Satellogic layoffs 18% of its overall workforce which means 80 employees of its overall headcount.
The four satellites will join 26 currently in operation by Satellogic that provide high-resolution imagery. The company, in a business update on Dec. 15, said it expected to launch 18 to 21 satellites in 2023, giving it enough satellites to map the Earth every two weeks. That business update, which included the company’s financial results from the first half of 2022, showed revenue lagging earlier projections. The company recorded $2.4 million in revenue in the first half of the year, primarily from two unnamed customers, according to filings with the Securities and Exchange Commission.
Kargieman said the company now has a better idea of the sales cycle for its imagery and other products. “After another year of talking to customers, we’re extremely confident in the numbers that we’re guiding for next year,” he said. The diminished revenues have forced the company to cut costs. That included laying off 18% of its workforce in the third quarter, reducing its staff to about 380 people. Rick Dunn, Satellogic’s chief financial officer, said the number of employees would remain “more or less flat” in 2023.