Today, the Nasdaq exchange welcomed a new member. Indeed, Satellogic (NASDAQ:SATL) began trading this morning after entering into a business combination with special purpose acquisition company (SPAC) CF Acquisition Corp. As part of the transaction, Satellogic will receive $262 million in gross proceeds. Satellogic operates as a “sub-meter resolution satellite imagery” collection company that currently has 17 commercial satellites in orbit.
Satellogic will use the proceeds from the business combination to further scale its constellation of satellites. The satellite imagery company is currently working on creating a live, daily catalog of every square meter of Earth to use for government, commercial and sustainability purposes. In addition, each of Satellogic’s satellites in orbit has a daily capture capacity of 300,000 kilometers (km) squared. SeekingAlpha adds that Satellogic is capable of capturing vast amounts of data at a tenth of the cost relative to its competitors.
Satellogic’s CEO and founder, Emiliano Kargieman, added the following:
“We are thrilled with the close of this transaction and look forward to our next chapter as a public company as we continue on our mission to provide groundbreaking, high-resolution images and data analytics of the entire Earth in real time at an affordable price. This transaction will allow us to continue to scale our constellation of satellites to reach daily remaps of the Earth’s surface at the high-resolution and low cost necessary to unlock the vast commercial market.”
So, what else should you know about the Nasdaq’s newest participant? Let’s jump right in.
5 Things to Know as SATL Stock Debuts Publicly
- Satellogic was founded in 2010 and is the “first vertically integrated geospatial company.”
- Company shareholders make up 66.8% of all shares outstanding. Meanwhile, private investment in public equity (PIPE) shareholders own 3.1% of all shares outstanding.
- Former U.S. Secretary of the Treasury Steven Mnuchin joined Satellogic’s Board of Directors after the SPAC transaction closed. Additionally, Mnuchin founded Liberty Strategic Capital last year. Satellogic announced on Jan. 18 that Liberty Strategic Capital had invested $150 million into Satellogic.
- Looking ahead, Satellogic plans on having 139 satellites in orbit by the end of 2024. By the end of 2025, Satellogic expects that figure to increase to 202.
- For 2024, Satellogic estimates revenue of $240 million. For 2025, Satellogic expects revenue to double to $480 million. Furthermore, the company expects to remain free-cash-flow negative until 2025 as well.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.