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Ibadan, 29 May 2024. – Satellogic has announced a workforce reduction of 34 employees, constituting approximately 13% of its employee base, in a May 24 filing with the Securities Exchange Commission (SEC). According to the announcement, the reduction is part of Satellogic’s previously announced and ongoing efforts to reduce operational costs and control spending. The Company will also continue to evaluate its workforce needs on a go-forward basis to ensure alignment with operational requirements.
In 2023, Satellogic laid off about 110 employees which represented 25% of its headcount. The Company stated in its first half 2023 financial results and a business update, “As a result of slower than anticipated revenue growth, we undertook cost and spending control measures in 2023. These actions primarily related to the moderation of capital expenditures, a reduction of certain discretionary spending, as well as a headcount reduction in both the first and third quarter of 2023 which totaled approximately 110 employees and represented approximately 25% of the total headcount at the beginning of 2023.”
However, the company reported a positive outlook regarding the latter half of 2023 in its full-year 2023 financial results and a business update. Matt Tirman, Satellogic President noted several compelling wins for its pipeline in the second half of 2023, including its partnership with Tata Advanced Systems Limited (TASL) and agreement UzmaSAT-1” aboard a SpaceX Falcon 9 rocket.
As a result, the Company reported a revenue growth of 68% year-over-year, which it credited to it Space Systems and Asset Monitoring businesses gaining momentum. Around the same time, Satellogic also announced a $30 million strategic investment from Tether Investments Limited to advance its mission as it focuses on its U.S. strategy, the National Security market, and its global Space Systems opportunities.
