Satellogic (SATL) has released an update.
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Satellogic Inc. has announced a workforce reduction of 70 full-time equivalents to cut operating costs and control spending, anticipating annual savings of around $9.6 million, despite expecting to incur $2 million in severance-related charges. The company is also curbing non-salary expenses and capital expenditures while focusing on revenue growth and customer base expansion. These strategic measures come alongside Satellogic’s successful deployment of their new Mark V satellites and a filed Registration Statement for reselling Class A Ordinary Shares, indicating a move towards achieving long-term profitability.
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