Home / Going-concern warnings / Satellogic Inc.
Filed 2025-11-10 路 Form 10-Q 路 Accession 0001874315-25-000019 micro
Price before filing: $1.65 (2025-11-07 close, split/dividend-adjusted)
Market cap at flag: $174.6M (2025-11-10) 路 Latest: $578.3M (2026-10-16)
| Window | SATL | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +24.2% | +2.5% | +21.8% | 2025-12-10 |
| 90 days | +111.5% | +3.7% | +107.8% | 2026-02-09 |
| 180 days | +427.3% | +10.8% | +416.5% | 2026-05-11 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 4 insiders sold $6.9M (19 sales, 1 without a usable price)
30 days after: 1 insider sold $16K (15 sales); 1 insider bought $19K (1 purchase)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-08-21 | Tirman Matthew President | Sale | 29,073 | $3.45 | $100K | no | Form 4 |
| 2025-08-26 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 73,089 | $3.75 | $274K | no | Form 4 |
| 2025-08-27 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 15,191 | $3.75 | $57K | no | Form 4 |
| 2025-08-29 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 29,770 | $3.75 | $112K | no | Form 4 |
| 2025-09-03 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 76,685 | $3.76 | $288K | no | Form 4 |
| 2025-09-09 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 1,149 | $3.75 | $4K | no | Form 4 |
| 2025-09-10 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 80,951 | $3.77 | $305K | no | Form 4 |
| 2025-09-11 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 60,416 | $3.77 | $228K | no | Form 4 |
| 2025-09-12 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 435,956 | $3.94 | $1.7M | no | Form 4 |
| 2025-09-15 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 209,413 | $3.85 | $806K | no | Form 4 |
| 2025-09-16 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 17,380 | $3.75 | $65K | no | Form 4 |
| 2025-09-23 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 130 | $4.00 | $520 | no | Form 4 |
| 2025-09-24 | Dunn Rick Chief Financial Officer | Sale | 22,692 | $3.80 | $86K | no | Form 4 |
| 2025-10-06 | LUTNICK HOWARD W 10% owner | Sale | 13,380,873 | n/a | n/a | no | Form 4 |
| 2025-10-08 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 85,700 | $4.03 | $345K | yes | Form 4 |
| 2025-10-09 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 314,767 | $4.09 | $1.3M | yes | Form 4 |
| 2025-10-10 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 1,836 | $4.03 | $7K | yes | Form 4 |
| 2025-10-14 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 11,040 | $4.00 | $44K | yes | Form 4 |
| 2025-10-15 | Kargieman Emiliano Chief Executive Officer, Director, 10% owner | Sale | 283,121 | $4.08 | $1.2M | yes | Form 4 |
| 2025-11-10: red flag filed | |||||||
| 2025-12-09 | CANTOR FITZGERALD, L. P. (+5 joint filers) 10% owner | Purchase | 10,000 | $1.88 | $19K | no | Form 4 |
| 2025-12-09 | CANTOR FITZGERALD, L. P. (+5 joint filers) 10% owner | Sale | 400 | $1.88 | $750 | no | Form 4 |
| 2025-12-09 | CANTOR FITZGERALD, L. P. (+5 joint filers) 10% owner | Sale | 300 | $1.88 | $562 | no | Form 4 |
| 2025-12-09 | CANTOR FITZGERALD, L. P. (+5 joint filers) 10% owner | Sale | 100 | $1.88 | $188 | no | Form 4 |
| 2025-12-09 | CANTOR FITZGERALD, L. P. (+5 joint filers) 10% owner | Sale | 200 | $1.88 | $375 | no | Form 4 |
| 2025-12-09 | CANTOR FITZGERALD, L. P. (+5 joint filers) 10% owner | Sale | 80 | $1.88 | $150 | no | Form 4 |
Showing 25 of 35 transactions.
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-08-12 to 2025-12-10. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"We previously disclosed circumstances that gave rise to substantial doubt about the Company's ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-09-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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