connection with the offering and sale of the Secured Convertible Notes. Pursuant to a letter agreement, CF&Co will receive a fee equal to $0.9 million after the closing of the Secured Convertible Notes.

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

A summary of stock option activity for the year ended December 31, 2023 is as follows:


	Number of Options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (years)	Intrinsic Value (in thousands)
Balance as of December 31, 2022	6,067,313	$1.83	6.84	$	10,818
Granted	—	—
Forfeited	(392,749)	4.03
Exercised	(366,938)	1.02
Expired	(398,324)	2.13
Outstanding at December 31, 2023	4,909,302	$1.55	5.58	$	3,393
Exercisable at December 31, 2023	4,426,776	$1.34	5.38	$	3,243

Schedule of Assumptions used in the Valuation

Assumptions used in the valuation are as follows:


	December 31,		December 31,
	2023		2022
Expected term (in years)	3.07		4.07
Dividend yield (%)	—		—
Expected volatility	64	%	50	%
Risk-free interest rate	4.0	%	4.1	%
Expected number of shares	1,775,962		1,775,962

The following table lists the inputs used under the Black-Scholes model for stock-option awards during the year ended December 31, 2021. No options were granted in 2023 or 2022.


	Year Ended December 31,
		2021
Weighted-average fair value of options at the measurement date (grant date)		$	23.36
Dividend yield (%)		—
Expected volatility (%)		61- 72
Risk-free interest rate (%)		0.5 - 1.4
Weighted average share price		$	6.79

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

A summary of RSU activity for the year ended December 31, 2023 is as follows:


	Number of RSUs	Weighted Average Grant-Date Value		Intrinsic Value (in thousands)
Outstanding unvested RSUs at December 31, 2022	1,459,280	$	4.38	$	4,451
Granted during the year	3,365,332	1.87
Forfeited during the year	(731,703)	3.51
Vested during the year (1)	(862,994)	3.31
Outstanding unvested RSUs at December 31, 2023	3,229,915	$	2.25	$	5,652

(1) The issuance of Class A ordinary shares was deferred, as elected by the grantees, for 121,384 RSUs that vested during the year ended December 31, 2023.

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

Total employee and non-employee stock-based compensation expense was classified in the Consolidated Statements of Operations and Comprehensive Loss as follows:


	Year Ended December 31,
	2023		2022		2021
General and administrative expenses	$	3,831	$	2,406	$	5,274
Research and development	1,446		3,631		1,968
Other operating expenses	1,022		2,331		3,639
Total	$	6,299	$	8,368	$	10,881

Revenue from Contract with Customers - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 12,008
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 7,098
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 4,250
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 0
Revenue, remaining performance obligation, expected timing of satisfaction, period

Reverse Recapitalization

12 Months Ended

Dec. 31, 2023

Reverse Recapitalization [Abstract]

Reverse Recapitalization

On January 25, 2022, and pursuant to the Merger Agreement, the merger between the Company and CF V (the “Merger”) was accounted for as a reverse recapitalization (the “Reverse Recapitalization”) in accordance with U.S. GAAP. Under this method of accounting, CF V was treated as the “acquired” company and Satellogic was treated as the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the reverse recapitalization was treated as the equivalent of the Company issuing stock for the net assets of CF V, accompanied by a recapitalization. The net assets of CF V were stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Merger represent those of the Company.

The transaction resulted in net cash proceeds of $168 million, after transaction expenses and debt repayment, through the contribution of cash held in CF V’s trust account, net of redemptions by CF V’s public stockholders, and a concurrent private placement offering led by SoftBank’s SBLA Advisers Corp. and CF&Co., among other institutional investors, and the Liberty Investment, as defined and described further below.

On the Closing Date, the Company consummated the Merger contemplated by the Merger Agreement, including the following:

Private Placement (“PIPE”) Investment

Pursuant to the relevant subscription agreement, Satellogic issued 5,816,770 Class A ordinary shares and a non-redeemable warrant (“PIPE Warrant”) to purchase 2,500,000 Class A ordinary shares to a PIPE investor at an exercise price of $20.00 per share, for an aggregate purchase price of $58.2 million.

Forward Purchase Agreement

In July 2021, CFAC Holdings V, LLC (the “Sponsor”), CF V, and Satellogic entered into the Amended and Restated Forward Purchase Agreement (“FPA”), pursuant to which Satellogic issued to the Sponsor 1,250,000 Class A ordinary shares, and warrants to purchase an additional 333,333 Class A ordinary shares at an exercise price of $11.50 per share (“Forward Purchase Warrant”), for an aggregate purchase price of $10.0 million.

Cantor Loan

Satellogic and Cantor Fitzgerald Securities (“CF Securities”) entered into a Secured Promissory Note, dated December 23, 2021 (the “Promissory Note”), pursuant to which CF Securities agreed to loan $7.5 million to Satellogic (the “Cantor Loan”). On January 18, 2022, CF Securities, Satellogic and Nettar entered into the Promissory Note Waiver Letter (the “Promissory Note Waiver Letter”) pursuant to which Satellogic and CF Securities agreed that the Company would repay the Cantor Loan, including all principal and interest by the issuance of 788,021 Class A ordinary shares. Such repayment occurred on the Closing Date.

Redeemable Series X Preferred Stock

As a result of the transaction, the 2,033,230 outstanding shares of redeemable Series X preferred stock and accrued dividends in the combined amount of $21.4 million were converted to 2,140,340 Class A ordinary shares.

Liberty Investment

On January 18, 2022, Satellogic and CF V entered into the Liberty Subscription Agreement with an investor (the “Liberty Investor”). Satellogic agreed to issue and sell to the Liberty Investor (i) 20,000,000 of Satellogic’s Class A ordinary shares (the “Liberty Shares”), (ii) a warrant to purchase up to 5,000,000 Satellogic’s Class A ordinary shares at an exercise price of $10.00 per share (the “$10.00 Liberty Warrant”), and (iii) a warrant to purchase up to 15,000,000 of Satellogic’s Class A ordinary shares at an exercise price of $15.00 per share (the “$15.00 Liberty Warrant”, and together with the $10.00 Liberty Warrant, the “Liberty Warrants”), in a private placement for an aggregate purchase price of $150.0 million. The transaction closed on February 10, 2022 (the “Liberty Closing” and the transaction collectively, the “Liberty Investment”).

An advisory fee is payable by Satellogic in exchange for advisory services to be provided to Satellogic from time to time until a Cessation Event (as defined in the Liberty Subscription Agreement). The advisory fee includes a warrant to purchase 2,500,000 of Satellogic’s Class A ordinary shares at an exercise price of $10.00 per share (the “Liberty Advisory Fee Warrant”), which was issued at the Liberty Closing, and for so long as a Cessation Event has not occurred, $1.25 million to be paid in cash on the 18-month anniversary of the Liberty Closing and on the last day (or, if not a business day, the immediately following business day) of each of the following five successive three-month anniversaries of such 18-month anniversary (each, an “Advisory Fee Cash Payment” and together, the “Advisory Fee Cash Payments”), representing an aggregate of up to $7.5 million in Advisory Fee Cash Payments. There was $2.5 million owed to the Liberty Investor for the the Advisory Fee Cash Payments and included in accounts payable at December 31, 2023.

The Liberty Advisory Fee Warrant became exercisable as of and from February 10, 2023, and will expire on the fifth anniversary of the Liberty Closing (i.e., February 10, 2027). The Liberty Advisory Fee Warrant is subject to substantially the same terms as the Liberty Warrants.

Transaction Fees

On January 18, 2022, CF V, Satellogic and CF&Co. entered into the CF Fee Letter, pursuant to which Satellogic agreed to pay cash of $5.0 million and issue an aggregate of 2,058,229 of Satellogic’s Class A ordinary shares in payment of certain Merger-related transaction fees. Such payments were made on the Closing Date.

Company Stockholders

In connection with the Merger Transaction:

•the common stock and preferred stock of Nettar that were issued and outstanding immediately prior to the Merger were automatically canceled and ceased to exist in exchange for Satellogic’s Class A ordinary shares, as determined in accordance with the Merger Agreement;

•all Convertible Notes of Nettar converted into Nettar Preferred Shares which were exchanged for shares of Satellogic’s Class A ordinary shares as determined in the Merger Agreement;

•all options to purchase common stock of Nettar were assumed by the Company and became options to purchase Satellogic’s Class A ordinary shares as determined in accordance with the Merger Agreement;

•the Columbia Warrant (as defined below) outstanding immediately prior to the Merger became exercisable for that number of Satellogic’s Class A ordinary shares as determined in accordance with the Merger Agreement.

The following table illustrates the shares issued to our stockholders after giving effect to the 3.3028 Exchange Ratio in accordance with the transactions contemplated by the Merger Agreement as of the Closing Date and the issuance of shares pursuant to the transactions described above:


Company stockholders			Shares
Class A stockholders immediately prior to merger			17,215,336
Series A preferred stockholders			7,968,316
Series B preferred stockholders			4,597,928
Series B-1 preferred stockholders			2,171,399
2018 convertible noteholders			5,581,416
2019 convertible noteholders			7,846,333
2020 convertible noteholders			4,553,205
Redeemable Series X preferred stockholders			2,140,340
Liberty Investor			20,000,000
PIPE investors			5,816,770
Shares issued for Cantor loan repayment			788,021
Shares issued to Sponsor under Forward Purchase Securities Agreement			1,250,000
Issuance of shares for transaction fees			2,058,229
CF V shares			6,837,354
			88,824,647

Net Loss Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

The weighted-average number of shares of common stock outstanding prior to the Merger have been retroactively adjusted by the Exchange Ratio of 3.3028 (“Exchange Ratio”) to give effect to the reverse recapitalization treatment of the Merger. Shares of common stock issued as a result of redeemable Series X preferred stock and the conversion of shares of preferred stock outstanding pre-Merger in connection with the Closing have been included in the basic net loss per share calculation on a prospective basis.

Diluted loss per share considers the impact of potentially dilutive securities. We identified financial instruments that qualify as potential common shares: (i) the share-based options awards described in Note 12 (Stock-based Compensation), (ii) the warrants described in Note 6 (Warrant Liabilities), and (iii) the earnout liabilities described in Note 7 (Earnout Liabilities). With the exception of the Columbia Warrant, each of these potential common shares are antidilutive since their conversion to common shares would decrease loss per share from continuing operations.

The Columbia Warrant was dilutive due to the change in fair value of financial instruments during the year ended December 31, 2022.

Basic and diluted net loss per share attributable to common stockholders is calculated as follows:


	Year Ended December 31,
	2023		2022		2021
Net loss attributable to common stockholders	$	(61,018)	$	(36,641)	$	(96,305)
Basic weighted-average common shares outstanding (1)	89,539,910		83,188,276		16,655,634
Basic loss per share for the period attributable to stockholders	$	(0.68)	$	(0.44)	$	(5.78)
Effect of dilutive securities:
Adjustment to numerator - Change in fair value of Columbia Warrant liability	$	—	$	(18,635)	$	—
Dilutive numerator	$	(61,018)	$	(55,276)	$	(96,305)
Columbia Warrant	—		609,873		—
Diluted weighted-average common shares outstanding	89,539,910		83,798,149		16,655,634
Diluted loss per share for the period attributable to stockholders	$	(0.68)	$	(0.66)	$	(5.78)

1 After applying the 3.3028 Exchange Ratio as described in Note 4 (Reverse Recapitalization).

Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would have been anti-dilutive:


	Year Ended December 31,
	2023	2022	2021
Warrants	49,184,868	49,184,868	15,931,360
Sponsor earnout shares	1,775,962	1,775,962	—
Stock options	4,909,302	6,067,313	6,864,563
Restricted stock units	3,229,915	1,459,280	—
Redeemable convertible preferred stock	—	—	6,645,215
Total	59,100,047	58,487,423	29,441,138

Warrant Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Warrant Liabilities


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		$8.63 Warrants		Total Warrant Liabilities






As of December 31, 2022	$	6,191	$	311	$	1,833	$	8,335
Change in fair value of financial instruments	(4,174)		(214)		(1,152)		(5,540)
As of December 31, 2023	$	2,017	$	97	$	681	$	2,795

Liberty Warrants and Liberty Advisory Fee Warrant

In 2022, the Liberty Warrants and the Liberty Advisory Fee Warrant were initially recognized as a liability with a fair value of $30.9 million. The Liberty Warrants and the Liberty Advisory Fee Warrant remain unexercised and were remeasured to fair value of $2.0 million as of December 31, 2023.

PIPE Warrant

In 2022, the PIPE Warrant was initially recognized as a liability with a fair value of $1.3 million. The PIPE Warrant remains unexercised and was remeasured to fair value of $0.1 million as of December 31, 2023.

$8.63 Warrants

In connection with the Merger, we entered into an Assignment, Assumption and Amendment Agreement (the “Amended Warrant Agreement”), dated January 25, 2022, with the Sponsor and CF V that amends the Warrant Agreement (the “Existing Warrant Agreement”), dated January 28, 2021.

Pursuant to the Existing Warrant Agreement, we issued Public Warrants to purchase 8,333,333 Class A ordinary shares and 200,000 private placement Warrants. Additionally, we agreed to issue the Forward Purchase Warrant to purchase 333,333 Class A ordinary shares pursuant to the Amended and Restated Forward Purchase Agreement (together, with the Public Warrants and the private placement Warrants, the “$8.63 Warrants”).

All of the $8.63 Warrants are governed by the Existing Warrant Agreement. The $8.63 Warrants became exercisable 30 days after the Closing Date, or February 25, 2022, and will expire five years after the Closing Date (January 25, 2027), or earlier upon redemption or liquidation.

The $8.63 Warrants were initially recognized as a liability with a fair value of $4.9 million. On April 1, 2022, we determined pursuant to a warrant agreement executed by CF V on January 28, 2021, as modified and assumed by an assignment and assumption agreement executed on January 25, 2022, that the warrant price with respect to the warrants issued and outstanding was adjusted from $11.50 to $8.63 and the redemption price was adjusted from $18.00 to $13.50. The $8.63 Warrants had a fair value of $0.7 million as of December 31, 2023.

Public Warrants to purchase 613,111 Class A ordinary shares with an intrinsic value of $0.3 million were exercised during the year ended December 31, 2022.

Redeemable Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 25, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Redeemable Preferred Stock [Line Items]
Preferred stock dividends		$ 0	$ 97	$ 974
Conversion of redeemable Series X preferred stock and accrued dividends in connection with the Reverse Recapitalization (in shares)			2,033,230
Reverse recapitalization, conversion price (usd per share)	$ 10.00
Ordinary Shares
Redeemable Preferred Stock [Line Items]
Conversion of redeemable Series X preferred stock and accrued dividends in connection with the Reverse Recapitalization (in shares)			2,140,340
Redeemable Series X preferred stockholders
Redeemable Preferred Stock [Line Items]
Redeemable preferred shares par value (in dollars per share)		$ 0.0001
Dividend rate		7.00%
Conversion of Series X preferred stock in connection with the reverse recapitalization (shares)	2,033,230
Preferred stock dividends	$ 21,400

Stock-based Compensation - RSU Activity (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of RSUs
Beginning balance (shares)	1,459,280
Granted during the year (shares)	3,365,332
Forfeited during the year (shares)	(731,703)
Vested during the year (in shares)	(862,994)
Ending balance (shares)	3,229,915
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 4.38
Granted (in usd per share)	1.87
Forfeited (in usd per share)	3.51
Vested (in usd per share)	3.31
Ending balance (in usd per share)	$ 2.25
Intrinsic Value (in thousands)
Intrinsic value, outstanding	$ 5,652	$ 4,451

Warrant Liabilities - Schedule of Warrants (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Warrant Liability [Roll Forward]
Beginning balance	$ 8,335
Change in fair value of financial instruments	(5,540)
Ending balance	2,795
Liberty Warrants and Liberty Advisory Fee Warrant
Warrant Liability [Roll Forward]
Beginning balance	6,191
Change in fair value of financial instruments	(4,174)
Ending balance	2,017
PIPE Warrant
Warrant Liability [Roll Forward]
Beginning balance	311
Change in fair value of financial instruments	(214)
Ending balance	97
$8.63 Warrants
Warrant Liability [Roll Forward]
Beginning balance	1,833
Change in fair value of financial instruments	(1,152)
Ending balance	$ 681

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment, net consists of the following:


	Estimated Useful Life (in years)	December 31,
		2023		2022
Satellites in orbit	3	$	68,184	$	54,370
Satellites under construction	Not applicable	17,506		22,194
Leasehold improvements	5-10	7,624		6,433
Other property and equipment	3-10	4,241		4,146
Total property and equipment		97,555		87,143
Less: Accumulated depreciation		(56,425)		(39,162)
Property and equipment, net		$	41,130	$	47,981

Information related to our property and equipment and operating lease ROU assets by geography is as follows:


	December 31,
	2023		2022
Uruguay	$	36,428	$	43,134
Argentina	807		1,346
Spain	861		729
Netherlands	5,896		9,471
Other countries	333		1,472
Total (1)	$	44,325	$	56,152

(1)The presentation in the table above is based on the geographic location of the entity that holds the assets.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period.

Significant estimates and assumptions reflected in these Consolidated Financial Statements include, but are not limited to, revenue recognition; determination of useful lives of property and equipment; valuation of warrant liabilities, earnout liabilities, stock options; and determination of income tax. We evaluate our estimates and assumptions on an ongoing basis. Actual results could differ from those estimates and such differences may be material to the Consolidated Financial Statements.

Revenue Recognition

We recognize revenue in accordance with Topic 606 Revenue from contracts with customers. Revenue is recognized when a customer obtains control of promised goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that we expect to receive in exchange for goods or services provided under such contracts. We apply the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance obligation.

Our main revenue stream is from services. We recognize as revenues the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied, either over time or a point in time. Revenue is recognized upon delivery for asset monitoring contracts in which performance obligations are satisfied at a point in time upon image delivery. The Company has determined that it provides a series of distinct services in which the customer simultaneously receives and consumes data, so therefore the Company recognizes revenue ratably over the subscription period. For Space Systems contracts, revenue is typically recognized at a point in time, upon delivery of equipment.

The nature of our contracts does not currently give rise to variable consideration related to returns or refunds as those are not offered.

We evaluate contracts with a minimum purchase commitment to determine whether we expect to be entitled to a breakage amount. We consider the requirements on constraining estimates variable consideration. The following factors are evaluated when assessing the increased likelihood of a significant revenue reversal: (i) the amount of consideration is highly susceptible to factors outside our influence or control (e.g., volatility in a market, judgment of action of third parties, weather conditions), (ii) uncertainty about the amount of consideration is not expected to be resolved for a long period of time, (iii) our experience with similar types of contracts is limited, or that experience has limited predictive value, (iv) we have a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances, and (v) the contract has a large number and broad range of possible consideration amounts.

We exclude amounts collected on behalf of third parties, such as sales taxes, when determining transaction price.

Contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services.

We generally do not enter into long-term financing arrangements or payment plans with customers. Although our business practice is not to enter into contracts with non-cash consideration, at times this may occur. In these instances, we determine the fair value of the non-cash consideration at contract inception and includes this value as part of the total arrangement consideration. In instances where we cannot reasonably estimate the fair value of the non-cash consideration, we will measure the consideration indirectly by reference to its stand-alone selling price of the goods promised to the customer in exchange for consideration.

Fair Value Measurement

Certain assets and liabilities are carried at fair value in accordance with U.S. GAAP.

Valuation techniques used to measure fair value requires us to utilize observable and unobservable inputs. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Financial instruments carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•Level 1: Quoted prices in active markets for identical assets or liabilities.

•Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

•Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

Assets and liabilities recognized at fair value on a recurring basis in the Consolidated Financial Statements are re-assessed at the end of each reporting period to determine whether any transfers have occurred between levels in the hierarchy.

For fair value disclosures, classes of assets and liabilities are based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy.

Credit risk management

Credit risk is the risk that a counterparty fails to discharge an obligation to us. We are exposed to credit risk from financial assets including cash, cash equivalents and restricted cash held at banks, trade and other receivables.

The credit risk is managed based on our credit risk management policies and procedures. Credit risk of any entity doing business with us is systematically analyzed, including aspects of a qualitative nature. The measurement and assessment of our total exposure to credit risk covers all financial instruments involving any counterparty risk.

The credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits and are only with major reputable financial institutions.

As our risk exposure is mainly influenced by the individual characteristics of each customer, we continuously analyze the creditworthiness of significant debtors. Accounts receivable are non-interest bearing and generally on terms of 30 to 90 days. As of December 31, 2023 two customers, accounted for 78% of accounts receivable, net of allowance. As of December 31, 2022, one customer accounted for 72% of our accounts receivable net of allowance.

We had four customers that each accounted for more than 10% of our revenue totaling $8.4 million for the year ended December 31, 2023 and two customers that each accounted for more than 10% of our revenue totaling $4.8 million for the year ended December 31, 2022. We had one customer that accounted for more than 10% of our revenue totaling $3.9 million for the year ended December 31, 2021.

Impairment of Assets

We assess potential impairments to long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets or asset group. We performed an impairment test as of December 31, 2023, 2022 and 2021 due to our net loss for those years and concluded that the asset group is not impaired.

Estimates of future cash flows are highly subjective judgments based on management’s experience and knowledge of the Company's operations. These estimates can be significantly impacted by many factors, including changes in global economic conditions, operating costs, obsolescence of technology and competition.

If estimates or underlying assumptions change in the future, we may be required to record impairment charges. If the fair value of an asset group is less than its carrying amount, then the carrying amount of the asset group would be reduced to its

fair value. That reduction is an impairment loss that would be recognized in the Consolidated Statements of Operations and Comprehensive Loss.

Equity Method Investments

We account for equity investments in which we have significant influence, but not a controlling financial interest, using the equity method of accounting. Under the equity method of accounting, investments are initially recorded at cost, less impairment, and subsequently adjusted to recognize our share of earnings or losses as a component of Other income (expense), net in the Consolidated Statements of Operations and Comprehensive Loss. Our equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. We have not recorded any impairment losses related to our equity method investments during the years ended December 31, 2023 and December 31, 2022. We did not hold any equity investments in 2021.

Stock-Based Compensation

We measure and recognize all stock-based compensation expense based on estimated fair values for all stock-based awards made to employees and non-employees. Compensation cost is recognized over the requisite service period for each separate tranche, as though each tranche of the award is, in substance, a separate award. The expense calculation includes estimated forfeiture rates, which have been developed based upon historical experience.

The fair values for stock options are calculated using the Black-Scholes option pricing model using the following inputs:

Expected term - The simplified method is used to calculate the expected term.

Expected volatility - We determine the expected stock price volatility based on the historical volatilities of guideline companies from comparable industries.

Expected dividend yield - We do not use a dividend rate due to the fact that we have never declared or paid cash dividends on the Company’s Ordinary Shares and we do not anticipate doing so in the foreseeable future.

Risk-free interest rate - We base our interest rate on a treasury instrument for which the term is commensurate with the maximum expected life of the stock options.

The fair values for restricted stock units ("RSUs") with service-based vesting conditions are calculated based upon our closing stock price on the date of the grant.

Foreign Currencies

The financial position and results of operations of certain of our foreign subsidiaries are measured using the local currency as the functional currency. Revenues and expenses of these subsidiaries have been translated into U.S. dollars at average exchange rates prevailing during the period. Assets and liabilities of these subsidiaries have been translated at the exchange rates as of the balance sheet date. Translation gains and losses are recorded in accumulated other comprehensive loss.

Aggregate foreign currency gains and losses, such as those resulting from the settlement of receivables or payables, foreign currency contracts and short-term intercompany advances in a currency other than the relevant subsidiary’s functional currency, are recorded currently in the Consolidated Statements of Operations and Comprehensive Loss (included in other income, net) and resulted in gains of $5.3 million, $1.6 million, and $1.0 million during the years ended December 31, 2023, 2022, and 2021, respectively.

Leases

We determine if a contract is a lease or contains a lease at inception. On the lease commencement date, we recognize a right-of-use (“ROU”) asset and lease liability related to operating type leases. The cost of ROU assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Operating lease liabilities are recorded based on the present value of the future lease fixed payments. In determining the present value of future lease payments, we use our incremental

borrowing rate applicable to the economic environment and the duration of the lease based on the information available at the commencement date as the majority of leases do not provide an implicit rate. For real estate and equipment contracts, we generally account for the lease and non-lease components as a single lease component. In assessing the lease term, we include options to renew only when we are reasonably certain that such option(s) will be exercised; a determination which is at our sole discretion. Variable lease payments are recognized as expenses in the period incurred. For leases with an initial term of 12 months or less, we have elected to not record an ROU asset and lease liability. We record lease expense on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, beginning on the commencement date.

We remeasure and reallocate the consideration in a lease when there is a modification of the lease that is not accounted for as a separate contract. The lease liability is remeasured when there is a change in the lease term or in the assessment of whether we will exercise a lease option. We assess ROU assets for impairment in accordance with our long-lived asset impairment policy.

We account for lease agreements with contractually required lease and non-lease components on a combined basis. Lease payments made for cancellable leases, variable amounts that are not based on an observable index and lease agreements with an original duration of less than 12 months are recorded directly to lease expense.

For the periods presented, we do not have any financing type leases.

Accounts Receivable and Allowance for Credit Losses

Trade accounts receivable are stated at the amount owed by the customer, net of allowances for estimated credit losses, discounts, returns and rebates. We measure the allowance for credit losses based on the estimated loss. In calculating an allowance for credit losses, we use our historical experience, external indicators, forward-looking information and an aging method. Generally, we assess collectability of trade accounts receivable on a collective basis as they possess shared credit risk characteristics which have been grouped based on the days past due. For certain customers that have a large percentage of our total accounts receivable, we analyze them on a specific basis to determine expected collectability.

Accounts are written off against the allowance account when they are determined to be no longer collectible. Of the total write-off in 2023, $3.3 million of it was reserved in prior periods. The following table shows the activity in the allowance for credit losses for the years ended December 31, 2023 and 2022:


	December 31,
	2023		2022
Allowance for credit losses as of beginning of period	$	3,237	$	1,794
Provision	1,126		1,736
Write-offs	(4,237)		—
Foreign exchange and other	—		(293)
Allowance for credit losses as of end of period	$	126	$	3,237

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include deposits in banks and short-term (original maturities of three months or less at the time of purchase), highly liquid investments that are readily convertible to known amounts of cash with a maturity of three months or less at the time of purchase.

Restricted cash, including amounts in Other non-current assets, represents amounts pledged as guarantees for sales and lease agreements as contractually required.


	December 31,
	2023		2022
Cash and cash equivalents	$	23,476	$	76,528
Restricted cash	—		126
Restricted cash included in Other non-current assets	1,127		1,138
Total cash, cash equivalents and restricted cash	$	24,603	$	77,792

Cash Flow Information


	Year Ended December 31,
	2023		2022		2021
Cash paid during the period for:
Income tax, net of refunds	$	1,673	$	758	$	96
Interest	$	28	$	3,520	$	49,283

Research and Development

Research and development (R&D) costs are expensed in the period in which they are incurred. R&D costs include materials and equipment that have no alternative future use, depreciation on equipment and facilities currently used for R&D purposes, personnel costs, contract services and reasonable allocations of indirect costs, if clearly related to an R&D activity. Expenditures in the pre-production phase of an R&D project are recorded as R&D expense.

Tax Collected from Customers

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, which are collected by the Company from customers, are excluded from revenue.

Leases - Measurement of Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows	$ (2,368)	$ (2,186)	$ (508)

Additional Financial Statement Information (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid and Other Current Assets

Prepaid Expenses and Other Current Assets


	December 31,
	2023		2022
Prepaid expenses and other current assets
Prepaid expenses	$	1,737	$	1,767
Advances to suppliers	197		588
Other current assets	239		843
Total	$	2,173	$	3,198

Schedule of Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities


	December 31,
	2023		2022
Accrued expenses and other liabilities

Payroll and benefits payable	1,490		3,289
Other taxes payable	2,882		3,128
Other	526		522
Total	$	4,898	$	6,939

Total current	$	4,372	$	6,417
Total non-current	$	526	$	522

Schedule of Financial Income (Expense), Net

Finance Income (Expense), Net


	Year Ended December 31,
	2023		2022		2021
Finance income (expense), net
Interest expense	$	(51)	$	(1,596)	$	(8,729)
Redeemable Series X preferred stock dividends	—		(97)		(974)
Other finance costs	(128)		(123)		(71)
Interest income	1,901		1,164		36
Total	$	1,722	$	(652)	$	(9,738)

Fair Value Measurements and Financial Instruments - Narrative (Details)	Dec. 31, 2023 $ / shares	Jan. 25, 2022 $ / shares	Jan. 24, 2022 $ / shares
Sponsor Earnout
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, term	3 years 1 month 6 days
Sponsor Earnout \| Measurement Input, Option Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.639
Sponsor Earnout \| Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.040
PIPE Warrant \| Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, term	3 years 1 month 6 days
PIPE Warrant \| Warrant Liability \| Measurement Input, Option Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.639
PIPE Warrant \| Warrant Liability \| Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.040
Liberty Warrants and Liberty Advisory Fee Warrant liability \| Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, term	3 years 1 month 6 days
Liberty Warrants and Liberty Advisory Fee Warrant liability \| Warrant Liability \| Measurement Input, Option Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.638
Liberty Warrants and Liberty Advisory Fee Warrant liability \| Warrant Liability \| Measurement Input, Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.040
$8.63 Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant price (in dollars per share)	$ 8.63	$ 8.63	$ 11.50

Related Parties (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Notes Debt Balances and Associated Finance Cost from Related Parties

The following tables provides the balances owed and associated finance costs as follows:


	December 31,
	2023		2022		2021
Convertible notes debt from related parties
Amounts owed to related parties	$	—	$	—	$	13,028
	Year Ended December 31,
	2023		2022		2021
Interest expense	$	—	$	554	$	620

Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Our provision for (benefit from) income tax for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended December 31,
	2023		2022		2021
Current	$	9,082	$	2,972	$	1,387
Deferred	—		1,601		(1,619)
Total provision for (benefit from) income tax	$	9,082	$	4,573	$	(232)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of our gross unrecognized tax benefits is as follows.


	Year Ended December 31,
	2023		2022
Balance at January 1	$	3,889	$	—

Increases (decreases) in tax positions related to prior periods	(2,833)		3,889
Increases (decreases) related to prior year tax positions as a result of lapse of statute	(30)		—
Balance at December 31	$	1,026	$	3,889

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31,
	2023		2022		2021
Loss before income tax	$	(51,936)	$	(32,068)	$	(96,537)

Provision for (benefit from) income tax at weighted-average statutory rates	—		—		—
U.S. state and local income tax, net of federal benefit	1		(3)		5
U.S. foreign-derived intangible income deduction	—		(141)		(200)
Argentina tax inflation adjustment	(4,170)		239		(381)
Change in valuation allowances	8,041		4,283		3,648
Uncertain tax positions	2,118		2,293		—
Change in carryforward attributes	(1,594)		(1,740)		—
Effect of rates different than statutory	9,357		(423)		(3,300)
Tax credits	(156)		(112)		—
Withholding taxes	156		—		—
Equity compensation	(4,301)		—		—
Other	(370)		177		(4)
Total	$	9,082	$	4,573	$	(232)

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities as of December 31, 2023 and 2022 consisted of the following:


	December 31,
	2023		2022
Deferred income tax assets:
Stock-based compensation	$	4,218	$	3,023
Expense for estimated credit losses on accounts receivable	1,095		415
Deferred financing costs	753		806
Other	48		193
Net operating loss carryforwards	3,431		1,365
Total deferred income tax assets	9,545		5,802
Valuation allowance	(9,545)		(5,802)
Total deferred income tax assets (liabilities), net	$	—	$	—

Summary of Tax Credit Carryforwards

Our tax attributes are subject to limitations on utilization due to historic ownership changes and may be subject to future limitations upon subsequent change of control, as defined by the Internal Revenue Code Sections 382 and 383.


Net Operating Loss	Expiration	Gross Amount Carried Forward		Net Amount Recognized as of December 31, 2023
Argentina	December 31, 2023 - December 31, 2027	$	—	$	2,362
Netherlands	Indefinite	5,105		—
China	December 31, 2026 - December 31, 2027	696		—
United States	Indefinite	5,572		—
Uruguay	December 31, 2026 - December 31, 2027	3,080		—

Nature of the Business and Basis of Presentation	12 Months Ended
Nature of the Business and Basis of Presentation	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	Nature of the Business and Basis of Presentation Nature of the Business On January 25, 2022 (the “Closing Date”), Satellogic Inc. (“Satellogic” or the “Company”), a BVI business company incorporated in the BVI as a company limited by shares, consummated the transactions contemplated by the Agreement and Plan of Merger dated as of July 5, 2021 (the “Merger Agreement”), by and among the Company, CF Acquisition Corp. V, a Delaware corporation (“CF V” and now known as “Satellogic V Inc.”), Ganymede Merger Sub 1 Inc., a BVI business company incorporated in the BVI as a company limited by shares and a direct wholly owned subsidiary of the Company, Ganymede Merger Sub 2 Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company, and Nettar. Nettar was, prior to the transaction, the holding company of the Satellogic group and was incorporated on October 7, 2014, under the laws of the BVI as a company limited by shares. The registered office of Satellogic is located at Kingston Chambers BOX 173 C/O Maples Corporate Services BVI LTD Road Town, Tortola D8 VG1110. References to “Nettar” contained herein refer to Nettar Group Inc. prior to the mergers, and references to “the Company,” “we,” “our,” “us” or “Satellogic” refer to Satellogic Inc. prior to the mergers and to the combined company following the mergers. Through our subsidiaries, we invest in the software, hardware, and optics of the aerospace industry focusing on satellite and image analytics technologies. Our strategy is to build a planetary scale analytics platform based on a proprietary satellite constellation with the capability to generate insights from images and information, with focus on multi-temporal analysis and high frequency of revisits. We also intend to leverage our ability to quickly build and launch high quality, sub-meter satellites at a low cost by selling satellites to certain key customers. Basis of Presentation The accompanying consolidated financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 (“the Consolidated Financial Statements”) have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The Company conducts business through one operating segment. The accompanying Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries. All intercompany accounts and transactions, including the intercompany portion of transactions with equity method investees, have been eliminated in consolidation. The Consolidated Financial Statements are presented in United States dollars (hereinafter “U.S. dollars” or “$”). Certain prior year amounts have been reclassified to conform to the current year presentation. Emerging Growth Company We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (“the Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised that has different application dates for public or private companies, we can adopt the new or revised standard at the time required for private companies to adopt such standard. The foregoing may make comparison of our financial statements with those of another public company difficult or impossible if such other public company is (i) not an emerging growth company or (ii) is an emerging growth company that has opted out of using the extended transition period, due to the potential differences in accounting standards used. Going Concern and Liquidity We have evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern over the next twelve months through March 2025. Since inception, we have incurred significant operating losses and have an accumulated deficit of $283.8 million, with net cash used in operating activities of $49.6 million for the twelve months ended December 31, 2023. As of December 31, 2023, our existing sources of liquidity included cash and cash equivalents of $23.5 million. We believe that this current level of cash and cash equivalents is not sufficient to fund operations and capital expenditures to reach larger scale revenue generation from our product offerings. In order for us to proceed and reach larger scale revenue generation, we will need to raise additional funds through the issuance of additional equity, debt or both. Until such time that we can generate revenue sufficient to achieve profitability, we expect to finance our operations through equity or debt financings, which may not be available to us on the timing needed or on terms that we deem to be favorable. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders may be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of common stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making acquisitions or capital expenditures or declaring dividends. If we are unable to obtain sufficient financial resources, our business, financial condition and results of operations will be materially and adversely affected. There can be no assurance that we will be able to obtain the needed financing on acceptable terms or at all. In an effort to alleviate these conditions, we continue to seek and evaluate opportunities to raise additional capital through the issuance of equity or debt securities. On April 12, 2024, the Company, Borrower, and Holder Representative entered into the Note Purchase Agreement with the Purchaser, pursuant to which the Borrower agreed to issue the Secured Convertible Notes in the aggregate principal amount of $30 million to the Purchaser. The net proceeds from the issuance of the Secured Convertible Notes, after deducting transaction fees and other debt issuance costs, was approximately $27.6 million. The Secured Convertible Notes initially bear interest at a rate of SOFR plus 6.50% per annum, subject to an additional 4.0% per annum if certain events of default occur and are continuing. The Secured Convertible Notes are guaranteed by the Company and each of the Company’s material subsidiaries (other than the Borrower), and are secured by substantially all of the Company’s and its subsidiaries’ assets (including all of its intellectual property). The Borrower may issue additional Secured Convertible Notes under the terms thereof, provided the aggregate principal outstanding amount does not exceed $50 million. The Secured Convertible Notes mature on April 12, 2028. Although we have been able to secure debt financing of approximately $27.6 million during the second quarter of 2024, we do not believe this incremental funding will be sufficient to fund our operations for the next twelve months through April 2025. As a result of these uncertainties, and notwithstanding our plans and efforts to date, there is substantial doubt about our ability to continue as a going concern for one year from the date of when these audited consolidated financial statements are issued. If we are unable to raise additional capital as and when needed, or upon acceptable terms, such failure would have a significant negative impact on our financial condition. As such, these conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying audited consolidated financial statements have been prepared assuming we will continue as a going concern. The going concern basis of presentation assumes that we will continue in operation one year after the date these audited consolidated financial statements are issued, and we will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. If we cannot continue as a going concern, adjustments to the carrying values and classification of our assets and liabilities and the reported amounts of income and expenses could be required and could be material. We are continuing to take actions to secure sufficient financing (as described above) and thus believe that the application of the going concern assumption for the preparation of the consolidated financial statements is appropriate.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 23,476	$ 76,528
Restricted cash	0	126
Accounts receivable, net of allowance of $126 and $3,237, respectively	901	1,388
Prepaid expenses and other current assets	2,173	3,198
Total current assets	26,550	81,240
Property and equipment, net	41,130	47,981
Operating lease right-of-use assets	3,195	8,171
Other non-current assets	5,507	6,463
Total assets	76,382	143,855
Current liabilities
Accounts payable	7,935	9,850
Warrant liabilities	2,795	8,335
Earnout liabilities	419	1,353
Operating lease liabilities	2,143	2,176
Contract liabilities	3,728	1,941
Accrued expenses and other liabilities	4,372	6,417
Total current liabilities	21,392	30,072
Operating lease liabilities	1,789	6,063
Contract liabilities	1,000	1,000
Other non-current liabilities	526	522
Total liabilities	24,707	37,657
Commitments and contingencies (Note 20)
Stockholders' equity
Preferred stock, $0.0001 par value	0	0
Ordinary Shares, $0.0001 par value, unlimited shares authorized, 77,289,166 Class A ordinary shares issued and 76,721,343 shares outstanding; and 13,582,642 convertible Class B ordinary shares issued and outstanding as of December 31, 2023 and 76,180,618 Class A ordinary shares issued and 75,612,795 shares outstanding and 13,582,642 convertible Class B ordinary shares issued and outstanding as of December 31, 2022	0	0
Treasury stock, at cost, 567,823 shares as of December 31, 2023 and 567,823 shares as of December 31, 2022	(8,603)	(8,603)
Additional paid-in capital	344,144	337,928
Accumulated other comprehensive loss	(33)	(312)
Retained earnings (accumulated deficit)	(283,833)	(222,815)
Total stockholders’ equity	51,675	106,198
Total liabilities and stockholders' equity	$ 76,382	$ 143,855

Reverse Recapitalization (Tables)

12 Months Ended

Dec. 31, 2023

Reverse Recapitalization [Abstract]

Schedule of Reverse Recapitalization


Company stockholders			Shares
Class A stockholders immediately prior to merger			17,215,336
Series A preferred stockholders			7,968,316
Series B preferred stockholders			4,597,928
Series B-1 preferred stockholders			2,171,399
2018 convertible noteholders			5,581,416
2019 convertible noteholders			7,846,333
2020 convertible noteholders			4,553,205
Redeemable Series X preferred stockholders			2,140,340
Liberty Investor			20,000,000
PIPE investors			5,816,770
Shares issued for Cantor loan repayment			788,021
Shares issued to Sponsor under Forward Purchase Securities Agreement			1,250,000
Issuance of shares for transaction fees			2,058,229
CF V shares			6,837,354
			88,824,647

Debt	12 Months Ended
Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt There was no debt as of December 31, 2023 and December 31, 2022. Convertible Notes In April 2021, we and our 2018 and 2019 convertible note holders agreed to extend the maturity date of the 2018 and 2019 convertible notes from April and September 2021, respectively, to April 2022, and recognized a loss on extinguishment of debt of $37.2 million on the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2021. On January 25, 2022, the convertible notes were converted into 17,980,954 Class A ordinary shares. See Note 4 (Reverse Recapitalization). Cantor Loan Pursuant to the Promissory Note Waiver Letter, the Company repaid the Cantor Loan, including all principal and interest, by the issuance of 788,021 Class A ordinary shares. Such repayment occurred on the Closing Date. The Promissory Note Waiver Letter included a provision where in the event the VWAP is less than $10.00 per Class A ordinary share, CF&Co. will be entitled to receive a certain number of additional Class A ordinary shares (the “Cantor Loan Additional Shares”), up to a maximum of 197,005 Cantor Loan Additional Shares (if the Adjustment Period VWAP, as defined in the Promissory Note Waiver Letter, is less than or equal to $8.00 per share). We extinguished the remaining Cantor Loan liability through the issuance of 26,050 Cantor Loan Additional Shares on May 9, 2022 pursuant to the terms of the Promissory Note Waiver Letter. Columbia Loan On March 8, 2021, we signed an Exchange Agreement in conjunction with a Loan and Security Agreement and warrant with Columbia, a holder of Series A, Series B and Series B-1 preferred shares and convertible notes. The Exchange Agreement requires Columbia to sell back to us all its outstanding shares and Notes debt, in exchange for a loan and security interest in the principal amount of $40.1 million (the “Columbia Loan”), which represented the outstanding balance of the notes including unpaid accrued interest, in exchange for the Columbia Warrant. In connection with the Merger and as provided in the Exchange Agreement, we reacquired treasury stock having a fair value of $170.9 million, the Columbia Loan was settled and the fair value of the Columbia Warrant of $124.8 million was reclassified to additional paid-in capital.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements and Financial Instruments - Fair Value Measurement Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 22, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 2,795	$ 8,335
$8.63 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	681	1,833
PIPE Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	97	311	$ 1,300
Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	681	1,833
Sponsor Earnout liability	0	0
Quoted prices in active markets (Level 1) \| $8.63 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	681	1,833
Quoted prices in active markets (Level 1) \| PIPE Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Quoted prices in active markets (Level 1) \| Liberty Warrants and Liberty Advisory Fee Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Sponsor Earnout liability	0	0
Significant observable inputs (Level 2) \| $8.63 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant observable inputs (Level 2) \| PIPE Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant observable inputs (Level 2) \| Liberty Warrants and Liberty Advisory Fee Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	2,114	6,502
Sponsor Earnout liability	419	1,353
Significant unobservable inputs (Level 3) \| $8.63 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant unobservable inputs (Level 3) \| PIPE Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	97	311
Significant unobservable inputs (Level 3) \| Liberty Warrants and Liberty Advisory Fee Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 2,017	$ 6,191

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share attributable to common stockholders is calculated as follows:


	Year Ended December 31,
	2023		2022		2021
Net loss attributable to common stockholders	$	(61,018)	$	(36,641)	$	(96,305)
Basic weighted-average common shares outstanding (1)	89,539,910		83,188,276		16,655,634
Basic loss per share for the period attributable to stockholders	$	(0.68)	$	(0.44)	$	(5.78)
Effect of dilutive securities:
Adjustment to numerator - Change in fair value of Columbia Warrant liability	$	—	$	(18,635)	$	—
Dilutive numerator	$	(61,018)	$	(55,276)	$	(96,305)
Columbia Warrant	—		609,873		—
Diluted weighted-average common shares outstanding	89,539,910		83,798,149		16,655,634
Diluted loss per share for the period attributable to stockholders	$	(0.68)	$	(0.66)	$	(5.78)

1 After applying the 3.3028 Exchange Ratio as described in Note 4 (Reverse Recapitalization).

Schedule of diluted shares outstanding because the effect would have been anti-dilutive

Additionally, the following securities were not included in the computation of diluted shares outstanding because the effect would have been anti-dilutive:


	Year Ended December 31,
	2023	2022	2021
Warrants	49,184,868	49,184,868	15,931,360
Sponsor earnout shares	1,775,962	1,775,962	—
Stock options	4,909,302	6,067,313	6,864,563
Restricted stock units	3,229,915	1,459,280	—
Redeemable convertible preferred stock	—	—	6,645,215
Total	59,100,047	58,487,423	29,441,138

Revenue from Contract with Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customers

Revenue from Contracts with Customers

During the year ended December 31, 2023, we recognized revenue of $10.1 million, of which $3.0 million was recognized over time and $7.1 million was recognized at a point in time. During the year ended December 31, 2022, we recognized revenue of $6.0 million, of which $1.6 million was recognized over time and $4.4 million was recognized at a point in time. During the year ended December 31, 2021, we recognized revenue of $4.2 million, of which $3.8 million was recognized over time and $0.4 million was recognized at a point in time.

In November 2021, the Company entered a 5-year noncancellable agreement with a technology company by which the customer receives $4.0 million in credits to purchase imagery each year. The Company recognizes revenue as images are delivered to the customer. The customer pays the Company in non-cash consideration in the form of a license to a proprietary software platform, which the Company uses in its internal operations. We recognized $2.8 million of revenue from this customer during the year ended December 31, 2023. We recognized $3.4 million of revenue from this customer during the year ended December 31, 2022.

Disaggregation of revenue

Information about our revenue by business line is as follows:


	Year Ended December 31,
	2023		2022		2021
Revenue by business line
Asset Monitoring	$	4,505	$	4,390	389
Constellation as a Service ("CaaS")	1,648		1,622		3,858
Space Systems	3,921		—		—
Total revenue	$	10,074	$	6,012	$	4,247

Information about our revenue by geography is as follows:


	Year Ended December 31,
	2023		2022		2021
Revenue by geography (1)
North America	$	3,475	$	3,647	$	204
Europe	2,113		1,629		4
Asia Pacific	4,422		619		4,000
South America	64		117		39
Total revenue	$	10,074	$	6,012	$	4,247

(1)Revenue by geography is based on the geographical location of the customer.

Contract Liabilities and Remaining Performance Obligations


	December 31,
	2023		2022
Non-current	$	1,000	$	1,000
Current	3,728		1,941
Total	$	4,728	$	2,941

During the year ended December 31, 2023, we recognized revenue of $1.8 million that was included as a Contract liability as of December 31, 2022. During the year ended December 31, 2022, we recognized revenue of $0.9 million that was included as a Contract liability as of December 31, 2021. During the year ended December 31, 2021, we recognized revenue of $0.5 million that was included as a Contract liability as of December 31, 2020. The increase in contract liabilities in the year ended December 31, 2023 was primarily due to an increase in unused credits to purchase imagery as part of the non-cash agreement described above. Total unused credits included in contract liabilities at December 31, 2023, and December 31, 2022 were $2.7 million and $1.6 million, respectively. Unused credits expire one year after issuance. There were no credits that expired in the years ended December 31, 2023 or 2022.

A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of December 31, 2023 related to non-cancellable contracts longer than 12 months in duration that is expected to be recognized over future periods.


	Within 1 Year		Years 1-2		Years 2-3		Thereafter
Remaining performance obligations	$	12,008	$	7,098	$	4,250	$	—

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Additional Financial Statement Information - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid expenses and other current assets
Prepaid expenses	$ 1,737	$ 1,767
Advances to suppliers	197	588
Other current assets	239	843
Total	$ 2,173	$ 3,198

Revenue from Contract with Customers - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Non-current	$ 1,000	$ 1,000
Current	3,728	1,941
Total	$ 4,728	$ 2,941

Earnout Liabilities

12 Months Ended

Dec. 31, 2023

Earnout Liability [Abstract]

Earnout Liabilities


	Sponsor Earnout
As of December 31, 2022	$	1,353

Change in fair value of financial instruments	(934)

As of December 31, 2023	$	419

Sponsor Earnout

Pursuant to that certain Sponsor Support Agreement, dated as of July 5, 2021, by and among us, the Sponsor and Nettar, the Sponsor has agreed that during the period between the Closing and the five-year anniversary of the Closing, the Sponsor shall not sell, transfer or otherwise dispose of Class A ordinary shares equal to 1,869,000 less 30% of Forfeiture Escrow Shares retired and canceled (“Sponsor Earnout”). The Sponsor Earnout is subject to potential forfeiture to us for no consideration until the occurrence of each tranche’s respective earnout triggering event. The earnout triggering events related to achieving a closing price at or above $12.50, $15.00 and $20.00 per share, respectively, for any 10 trading days over a 20 trading day period were not satisfied during the year ended December 31, 2023. As a result, the 1,775,962 Class A ordinary shares were not vested and are subject to transfer restrictions and contingent forfeiture provisions.

The estimated fair value of the Sponsor Earnout liability is based on a Monte Carlo simulation valuation model using a distribution of potential outcomes on a semi-annual basis over the earnout period, using the most reliable information available. Assumptions used in the valuation are as follows:


	December 31,		December 31,
	2023		2022
Expected term (in years)	3.07		4.07
Dividend yield (%)	—		—
Expected volatility	64	%	50	%
Risk-free interest rate	4.0	%	4.1	%
Expected number of shares	1,775,962		1,775,962

Forfeiture Earnout

In connection with the closing of the Merger (the “Closing”), we delivered 310,127 shares of our Class A ordinary shares to an escrow account (“Forfeiture Escrow Shares”). The Forfeiture Escrow Shares were held in escrow for a 30-day adjustment period subsequent to the Closing Date, subject to forfeiture, depending on the VWAP. If the VWAP during the adjustment period was $10.00 or more, all Forfeiture Escrow Shares would be released. For the five-year period following the adjustment period, if the closing price of the shares on the principal exchange or securities market on which such securities are listed or quoted is at or above $15.00 for 10 out of 20 trading days, which do not have to be consecutive, the stockholders will have the right to receive their respective portions of shares back.

The shares were forfeited because the VWAP was below $10.00. The Forfeiture Earnout was initially recognized as a liability with a fair value of $6.1 million. The liability was remeasured to a fair value of $1.0 million at the end of the adjustment period in 2022 and reclassified as an equity instrument.

Revenue from Contract with Customers - Revenue by Business Line (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 10,074	$ 6,012	$ 4,247
Asset Monitoring
Disaggregation of Revenue [Line Items]
Total revenue	4,505	4,390	389
Constellation as a Service ("CaaS")
Disaggregation of Revenue [Line Items]
Total revenue	1,648	1,622	3,858
Space Systems
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,921	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Beginning balance (in shares)	6,067,313
Granted (in shares)	0	0
Forfeited (in shares)	(392,749)
Exercised during the year (in shares)	(366,938)
Expired (in shares)	(398,324)
Ending balance (in shares)	4,909,302	6,067,313
Exercisable (in shares)	4,426,776
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 1.83
Granted (in usd per share)	0
Forfeited (in usd per share)	4.03
Exercised (in usd per share)	1.02
Expired (in usd per share)	2.13
Ending balance (in usd per share)	1.55	$ 1.83
Exercisable, weighted average exercise price (in usd per share)	$ 1.34
Weighted-Average Remaining Contractual Term (years)
Weighted average remaining contractual life of outstanding options (years)	5 years 6 months 29 days	6 years 10 months 2 days
Exercisable, weighted average remaining contractual life of outstanding options (years)	5 years 4 months 17 days
Intrinsic value, outstanding	$ 3,393	$ 10,818
Exercisable, intrinsic value	$ 3,243

Earnout Liabilities - Valuation Assumptions (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnout Liability [Abstract]
Expected term (in years)	3 years 25 days	4 years 25 days
Dividend yield (%)	0.00%	0.00%
Expected volatility	64.00%	50.00%
Risk-free interest rate	4.00%	4.10%
Expected number of shares (in shares)	1,775,962	1,775,962

Cover	12 Months Ended
Cover	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41247
Entity Registrant Name	Satellogic Inc.
Entity Incorporation, State or Country Code	D8
Entity Address, Address Line One	Ruta 8 Km 17,500, Edificio 300Oficina 324 Zonamérica
Entity Address, City or Town	Montevideo,
Entity Address, Postal Zip Code	91600,
Entity Address, Country	UY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001874315
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Amendment Flag	false
Document Financial Statement Error Correction [Flag]	false
Class A ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Class A Ordinary Shares
Trading Symbol	SATL
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	76,721,343
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	SATLW
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	49,184,868
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	13,582,642
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	210 Delburg Street
Entity Address, City or Town	Davidson
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28036
Contact Personnel Name	Rick Dunn
City Area Code	704
Local Phone Number	894-4482

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 (“the Consolidated Financial Statements”) have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The Company conducts business through one operating segment.
Consolidation	The accompanying Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries. All intercompany accounts and transactions, including the intercompany portion of transactions with equity method investees, have been eliminated in consolidation. The Consolidated Financial Statements are presented in United States dollars (hereinafter “U.S. dollars” or “$”).
Reclassification	Certain prior year amounts have been reclassified to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in these Consolidated Financial Statements include, but are not limited to, revenue recognition; determination of useful lives of property and equipment; valuation of warrant liabilities, earnout liabilities, stock options; and determination of income tax. We evaluate our estimates and assumptions on an ongoing basis. Actual results could differ from those estimates and such differences may be material to the Consolidated Financial Statements.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with Topic 606 Revenue from contracts with customers. Revenue is recognized when a customer obtains control of promised goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that we expect to receive in exchange for goods or services provided under such contracts. We apply the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance obligation. Our main revenue stream is from services. We recognize as revenues the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied, either over time or a point in time. Revenue is recognized upon delivery for asset monitoring contracts in which performance obligations are satisfied at a point in time upon image delivery. The Company has determined that it provides a series of distinct services in which the customer simultaneously receives and consumes data, so therefore the Company recognizes revenue ratably over the subscription period. For Space Systems contracts, revenue is typically recognized at a point in time, upon delivery of equipment. The nature of our contracts does not currently give rise to variable consideration related to returns or refunds as those are not offered. We evaluate contracts with a minimum purchase commitment to determine whether we expect to be entitled to a breakage amount. We consider the requirements on constraining estimates variable consideration. The following factors are evaluated when assessing the increased likelihood of a significant revenue reversal: (i) the amount of consideration is highly susceptible to factors outside our influence or control (e.g., volatility in a market, judgment of action of third parties, weather conditions), (ii) uncertainty about the amount of consideration is not expected to be resolved for a long period of time, (iii) our experience with similar types of contracts is limited, or that experience has limited predictive value, (iv) we have a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances, and (v) the contract has a large number and broad range of possible consideration amounts. We exclude amounts collected on behalf of third parties, such as sales taxes, when determining transaction price. Contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services. We generally do not enter into long-term financing arrangements or payment plans with customers. Although our business practice is not to enter into contracts with non-cash consideration, at times this may occur. In these instances, we determine the fair value of the non-cash consideration at contract inception and includes this value as part of the total arrangement consideration. In instances where we cannot reasonably estimate the fair value of the non-cash consideration, we will measure the consideration indirectly by reference to its stand-alone selling price of the goods promised to the customer in exchange for consideration.
Fair Value Measurement	Fair Value Measurement Certain assets and liabilities are carried at fair value in accordance with U.S. GAAP. Valuation techniques used to measure fair value requires us to utilize observable and unobservable inputs. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Financial instruments carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1: Quoted prices in active markets for identical assets or liabilities. •Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. •Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Assets and liabilities recognized at fair value on a recurring basis in the Consolidated Financial Statements are re-assessed at the end of each reporting period to determine whether any transfers have occurred between levels in the hierarchy. For fair value disclosures, classes of assets and liabilities are based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy.
Credit Risk Management	Credit risk management Credit risk is the risk that a counterparty fails to discharge an obligation to us. We are exposed to credit risk from financial assets including cash, cash equivalents and restricted cash held at banks, trade and other receivables. The credit risk is managed based on our credit risk management policies and procedures. Credit risk of any entity doing business with us is systematically analyzed, including aspects of a qualitative nature. The measurement and assessment of our total exposure to credit risk covers all financial instruments involving any counterparty risk. The credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits and are only with major reputable financial institutions. As our risk exposure is mainly influenced by the individual characteristics of each customer, we continuously analyze the creditworthiness of significant debtors. Accounts receivable are non-interest bearing and generally on terms of 30 to 90 days. As of December 31, 2023 two customers, accounted for 78% of accounts receivable, net of allowance. As of December 31, 2022, one customer accounted for 72% of our accounts receivable net of allowance. We had four customers that each accounted for more than 10% of our revenue totaling $8.4 million for the year ended December 31, 2023 and two customers that each accounted for more than 10% of our revenue totaling $4.8 million for the year ended December 31, 2022. We had one customer that accounted for more than 10% of our revenue totaling $3.9 million for the year ended December 31, 2021.
Impairments of Assets	Impairment of Assets We assess potential impairments to long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets or asset group. We performed an impairment test as of December 31, 2023, 2022 and 2021 due to our net loss for those years and concluded that the asset group is not impaired. Estimates of future cash flows are highly subjective judgments based on management’s experience and knowledge of the Company's operations. These estimates can be significantly impacted by many factors, including changes in global economic conditions, operating costs, obsolescence of technology and competition. If estimates or underlying assumptions change in the future, we may be required to record impairment charges. If the fair value of an asset group is less than its carrying amount, then the carrying amount of the asset group would be reduced to its fair value. That reduction is an impairment loss that would be recognized in the Consolidated Statements of Operations and Comprehensive Loss
Equity Method Investments	Equity Method Investments We account for equity investments in which we have significant influence, but not a controlling financial interest, using the equity method of accounting. Under the equity method of accounting, investments are initially recorded at cost, less impairment, and subsequently adjusted to recognize our share of earnings or losses as a component of Other income (expense), net in the Consolidated Statements of Operations and Comprehensive Loss. Our equity method investments are required to be reviewed for impairment when it is determined there may be an other-than-temporary loss in value. We have not recorded any impairment losses related to our equity method investments during the years ended December 31, 2023 and December 31, 2022. We did not hold any equity investments in 2021.
Stock-Based Compensation	Stock-Based Compensation We measure and recognize all stock-based compensation expense based on estimated fair values for all stock-based awards made to employees and non-employees. Compensation cost is recognized over the requisite service period for each separate tranche, as though each tranche of the award is, in substance, a separate award. The expense calculation includes estimated forfeiture rates, which have been developed based upon historical experience. The fair values for stock options are calculated using the Black-Scholes option pricing model using the following inputs: Expected term - The simplified method is used to calculate the expected term. Expected volatility - We determine the expected stock price volatility based on the historical volatilities of guideline companies from comparable industries. Expected dividend yield - We do not use a dividend rate due to the fact that we have never declared or paid cash dividends on the Company’s Ordinary Shares and we do not anticipate doing so in the foreseeable future. Risk-free interest rate - We base our interest rate on a treasury instrument for which the term is commensurate with the maximum expected life of the stock options.
Foreign Currencies	Foreign Currencies The financial position and results of operations of certain of our foreign subsidiaries are measured using the local currency as the functional currency. Revenues and expenses of these subsidiaries have been translated into U.S. dollars at average exchange rates prevailing during the period. Assets and liabilities of these subsidiaries have been translated at the exchange rates as of the balance sheet date. Translation gains and losses are recorded in accumulated other comprehensive loss. Aggregate foreign currency gains and losses, such as those resulting from the settlement of receivables or payables, foreign currency contracts and short-term intercompany advances in a currency other than the relevant subsidiary’s functional currency, are recorded currently in the Consolidated Statements of Operations and Comprehensive Loss (included in other income, net) and resulted in gains of $5.3 million, $1.6 million, and $1.0 million during the years ended December 31, 2023, 2022, and 2021, respectively.
Leases	Leases We determine if a contract is a lease or contains a lease at inception. On the lease commencement date, we recognize a right-of-use (“ROU”) asset and lease liability related to operating type leases. The cost of ROU assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Operating lease liabilities are recorded based on the present value of the future lease fixed payments. In determining the present value of future lease payments, we use our incremental borrowing rate applicable to the economic environment and the duration of the lease based on the information available at the commencement date as the majority of leases do not provide an implicit rate. For real estate and equipment contracts, we generally account for the lease and non-lease components as a single lease component. In assessing the lease term, we include options to renew only when we are reasonably certain that such option(s) will be exercised; a determination which is at our sole discretion. Variable lease payments are recognized as expenses in the period incurred. For leases with an initial term of 12 months or less, we have elected to not record an ROU asset and lease liability. We record lease expense on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, beginning on the commencement date. We remeasure and reallocate the consideration in a lease when there is a modification of the lease that is not accounted for as a separate contract. The lease liability is remeasured when there is a change in the lease term or in the assessment of whether we will exercise a lease option. We assess ROU assets for impairment in accordance with our long-lived asset impairment policy. We account for lease agreements with contractually required lease and non-lease components on a combined basis. Lease payments made for cancellable leases, variable amounts that are not based on an observable index and lease agreements with an original duration of less than 12 months are recorded directly to lease expense. For the periods presented, we do not have any financing type leases.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are stated at the amount owed by the customer, net of allowances for estimated credit losses, discounts, returns and rebates. We measure the allowance for credit losses based on the estimated loss. In calculating an allowance for credit losses, we use our historical experience, external indicators, forward-looking information and an aging method. Generally, we assess collectability of trade accounts receivable on a collective basis as they possess shared credit risk characteristics which have been grouped based on the days past due. For certain customers that have a large percentage of our total accounts receivable, we analyze them on a specific basis to determine expected collectability. Accounts are written off against the allowance account when they are determined to be no longer collectible.
Cash, Cash Equivalents	Cash and cash equivalents include deposits in banks and short-term (original maturities of three months or less at the time of purchase), highly liquid investments that are readily convertible to known amounts of cash with a maturity of three months or less at the time of purchase.
Restricted Cash	Restricted cash, including amounts in Other non-current assets, represents amounts pledged as guarantees for sales and lease agreements as contractually required.
Research and Development	Research and Development Research and development (R&D) costs are expensed in the period in which they are incurred. R&D costs include materials and equipment that have no alternative future use, depreciation on equipment and facilities currently used for R&D purposes, personnel costs, contract services and reasonable allocations of indirect costs, if clearly related to an R&D activity. Expenditures in the pre-production phase of an R&D project are recorded as R&D expense.
Tax Collected from Customers	Tax Collected from Customers Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, which are collected by the Company from customers, are excluded from revenue.
Accounting Standards Recently Adopted and Accounting Standards Not Yet Adopted	Accounting Standards Recently Adopted In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses to estimate credit losses on certain types of financial instruments, including trade receivables, resulting in an earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of being incurred. We adopted this guidance as of January 1, 2023. The impact of adopting this new guidance was not material to the consolidated financial statements. Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in the ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The ASU applies to all public entities that are required to report segment information in accordance with ASC 280, and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the future impact of the issuance of this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which include improvements to income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to better align disclosures with Regulation S-X and to remove disclosures no longer considered cost beneficial or relevant. This ASU is effective for public entities for annual periods beginning after December 15, 2024, with earlier or retrospective application permitted. The amendments in this ASU should be applied prospectively for annual financial statements not yet issued or made available for issuance. The Company is evaluating the future impact of the issuance of this ASU on its consolidated financial statements.

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consists of the following:


	Estimated Useful Life (in years)	December 31,
		2023		2022
Satellites in orbit	3	$	68,184	$	54,370
Satellites under construction	Not applicable	17,506		22,194
Leasehold improvements	5-10	7,624		6,433
Other property and equipment	3-10	4,241		4,146
Total property and equipment		97,555		87,143
Less: Accumulated depreciation		(56,425)		(39,162)
Property and equipment, net		$	41,130	$	47,981

Provisions for depreciation are based on estimated useful lives of the assets using the straight-line method.

Information related to our property and equipment and operating lease ROU assets by geography is as follows:


	December 31,
	2023		2022
Uruguay	$	36,428	$	43,134
Argentina	807		1,346
Spain	861		729
Netherlands	5,896		9,471
Other countries	333		1,472
Total (1)	$	44,325	$	56,152

(1)The presentation in the table above is based on the geographic location of the entity that holds the assets.

Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities at Fair Value

The following tables provide the fair value measurement hierarchy of our assets and liabilities:


As of December 31, 2023	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
$8.63 Warrants liability	$	681	$	—	$	—
PIPE Warrant liability	—		—		97
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		2,017
Total Warrant Liabilities	$	681	$	—	$	2,114
Sponsor Earnout liability	$	—	$	—	$	419


As of December 31, 2022	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
$8.63 Warrants liability	$	1,833	$	—	$	—
PIPE Warrant liability	—		—		311
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		6,191
Total Warrant Liabilities	$	1,833	$	—	$	6,502
Sponsor Earnout Liability	$	—	$	—	$	1,353

Summary of Changes in the Fair Value of Level 3 Liabilities

Changes in the fair value of Level 3 liabilities during the years ended December 31, 2023 and 2022 were as follows:


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		Columbia Warrant		Sponsor Earnout		Forfeiture Earnout		Cantor Loan
At January 1, 2022	$	—	$	—	$	143,237	$	—	$	—	$	7,522
Issues	30,853		1,312		—		8,022		6,135		—
Remeasurement (gain)/loss(1)	(24,662)		(1,001)		(18,635)		(6,669)		(5,130)		488
Write-off of deferred costs	—		—		203		—		—		—
Settlements (2)	—		—		(124,805)		—		(1,005)		(8,010)
At December 31, 2022	6,191		311		—		1,353		—		—

Remeasurement (gain)/loss(1)	(4,174)		(214)		—		(934)		—		—


At December 31, 2023	$	2,017	$	97	$	—	$	419	$	—	$	—

(1)Recognized in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2023 and 2022, respectively.

(2)These liabilities were settled in connection with the Merger. See Note 4 (Recapitalization Transaction).

Income Tax - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Stock-based compensation	$ 4,218	$ 3,023
Expense for estimated credit losses on accounts receivable	1,095	415
Deferred financing costs	753	806
Other	48	193
Net operating loss carryforwards	3,431	1,365
Total deferred income tax assets	9,545	5,802
Valuation allowance	(9,545)	(5,802)
Total deferred income tax assets (liabilities), net	$ 0	$ 0

Warrant Liabilities - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Jan. 25, 2022	Jan. 24, 2022	Jan. 22, 2022	Jan. 18, 2022
Derivative [Line Items]
Warrant liability	$ 8,335	$ 2,795
Liberty Warrants and Liberty Advisory Fee Warrant
Derivative [Line Items]
Warrant liability	6,191	2,017				$ 30,900
PIPE Warrant
Derivative [Line Items]
Warrant liability	311	97			$ 1,300
$8.63 Warrants
Derivative [Line Items]
Warrant liability	1,833	$ 681
Warrant price (in dollars per share)		$ 8.63	$ 8.63	$ 11.50
Warrant liability, new issuance	$ 4,900
Warrant redemption (in dollars per share)			$ 13.50	$ 18.00
$8.63 Warrants \| CF V shares
Derivative [Line Items]
Class of warrant or right, exercisable period after closing date			30 days
Warrants and rights outstanding, term			5 years
Issuance of common stock upon exercise of common stock warrants (in shares)	613,111
Intrinsic value	$ 300
SPAC Public Warrants \| CF V shares
Derivative [Line Items]
Class of warrant or right, outstanding (in shares)			8,333,333
SPAC Private Placement Warrants \| CF V shares
Derivative [Line Items]
Class of warrant or right, outstanding (in shares)			200,000
Shares issued to Sponsor under Forward Purchase Securities Agreement \| CF V shares
Derivative [Line Items]
Warrants, unissued (in shares)			333,333

Accounting Standards Updates (“ASU”)	12 Months Ended
Accounting Standards Updates (“ASU”)	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standards Updates (“ASU”)	Accounting Standards Updates (“ASU”) Accounting Standards Recently Adopted In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses to estimate credit losses on certain types of financial instruments, including trade receivables, resulting in an earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of being incurred. We adopted this guidance as of January 1, 2023. The impact of adopting this new guidance was not material to the consolidated financial statements. Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments in the ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The ASU applies to all public entities that are required to report segment information in accordance with ASC 280, and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the future impact of the issuance of this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which include improvements to income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to better align disclosures with Regulation S-X and to remove disclosures no longer considered cost beneficial or relevant. This ASU is effective for public entities for annual periods beginning after December 15, 2024, with earlier or retrospective application permitted. The amendments in this ASU should be applied prospectively for annual financial statements not yet issued or made available for issuance. The Company is evaluating the future impact of the issuance of this ASU on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share - Narrative (Details)	12 Months Ended
Net Loss Per Share - Narrative (Details)	Dec. 31, 2023
Earnings Per Share [Abstract]
Exchange ratio	3.3028

Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 1,249
2025	1,051
2026	877
2027	645
2028	352
thereafter	0
Total remaining lease payments	4,174
Less imputed interest	(242)
Present value of lease liability	3,932
Total current	2,143	$ 2,176
Total non-current	$ 1,789	$ 6,063

Stock-based Compensation - Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield (%)	0.00%	0.00%
Expected volatility	64.00%	50.00%
Risk-free interest rate	4.00%	4.10%
Share-Based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair values at the measurement date (grant date) (in usd per share)			$ 23.36
Dividend yield (%)			0.00%
Expected volatility (%), minimum			61.00%
Expected volatility (%), maximum			72.00%
Risk-free interest rate (%), minimum			0.50%
Risk-free interest rate (%), maximum			1.40%
Share-Based Payment Arrangement, Option \| Weighted Average
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average share price (USD per share)			$ 6.79

Stock-based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Our employees, including senior executives, receive incentives in the form of stock options and RSUs, whereby employees render services as consideration for equity instruments (equity-settled transactions).

On the Closing Date, we established the 2021 Incentive Compensation Plan (the “2021 Plan”) under which RSUs were issued during the years ended December 31, 2023 and December 31, 2022. The 2021 Plan provides for the grant options, stock appreciation rights, restricted stock awards, RSUs, shares granted as a bonus or in lieu of another award, dividend equivalents, or other stock-based awards or performance awards at the discretion of a board-elected committee. We also maintain our 2015 Share Plan as amended (the “2015 Plan”) under which stock-based option awards were issued or modified. The options were typically granted with a four-year vesting term and a maximum contractual term of 10 years.

As of December 31, 2022, no further awards have or shall be granted under the 2015 Share Plan. There were no options granted during the years ended December 31, 2023 and December 31, 2022.

A summary of stock option activity for the year ended December 31, 2023 is as follows:


	Number of Options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (years)	Intrinsic Value (in thousands)
Balance as of December 31, 2022	6,067,313	$1.83	6.84	$	10,818
Granted	—	—
Forfeited	(392,749)	4.03
Exercised	(366,938)	1.02
Expired	(398,324)	2.13
Outstanding at December 31, 2023	4,909,302	$1.55	5.58	$	3,393
Exercisable at December 31, 2023	4,426,776	$1.34	5.38	$	3,243

The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $95 thousand, $75 thousand and $23.9 million, respectively. The number of options exercised in the years ended December 31, 2023, 2022 and 2021 is net of 42,898 options, 17,376 options and zero options, respectively that were forfeited for payment of withholding taxes.

The following table lists the inputs used under the Black-Scholes model for stock-option awards during the year ended December 31, 2021. No options were granted in 2023 or 2022.


	Year Ended December 31,
		2021
Weighted-average fair value of options at the measurement date (grant date)		$	23.36
Dividend yield (%)		—
Expected volatility (%)		61- 72
Risk-free interest rate (%)		0.5 - 1.4
Weighted average share price		$	6.79

As further detailed in Note 4 (Reverse Recapitalization), all options to purchase the predecessor common stock were assumed by Satellogic Inc., the new listed company, and became options to purchase Class A ordinary shares of Satellogic Inc., as determined in accordance with the Merger Agreement. There were no other material cancellations or modifications to the granted awards for the years ended December 31, 2023, 2022, and 2021.

A summary of RSU activity for the year ended December 31, 2023 is as follows:


	Number of RSUs	Weighted Average Grant-Date Value		Intrinsic Value (in thousands)
Outstanding unvested RSUs at December 31, 2022	1,459,280	$	4.38	$	4,451
Granted during the year	3,365,332	1.87
Forfeited during the year	(731,703)	3.51
Vested during the year (1)	(862,994)	3.31
Outstanding unvested RSUs at December 31, 2023	3,229,915	$	2.25	$	5,652

(1) The issuance of Class A ordinary shares was deferred, as elected by the grantees, for 121,384 RSUs that vested during the year ended December 31, 2023.

The weighted-average grant date value of RSUs at December 31, 2023 and December 31, 2022 was $2.25 and $4.38, respectively. The number of shares vested is net of 253,101 RSUs forfeited for payment of withholding taxes in 2023.

As of December 31, 2023, unrecognized stock-based compensation cost related to outstanding options and RSUs that are expected to vest was $0.6 million and $4.1 million, respectively, which is expected to be recognized over a weighted-average period of 0.63 years and 1.16 years, respectively.

Stock-based Compensation Expense

Total employee and non-employee stock-based compensation expense was classified in the Consolidated Statements of Operations and Comprehensive Loss as follows:


	Year Ended December 31,
	2023		2022		2021
General and administrative expenses	$	3,831	$	2,406	$	5,274
Research and development	1,446		3,631		1,968
Other operating expenses	1,022		2,331		3,639
Total	$	6,299	$	8,368	$	10,881

Related Parties - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
	Apr. 12, 2024	Mar. 31, 2024	Dec. 31, 2023
CF&Co , \| Class A ordinary shares
Schedule of Equity Method Investments [Line Items]
Subsidiary, ownership percentage, noncontrolling owner			5.00%
Related Party
Schedule of Equity Method Investments [Line Items]
Purchases from related party			$ 1.8
Payable to related party			$ 0.3
Related Party \| Convertible Debt \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Fee paid	$ 0.9	$ 0.9

Stockholder's Equity - Schedule of Preferred Stock (Details)	Dec. 31, 2021 shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	8,740,398
Preference shares issued (in shares)	4,611,985
Preference shares outstanding (in shares)	4,611,985
Series A preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	4,723,330
Preference shares issued (in shares)	2,547,330
Preference shares outstanding (in shares)	2,547,330
Series B preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	3,117,915
Preference shares issued (in shares)	1,392,131
Preference shares outstanding (in shares)	1,392,131
Series B-1 preferred stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	899,153
Preference shares issued (in shares)	672,524
Preference shares outstanding (in shares)	672,524

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	4 years 6 months	5 years 8 months 12 days
Operating lease, weighted average discount rate, percent	4.90%	4.60%
Right of use assets obtained during period	$ 3.1	$ 7.2
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	10 years

Subsequent Events (Details) - Convertible Debt - Subsequent Event $ / shares in Units, $ in Thousands	Apr. 12, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($)
Subsequent Event [Line Items]
Aggregate principle amount	$ 30,000
Proceeds from issuance of secured notes	$ 27,600
Debt instrument interest rate in event of default	0.040
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 1.20
Debt instrument, covenant proceeds from sale of assets	$ 2,000
Debt instrument, pre-payment penalty percentage	0.05
Debt instrument, redemption price, percentage	105.00%
Related Party
Subsequent Event [Line Items]
Fee paid	$ 900	$ 900
Maximum
Subsequent Event [Line Items]
Debt instrument, face amount	$ 50,000
SOFR
Subsequent Event [Line Items]
Variable rate (as a percent)	6.50%

Stockholder's Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholder's Equity

Stockholders’ Equity

Reverse Recapitalization

The Consolidated Statements of Redeemable Preferred Stock and Stockholders’ Equity reflect the Merger and reverse recapitalization as of January 2022 as discussed in Note 4 (Reverse Recapitalization). Since Satellogic Inc. was determined to be the accounting acquirer in the reverse recapitalization, all periods prior to the consummation of the Merger reflect the balances and activity of Satellogic Inc. (other than shares which were retroactively restated in connection with the Merger).

Preferred Stock

Prior to the Merger, our authorized and issued preferred stock consisted of the following:


	Authorized Shares (prior to Merger)	Issued and Outstanding Shares (as of December 31, 2021)
Series A preferred stock	4,723,330	2,547,330
Series B preferred stock	3,117,915	1,392,131
Series B-1 preferred stock	899,153	672,524
Total preferred stock	8,740,398	4,611,985

In connection with the Merger, all shares of preferred stock were converted to shares of Class A ordinary shares.

Preferred Stockholder Transaction

In March 2021, we signed an Exchange Agreement (the “Exchange Agreement”) in conjunction with a Loan and Security Agreement and warrant with Columbia River Investment Limited, a holder of preferred stock and convertible notes (the “Investor”), requiring the Investor to sell back to us all its outstanding shares and Notes debt (as part of the sale of such notes to Nettar. For further discussion of the Notes, see Note 17 (Debt).

The Columbia Warrant was initially recognized as a liability. The fair value of the Columbia Warrant was reclassified to additional paid-in capital in connection with the Merger.

Ordinary Shares

Our registration statement was filed on May 2, 2022 and was declared effective on May 9, 2022.

We are authorized to issue unlimited Class A ordinary shares with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. As of December 31, 2023, there were 76,721,343 Class A ordinary shares issued and outstanding.

In addition, we are authorized to issue unlimited Class B ordinary shares with a par value of $0.0001 per share. Holders of Class B ordinary shares are entitled to 1.472467906 votes per share. Satellogic’s founder and Chief Executive Officer owns 13,582,642 Class B ordinary shares, representing 100% of the voting power of the Class B ordinary shares and 20.7% of the voting power of Satellogic’s Ordinary Shares.

Holders of Class B ordinary shares have a number of votes per share equal to the number of votes controlled by the Liberty Investor. Class B ordinary shares will automatically convert to Class A ordinary shares at the five-year anniversary of the Closing Date unless otherwise converted, generally at the holder’s option.

Treasury Stock

On February 14, 2022, our Board approved an initial $5 million share repurchase program. Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the timing of repurchases depending on market conditions.

We repurchased 516,123 Class A ordinary shares for $2.7 million during the year ended December 31, 2022.

Hannover Holdings Transaction

We repurchased 51,700 Class A ordinary shares, 134,735 shares of Series A preferred stock, and 15,082 shares of Series B-1 preferred stock from Hannover Holdings S.A. prior to the consummation of the Merger for an aggregate of $5,853 (the “Hannover Holdings Transaction”).

- Definition

The entire disclosure for equity.

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+ Details

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Earnings Per Share [Abstract]
Net loss attributable to common stockholders \| $	$ (61,018)	$ (36,641)	$ (96,305)
Basic weighted-average common shares outstanding (in shares) \| shares	89,539,910	83,188,276	16,655,634
Basic loss for the period attributable to stockholders (in dollars per share) \| $ / shares	$ (0.68)	$ (0.44)	$ (5.78)
Effect of dilutive securities:
Adjustment to numerator - Change in fair value of Columbia Warrant liability \| $	$ 0	$ (18,635)	$ 0
Dilutive numerator \| $	$ (61,018)	$ (55,276)	$ (96,305)
Columbia warrants (in shares) \| shares	0	609,873	0
Diluted weighted-average common shares outstanding (in shares) \| shares	89,539,910	83,798,149	16,655,634
Diluted loss for the period attributable to stockholders (in dollars per share) \| $ / shares	$ (0.68)	$ (0.66)	$ (5.78)
Exchange ratio	3.3028

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 10,074,000	$ 6,012,000	$ 4,247,000
Costs and expenses
Cost of sales, exclusive of depreciation shown separately below	5,056,000	3,284,000	1,876,000
General and administrative expenses	23,500,000	37,191,000	36,640,000
Research and development	10,656,000	13,055,000	9,636,000
Depreciation expense	17,256,000	14,326,000	10,728,000
Other operating expenses	23,009,000	29,023,000	14,002,000
Total costs and expenses	79,477,000	96,879,000	72,882,000
Operating loss	(69,403,000)	(90,867,000)	(68,635,000)
Other income (expense), net
Finance income (expense), net	1,722,000	(652,000)	(9,738,000)
Change in fair value of financial instruments	6,474,000	58,311,000	17,983,000
Loss on extinguishment of debt	0	0	(37,216,000)
Other income, net	9,271,000	1,140,000	1,069,000
Total other income (expense), net	17,467,000	58,799,000	(27,902,000)
Loss before income tax	(51,936,000)	(32,068,000)	(96,537,000)
Income tax (expense) benefit	(9,082,000)	(4,573,000)	232,000
Net loss available to stockholders	(61,018,000)	(36,641,000)	(96,305,000)
Other comprehensive loss
Foreign currency translation gain (loss), net of tax	279,000	(226,000)	(86,000)
Comprehensive loss	$ (60,739,000)	$ (36,867,000)	$ (96,391,000)
Basic and diluted earnings per share
Basic loss per share for the period attributable to stockholders (in dollars per share)	$ (0.68)	$ (0.44)	$ (5.78)
Basic weighted-average common shares outstanding (in shares)	89,539,910	83,188,276	16,655,634
Diluted loss per share for the period attributable to stockholders (in dollars per share)	$ (0.68)	$ (0.66)	$ (5.78)
Diluted weighted-average common shares outstanding (in shares)	89,539,910	83,798,149	16,655,634

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Term of award	10 years
Granted (in shares)	0	0
Exercised, intrinsic value	$ 95	$ 75	$ 23,900
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares)	42,898	17,376	0
Weighted average exercise price (in usd per share)	$ 1.55	$ 1.83
Share-Based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
Unrecognized stock-based compensation cost	$ 600
Unrecognized stock-based compensation cost, period for recognition	7 months 17 days
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares)	253,101
Unrecognized stock-based compensation cost	$ 4,100
Unrecognized stock-based compensation cost, period for recognition	1 year 1 month 28 days
Restricted stock units \| Class A ordinary shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares vested and deferred	121,384

Income Tax - Summary of Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Argentina
Tax Credit Carryforward [Line Items]
Gross Amount Carried Forward	$ 0
Net Amount Recognized as of December 31, 2023	2,362
Netherlands
Tax Credit Carryforward [Line Items]
Gross Amount Carried Forward	5,105
Net Amount Recognized as of December 31, 2023	0
China
Tax Credit Carryforward [Line Items]
Gross Amount Carried Forward	696
Net Amount Recognized as of December 31, 2023	0
United States
Tax Credit Carryforward [Line Items]
Gross Amount Carried Forward	5,572
Net Amount Recognized as of December 31, 2023	0
Uruguay
Tax Credit Carryforward [Line Items]
Gross Amount Carried Forward	3,080
Net Amount Recognized as of December 31, 2023	$ 0

Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 6,299	$ 8,368	$ 10,881
General and administrative expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	3,831	2,406	5,274
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	1,446	3,631	1,968
Other operating expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 1,022	$ 2,331	$ 3,639

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 35
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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Allowance for Credit Losses

The following table shows the activity in the allowance for credit losses for the years ended December 31, 2023 and 2022:


	December 31,
	2023		2022
Allowance for credit losses as of beginning of period	$	3,237	$	1,794
Provision	1,126		1,736
Write-offs	(4,237)		—
Foreign exchange and other	—		(293)
Allowance for credit losses as of end of period	$	126	$	3,237

Schedule of Cash and Cash Equivalents


	December 31,
	2023		2022
Cash and cash equivalents	$	23,476	$	76,528
Restricted cash	—		126
Restricted cash included in Other non-current assets	1,127		1,138
Total cash, cash equivalents and restricted cash	$	24,603	$	77,792

Schedule of Restrictions on Cash and Cash Equivalents


	December 31,
	2023		2022
Cash and cash equivalents	$	23,476	$	76,528
Restricted cash	—		126
Restricted cash included in Other non-current assets	1,127		1,138
Total cash, cash equivalents and restricted cash	$	24,603	$	77,792

Schedule of Cash Flow, Supplemental Disclosures

Cash Flow Information


	Year Ended December 31,
	2023		2022		2021
Cash paid during the period for:
Income tax, net of refunds	$	1,673	$	758	$	96
Interest	$	28	$	3,520	$	49,283

Stockholder's Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Authorized and Issued Preferred Stock

Prior to the Merger, our authorized and issued preferred stock consisted of the following:


	Authorized Shares (prior to Merger)	Issued and Outstanding Shares (as of December 31, 2021)
Series A preferred stock	4,723,330	2,547,330
Series B preferred stock	3,117,915	1,392,131
Series B-1 preferred stock	899,153	672,524
Total preferred stock	8,740,398	4,611,985

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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+ Details

Redeemable Preferred Stock	12 Months Ended
Redeemable Preferred Stock	Dec. 31, 2023
Temporary Equity Disclosure [Abstract]
Redeemable Preferred Stock	Redeemable Preferred Stock Reverse Recapitalization The redeemable Series X preferred stock, par value of $0.0001, carried an annual 7% cumulative dividend, payable upon a liquidation, dissolution, winding up or, upon the election of the stockholders, upon redemption. Due to the contractual provisions of the redeemable Series X preferred stock, the Series X preferred stock was accounted for as mezzanine equity. Upon Closing, we canceled and converted all 2,033,230 shares of issued and outstanding redeemable Series X preferred stock and preferred dividends totaling $21.4 million into 2,140,340 shares of Satellogic Class A ordinary shares, based on the conversion price of $10.00 per share, at the time the Merger became effective.

Stockholder's Equity - Narrative (Details)		12 Months Ended
Stockholder's Equity - Narrative (Details)	Apr. 06, 2022 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Feb. 14, 2022 USD ($)	Jan. 25, 2022 shares	Jan. 24, 2022 shares	Dec. 31, 2020 shares
Noncontrolling Interest [Line Items]
Par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Shares outstanding (in shares)						88,824,647	17,215,336
Stock repurchase program, authorized amount \| $					$ 5,000,000
Payments for repurchase of common stock \| $		$ 0	$ 8,603,000	$ 0
Ordinary Shares
Noncontrolling Interest [Line Items]
Shares outstanding (in shares)		90,303,985	89,195,437	17,382,854				16,280,360
Shares repurchased (in shares)			516,123
Class A ordinary shares
Noncontrolling Interest [Line Items]
Par value (in dollars per share) \| $ / shares		$ 0.0001
Vote for each share		1
Shares outstanding (in shares)		76,721,343	75,612,795
Common stock, shares, issued (in shares)		77,289,166	76,180,618
Payments for repurchase of common stock \| $			$ 2,700,000
Class A ordinary shares \| Hannover
Noncontrolling Interest [Line Items]
Repurchased shares \| $	$ 5,853
Shares repurchased (in shares)	51,700
Class B ordinary shares
Noncontrolling Interest [Line Items]
Par value (in dollars per share) \| $ / shares		$ 0.0001
Vote for each share		1.472467906
Shares outstanding (in shares)		13,582,642	13,582,642
Common stock, shares, issued (in shares)		13,582,642	13,582,642
Voting power		20.70%
Conversion period		5 years
Class B ordinary shares \| Chief Executive Officer
Noncontrolling Interest [Line Items]
Voting power		100.00%
Series A preferred stock \| Hannover
Noncontrolling Interest [Line Items]
Shares repurchased (in shares)	134,735
Series B-1 preferred stock \| Hannover
Noncontrolling Interest [Line Items]
Shares repurchased (in shares)	15,082

Reverse Recapitalization - Narrative (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Feb. 10, 2022 USD ($) anniversary	Jan. 25, 2022 USD ($) $ / shares shares	Jan. 18, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 23, 2021 USD ($)	Jul. 31, 2021 $ / shares	Dec. 31, 2020 shares
Schedule of Reverse Recapitalization [Line Items]
Proceeds from sale of Ordinary Shares \| $		$ 168,000		$ 0	$ 167,504	$ 0
Redeemable preferred shares outstanding (in shares)				0	0	2,033,230			0
Preferred stock dividends \| $				$ 0	$ 97	$ 974
Conversion of redeemable Series X preferred stock and accrued dividends in connection with the Reverse Recapitalization (in shares)					2,033,230
Exchange ratio				3.3028
CFAC Holdings V, LLC
Schedule of Reverse Recapitalization [Line Items]
Proceeds from issuance or sale of equity \| $		$ 10,000
Cantor Fitzgerald Securities \| Cantor Loan \| Cantor Loan
Schedule of Reverse Recapitalization [Line Items]
Long term debt \| $							$ 7,500
CF V shares
Schedule of Reverse Recapitalization [Line Items]
Proceeds from issuance or sale of equity \| $			$ 150,000
Ordinary Shares
Schedule of Reverse Recapitalization [Line Items]
Conversion of redeemable Series X preferred stock and accrued dividends in connection with the Reverse Recapitalization (in shares)					2,140,340
Ordinary Shares \| Cantor Loan
Schedule of Reverse Recapitalization [Line Items]
Stock issued during period, conversion of convertible securities (in shares)					788,021
PIPE Warrant \| Ordinary Shares
Schedule of Reverse Recapitalization [Line Items]
Stock issued during period, conversion of convertible securities (in shares)					6,108,332
Shares issued to Sponsor under Forward Purchase Securities Agreement \| Ordinary Shares
Schedule of Reverse Recapitalization [Line Items]
Stock issued during period, conversion of convertible securities (in shares)		1,250,000
Liberty Subscription Agreement - $10 \| CF V shares
Schedule of Reverse Recapitalization [Line Items]
Warrant price (in dollars per share) \| $ / shares			$ 10.00
Liberty Subscription Agreement - $15 \| CF V shares
Schedule of Reverse Recapitalization [Line Items]
Warrant price (in dollars per share) \| $ / shares			$ 15.00
Liberty Warrants \| Liberty Manager
Schedule of Reverse Recapitalization [Line Items]
Warrant price (in dollars per share) \| $ / shares								$ 10.00
Class of warrant or right, advisory fee \| $	$ 1,250			$ 7,500
Class of warrant or right, anniversary period	18 months
Amount owed to investor \| $				$ 2,500
Number of successive anniversaries that advisory fee will be paid \| anniversary	5
Class A ordinary shares
Schedule of Reverse Recapitalization [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		5,816,770
Conversion of redeemable Series X preferred stock and accrued dividends in connection with the Reverse Recapitalization (in shares)					2,140,340
Class A ordinary shares \| Cantor Loan
Schedule of Reverse Recapitalization [Line Items]
Stock issued during period, conversion of convertible securities (in shares)		788,021	788,021
Class A ordinary shares \| CF V shares \| Private Placement
Schedule of Reverse Recapitalization [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			20,000,000
Class A ordinary shares \| CF V shares \| Transaction Fee Payment
Schedule of Reverse Recapitalization [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			2,058,229
Sale of stock, consideration received on transaction \| $			$ 5,000
Class A ordinary shares \| PIPE Warrant
Schedule of Reverse Recapitalization [Line Items]
Number of securities called by warrants or rights (in shares)		2,500,000
Warrant price (in dollars per share) \| $ / shares		$ 20.00
Proceeds from issuance or sale of equity \| $		$ 58,200
Class A ordinary shares \| Shares issued to Sponsor under Forward Purchase Securities Agreement \| CFAC Holdings V, LLC
Schedule of Reverse Recapitalization [Line Items]
Number of securities called by warrants or rights (in shares)		333,333
Class A ordinary shares \| Shares issued to Sponsor under Forward Purchase Securities Agreement \| Ordinary Shares
Schedule of Reverse Recapitalization [Line Items]
Warrant price (in dollars per share) \| $ / shares		$ 11.50
Class A ordinary shares \| Liberty Subscription Agreement - $10 \| CF V shares
Schedule of Reverse Recapitalization [Line Items]
Number of securities called by warrants or rights (in shares)			5,000,000
Class A ordinary shares \| Liberty Subscription Agreement - $15 \| CF V shares
Schedule of Reverse Recapitalization [Line Items]
Number of securities called by warrants or rights (in shares)			15,000,000
Class A ordinary shares \| Liberty Warrants \| Liberty Manager
Schedule of Reverse Recapitalization [Line Items]
Number of securities called by warrants or rights (in shares)			2,500,000
Redeemable Series X preferred stockholders
Schedule of Reverse Recapitalization [Line Items]
Preferred stock dividends \| $		$ 21,400

Additional Financial Statement Information

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Statement Information

Prepaid Expenses and Other Current Assets


	December 31,
	2023		2022
Prepaid expenses and other current assets
Prepaid expenses	$	1,737	$	1,767
Advances to suppliers	197		588
Other current assets	239		843
Total	$	2,173	$	3,198

Accrued Expenses and Other Liabilities


	December 31,
	2023		2022
Accrued expenses and other liabilities

Payroll and benefits payable	1,490		3,289
Other taxes payable	2,882		3,128
Other	526		522
Total	$	4,898	$	6,939

Total current	$	4,372	$	6,417
Total non-current	$	526	$	522

Finance Income (Expense), Net


	Year Ended December 31,
	2023		2022		2021
Finance income (expense), net
Interest expense	$	(51)	$	(1,596)	$	(8,729)
Redeemable Series X preferred stock dividends	—		(97)		(974)
Other finance costs	(128)		(123)		(71)
Interest income	1,901		1,164		36
Total	$	1,722	$	(652)	$	(9,738)

Property and Equipment - Geographic Location (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets by geography
Total	$ 44,325	$ 56,152
Uruguay
Non-current assets by geography
Total	36,428	43,134
Argentina
Non-current assets by geography
Total	807	1,346
Spain
Non-current assets by geography
Total	861	729
Netherlands
Non-current assets by geography
Total	5,896	9,471
Other countries
Non-current assets by geography
Total	$ 333	$ 1,472

Property and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 97,555	$ 87,143
Less: Accumulated depreciation	(56,425)	(39,162)
Property and equipment, net	$ 41,130	47,981
Satellites in orbit
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Total property and equipment	$ 68,184	54,370
Satellites under construction
Property, Plant and Equipment [Line Items]
Total property and equipment	17,506	22,194
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 7,624	6,433
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	10 years
Other property and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,241	$ 4,146
Other property and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Other property and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	10 years

Additional Financial Statement Information - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued expenses and other liabilities
Payroll and benefits payable	$ 1,490	$ 3,289
Other taxes payable	2,882	3,128
Other	526	522
Total	4,898	6,939
Total current	4,372	6,417
Total non-current	$ 526	$ 522

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies We may be named from time to time as a party to lawsuits arising in the ordinary course of business related to its sales, marketing, and the provision of its services and equipment. Litigation and contingency accruals are based on our assessment, including advice of legal counsel, regarding the expected outcome of litigation or other dispute resolution proceedings. If we determine that an unfavorable outcome is probable and can be reasonably assessed, we establish the necessary accruals. As of December 31, 2023 and December 31, 2022, we are not aware of any contingent liabilities that should be reflected in the Consolidated Financial Statements.

Earnout Liabilities - Narrative (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Jan. 25, 2022 USD ($) day $ / shares shares	Jan. 18, 2022	Dec. 31, 2023 trading_day day $ / shares shares	Dec. 31, 2022 shares	Feb. 25, 2022 USD ($)
Earnout Liability [Line Items]
Expected number of shares (in shares) \| shares			1,775,962	1,775,962
Forfeiture Earnout
Earnout Liability [Line Items]
Earnout period		5 years
Earnout period, trigger price (in usd per share)	$ 10.00
Adjustment period	30 days
Earnout liability \| $	$ 6.1				$ 1.0
Forfeiture Earnout \| Trigger Price Two
Earnout Liability [Line Items]
Earnout period, trigger price (in usd per share)	$ 15.00
Contingent consideration, threshold trading days \| day	10
Contingent consideration, threshold non-consecutive trading days	20 days
Forfeiture Earnout \| Class A ordinary shares
Earnout Liability [Line Items]
Contingent consideration, shares in escrow (in shares) \| shares	310,127
CF V shares \| Sponsor Earnout
Earnout Liability [Line Items]
Contingent consideration, threshold trading days \| trading_day			10
Contingent consideration, threshold consecutive trading days \| day			20
CF V shares \| Sponsor Earnout \| Trigger Price One
Earnout Liability [Line Items]
Earnout period, trigger price (in usd per share)			$ 12.50
CF V shares \| Sponsor Earnout \| Trigger Price Two
Earnout Liability [Line Items]
Earnout period, trigger price (in usd per share)			15.00
CF V shares \| Sponsor Earnout \| Trigger Price Three
Earnout Liability [Line Items]
Earnout period, trigger price (in usd per share)			$ 20.00
CF V shares \| Sponsor Earnout \| Class A ordinary shares
Earnout Liability [Line Items]
Earnout period			5 years
Contingent consideration (in shares) \| shares			1,869,000
Contingent consideration, forfeiture escrow shares retired and cancelled, percent			0.30

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Location	Charlotte, North Carolina
Auditor Name	Ernst & Young LLP

Reverse Recapitalization - Schedule of Reverse Recapitalization (Details) - shares	Jan. 25, 2022	Jan. 24, 2022
Schedule of Reverse Recapitalization [Line Items]
Shares outstanding (in shares)	88,824,647	17,215,336
Issuance of shares for transaction fees (in shares)	2,058,229
Shares issued to Sponsor under Forward Purchase Securities Agreement
Schedule of Reverse Recapitalization [Line Items]
Stock issued (in shares)	1,250,000
Series A preferred stockholders
Schedule of Reverse Recapitalization [Line Items]
Stock issued (in shares)	7,968,316
Series B preferred stockholders
Schedule of Reverse Recapitalization [Line Items]
Stock issued (in shares)	4,597,928
Series B-1 preferred stockholders
Schedule of Reverse Recapitalization [Line Items]
Stock issued (in shares)	2,171,399
2018 convertible noteholders
Schedule of Reverse Recapitalization [Line Items]
Stock issued during period, conversion of convertible securities (in shares)	5,581,416
2019 convertible noteholders
Schedule of Reverse Recapitalization [Line Items]
Stock issued during period, conversion of convertible securities (in shares)	7,846,333
2020 convertible noteholders
Schedule of Reverse Recapitalization [Line Items]
Stock issued during period, conversion of convertible securities (in shares)	4,553,205
Redeemable Series X preferred stockholders
Schedule of Reverse Recapitalization [Line Items]
Stock issued (in shares)	2,140,340
Liberty Investor
Schedule of Reverse Recapitalization [Line Items]
Stock issued (in shares)	20,000,000
PIPE investors
Schedule of Reverse Recapitalization [Line Items]
Stock issued (in shares)	5,816,770
Shares issued for Cantor loan repayment
Schedule of Reverse Recapitalization [Line Items]
Stock issued during period, shares, repayment of loan (in shares)	788,021
CF V shares
Schedule of Reverse Recapitalization [Line Items]
Stock issued (in shares)	6,837,354

Fair Value Measurements and Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

The following tables provide the fair value measurement hierarchy of our assets and liabilities:


As of December 31, 2023	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
$8.63 Warrants liability	$	681	$	—	$	—
PIPE Warrant liability	—		—		97
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		2,017
Total Warrant Liabilities	$	681	$	—	$	2,114
Sponsor Earnout liability	$	—	$	—	$	419


As of December 31, 2022	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
$8.63 Warrants liability	$	1,833	$	—	$	—
PIPE Warrant liability	—		—		311
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		6,191
Total Warrant Liabilities	$	1,833	$	—	$	6,502
Sponsor Earnout Liability	$	—	$	—	$	1,353

The following methods and assumptions were used to estimate the fair values:

•The carrying values of cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses and other liabilities are considered to approximate their fair values due to the short-term nature of these items.

•The fair values of the PIPE Warrant have been estimated using the Black-Scholes model. Significant unobservable inputs include:

◦Time to expiry: 3.1 years

◦Volatility: 63.9%

◦Risk free rate of return: 4.0%

•The fair values of the Liberty Warrants and Liberty Advisory Fee Warrant have been estimated using the Black-Scholes model. Significant unobservable inputs include:

◦Time to expiry: 3.1 years

◦Volatility: 63.8%

◦Risk free rate of return: 4.0%

•The fair value of the Sponsor Earnout has been estimated using the Monte Carlo model. Significant unobservable inputs include:

◦Time to expiry: 3.1 years

◦Volatility: 63.9%

◦Risk free rate of return: 4.0%

•The fair values of the $8.63 Warrants were determined using the quoted prices in the active warrant market.

•The carrying value of operating lease liabilities is calculated as the present value of lease payments, discounted at its incremental borrowing rate at the lease commencement date. We consider that the incremental borrowing rate remained unchanged, therefore the carrying amount of operating lease liabilities approximates its fair value.

•

•The fair value of the Notes debt is determined by using the “with” and “without” method. As of each measurement date, we first valued the Notes with the conversion options in certain scenarios (the “with” scenario) and subsequently valued the Notes without the conversion options (the “without” scenario). The difference between the fair values of the Notes in the “with” and “without” was de minimis at each measurement date.

Changes in the fair value of Level 3 liabilities during the years ended December 31, 2023 and 2022 were as follows:


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		Columbia Warrant		Sponsor Earnout		Forfeiture Earnout		Cantor Loan
At January 1, 2022	$	—	$	—	$	143,237	$	—	$	—	$	7,522
Issues	30,853		1,312		—		8,022		6,135		—
Remeasurement (gain)/loss(1)	(24,662)		(1,001)		(18,635)		(6,669)		(5,130)		488
Write-off of deferred costs	—		—		203		—		—		—
Settlements (2)	—		—		(124,805)		—		(1,005)		(8,010)
At December 31, 2022	6,191		311		—		1,353		—		—

Remeasurement (gain)/loss(1)	(4,174)		(214)		—		(934)		—		—


At December 31, 2023	$	2,017	$	97	$	—	$	419	$	—	$	—

(1)Recognized in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2023 and 2022, respectively.

(2)These liabilities were settled in connection with the Merger. See Note 4 (Recapitalization Transaction).

There were no transfers between Level 1 and Level 2 during the years ended December 31, 2023 or 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product Information [Line Items]
Total revenue			$ 10,074	$ 6,012	$ 4,247
Foreign currency transaction gains			5,300	1,600	1,000
Accounts receivable, allowance for credit loss, writeoff reserved			3,300
Two Customers
Product Information [Line Items]
Total revenue				$ 4,800
Two Customers \| Accounts Receivable \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk, percentage	78.00%
One Customer
Product Information [Line Items]
Total revenue					$ 3,900
One Customer \| Accounts Receivable \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk, percentage		72.00%
Four Customers
Product Information [Line Items]
Total revenue			$ 8,400

Related Parties - Notes Debt Balances and Associated Finance Cost from Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Interest expense	$ 0	$ 1,693	$ 9,703
Related Party
Related Party Transaction [Line Items]
Amounts owed to related parties	0	0	13,028
Interest expense	$ 0	$ 554	$ 620

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details