TAMPA, Fla. — Satellogic has received a distant sensing license in the USA, the Earth remark operator announced Nov. 21 because it moves operations to the country from Uruguay searching for more government business.
The National Oceanic and Atmospheric Administration (NOAA) license covers 36 sub-meter resolution satellites already in low Earth orbit, Satellogic president Matt Tirman said, in addition to plans to grow the constellation in coming years.
The corporate said NOAA granted the license following an inter-agency review that assessed national security and other risks.
It’s Satellogic’s first such license because Uruguay doesn’t have regulation requiring it — or a distant sensing agency.
Currently headquartered in Montevideo, Uruguay, and registered within the British Virgin Islands, Satellogic recently outlined plans to relocate to sell high-resolution multispectral imagery on to the U.S. government as a substitute of through third parties.
The corporate announced plans to redomicile to Delaware Sept. 21, when it reported a $30 million net loss for the primary half of 2023, compared with a $8 million net loss for a similar period in 2022.
Although revenue jumped 33% year-over-year to $3.2 million for the period, this is way behind the $30-50 million the corporate expected in December to make for the complete yr. The corporate had earlier projected $132 million in sales for 2023.
Satellogic’s shares began a downward trend shortly after listing on NASDAQ in early 2022, joining other underperforming space stocks that went public by merging with a blank check firm referred to as a special purpose acquisition company (SPAC).
From a high this yr of $4.03, the shares recently reached a brand new low of $0.69 before rising to trade across the $1 mark.
Tirman, formerly Satellogic’s chief industrial officer who was promoted in September to guide relocation efforts, said the corporate will work with a ground station provider in the USA as a part of plans to maneuver operational control of the constellation to the country.
Satellogic ultimately goals to operate a full constellation of 200 satellites so it could map the world each day.
The operator builds its dishwasher-sized spacecraft in-house, and announced plans earlier this yr to also sell them to other corporations, even though it has not yet announced a customer for this line of business.