Satellogic Layoffs

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Satellogic, an Earth imaging satellite company, announced a significant workforce reduction of approximately 70 employees on June 14, representing about 30% of its staff. This follows a previous layoff of 34 employees just three weeks earlier. The cuts reduce the company's total headcount to around 160, less than half its size from the start of the previous year. The layoffs are part of a broader cost-cutting strategy to conserve cash, driven by substantial financial losses and revenue that has fallen dramatically short of earlier projections. In 2023, the company reported a net loss of $61 million with only $10.1 million in revenue, far below the $132 million forecasted in 2021. Concurrently, Satellogic is slowing the deployment of its new Mark V satellites as it shifts focus from constellation growth to achieving profitability.

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