Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2021 | Apr. 25, 2022 | |
Document Information [Line Items] | ||
Document Type | 20-F/A | |
Amendment Flag | true | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Registration Statement | false | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Registrant Name | Satellogic Inc. | |
Entity Central Index Key | 0001874315 | |
Entity File Number | 001-41247 | |
Entity Address, Address Line One | Ruta 8 Km 17,500, Edificio 300 | |
Entity Address, Address Line Two | Oficina 324 Zonamérica | |
Entity Address, City or Town | Montevideo | |
Entity Address, Country | UY | |
Entity Address, Postal Zip Code | 91600 | |
Entity Incorporation, State or Country Code | D8 | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Common Stock, Shares Outstanding | 27,297,969 | |
Auditor Name | Pistrelli, Henry Martin y Asociados S.R.L. | |
Auditor Firm ID | 1449 | |
Auditor Location | Buenos Aires, Argentina | |
ICFR Auditor Attestation Flag | false | |
Amendment Description | This Amendment No. 1 (this “Amendment”) to the Annual Report on Form 20-F (the “Original Form 20-F”) of Satellogic Inc. for the year ended December 31, 2021, which was filed with the U.S. Securities and Exchange Commission on May 2, 2022, is being filed solely for the purpose of adding Exhibit 101 and to furnish the Interactive Data File (as defined in Rule 11 of Regulation S-T) as Exhibit 101 in accordance with Rule 405 of Regulation S-T. Exhibit 101, which contains interactive data files in eXtensible Business Reporting Language (“XBRL”), was previously omitted from the Original Form 20-F in accordance with the 30-day grace period for initial interactive data submission under Rule 405 of Regulation S-T. Except as described above, this Amendment does not, and does not purport to, amend, modify, update or restate any information set forth in the Original Form 20-F or reflect any events that occurred subsequent to the filing of the Original Form 20-F on May 2, 2022. Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and are otherwise not subject to liability under those sections. | |
Business Contact [Member] | ||
Document Information [Line Items] | ||
Contact Personnel Name | Rick Dunn | |
Entity Address, Address Line One | 210 Delburg Street | |
Entity Address, City or Town | Davidson | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28036 | |
City Area Code | 704 | |
Local Phone Number | 894-4482 | |
Class A Ordinary Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 77,031,002 | |
Title of 12(b) Security | Class A Ordinary Shares | |
Trading Symbol | SATL | |
Security Exchange Name | NASDAQ | |
Warrants [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants | |
Trading Symbol | SATLW | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Profit or loss [abstract] | ||||
Revenue | $ 4,247 | |||
Cost of sales | (1,876) | |||
Administrative expenses | (36,649) | (8,127) | (4,324) | |
Research and development | (9,640) | (5,879) | (6,372) | |
Depreciation expense | (10,825) | (3,182) | (4,238) | |
Other operating expenses, net | (14,002) | (5,475) | (5,763) | |
Operating loss | (68,745) | (22,663) | (20,697) | |
Finance costs, net | (11,769) | (7,488) | (4,103) | |
Embedded derivative (expense) income | (42,102) | (84,224) | 4,230 | |
Gain on extinguishment of debt | 3,576 | |||
Other financial income (expense) | 1,067 | 597 | (112) | |
Loss before income tax | (117,973) | (113,778) | (20,682) | |
Income tax benefit (expense) | 232 | (148) | (83) | |
Net loss | [1] | (117,741) | (113,926) | (20,765) |
Other comprehensive loss | ||||
Exchange differences on translation of foreign operations | (86) | |||
Total comprehensive loss | [1] | $ (117,827) | $ (113,926) | $ (20,765) |
Loss per share | ||||
Basic and diluted, loss for the period attributable to ordinary equity holders of the parent | $ (23.35) | $ (23.47) | $ (4.30) | |
[1] | Attributable to Ordinary equity holders of the parent. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 8,533 | $ 17,267 |
Accounts receivable - trade | 1,196 | 4 |
Prepaids and other current assets | 2,695 | 772 |
Total current assets | 12,424 | 18,043 |
Non-current assets | ||
Property and equipment | 33,586 | 34,872 |
Right-of-use assets | 2,663 | 1,341 |
Deferred income tax assets | 1,640 | 48 |
Other financial assets and other non-current assets | 369 | 314 |
Total non-current assets | 38,258 | 36,575 |
Total assets | 50,682 | 54,618 |
Current liabilities | ||
Accounts payable - trade | 6,650 | 2,858 |
Debt | 246,189 | 125,085 |
Lease liabilities | 891 | 362 |
Contract liabilities | 935 | 455 |
Accrued expenses and other liabilities | 23,435 | 2,582 |
Total current liabilities | 278,100 | 131,342 |
Non-current liabilities | ||
Accounts payable - trade | 2,200 | 4,697 |
Debt | 0 | 33,795 |
Lease liabilities | 1,908 | 1,036 |
Contract liabilities | 1,000 | 1,000 |
Other non-current liabilities | 352 | 36 |
Total non-current liabilities | 5,460 | 40,564 |
Total liabilities | 283,560 | 171,906 |
Shareholders' equity | ||
Treasury shares | (170,949) | 0 |
Additional paid-in capital | 62,045 | 61,253 |
Other paid-in capital | 12,432 | 2,464 |
Warrants | 161,432 | 0 |
Foreign currency translation reserve | (86) | 0 |
Retained earnings | (297,752) | (181,005) |
Equity attributable to equity holders of the parent | (232,878) | (117,288) |
Total equity (deficit) | (232,878) | (117,288) |
Total liabilities and shareholders' equity | 50,682 | 54,618 |
Ordinary Shares [Member] | ||
Shareholders' equity | ||
Issued capital | ||
Preferred Shares [member] | ||
Shareholders' equity | ||
Issued capital |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity - USD ($) $ in Thousands | Total | Treasury Shares [Member] | Additional paid-in Capital [member] | Other paid-in Capital [Member] | Warrants [Member] | Retained Earnings [Member] | Foreign Currency Translation Reserve [Member] | Attributable To The Equity Holders Of The Parent [Member] | Ordinary Shares [Member] | Ordinary Shares [Member]Share Capital [member] | Preferred Shares [Member]Share Capital [member] | |
Beginning Balance, Shares at Dec. 31, 2018 | 4,823,645 | 8,740,398 | ||||||||||
Beginning Balance at Dec. 31, 2018 | $ 14,341 | $ 60,014 | $ 753 | $ (46,426) | $ 14,341 | |||||||
Statement [Line Items] | ||||||||||||
Exercise of stock options, Shares | 9,136 | |||||||||||
Exercise of stock options | 16 | 16 | 16 | |||||||||
Issuance of shares | $ 0 | |||||||||||
Net loss | (20,765) | [1] | (20,765) | (20,765) | ||||||||
Share-based compensation | 959 | 852 | 107 | 959 | ||||||||
Ending Balance, Shares at Dec. 31, 2019 | 4,832,781 | 8,740,398 | ||||||||||
Ending Balance at Dec. 31, 2019 | (5,449) | 60,030 | 1,605 | (67,084) | (5,449) | |||||||
Statement [Line Items] | ||||||||||||
Issuance of shares, Shares | 96,481 | |||||||||||
Issuance of shares | 1,223 | 1,223 | 1,223 | 1 | ||||||||
Net loss | (113,926) | [1] | (113,926) | (113,926) | ||||||||
Share-based compensation | 864 | 859 | 5 | 864 | ||||||||
Ending Balance, Shares at Dec. 31, 2020 | 4,929,262 | 8,740,398 | ||||||||||
Ending Balance at Dec. 31, 2020 | (117,288) | 61,253 | 2,464 | (181,005) | (117,288) | |||||||
Statement [Line Items] | ||||||||||||
Exercise of stock options, Shares | 333,806 | |||||||||||
Exercise of stock options | 792 | 792 | 792 | |||||||||
Issuance of shares | $ 4 | |||||||||||
Net loss | (117,741) | [1] | (117,741) | (117,741) | ||||||||
Share-based compensation | 10,962 | 9,968 | 994 | 10,962 | ||||||||
Other comprehensive loss | (86) | $ (86) | (86) | |||||||||
Preferred shareholder transaction, Shares | (4,128,413) | |||||||||||
Preferred shareholder transaction | (9,517) | $ (170,949) | $ 161,432 | (9,517) | ||||||||
Ending Balance, Shares at Dec. 31, 2021 | 5,263,068 | 4,611,985 | ||||||||||
Ending Balance at Dec. 31, 2021 | $ (232,878) | $ (170,949) | $ 62,045 | $ 12,432 | $ 161,432 | $ (297,752) | $ (86) | $ (232,878) | ||||
[1] | Attributable to Ordinary equity holders of the parent. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities: | ||||
Net loss | [1] | $ (117,741) | $ (113,926) | $ (20,765) |
Adjustments to reconcile Net loss to net cash flows used in operating activities: | ||||
Depreciation expense | 10,825 | 3,182 | 4,238 | |
Depreciation on right-of-use assets | 477 | 286 | 0 | |
Income tax (benefit) expense | (232) | 148 | 83 | |
Share-based compensation | 10,962 | 1,984 | 959 | |
Interest expense and other | 11,684 | 7,509 | 4,501 | |
Embedded derivative expense (income) | 42,102 | 84,224 | (4,230) | |
Gain on debt extinguishment | (3,576) | |||
Interest on lease liabilities | 49 | 57 | 0 | |
Foreign exchange differences | (2,385) | (1,507) | (156) | |
Disposals of property and equipment | 588 | |||
Allowance for bad debts | 1,794 | |||
Changes in operating assets and liabilities: | ||||
Accounts receivable - trade | (2,986) | 7 | 12 | |
Prepaids and other current assets | (1,706) | (228) | (170) | |
Accounts payable - trade | 2,135 | 555 | (251) | |
Contract liabilities | 480 | 455 | 1,000 | |
Accrued expenses and other liabilities | 19,810 | (76) | 710 | |
Net cash used in operating activities | (27,720) | (17,330) | (14,069) | |
Cash flows from investing activities: | ||||
Capital expenditures | (11,216) | (9,259) | (8,301) | |
Other financial assets | 3 | 14 | ||
Net cash used in investing activities | (11,213) | (9,245) | (8,301) | |
Cash flows from financing activities: | ||||
Proceeds from loans, Series X Preferred Shares and issuance of convertible notes debt | 27,832 | 18,047 | 27,000 | |
Payments of lease liabilities | (447) | (370) | ||
Contributed capital and additional paid-in capital | 515 | 103 | 16 | |
Net cash provided by financing activities | 27,900 | 17,780 | 27,016 | |
Net increase (decrease) in cash and cash equivalents | (11,033) | (8,795) | 4,646 | |
Effect of foreign exchange rate changes | 2,299 | 1,507 | 156 | |
Cash and cash equivalents - beginning of period | 17,267 | 24,555 | 19,753 | |
Cash and cash equivalents - end of period | $ 8,533 | $ 17,267 | $ 24,555 | |
[1] | Attributable to Ordinary equity holders of the parent. |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Nettar Group Inc. is the holding company of Satellogic group (collectively, the “Group”) as of December 31, 2021, 2020 and 2019 and for the years then ended. It was incorporated on October 7, 2014 under the laws of the British Virgin Islands (“BVI”) as an International Business Company. The registered office is located at Kingston Chambers BOX 173 C/O Maples Corporate Services BVI LTD Road Town, Tortola D8 VG1110. The Group invests in the software, hardware, optics of the aero-space industry, focusing on satellite and image analytics technologies. The goal is to build a planetary scale analytics platform based on a proprietary satellite constellation with the capability to generate insights from images and information, with focus on multi-temporal analysis and high frequency of revisits. The financial year-end Nettar Group, Inc., and CF Acquisition Corp. V (Nasdaq: CFV) (“CF V”), a special purpose acquisition company sponsored by Cantor Fitzgerald, announced on July 5, 2021 that they have entered into a definitive merger agreement that will result in Satellogic Inc (a new entity of the Group, formed for the purpose of participating in the merger transaction with CF V) becoming a publicly traded company. Further information related to the merger transaction of the Group consummated after December 31, 2021, see Note 20 (Subsequent Events). Such transaction was initially filed by Satellogic Inc., a whole-owned subsidiary of the Group as of December 31, 2021, with the US Securities and Exchange Commission (SEC) on the Form 8-K Form F-4 initially Basis of Presentation The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and the rules and regulations of the US Securities and Exchange Commission (“SEC”). The Consolidated Financial Statements have been prepared on a historical cost basis, except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the significant accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The Consolidated Financial Statements are presented in United States dollars (hereinafter “US dollars” or “$”). The Consolidated Statements of Profit or Loss and Other Comprehensive Loss, Consolidated Statements of Changes in Equity and Consolidated Statements of Cash Flows are presented for the years ended December 31, 2021, 2020 and 2019 for comparative information. The Consolidated Statements of Financial Position are presented as of December 31, 2021 and 2020 for comparative information. These Consolidated Financial Statements as of December 31, 2021 and 2020 and for each of the three years in the period ended December 31, 2021, were approved by the Group’s Board of Directors on April 29, 2022. Reclassification Certain prior period amounts have been reclassified to conform with current period presentation. Principles of Consolidation The Consolidated Financial Statements included the accounts of Group and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation. Liquidity and Going Concern The accompanying Consolidated Financial Statements have been prepared on a going concern basis, which contemplates continuity of operations, the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying Consolidated Financial Statements for the years ended December 31, 2021, 2020 and 2019, respectively, the Group incurred net losses of $117,741 thousand, $113,926 thousand and $20,765 thousand and used cash in operations of 27,720 thousand, $17,330 thousand and $14,069 thousand. As mentioned in Note 20 (Subsequent Events), on January 25, 2022 Satellogic Inc. (the “Company”), consummated the transactions contemplated by that previously announced Agreement and Plan of Merger dated as of July 5, 2021. The transaction resulted in the addition of approximately $168 million in cash to the Consolidated Statement of Financial Position in 2022. Refer to Note 20 (Subsequent Events) for additional information. The Group believes that its cash on hand following the consummation of the transaction mentioned above will be sufficient to meet its working capital and capital expenditure requirements for a period of at least 12 months from the end of the reporting period. |
Significant Accounting Judgemen
Significant Accounting Judgements, Estimates And Assumptions And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Significant Accounting Judgements, Estimates and Assumptions and Summary of Significant Accounting Policies | 2. Significant Accounting Judgements, Estimates and Assumptions and Summary of Significant Accounting Policies Significant Accounting Judgements, Estimates and Assumptions The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Other disclosures relating to the Group’s exposure to risks and uncertainties include: • Capital Management (Note 14) • Financial instruments risk management and policies (Note 15) • Sensitivity analyses disclosures (Note 15) Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the Consolidated Financial Statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Share-based options Estimating fair value for share-based options requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model and making assumptions about them. The Group used the Black Scholes model for measuring the fair value of equity settled awards with employees under the “2015 Share Plan amended June 14, 2016 and June 10, 2019 (the “Plan”)” for the years ended 2021, 2020 and 2019. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 11 (Share-based Compensation). Fair value measurement of financial instruments When the fair values of financial assets and financial liabilities recorded in the Statement of Financial Position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including a discounted cash flow model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. See Note 15 (Financial Instruments Risk) for additional information. Taxes Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant judgment by management is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. The Group has $9,124 thousand and $4,434 thousand of deferred income tax assets as of December 31, 2021 and 2020, respectively. Based on estimations by the Group’s management, the Group has booked an allowance of $7,484 thousand and $4,386 thousand as of December 31, 2021 and 2020, respectively, to reduce the valuation of the net deferred income tax asset to is probable recovery value. Summary of Significant Accounting Policies Revenue Recognition The Group is building a proprietary satellite constellation with the capability to generate insights from images and information, with focus on multi-temporal analysis and high frequency of revisits. The Group accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and collectability of consideration is probable. The Group recognizes revenue under a contract once control of the deliverable has passed to the customer. The following indicators are evaluated in determining when control has passed to the customer: (i) the Group has a right to payment for the imagery, (ii) the Group has made available the imagery to the customer, (iii) the customer has the right to deploy the imagery in its activities, and (iv) the customer receives the rewards of obtaining the imagery. The Group’s imagery can be delivered to the customers in two ways, either by providing access on the Group’s platform or via electronic delivery. The Group provides a satellite-as-a-service The Group also provides imagery related to specific requested tasks from customers. The Group’ performance obligation under the contract is met and it recognizes revenue from these transactions at the point-in-time At times, the Group may grant the customer the ability to name certain satellites. The naming rights of the satellites provides marketing value over the contractual term to the customer and is considered a distinct performance obligation. The Group recognizes the revenue related to the naming rights on a straight-line basis over the contractual period. The Group also provides technical support of satellite data downlink for customers’ ground stations. The Group considers this service to be a distinct performance obligation. Technical support provides a stand-ready obligation to the customer for any technical issues that may arise in connection with the accessing and downloading of images. The Group recognizes revenue on a straight-line basis over the contractual period. The Group may also sell some of its imagery as part of contractual arrangements containing multiple deliverables. For each deliverable that represents a distinct performance obligation, total arrangement consideration is allocated based upon the determined selling prices of each performance obligation. When naming rights are present in a contract, the Group may use a third-party valuation specialist to determine the fair value of this right. The Group will then ascribe a proportion of the contract consideration to this performance obligation. The nature of the Group’s contracts does not currently give rise to variable consideration related to returns or refunds as those are not offered. The Group evaluates contracts with a minimum purchase commitment to determine whether it expects to be entitled to a breakage amount. The Group considers the requirements on constraining estimates variable consideration. The following factors are evaluated when assessing the increased likelihood of a significant revenue reversal: (i) the amount of consideration is highly susceptible to factors outside the Group’s influence (e.g. volatility in a market, judgment of action of third parties, weather conditions), (ii) the uncertainty about the amount of consideration is not expected to be resolved for a long period of time, (iii) the Group’s experience with similar types of contracts is limited, or that experience has limited predictive value, (iv) the Group has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances, and (v) the contract has a large number and broad range of possible consideration amounts. The Group excludes amounts collected on behalf of third-parties, such as sales taxes, when determining transaction price. Contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services. Contract liabilities are comprised of an advance payment from the Group’s contract with a commercial space technology customer. The Group currently does not incur any incremental direct costs from obtaining customer contracts. The Group has elected to use the practical expedient for its performance obligations table to include only those customer contracts that are longer than 12 months at the time of contract inception and those contracts that are non-cancelable. The Group requests payments for its imagery in advance or with the delivery of the imagery. The Group generally does not enter into any long-term financing arrangements or payment plans with customers. Although the Group’s business practice is not to enter into contracts with non-cash non-cash non-cash Current Versus Non-current The Group presents assets and liabilities in the Consolidated Statements of Financial Position based on a current and non-current non-current. Fair Value Measurement Financial instruments, such as money market funds and derivative financial liabilities, are measured at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability; or • In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest. In determining the fair value, valuation techniques are used which maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the Consolidated Financial Statements are categorized within a fair value hierarchy. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: • Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. • Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. • Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Assets and liabilities recognized at fair value on a recurring basis in the Consolidated Financial Statements are re-assessed For fair value disclosures, classes of assets and liabilities are based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy. Foreign Currencies The Group’s functional currency is the US dollar. All legal entities have the US dollar as its functional currency, except for Satellogic Solutions S.L. (the Euro) and Telluric Ltd. (the Israeli new shekel). The functional currency for each legal entity is reviewed annually. For those entities with the US dollar as their functional currency, the monetary assets and liabilities denominated in foreign currencies are translated at the spot rate in effect at the applicable reporting date, non-monetary For those entities with other than the US dollar as their functional currency, all assets and liabilities denominated in foreign currencies are translated to US dollar at the spot rate in effect at the applicable reporting date and revenues and expenses denominated in foreign currencies are translated at the functional currency spot rate at the date of the transaction is incurred. The resulting foreign currency translation adjustment is recorded as Other comprehensive income, which is reflected as a separate component of Shareholders’ equity. Leases The Group enters into lease contracts, as assessed at contract inception, primarily for real estate and equipment. On the lease commencement date, the Group recognizes a right-of-use right-of-use accounts for the lease and non-lease right-of-use Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognized when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs, where applicable. Financial assets are classified into one of the following categories: • amortized cost • fair value through profit or loss (“FVTPL”), or • fair value through other comprehensive income (“FVOCI”). In the periods presented the Group does not have any financial assets categorized as FVOCI. The classification is determined by both: • the entity’s business model for managing the financial asset, and • the contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in the Statement of Profit or Loss and Other Comprehensive Loss are presented within finance costs, embedded derivative (expense) income, finance income or other financial items, except for impairment of trade receivables which is presented within Administrative expenses. Subsequent measurement of financial assets Financial assets at amortized cost: Financial assets are measured at amortized cost if the assets meet the following conditions (and are not designated as FVTPL): • they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and • the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortized cost using the effective interest method (“EIR”). Discounting is omitted where the effect of discounting is immaterial. Financial assets at fair value through profit or loss (FVTPL): Financial assets held within a different business model other than ‘hold to collect’ or ‘hold to collect and sell’ are categorized at FVTPL. Further, irrespective of the business model used, financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments of the Group fall into this category. Assets in this category are measured at fair value with gains or losses recognized in profit or loss. The fair values of financial assets in this category are determined by reference to active market transactions or using a valuation technique where no active market exists. Impairment of Financial Assets For financial assets at amortized cost, the Group recognizes an allowance for expected credit losses (“ECLs”) for all financial assets instruments not held at fair value through the Consolidated Statement of Profit or Loss and Comprehensive Loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. The Group considers a financial asset in default when contractual payments are 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. In certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Classification and measurement of financial liabilities Financial liabilities include borrowings, trade and other payables and derivative financial instruments. All financial liabilities are recognized initially at fair value, including notes debt which is recognized net of directly attributable transaction costs. Subsequently, financial liabilities are measured at amortized cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognized in the Consolidated Statement of Profit or Loss and Comprehensive Loss. All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in the Statement of Profit or Loss and Comprehensive Loss are included within finance costs or finance income. Cash and Cash Equivalents Cash and cash equivalents include deposits in banks and short-term (original maturities of three months or less at the time of purchase), highly liquid investments that are readily convertible to known amounts of cash and are so near maturity that there is insignificant risk of changes in the value due to interest rate changes. Property and Equipment Property and equipment produced or acquired are stated at their production or acquisition cost, which includes all costs directly attributable to making the asset ready for use, less accumulated depreciation and any accumulated impairment losses. Satellite costs include all expenses incurred for the building of individual satellites and comprise the manufacturing, launch and related launch-insurance costs and costs directly attributable to software programming. The Advances for satellites and satellites under construction primarily consist of percentage completion payments for the construction of future satellites and advances paid in respect of launch vehicles and related launch-insurance costs. Studies, direct labor costs, consultancy fees and other costs incurred directly in connection with satellite construction are also capitalized. The Group calculates depreciation expense using the straight-line method over the estimated useful lives of the assets. The useful lives of the categories of property and equipment are as follows: Categories Estimated Useful Satellites 3 Research and development 3-5 Other property and equipment 3-10 The remaining useful lives of property and equipment are reviewed annually based on the satellites forecast utilization and the technical assessment of their useful lives. In instances of significant changes to the estimated remaining useful, the remaining carrying value of the fixed asset is depreciated over the new estimated remaining useful life. Accounts payable – trade Accounts payable-trade are recognized when the Group has received an invoice from a vendor or supplier for a product or service that has been completed. The payments terms of the Group’s accounts-payable trade are generally short-term in duration. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the Consolidated Statement of Profit or Loss and Comprehensive Loss, net of any reimbursement. All provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate of the Group’s management. Share-based Compensation The Group measures all equity-based payments using a fair-value-based method as of the award grant date and vesting conditions and records Share-based compensation expense over the requisite service period for each award using the straight-line method in its Consolidated Financial Statements. The expense calculation includes estimated forfeiture rates, which have been developed based upon historical experience. As the Group records Share-based compensation expense, a corresponding increase is recorded to Other paid-in-capital, Taxes Current Income Tax Current income tax assets and/or liabilities are those amounts expected to be recovered from or paid to taxation authorities at each reporting or prior reporting date. The current tax payable is measured on taxable income that differs from the Consolidated Statements of Profit and Loss due to permanent and/or temporary timing differences. The tax rates and tax laws used to calculate the current tax are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Deferred Income Tax Deferred income tax is determined using the liability method of accounting for income tax. The deferred income tax reflects the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the respective tax basis at the reporting date. Deferred tax is recognized for all taxable temporary differences, except: • when the deferred tax liability arises from the initial recognition of goodwill, or an asset or liability (other than in a business combination) and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences, unused tax credit carry forwards and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities relating to items recognized outside of the Consolidated Statements of Profit or Loss and Comprehensive Loss are recognized in correlation to the underlying transaction either in Other comprehensive income or directly in Shareholders’ Equity. Deferred income tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Uncertain Tax Positions Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation. Where it is determined that it is not probable that a tax authority will accept an uncertain tax position, the Company reflects the tax effect using one of the following methods, dependent upon the method expected to better predict the resolution of the uncertainty: • the most likely amount; or • the expected value. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements The following IFRS amendments and interpretations are effective from January 1, 2021 but they do not have a material impact on the Group’s consolidated financial statements: • Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – Interest Rate Benchmark Reform – Phase 2 • Amendments to IFRS 16 – Covid-19-related The new and revised standards and interpretations that are issued but are not yet effective for the periods presented were not early adopted by the Group in preparing these consolidated financial statements. Standard or interpretation Effective Planned Amendments to IFRS 3: References to Conceptual Framework January 1, 2022 2022 Amendments to IAS 37: Onerous contracts—Cost of fulfilling a contract January 1, 2022 2022 Amendments to IAS 16: Property, Plant and Equipment: Proceeds before Intended Use January 1, 2022 2022 Annual Improvements to IFRS Standards 2018 - 2020 January 1, 2022 2022 Amendments to IAS 1: Classification of Liabilities as Current or Non-current January 1, 2023 2023 IFRS 17 and amendments to IFRS 17: Insurance Contracts January 1, 2023 2023 Amendments to IAS 8: Definition of Accounting Estimates January 1, 2023 2023 Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 2023 Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies January 1, 2023 2023 Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Deferred The Group is still evaluating the potential impact of these issued, but not yet effective new and revised standards and interpretations; however, the Group does not expect the adoption these standards to have a material impact on the Consolidated Financial Statements. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers, Contract Liabilities And Remaining Performance Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Revenue from Contracts with Customers, Contract Liabilities and Remaining Performance Obligations | 4. Revenue from Contracts with Customers, Contract Liabilities and Remaining Performance Obligations The Group’s revenue is derived from selling imagery and its only business activity is building of a satellite constellation to support the selling of imagery. During the year ended December 31, 2021, the Group recognized revenue of $4,247 thousand, of which $3,858 thousand was recognized over time and $389 thousand was recognized at a point-in-time. pre-revenue The Group’s segment information reflects the way the Chief Operating Decision Maker uses internal reporting to evaluate business performance, allocate resources and manage operations. For management purposes, the Group is organized into a single reportable segment. Information about the Group’s revenue by geography is as follows: Year Ending December 31, 2021 2020 2019 Revenue by geography (1) Asia Pacific $ 3,988 $ — $ — North America 201 — — Other 58 — — Total revenue $ 4,247 $ — $ — (1) Revenue by geography is based on the geographical location of the customer. The Group has one customer that accounted for more than 10% of revenue for the twelve months ended December 31, 2021, of which $3,858 thousand of revenue was recognized. The agreement with the customer was originally signed on June 12, 2019 and modified on September 22, 2021. Under the terms of the modified agreement, the Group agreed to deliver imagery over an agreed upon geographical space for a period of 12 years on a take-or-pay basis, in exchange for $38,236 thousand of cash consideration, which is inclusive of VAT, and the right to use a building for an Assembly, Integration and Test facility. The Group also has the ability to earn additional consideration if the customer requests imagery in excess of the service cap. The Group agreed to collect the cash consideration, through quarterly payments of $797 thousand over ten years, which started in November 2021, with the remaining cash consideration collected as upfront milestone payments. The Group has collected $2,072 thousand, of which $1,000 thousand is included as a non-current In November 2021, the Group entered a 5-year non-cash non-discounted Contract liabilities and Remaining Performance Obligations The Group’s contract liabilities consist of payments received from customers, or such consideration contractually due, in advance of providing the satellite imagery or related service. Amounts included in Contract liabilities are as follows: Year Ending December 31, 2021 2020 Non-current $ 1,000 $ 1,000 Current 935 455 Total $ 1,935 $ 1,455 During the year ended December 31, 2021, the Group recognized revenue of $455 thousand that was included as a Contract liability as of December 31, 2020. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of December 31, 2021 related to non-cancellable Within 1 Year Years 1-2 Years 2-3 Thereafter Remaining performance obligations $ 7,048 $ 14,096 $ 13,956 $ 19,050 |
Cost Of Sales And Operating Exp
Cost Of Sales And Operating Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Cost of sales and Operating Expenses | 5. Cost of sales and Operating Expenses Cost of sales Cost of sales includes direct costs related to ground stations, cloud and infrastructure costs, and digital image processing. During the year ended December 31, 2021, the Group began to recognize cost of sales primarily related to a single customer with a commercial space technology company. Administrative expenses Year Ending December 31, 2021 2020 2019 Administrative expenses Professional fees related to merger transaction (1) $ (16,263 ) $ — $ — Professional fees (5,439 ) (1,684 ) (669 ) Share-based compensation (5,355 ) (1,371 ) (330 ) Salaries, wages, and other benefits (4,432 ) (3,377 ) (1,763 ) Allowance for doubtful accounts (2) (1,794 ) — — Other administrative expenses (3,366 ) (1,695 ) (1,562 ) Total $ (36,649 ) $ (8,127 ) $ (4,324 ) (1) Refer to Note 20 (Subsequent Events) for further details on the merger transaction. (2) The Group has recognized an allowance for doubtful accounts only in the year ended December 31, 2021 and for an amount of $1,794 thousand. Research and development Year Ending December 31, 2021 2020 2019 Research and development Salaries, wages, and other benefits $ (6,296 ) $ (4,413 ) $ (4,676 ) Share-based compensation (1,968 ) (471 ) (597 ) Professional fees (91 ) (489 ) (543 ) Other research and development expenses (1,285 ) (506 ) (556 ) Total $ (9,640 ) $ (5,879 ) $ (6,372 ) Other operating expenses, net Year Ending December 31, 2021 2020 2019 Other operating expenses, net Salaries, wages, and other benefits $ (6,800 ) $ (3,040 ) $ (3,165 ) Share based compensation expenses (3,639 ) (142 ) (33 ) Professional fees (1,310 ) (684 ) (714 ) Other operating income and expenses (2,253 ) (1,609 ) (1,851 ) Total $ (14,002 ) $ (5,475 ) $ (5,763 ) |
Finance Costs, Net and Other Fi
Finance Costs, Net and Other Financial Income (Expense) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Finance Costs, net and Other Financial Income (Expense) | 6. Finance Costs, net and Other Financial Income (Expense) Year Ending December 31, 2021 2020 2019 Finance costs, net Interest expense $ (9,326 ) $ (7,466 ) $ (4,468 ) Accrued dividends - Series X (2,367 ) — — Other finance costs, net (76 ) (22 ) 365 Total $ (11,769 ) $ (7,488 ) $ (4,103 ) Year Ending December 31, 2021 2020 2019 Other financial income (expense) Foreign exchange differences $ 1,019 $ 597 $ (112 ) Other financial income 48 — — Total $ 1,067 $ 597 $ (112 ) |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Income Tax | 7. Income Tax The Group is incorporated in the British Virgin Islands. The British Virgin Islands do not impose corporate income taxes. The Group’s operations are conducted throughout various subsidiaries in a number of countries throughout the world with significant operations in Uruguay. Consequently, income taxes have been provided based on the laws and rates in effect in the countries in which operations are conducted or in which the Group’s subsidiaries are considered resident for corporate income tax purposes. Components of pre-tax Net income tax provision summary Year Ending December 31, 2021 2020 2019 Current Tax Provision $ (1,387 ) $ (186 ) $ (93 ) Deferred Tax Benefit Benefit relating to origination and reversal of temporary differences 1,592 38 10 Adjustments in respect of temporary differences of previous years (and currency fluctuations) 27 — — Net Income Benefit/(Expense) $ 232 $ (148 ) $ (83 ) Current income tax for the years ended December 31, 2021, 2020 and 2019 is an annual tax levied at 30% in Argentina (25% - 30%, depending on taxable income), 25% in China, 23% in Israel, 25% in Spain, 21% in the United States and 25% in Uruguay. A reconciliation of differences between the product of the accounting loss/income multiplied by the weighted average tax rate, as discussed below, and the income tax expense: Rate reconciliation summary Year Ending December 31, 2021 2020 2019 Loss before income tax expense $ (117,973 ) $ (113,778 ) $ (20,682 ) Income tax calculated using weight average applicable statutory rates: 4,050 2,221 2,165 U.S. State and Local Income Taxes (5 ) 4 — U.S. - Foreign Derived Intangible Income Deduction 200 — — Argentina Tax Inflation Adjustment 381 198 288 Other Permanent Differences 4 20 1 Non-Recognition (3,648 ) (1,198 ) (898 ) Effect of Rates Different than Statutory (750 ) (1,393 ) (1,639 ) Total $ 232 $ (148 ) $ (83 ) The weighted average statutory rate for 2021, 2020, and 2019 is 3.38%, 1.95%, and 10.47%, respectively. The weighted average statutory rates fluctuate due to the mix of earnings between taxable and tax-free Year Ending 2021 2020 Deferred Tax Assets: Stock Options $ 1,112 $ 43 Bad Debts 407 — Deferred Financing Costs — — Other 14 5 Net Operating Loss 107 — Total Net Deferred Tax Assets/(Liabilities) $ 1,640 $ 48 Items for which no deferred tax asset/liability has been recognized: Stock Options 941 89 Other Temporary Items 405 428 Net Operating Loss 6,138 3,869 Total $ 7,484 $ 4,386 The assessment of the realizability of the deferred tax assets is based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets. The assessment of the recoverability of deferred tax assets will not change until there is sufficient evidence to support their realizability. The Group will continue to assess and record any necessary changes to align its deferred tax assets to their realizable value. Expiration Amount Amount Argentina Net Operating Loss December 31, 2022 - December 31, 2026 $ 20,460 $ — China Net Operating Loss December 31, 2026 401 100 Netherlands Net Operating Loss December 31, 2027 16 4 Uruguay Net Operating Loss December 31, 2026 $ 10 $ 3 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Property and Equipment | 8. Property and Equipment Property and equipment consists of the following: Satellites Advances for Research and Other Total Cost Balance as of January 1, 2020 $ 10,325 $ 18,399 $ 3,404 $ 1,524 $ 33,652 Additions — 15,277 392 274 15,943 Transfers 26,421 (26,421 ) — — — Disposals — (289 ) — — (289 ) Balance as of December 31, 2020 36,746 6,966 3,796 1,798 49,306 Additions — 8,815 202 1,109 10,126 Transfers 4,700 (4,700 ) — — — Disposals — (522 ) (11 ) — (533 ) Balance as of December 31, 2021 $ 41,446 $ 10,559 $ 3,987 $ 2,907 $ 58,899 Depreciation Balance as of January 1, 2020 $ 9,248 $ — $ 1,242 $ 678 $ 11,168 Depreciation expense 2,427 — 463 292 3,182 Disposals and other — — 84 — 84 Balance as of December 31, 2020 11,675 — 1,789 970 14,434 Depreciation expense 10,086 — 389 350 10,825 Disposals and other — — 54 — 54 Balance as of December 31, 2021 $ 21,761 $ — $ 2,232 $ 1,320 $ 25,313 Carrying amount Balance as of December 31, 2021 $ 19,685 $ 10,559 $ 1,755 $ 1,587 $ 33,586 Balance as of December 31, 2020 $ 25,071 $ 6,966 $ 2,007 $ 828 $ 34,872 Information of the Group’s non-current Year Ending December 31, 2021 2020 Non-current (1) (2) (3) Uruguay $ 34,062 $ 34,518 Argentina 1,166 819 Spain 787 839 Other countries 234 37 Total non-current $ 36,249 $ 36,213 (1) Non-current (2) Non-current (3) The Group does not have any non-current |
Prepaids and Other Current Asse
Prepaids and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Prepaids and Other Current Assets | 9. Prepaids and Other Current Assets Year Ending December 31, 2021 2020 Prepaids and other current assets Prepaids $ 1,153 $ 243 Advances to suppliers 829 426 Other current assets 713 103 Total $ 2,695 $ 772 |
Issued Capital and Reserves
Issued Capital and Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Issued Capital and Reserves | 10. Issued Capital and Reserves During 2021, 2020 and 2019, there are no amendments to Group capital, except for the issuance of Nettar Series X Preferred Shares (classified as liabilities as further described below in this note), the repurchase of Series A, B and B-1 Shares issued and fully paid Year Ending December 31, Shares issued and fully paid 2021 2020 2019 Ordinary Shares 53 49 48 Series A preference shares 25 47 47 Series B preference shares 14 31 31 Series B-1 preference shares 7 9 9 Series X Preferred Shares 20 — — 119 136 135 Except for the number of Ordinary Shares and Nettar Series X Preferred shares which changed in 2021 as explained below, the number of shares authorized for each class remained unchanged for the years in 2019 and 2020 as follows: Authorized shares Authorized shares Number of Face value per Ordinary Shares 20,000,000 0.00001 Series A preference shares 4,723,330 0.00001 Series B preference shares 3,117,915 0.00001 Series B-1 899,153 0.00001 Series X Preferred Shares 2,500,000 0.00001 The number of authorized Ordinary Shares in year 2021 increased from 15.5 million to 20 million and the Nettar Series X Preferred Shares increased by 2.5 million, while the rest of the classes of authorized Preferred shares remained unchanged. Ordinary shares issued and fully paid Ordinary shares Number Face value Total At January 1, 2019 4,823,645 0.00001 48 Issuance of shares 9,136 0.00001 — At December 31, 2019 4,832,781 0.00001 48 Issuance of shares 96,481 0.00001 1 At December 31, 2020 4,929,262 0.00001 49 Issuance of shares 333,806 0.00001 4 At December 31, 2021 5,263,068 0.00001 53 Preferred shares Preferred shares Series A Series B Series B-1 Series X Face value Total At January 1, 2019 4,723,330 3,117,915 899,153 — 0.00001 87 Redemption / Issuance of shares — — — — 0.00001 — At December 31, 2019 4,723,330 3,117,915 899,153 — 0.00001 87 Redemption / Issuance of shares — — — — 0.00001 — At December 31, 2020 4,723,330 3,117,915 899,153 — 0.00001 87 Treasury shares (2) (2,176,000 ) (1,725,784 ) (226,629 ) — 0.00001 (41 ) Issuance of shares — — — 2,033,230 (1) 0.00001 20 At December 31, 2021 2,547,330 1,392,131 672,524 2,033,230 0.00001 66 (1) Issuance of 2,033,320 Nettar Series X Preferred shares were classified as liabilities on the Consolidated Statement of Financial Position. (2) See Note 17 in relation to the preferred shareholder transaction. In accordance with the Articles of Association of Nettar Group Inc., the Purchase Agreements and the Investors’ Right Agreements (hereinafter, the Agreements), each holder of Preferred Shares shall be entitled to convert any or all of its Preferred Shares at any time, without the payment of any additional consideration, into such number of fully paid Ordinary Shares per Preferred Share as is determined by dividing the applicable Original Purchase Price by the applicable Conversion Price determined for each series of Preferred and Preference Shares. Furthermore, the Agreements states the events which trigger the automatic conversion of the Preferred and Preference Shares into Ordinary Shares, such as the closing of a Qualified initial public offering (IPO), or with a Requisite Vote to convert all Preferred Shares at the then-effective Conversion Price. In April 2021, the Group entered into an agreement with investors, through which the Group would issue up to 2,500,000 Nettar Series X Preferred Shares, $0.00001 par value per share, at a purchase price of $10.00. The Nettar Series X Preferred Shares carry an annual 7% cumulative dividend, payable upon a liquidation, dissolution, winding up or upon the conversion or redemption of the Nettar Series X Preferred Shares. During the year ended December 31, 2021, a total of 2,033,230 Nettar Series X Preferred Shares were issued. Since the Series X Preferred Shares contain a contractual obligation to deliver cash or another financial asset (e.g., variable number of common shares), multiple conversion events are based on the occurrence or non-occurrence As further detailed in Note 20 (Subsequent Events), and in connection with the merger transaction closed in January 2022, all of the Group’s Preferred Shares outstanding immediately prior to the effective time of the Initial Merger (other than dissenting shares) were converted into a number of Class A Ordinary Shares as determined in the merger agreement. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Share-Based Compensation | 11. Share-based Compensation Employees, including senior executives, of the Group receive incentives in the form of share-based options, whereby employees render services as consideration for equity instruments (equity-settled transactions). The Group maintains a plan under which the share-based option awards are issued or modified. The Plan provides for the direct allocation as well as the sale of shares and the granting of options for the purchase of shares, at the discretion of the Group’s Board of Directors, to certain employees, advisors and/or independent directors. The option incentives are usually granted for a four-year vesting term and have a maximum term of ten years. The Group recognized share-based compensation expense of $10,962 thousand, $1,984 thousand and $959 thousand for the years ended December 31, 2021, 2020 and 2019 respectively. The following components of Shareholders’ equity were increased as follows: Year Ending December 31, 2021 2020 2019 Other paid-in $ 9,968 $ 859 $ 852 Additional paid-in — 1,120 — Forfeiture options (reclassified to retained earnings) 994 5 107 Total $ 10,962 $ 1,984 $ 959 There were no cancellations or modifications to the granted awards in 2021, 2020 and 2019. The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years 2021, 2020 and 2019: Number 2021 WAEP 2021 Number 2020 WAEP 2020 Number 2019 WAEP 2019 Outstanding at January 1st 1,421,314 $ 2.75 1,238,025 $ 2.41 678,677 $ 1.79 Granted during the year 1,080,491 10.45 348,444 4.14 617,173 3.04 Forfeited during the year (72,115 ) 4.21 (104,152 ) 3.93 (22,278 ) 1.79 Excercised during the year (333,806 ) 2.25 (56,577 ) 1.82 (9,136 ) 1.79 Expired during the year (17,475 ) 2.53 (4,426 ) 2.37 (26,411 ) 1.79 Outstanding at December 31st 2,078,409 $ 6.79 1,421,314 $ 2.75 1,238,025 $ 2.41 Excersisable at December 31st 1,001,770 $ 3.00 992,024 $ 2.35 771,631 $ 2.08 The accumulated amounts related to Share-based options recognized as Other paid-in The weighted average remaining contractual life for the share options outstanding were 7.95 years, 7.20 years and 7.88 years as of December 31, 2021, 2020 and 2019, respectively. The following table list the inputs used for the measurement of the Plan during the years ended December 31, 2021, 2020 and 2019, respectively: Year Ending December 31, 2021 2020 2019 Weighted average fair values at the measurement date (grant date) $ 23.36 $ 6.31 $ 2.05 Dividend yield (%) — — — Expected volatility (%) 61 - 72 59 - 61 52 - 61 Risk-free interest rate (%) 0.5 - 1.4 0.4 - 0.5 1.3 - 2.2 Contractual life of share options (years) 10 10 10 Weighted average share price (USD) $ 6.79 $ 2.75 $ 3.04 Model used Black Scholes Black Scholes Black Scholes The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. As further detailed in Note 20 (Subsequent Events), and in connection with the merger transaction closed in January 2022, all options to purchase the Group’s ordinary shares were assumed by Satellogic Inc., the new listed company, and became options to purchase Class A Ordinary Shares of Satellogic Inc., as determined in accordance with the Merger Agreement. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Accrued Expenses and Other Liabilities | 12. Accrued Expenses and Other Liabilities Year Ending December 31, 2021 2020 Accrued expenses and other liabilities Accrued professional fees related to merger transaction (1) $ (16,263 ) $ — Provisions (2,934 ) (462 ) Payroll and employee benefits payable (2,545 ) (1,717 ) Other taxes payable (2,045 ) (439 ) Total $ (23,787 ) $ (2,618 ) Total current (23,435 ) (2,582 ) Total non-current $ (352 ) $ (36 ) (1) Refer to Note 20 (Subsequent Events) for further details on the merger transaction. |
Earnings (Loss) Per Share ("EPS
Earnings (Loss) Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Earnings (loss) per Share ("EPS") | 13. Earnings (loss) per Share (“EPS”) Basic EPS is calculated by dividing the profit (loss) for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing the profit (loss) attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The Group identified four financial instruments that qualify as potential ordinary shares: 1) the Preferred and Preference Shares described in Note 10 (Issued Capital and Reserves), 2) the share-based options awards mentioned in Note 11 (Share-based Compensation), 3) the warrant described in Note 17 (Debt) and 4) the Notes debt described in Note 17 (Debt). Each of these potential ordinary shares are antidilutive since their conversion to ordinary shares would decrease loss per share from continuing operations. Basic and diluted EPS are equal since the calculation of diluted earnings per share does not assume conversion, exercise, or other issue of potential ordinary shares that would have an antidilutive effect on earnings (loss) per share. The following table reflects the income (loss) and share data used in the basic and diluted EPS calculations: Year Ending December 31, 2021 2020 2019 Loss for the year attributable to Equity holders of the parent (basic and diluted) $ (117,741 ) $ (113,926 ) $ (20,765 ) Weighted average number of ordinary shares (basic and diluted) 5,042,885 4,853,668 4,829,625 Loss per share basic and diluted $ (23.35 ) $ (23.47 ) $ (4.30 ) |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
Capital Management | 14. Capital Management For the purpose of the Group’s capital management, capital includes issued capital, convertible Preferred and Preference Shares, additional paid in capital, treasure shares, warrants, all other equity reserves attributable to the equity holders of the parent, and debt disclosed in Note 17 (Debt). The Group considers both capital and net debt as relevant components of funding. The Group manages its capital to ensure the Group will be able to continue as a going concern while maximizing the shareholders’ value through the optimization of the debt and equity balance. The Group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may search for new sources of funding (either equity or debt), issue new shares or new convertible promissory notes. The Group has historically funded its operations principally through notes payable, common stock and preferred stock issuances. The breakdown of the Group capital structure for capital management purposes is as follows: Year Ending December 31, 2021 2020 Treasury shares $ (170,949 ) $ — Additional paid-in 62,045 61,253 Other paid-in 12,432 2,464 Warrants 161,432 — Foreign currency translation reserve (86 ) — Retained earnings (297,752 ) (181,005 ) Total equity $ (232,878 ) $ (117,288 ) Current debt $ 246,189 $ 125,085 Non-current — 33,795 Total debt $ 246,189 $ 158,880 Total capital management structure $ 13,311 $ 41,592 No changes were made in the objectives, policies, or processes for managing capital during the years ended December 31, 2021, 2020 and 2019. |
Financial Instruments Risk
Financial Instruments Risk | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments Risk [Abstract] | |
Financial Instruments Risk | 15. Financial Instruments Risk Risk management objectives and policies The Group is subject to a number of risks associated with emerging, technology-oriented companies with a limited operating history, including, but not limited to, dependence on key individuals, a developing business model, initial and continued market acceptance of the Group’s services, protection of the Group’s proprietary technology, competition from substitute products and services. The Group´s activities expose it to a variety of financial risks, including fair value risk, market risk, interest rate risk, credit risk, foreign currency risk and liquidity risk. The Group’s senior management oversees the management of these risks. The Group’s senior management conducts this oversight in close co-operation The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below. Fair value risk The Group is subject to fair value risk related to the conversion options contained in the Group’s convertible notes debt and Nettar Series X Preferred Shares and the make-whole premium of the Cantor Loan. Fluctuations in the fair value of these financial instruments may arise from changes significant unobservable inputs detailed below (see Description of significant unobservable inputs to valuation All of the Group’s outstanding Notes debt, Nettar Series X Preferred Shares and Cantor Loan balances were converted into a number of Class A Ordinary Shares as determined in the merger agreement in connection with the merger transaction with CF Acquisition Corp. V (see Note 20 Subsequent Events). Fair value measurement hierarchy The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities. There were no transfers between Level 1 and Level 2 during 2021 and 2020. Fair value of financial instruments that are not measured at fair value (but fair value disclosures are required) Set out below is a comparison, by class, of the carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values. Fair value measurement using Financial instruments Date of valuation Total Quoted prices in Significant Significant Assets for which fair values are disclosed Fixed term deposit December 31, 2021 53 — 53 — Accounts receivables December 31, 2021 1,196 — 1,196 — Other receivables (guarantee deposits) December 31, 2021 135 — 135 — Liabilities measured at fair value Notes debt - Embedded derivative December 31, 2021 117,622 — — 117,622 Series X Preferred Shares - Embedded derivative December 31, 2021 188 — — 188 Cantor Loan - Embedded derivative December 31, 2021 579 — — 579 Liabilities for which fair values are disclosed Notes debt December 31, 2021 61,856 — 61,856 — Promissory notes December 31, 2021 40,925 — 40,925 — Series X Preferred Shares December 31, 2021 20,465 — 20,465 — Cantor Loan December 31, 2021 6,943 — 6,943 — Trade, accruals and other payables December 31, 2021 27,866 — 27,866 — Assets measured at fair value Cash equivalents - Money market funds December 31, 2020 1,088 1,088 — — Assets for which fair values are disclosed Fixed term deposit December 31, 2020 56 — 56 — Accounts receivables December 31, 2020 4 — 4 — Other receivables (guarantee deposits) December 31, 2020 130 — 130 — Liabilities measured at fair value Notes debt - Embedded derivative December 31, 2020 96,096 — — 96,096 Liabilities for which fair values are disclosed Notes debt December 31, 2020 55,280 — 55,280 — Trade and other payables December 31, 2020 7,478 — 7,478 — Year Ending Year Ending Carrying Fair Value Carrying Fair Value Financial assets measured at amortized cost Other receivables $ 156 $ 135 $ 157 $ 130 Total $ 156 $ 135 $ 157 $ 130 Financial liabilities measured at amortized cost Notes debt $ 61,456 $ 61,856 $ 62,784 $ 55,280 Promissory notes 38,095 40,925 — — Series X Preferred Shares 21,183 20,465 — — Cantor Loan 7,066 6,943 — — Trade, accruals and other payables 28,047 27,866 7,981 7,478 Total $ 155,847 $ 158,055 $ 70,765 $ 62,758 The Group assessed that the fair values of fixed term deposits, accounts receivables, current other receivables, and current trade and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments. The following methods and assumptions were used to estimate the fair values: • The carrying values of the fixed term deposits and the accounts receivables are considered to approximate their fair values. • The fair values of the other receivables and trade and other payables have been estimated using a discounted cash flow model. The valuation requires management to make certain assumptions about the model inputs, including forecast cash flows, the discount rate, credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used in management’s estimate of fair value for these receivables. • The fair values of the Group’s Notes debt, Nettar Series X Preferred Shares and Cantor Loan are determined by using the “with” and “without” method. As of each Measurement Date, the Group first valued the Notes and Nettar Series X Preferred Shares with the Conversion Options and the Cantor Loan with the make-whole premium in certain scenarios (the “with” scenario) and subsequently valued the Notes and Nettar Series X Preferred Shares without the Conversion Options and the Cantor Loan without the make-whole premium in certain scenarios (the “without” scenario). The difference between the fair values of the Notes in the “with” and “without” scenarios was the concluded fair value of the Conversion Options of the Notes and Nettar Series X Preferred Shares and the make-whole premium of Cantor Loan as of the Measurement Date. • The carrying value of the lease liabilities is calculated as the present value of lease payments, discounted at its incremental borrowing rate at the lease commencement date. The Group considers that the incremental borrowing rate remained unchanged, therefore the carrying amount of this liability approximate its fair value. • The fair values of the guarantee deposits have been estimated using the discounted cash flow model. Since these deposits relate to leasing activities with similar terms of maturity, they have been discounted at the incremental borrowing rate used for these lease liabilities. Description of significant unobservable inputs to valuation The significant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy included the following: Notes debt embedded derivative: • fair value of one Series B preference share, • discount rate, and • volatility. When applying a reasonably possible range for alternative assumptions to each unobservable input, a +/- 20% increase/(decrease) in fair value fair value of one Series B preference share would result in an increase/(decrease) in fair value of the liability of approximately $36.1 million / ($36.1) million and $30.0 million / ($30.0) million for the years ended December 31, 2021 and 2020, respectively. No material changes in the liability resulted from sensitivity analyses related to the discount rate (i.e., 1% increase/decrease in rate) or volatility (i.e., 10% increase/decrease in volatility). Series X embedded and Cantor Loan derivatives: • one common share value on fully diluted basis in delayed exit/stay private scenario (for Series X) • discount rate, and • volatility. No material changes in the liability resulted when applying a reasonably possible range for alternative assumptions to each unobservable input in the respective sensitivity analyses (i.e, 1% increase/decrease in discount rate, 10% increase/decrease in volatility, 20% increase/decrease in the value of the common share). Reconciliation of Level 3 fair value measurements of financial instruments Fair value - (2) At January 1, 2020 $ 7,139 Remeasurement loss (1) 84,224 Issues 4,733 At December 31, 2020 $ 96,096 Remeasurement (gain) - Series X (1) (1,328 ) Remeasurement loss - Notes debt (1) 43,428 Remeasurement loss - Cantor Loan (1) 2 Issues - Series X 1,516 Settlements – Notes debt (21,902 ) Issues - Cantor Loan 577 At December 31, 2021 $ 118,389 (1) Recognized in the Statement of Profit or Loss and Comprehensive Loss as of December 31, 2021 and 2020, respectively. (2) Includes Notes debt, Series X and Cantor Loan. There were no transfers in or out of Level 3 during the years ended December 31, 2021, 2020 and 2019. Market risk analysis The Group is exposed to market risk through its use of financial instruments and specifically to price risk, currency risk and interest rate risk, which result from both its operating and investing activities. Refer to fair value risk Foreign currency sensitivity The Group has determined its financial assets and liabilities are primarily held in US dollars; however, certain foreign subsidiaries of the Group maintain financial assets and liabilities in non-USD The primary exposure to foreign currency rate fluctuations occurs when the Group incurs transactions other than its functional currency. To mitigate the Group’s exposure to foreign currency risk, exchange rate exposures are managed within approved policy parameters. The Group’s exposure to currency risk from foreign currency denominated financial assets and financial liabilities as of December 31, 2021 and 2020 are as follows: Financial Assets (1) Financial Liabilities (1) Year Ending December 31, Year Ending December 31, 2021 2020 2021 2020 Argentine Peso 438 353 (54 ) (28 ) Euro 143 155 (369 ) (694 ) Renminbi 130 310 (13 ) (28 ) (1) Amounts reflect the December 31, 2021 and 2020 spot rates, respectively Financial assets and liabilities denominated in Uruguayan pesos and Israeli new shekel were deemed to be immaterial. Management determined that a reasonably possible change in foreign currency exchange rates in these non-US Interest rate sensitivity The Group’s policy is to minimize interest rate cash flow risk exposures on long-term financing. Longer-term borrowings are therefore usually at fixed rates. The exposure to interest rates for the Group’s borrowings is considered immaterial. Additionally, all of the Group’s outstanding notes debt, Nettar Series X Preferred Shares and Cantor Loan balances were converted into a number of Class A Ordinary Shares as determined in the merger agreement in connection with the merger transaction with CF Acquisition Corp. V (see Note 20 Subsequent Events). Credit risk analysis Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is exposed to credit risk from financial assets including cash and cash equivalents held at banks, trade and other receivables. Credit risk management The credit risk is managed on a group basis based on the Group’s credit risk management policies and procedures. Credit risk of any entity doing business with the Group is systematically analyzed, including aspects of a qualitative nature. The measurement and assessment of the Group total exposure to credit risk covers all financial instruments involving any counterparty risk. The credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits and are only with major reputable financial institutions. As the Group’s risk exposure is mainly influenced by the individual characteristics of each customer, it continuously analyzes the creditworthiness of significant debtors. Accounts receivable—trade consist of a select number of customers in various geographical areas. Accounts receivable—trade are non-interest Liquidity risk analysis Liquidity risk is that the Group might be unable to meet its obligations. The Group manages liquidity risk by using funding obtained mainly from shareholders and other liabilities. See Note 1 (Description of Business and Basis of Presentation ) The Group manages its liquidity needs by monitoring scheduled debt servicing payments for long-term financial liabilities as well as forecast cash inflows and outflows due in day-to-day The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments: Financial Liability Carrying Total Less than 3 3 to 12 1 to 2 years More than 2 2021 Trade and other payables $ 8,850 $ 8,850 $ 5,193 $ 1,458 $ 2,200 $ — Notes debt 61,456 65,073 65,073 — — — Promissory note 38,095 41,896 41,896 — — — Cantor Loan 7,066 7,558 7,558 — — — Series X 21,183 21,427 21,427 — — — Accrued expenses and other liabilities (1) 19,197 19,197 18,269 576 65 287 Lease liabilities 2,799 2,944 305 661 1,593 384 Total $ 158,646 $ 166,945 $ 159,721 $ 2,695 $ 3,858 $ 671 2020 Trade and other payables $ 7,555 $ 7,555 $ 606 $ 2,252 $ 1,244 $ 3,453 Notes debt 62,784 72,160 — 55,607 16,553 — Accrued expenses and other liabilities (1) 462 462 426 — — 36 Lease liabilities 1,398 1,485 103 293 224 864 Total $ 72,199 $ 81,662 $ 1,135 $ 58,152 $ 18,021 $ 4,353 (1) Excludes payroll, employee benefits and other taxes payable As stated in Note 1 (Description of Business and Basis of Presentation ) |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
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Related Party Disclosures | 16. Related Party Disclosures The Group has Notes debt with certain related parties. The following table provides the notes debt balances and associated finance costs as follows: Year Ending December 31, 2021 2020 2019 Convertible notes debt from related parties Amounts owed to related parties $ 36,690 $ 48,598 $ 20,590 Interest expense $ 1,010 $ 2,999 $ 1,419 There are no sales or purchases transactions with entities with significant influence over the Group and key management personnel of the Group. Compensation of key management personnel of the Group Year Ending December 31, 2021 2020 2019 Short-term employee benefits $ 1,854 $ 2,206 $ 1,858 Termination benefits 157 202 — Share-based payment transactions 1,286 1,286 416 Total compensation paid to key management personnel $ 3,297 $ 3,694 $ 2,274 The amounts disclosed in the table are the amounts recognized as an expense during the reporting periods related to key management personnel. Directors’ interests in the share-based compensation Plan Share options held by executive members of the Board of Directors under the share-based compensation Plan have the following expiry dates and exercise prices: Shares outstanding Year Ending December 31, Grant Date Expiration Weighted average 2021 2020 2019 2016 2026 $ 1.79 33,600 33,600 33,600 2019 2029 $ 3.14 97,972 97,972 97,972 2021 2031 $ 4.18 67,200 — — See Note 11 (Share-based Compensation) for further details on the plan. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
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Debt | 17. Debt Preferred Shareholder Transaction On March 8, 2021, the Group signed an Exchange Agreement in conjunction with a Loan and Security Agreement and Warrant with a holder of preference shares and convertible notes (the “Investor”). Prior to such date, the Investor had been a note lender under the 2018 and 2019 note purchase agreements, and also owned Series A, B and B-1 The exercise period of warrant is the earlier of 25 years from the effective date (i.e., March 8, 2021) or the date which the warrant is exercised in full. The warrant is freestanding, can be separately exercised from the debt and as of December 31, 2021 is transferrable subject to a right of first refusal in favor of Nettar Group Inc. The Investor transaction resulted in the derecognition of the convertible notes and related embedded derivative amounting to $30,332 thousand, and recognition of a liability related to the new loan (Promissory Note), treasury shares and a warrant classified as an equity financial instrument. Debt and Amendments In September 2020, the Group signed a Note Purchase Agreement (the “NPA”) with certain lenders, which included a compound annual interest rate of 5% with a maturity of 2 years. Such 2020 notes together with the 2018 NPA and 2019 Amended & Restated NPA with similar conditions (compound annual interest rate of 5% with 2 years of maturity) are all the Notes debt issued by the Group. In April 2021, the Group´s management agreed with its note holders, to extend the maturity date of the 2018 and 2019 convertible notes with original due date in April and September 2021, respectively. The new maturity date for the 2018 and 2019 notes was agreed to be in April 2022. The Group recognized a gain on extinguishment of debt of $318 thousand on the Consolidated Statement of Profit and Loss and Comprehensive Loss for the year ended December 31, 2021, related to the agreement. In April 2021, the Group incurred $20,332 thousand of indebtedness related to the issuance of Nettar Series X Preferred Shares. See Note 10 (Issued Capital and Reserves). In December 2021, the Group entered into the Promissory Note with Cantor Fitzgerald Securities (“CF Securities”) and incurred a loan (“Cantor Loan”) for an aggregate total amount of $7,500 thousand. The breakdown of the debt outstanding as of December 31, 2021 and December 2020, is as follows: December 31, 2021 Annual Maturity Principal December 31, 2020 Annual Original Principal Current debt Current debt Notes debt 2018 5 % 2022 $ 16,540 Notes debt 2018 5 % 2020 $ 19,540 Notes debt 2019 5 % 2022 25,000 Notes debt 2019 5 % 2021 30,000 Notes debt 2020 5 % 2022 15,047 Non-current debt Series X 7 % 2023 20,332 Notes debt 2020 5 % 2022 15,047 Cantor Loan 7 % 2022 7,500 Total debt $ 64,587 Promissory notes 5 % 2046 40,089 Total $ 124,508 Conversion features The Group determined the conversion features of the debt instruments represented a derivative instrument, which are not clearly and closed related to the debt host contracts, and therefore were required to be accounted for separately. The convertible debt instruments were separated into debt and conversion options at issuance and a fair value was assigned to each component. The fair values of the Group’s Notes debt, Nettar Series X Preferred Shares and Cantor Loan are determined by using the “with” and “without” method. As of each Measurement Date, the Group first valued the Notes and Nettar Series X Preferred Shares with the Conversion Options and the Cantor Loan with the make-whole premium in certain scenarios (the “with” scenario) and subsequently valued the Notes and Nettar Series X Preferred Shares without the Conversion Options and the Cantor Loan without the make-whole premium in certain scenarios (the “without” scenario). The difference between the fair values of the Notes in the “with” and “without” scenarios was the concluded fair value of the Conversion Options of the Notes and Nettar Series X Preferred Shares and the make-whole premium of Cantor Loan as of the Measurement Date. To estimate the fair value of the Convertible Notes, Nettar Series X Preferred Shares and Cantor Loan in the “with” scenario, management considered the Group’s expectations regarding future financings. Management used expectations regarding a next qualified equity financing scenario, SPAC scenario and a dissolution scenario to estimate the fair value of the Convertible Notes, Nettar Series X Preferred Shares and Cantor Loan in the “with” scenario. Regarding the “without” scenario, the Group also considered scenarios: the next equity financing scenario, SPAC scenario and the dissolution scenario, in order to estimate the fair value of the Convertible Notes, Nettar Series X Preferred Shares and Cantor Loan. After initial recognition, the host debt is accounted for at amortized cost and effective interest rate is calculated considering residual value assigned. The fair value of the conversion feature and the make-whole premium is determined at each reporting date and fair value change recognized in profit or loss. The changes in Convertible Notes (Notes debt), Promissory notes, Nettar Series X Preferred Shares and Cantor Loan for the years ended December 31, 2021, 2020 and 2019 that arose from financial activities: January 1, 2021 Cash flows Extinguishment Exchange of Interest / Changes in December 31, 2021 Notes debt $ 62,784 $ — $ (8,749 ) $ — $ 7,421 $ — $ 61,456 Notes debt - Embedded derivative liability 96,096 — (21,902 ) — — 43,428 117,622 Promissory notes — — — 36,333 1,762 — 38,095 Series X — 18,816 — — 2,367 — 21,183 Series X - Embedded derivative liability — 1,516 — — — (1,328 ) 188 Cantor Loan — 6,923 — — 143 — 7,066 Cantor Loan - Embedded derivative liability — 577 — — — 2 579 Total $ 158,880 $ 27,832 $ (30,651 ) $ 36,333 $ 11,693 $ 42,102 $ 246,189 Total non-current — Total current $ 246,189 January 1, 2020 Cash flows Extinguishment Exchange of Interest Changes in December 31, 2020 Notes debt $ 42,004 $ 13,314 $ — $ — $ 7,466 $ — $ 62,784 Notes debt - Embedded derivative liability 7,139 4,733 — — — 84,224 96,096 Total $ 49,143 $ 18,047 $ — $ — $ 7,466 $ 84,224 $ 158,880 Total non-current 33,795 Total current $ 125,085 January 1, 2019 Cash flows Extinguishment Exchange of Interest Changes in December 31, 2019 Notes debt $ 17,431 $ 20,105 $ — $ — $ 4,468 $ — $ 42,004 Notes debt - Embedded derivative liability 4,474 6,895 — — — (4,230 ) 7,139 Total $ 21,905 $ 27,000 $ — $ — $ 4,468 $ (4,230 ) $ 49,143 Total non-current 28,495 Total current $ 20,648 All of the Group’s outstanding Notes debt, Series X and Cantor Loan balances were converted into a number of Class A Ordinary Shares as determined in the merger agreement in connection with the merger transaction with CF Acquisition Corp. V in January 2022 (see Note 20 Subsequent Events), |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
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Leases | 18. Leases Group as a lessee The Group has leases for real estate and equipment. Lease terms range from 2 and 10 years. Changes in the Group’s right-of-use 2021 2020 Balance as of January 1, $ 1,341 $ — Depreciation expense (477 ) (286 ) Additions 1,824 1,627 Transfers (25 ) — Balance as of December 31, $ 2,663 $ 1,341 Changes in the Group’s lease liabilities carrying amounts were as follows: 2021 2020 2019 Balance as of January 1, $ 1,398 $ — $ — Additions to lease liabilities 1,799 1,711 — Accretion of interest 49 57 — Payments (447 ) (370 ) — Balance as of December 31, $ 2,799 $ 1,398 $ — Total non-current 1,908 1,036 — Total current $ 891 $ 362 $ — For information regarding the maturity profile of the Group’s leases liabilities, see Note 15 (Financial Instruments Risk). The Group recognized in the Consolidated Statement of Profit or Loss the following expenses related to its leases for the years end December 31, 2021, 2020 and 2019: 2021 2020 2019 Depreciation expense $ 477 $ 286 $ — Interest expense on lease liabilities 49 57 — Total lease expense $ 526 $ 343 $ — |
Subsidiaries of the Group
Subsidiaries of the Group | 12 Months Ended |
Dec. 31, 2021 | |
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Subsidiaries of the Group | 19. Subsidiaries of the Group Country of % equity interest Name Principal activities incorporation 2021 2020 Urugus S.A. Manufacturing, Assembly, Integration, Test and Exports Uruguay 100 % 100 % Nettar S.A. Intermediate Holding Uruguay 100 % 100 % Satellogic USA, Inc. Sales and marketing, Product strategy and business development United 100 % 100 % Telluric Ltd. Image analytics and user interfaces Israel 100 % 100 % Satellogic S.A. Research and development services and builds prototypes Argentina 100 % 100 % Satellogic Overseas, Inc. Supplies fund for non-recurrent BVI 100 % (1) 100 % (1) Satellogic Solutions S.L. Data science solutions and machine learning over the satellite images Spain 100 % (1) 100 % (1) Satellogic China, LTD Sales and marketing China 100 % (2) 100 % (2) Satellogic China Beijing Branch Sales and marketing China 100 % (3) 100 % (3) Satellogic North America LLC Sales and Marketing United 100 % (4) (7) Satellogic Netherlands B.V. High throughput plant The 100 % (5) (7) Satellogic, Inc Created to consummate the transaction with CF V BVI 100 % (7) MergerSub 1 Created to consummate the transaction with CF V BVI 100 % (6) (7) MergerSub 2 Created to consummate the transaction with CF V United 100 % (6) (7) (1) This entity is controlled through Nettar, S.A. an intermediate holding entity of the Group. (2) This entity is controlled through Urugus S.A. (3) Dependent branch from Satellogic China LTD (4) This entity is controlled throug Satellogic USA, Inc (5) This entity is controlled by Satellogic Solutions S.L. (6) This entity is controlled by Satellogic Inc (7) This entity was created during the year ended December 31, 2021. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
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Subsequent Events | 20. Subsequent Events Liberty Subscription Agreement On January 18, 2022, Satellogic Inc (the “Company”) and Satellogic V Inc (formally known as CF Acquisition Corp. V) (“CF V”) entered into an agreement (“Liberty Subscription Agreement”) with Liberty Strategic Capital (SATL) Holdings, LLC (“Liberty Investor”), pursuant to which the Liberty Investor agreed to purchase, and the Company agreed to issue and sell to the Liberty Investor, following satisfaction or waiver of the conditions in the Liberty Subscription Agreement, certain securities of the Company, including (i) 20,000,000 Class A Ordinary Shares (the “Liberty Shares”), (ii) 5,000,000 warrants, each warrant providing the holder thereof the right to purchase one (1) Class A Ordinary Share at an exercise price of $10.00 per share (the “$10.00 Liberty Share Warrants”), and (iii) 15,000,000 warrants, each warrant providing the holder thereof the right to purchase one (1) Class A Ordinary Share at an exercise price of $15.00 per share (the “$15.00 Liberty Warrants” and, together with the $10.00 Liberty Share Warrants, the “Liberty Share Warrants”), in a private placement for an aggregate purchase price of $150 million. The Liberty Share Warrants are exercisable as and from February 10, 2022, will expire on February 10, 2027, or the fifth anniversary of the closing. The closing of the Liberty transaction occurred on February 10, 2022. Cantor Fees and Loan On January 18, 2022, CF V, the Company and Cantor Fitzgerald & Co. (“CF&Co.”) entered into an agreement to which they agreed that of the out-of-pocket On January 18, 2022, CF Securities, the Company and the Group entered into an agreement pursuant to which the Company and CF Securities agreed that the Company would repay the $7.5 million Cantor Loan executed in December 2021, including all principal and interest by the issuance of 788,021 Class A Ordinary Shares of Satellogic Inc., which repayment occurred on the Closing Date. Merger Transaction with CF V On the Closing Date, the Group consummated the transactions (“Business Combination”) contemplated by that previously announced Agreement and Plan of Merger dated as of July 5, 2021 (the “Merger Agreement”), by and among the Group, CF V, Ganymede Merger Sub 1 Inc., a business company with limited liability incorporated under the laws of the British Virgin Islands (BVI) and a direct wholly owned subsidiary of Nettar Group Inc. (“MergerSub 1”), Ganymede Merger Sub 2 Inc., a US Delaware corporation and a direct wholly owned subsidiary of Nettar Group Inc. (“MergerSub 2”), and Nettar Group Inc. Beginning on January 26, 2022, the combined company began trading under the name Satellogic, Inc. Its common stock trades on Nasdaq under the ticker symbol “SATL” and its warrants trade on Nasdaq under the ticker symbol “SATLW”. The transaction resulted in cash on the Statement of Financial Position of approximately $168 million in 2022, after transaction expenses and debt repayment, through the contribution of cash held in CF V’s trust account, net of redemptions by CF V’s public stockholders, and a concurrent PIPE offering led by SoftBank’s SBLA Advisers Corp. and CF&Co., among other top-tier The Group believes that its cash on hand following the consummation of the Business Combination will be sufficient to meet its working capital and capital expenditure requirements for a period of at least 12 months from the end of the reporting period. Management expects the Business Combination will be accounted in 2022 for as a capital reorganization under IFRS. Under this method of accounting, CF V will be treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination will be treated as the equivalent of the Group issuing shares for the net assets of CF V, accompanied by a recapitalization. Management expects that since CF V does not meet the definition of a business in accordance with IFRS 3, the transaction will be considered a capital reorganization, similar to a reverse acquisition under IFRS 3, along with a share-based payment accounted for within the scope of IFRS 2. Any excess of fair value of the Company shares issued over the fair value of the net assets acquired would represent compensation for the service of a stock exchange listing for its shares and would be expensed as incurred. The net assets would be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination would be deemed to be those of the Group. Adjustment of Warrant Price and Warrant Redemption Price On April 1, 2022, the Company informed Continental Stock Transfer & Trust Company that pursuant to a warrant agreement executed by CF V on January 28, 2021, as modified and assumed by an assignment and assumption agreement executed on January 25, 2022 that the warrant price with respect to the $8.63 warrants issued and outstanding will be adjusted from $11.50 to $8.63 and the redemption price the $8.63 Warrants will be adjusted from $18.00 to $13.50. Hannover Holdings S.A. (“Hannover”) Notice Hannover holds Convertible Notes of Nettar Group Inc. as of December 31, 2021 which, considering conversion and exchange in 2022 into Satellogic Inc Class A Ordinary Shares amount to approximately 8.3% of the issued and outstanding Satellogic Inc. Ordinary Shares as of April 6, 2022. Hannover also holds Ordinary Shares and Preferred Shares of Nettar Group Inc. as of December 31, 2021. Hannover sought appraisal, entitling it to be paid the “fair value” for its shares in cash, with respect to all of its holdings in Nettar Group Inc. in connection with the Initial Merger which formed part of the Business Combination, and may bring other claims arising from the Business Combination. Although Hannover asserted that it is entitled to dissenters’ rights on any Ordinary Shares issuable upon conversion of its Convertible Notes (Conversion Shares), at a hearing held on November 8, 2021, a BVI court ruled that Hannover is not entitled to dissenters rights with respect to shares issuable upon conversion of its Convertible Notes upon the consummation of the Business Combination. The order reflecting the court’s ruling was issued on January 21, 2022, and the statutory time for appeal of such order in the BVI has passed without Hannover exercising their right to appeal. On April 6, 2022, a statutory appraisal process conducted pursuant to the laws of the BVI, to determine the “fair value” with respect to a total of 51,700 ordinary shares, 134,735 Series A preference shares, and 15,082 Series B-1 Status of Registration Statement Pursuant to the registration provisions of various agreements to which the Company is a party (the “Registration Provisions”), the Company agreed with the relevant investors that the registration statement registering their Company securities, including the Additional Shares which the issuance of is determined based on the effective date of the registration statement, would be filed on or before February 25, 2022 and would be declared effective on or before April 25, 2022. Although the Company initially filed the registration statement on February 14, 2022 in compliance with the Registration Provisions this registration statement has not been declared effective. Although the Company will use its best efforts to have this registration statement declared effective as soon as practical, there is no assurance the Company will not be further delayed as a result of further comments or other regulatory requirements. Russian Federation Military Action Against Ukraine In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. The impact on the Group’s financial position, results of operations, and cash flows is also not determinable as of the date of these financial statements. Legal Proceedings Hannover holds Class A Ordinary Shares which amount to approximately 8.3% of the issued and outstanding Ordinary Shares as of April 6, 2022. Hannover sought appraisal, entitling it to be paid the “fair value” for its shares in cash, with respect to all of its holdings in Nettar in connection with the Initial Merger which formed part of the Business Combination and may bring other claims arising from the Business Combination. Although Hannover asserted that it is entitled to dissenters rights on the Conversion Shares, at a hearing held on November 8, 2021, a BVI court ruled that Hannover is not entitled to dissenters rights with respect to the shares issuable upon conversion of its Convertible Notes upon the Closing. The order reflecting the court’s ruling was issued on January 21, 2022, and the statutory time for appeal of such order in the BVI has passed without Hannover exercising its right to appeal. On April 6, 2022, the Appraisal Process, resulted in a determination that the fair value of such shares, as of the relevant date of November 14, 2021 (which date preceded the consummation of the Business Combination), was $5.9 million. Hannover was paid such $5.9 million for the shares which were the subject of the Appraisal Process. Dividend Policy The Company does not anticipate declaring any cash dividends to holders of Ordinary Shares in the foreseeable future. |
Significant Accounting Judgem_2
Significant Accounting Judgements, Estimates And Assumptions And Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Revenue Recognition | Revenue Recognition The Group is building a proprietary satellite constellation with the capability to generate insights from images and information, with focus on multi-temporal analysis and high frequency of revisits. The Group accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are established, the contract has commercial substance and collectability of consideration is probable. The Group recognizes revenue under a contract once control of the deliverable has passed to the customer. The following indicators are evaluated in determining when control has passed to the customer: (i) the Group has a right to payment for the imagery, (ii) the Group has made available the imagery to the customer, (iii) the customer has the right to deploy the imagery in its activities, and (iv) the customer receives the rewards of obtaining the imagery. The Group’s imagery can be delivered to the customers in two ways, either by providing access on the Group’s platform or via electronic delivery. The Group provides a satellite-as-a-service The Group also provides imagery related to specific requested tasks from customers. The Group’ performance obligation under the contract is met and it recognizes revenue from these transactions at the point-in-time At times, the Group may grant the customer the ability to name certain satellites. The naming rights of the satellites provides marketing value over the contractual term to the customer and is considered a distinct performance obligation. The Group recognizes the revenue related to the naming rights on a straight-line basis over the contractual period. The Group also provides technical support of satellite data downlink for customers’ ground stations. The Group considers this service to be a distinct performance obligation. Technical support provides a stand-ready obligation to the customer for any technical issues that may arise in connection with the accessing and downloading of images. The Group recognizes revenue on a straight-line basis over the contractual period. The Group may also sell some of its imagery as part of contractual arrangements containing multiple deliverables. For each deliverable that represents a distinct performance obligation, total arrangement consideration is allocated based upon the determined selling prices of each performance obligation. When naming rights are present in a contract, the Group may use a third-party valuation specialist to determine the fair value of this right. The Group will then ascribe a proportion of the contract consideration to this performance obligation. The nature of the Group’s contracts does not currently give rise to variable consideration related to returns or refunds as those are not offered. The Group evaluates contracts with a minimum purchase commitment to determine whether it expects to be entitled to a breakage amount. The Group considers the requirements on constraining estimates variable consideration. The following factors are evaluated when assessing the increased likelihood of a significant revenue reversal: (i) the amount of consideration is highly susceptible to factors outside the Group’s influence (e.g. volatility in a market, judgment of action of third parties, weather conditions), (ii) the uncertainty about the amount of consideration is not expected to be resolved for a long period of time, (iii) the Group’s experience with similar types of contracts is limited, or that experience has limited predictive value, (iv) the Group has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances, and (v) the contract has a large number and broad range of possible consideration amounts. The Group excludes amounts collected on behalf of third-parties, such as sales taxes, when determining transaction price. Contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services. Contract liabilities are comprised of an advance payment from the Group’s contract with a commercial space technology customer. The Group currently does not incur any incremental direct costs from obtaining customer contracts. The Group has elected to use the practical expedient for its performance obligations table to include only those customer contracts that are longer than 12 months at the time of contract inception and those contracts that are non-cancelable. The Group requests payments for its imagery in advance or with the delivery of the imagery. The Group generally does not enter into any long-term financing arrangements or payment plans with customers. Although the Group’s business practice is not to enter into contracts with non-cash non-cash non-cash |
Current Versus Non-current Classification | Current Versus Non-current The Group presents assets and liabilities in the Consolidated Statements of Financial Position based on a current and non-current non-current. |
Fair Value Measurement | Fair Value Measurement Financial instruments, such as money market funds and derivative financial liabilities, are measured at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability; or • In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest. In determining the fair value, valuation techniques are used which maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the Consolidated Financial Statements are categorized within a fair value hierarchy. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: • Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. • Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. • Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Assets and liabilities recognized at fair value on a recurring basis in the Consolidated Financial Statements are re-assessed For fair value disclosures, classes of assets and liabilities are based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy. |
Foreign Currencies | Foreign Currencies The Group’s functional currency is the US dollar. All legal entities have the US dollar as its functional currency, except for Satellogic Solutions S.L. (the Euro) and Telluric Ltd. (the Israeli new shekel). The functional currency for each legal entity is reviewed annually. For those entities with the US dollar as their functional currency, the monetary assets and liabilities denominated in foreign currencies are translated at the spot rate in effect at the applicable reporting date, non-monetary For those entities with other than the US dollar as their functional currency, all assets and liabilities denominated in foreign currencies are translated to US dollar at the spot rate in effect at the applicable reporting date and revenues and expenses denominated in foreign currencies are translated at the functional currency spot rate at the date of the transaction is incurred. The resulting foreign currency translation adjustment is recorded as Other comprehensive income, which is reflected as a separate component of Shareholders’ equity. |
Leases | Leases The Group enters into lease contracts, as assessed at contract inception, primarily for real estate and equipment. On the lease commencement date, the Group recognizes a right-of-use right-of-use accounts for the lease and non-lease right-of-use |
Financial Instruments | Financial Instruments Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognized when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs, where applicable. Financial assets are classified into one of the following categories: • amortized cost • fair value through profit or loss (“FVTPL”), or • fair value through other comprehensive income (“FVOCI”). In the periods presented the Group does not have any financial assets categorized as FVOCI. The classification is determined by both: • the entity’s business model for managing the financial asset, and • the contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in the Statement of Profit or Loss and Other Comprehensive Loss are presented within finance costs, embedded derivative (expense) income, finance income or other financial items, except for impairment of trade receivables which is presented within Administrative expenses. Subsequent measurement of financial assets Financial assets at amortized cost: Financial assets are measured at amortized cost if the assets meet the following conditions (and are not designated as FVTPL): • they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and • the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortized cost using the effective interest method (“EIR”). Discounting is omitted where the effect of discounting is immaterial. Financial assets at fair value through profit or loss (FVTPL): Financial assets held within a different business model other than ‘hold to collect’ or ‘hold to collect and sell’ are categorized at FVTPL. Further, irrespective of the business model used, financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial instruments of the Group fall into this category. Assets in this category are measured at fair value with gains or losses recognized in profit or loss. The fair values of financial assets in this category are determined by reference to active market transactions or using a valuation technique where no active market exists. Impairment of Financial Assets For financial assets at amortized cost, the Group recognizes an allowance for expected credit losses (“ECLs”) for all financial assets instruments not held at fair value through the Consolidated Statement of Profit or Loss and Comprehensive Loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months. The Group considers a financial asset in default when contractual payments are 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. In certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Classification and measurement of financial liabilities Financial liabilities include borrowings, trade and other payables and derivative financial instruments. All financial liabilities are recognized initially at fair value, including notes debt which is recognized net of directly attributable transaction costs. Subsequently, financial liabilities are measured at amortized cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognized in the Consolidated Statement of Profit or Loss and Comprehensive Loss. All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in the Statement of Profit or Loss and Comprehensive Loss are included within finance costs or finance income. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include deposits in banks and short-term (original maturities of three months or less at the time of purchase), highly liquid investments that are readily convertible to known amounts of cash and are so near maturity that there is insignificant risk of changes in the value due to interest rate changes. |
Property and Equipment | Property and Equipment Property and equipment produced or acquired are stated at their production or acquisition cost, which includes all costs directly attributable to making the asset ready for use, less accumulated depreciation and any accumulated impairment losses. Satellite costs include all expenses incurred for the building of individual satellites and comprise the manufacturing, launch and related launch-insurance costs and costs directly attributable to software programming. The Advances for satellites and satellites under construction primarily consist of percentage completion payments for the construction of future satellites and advances paid in respect of launch vehicles and related launch-insurance costs. Studies, direct labor costs, consultancy fees and other costs incurred directly in connection with satellite construction are also capitalized. The Group calculates depreciation expense using the straight-line method over the estimated useful lives of the assets. The useful lives of the categories of property and equipment are as follows: Categories Estimated Useful Satellites 3 Research and development 3-5 Other property and equipment 3-10 The remaining useful lives of property and equipment are reviewed annually based on the satellites forecast utilization and the technical assessment of their useful lives. In instances of significant changes to the estimated remaining useful, the remaining carrying value of the fixed asset is depreciated over the new estimated remaining useful life. |
Accounts payable – trade | Accounts payable – trade Accounts payable-trade are recognized when the Group has received an invoice from a vendor or supplier for a product or service that has been completed. The payments terms of the Group’s accounts-payable trade are generally short-term in duration. |
Provisions | Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the Consolidated Statement of Profit or Loss and Comprehensive Loss, net of any reimbursement. All provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate of the Group’s management. |
Share-based Compensation | Share-based Compensation The Group measures all equity-based payments using a fair-value-based method as of the award grant date and vesting conditions and records Share-based compensation expense over the requisite service period for each award using the straight-line method in its Consolidated Financial Statements. The expense calculation includes estimated forfeiture rates, which have been developed based upon historical experience. As the Group records Share-based compensation expense, a corresponding increase is recorded to Other paid-in-capital, |
Taxes | Taxes Current Income Tax Current income tax assets and/or liabilities are those amounts expected to be recovered from or paid to taxation authorities at each reporting or prior reporting date. The current tax payable is measured on taxable income that differs from the Consolidated Statements of Profit and Loss due to permanent and/or temporary timing differences. The tax rates and tax laws used to calculate the current tax are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Deferred Income Tax Deferred income tax is determined using the liability method of accounting for income tax. The deferred income tax reflects the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the respective tax basis at the reporting date. Deferred tax is recognized for all taxable temporary differences, except: • when the deferred tax liability arises from the initial recognition of goodwill, or an asset or liability (other than in a business combination) and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences, unused tax credit carry forwards and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities relating to items recognized outside of the Consolidated Statements of Profit or Loss and Comprehensive Loss are recognized in correlation to the underlying transaction either in Other comprehensive income or directly in Shareholders’ Equity. Deferred income tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Uncertain Tax Positions Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation. Where it is determined that it is not probable that a tax authority will accept an uncertain tax position, the Company reflects the tax effect using one of the following methods, dependent upon the method expected to better predict the resolution of the uncertainty: • the most likely amount; or • the expected value. |
Significant Accounting Judgem_3
Significant Accounting Judgements, Estimates And Assumptions And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary Of Estimated Useful Lives Of Property Plant And Equipment | The useful lives of the categories of property and equipment are as follows: Categories Estimated Useful Satellites 3 Research and development 3-5 Other property and equipment 3-10 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers, Contract Liabilities And Remaining Performance Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary Of Group's Revenue By Geography | Information about the Group’s revenue by geography is as follows: Year Ending December 31, 2021 2020 2019 Revenue by geography (1) Asia Pacific $ 3,988 $ — $ — North America 201 — — Other 58 — — Total revenue $ 4,247 $ — $ — (1) Revenue by geography is based on the geographical location of the customer. |
Summary Of Contract Liabilities | Amounts included in Contract liabilities are as follows: Year Ending December 31, 2021 2020 Non-current $ 1,000 $ 1,000 Current 935 455 Total $ 1,935 $ 1,455 |
Summary Of Transaction Price Allocated To Remaining Performance Obligations | The following table represents the total transaction price for the remaining performance obligations as of December 31, 2021 related to non-cancellable Within 1 Year Years 1-2 Years 2-3 Thereafter Remaining performance obligations $ 7,048 $ 14,096 $ 13,956 $ 19,050 |
Cost Of Sales And Operating E_2
Cost Of Sales And Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Administrative Expenses | Administrative expenses Year Ending December 31, 2021 2020 2019 Administrative expenses Professional fees related to merger transaction (1) $ (16,263 ) $ — $ — Professional fees (5,439 ) (1,684 ) (669 ) Share-based compensation (5,355 ) (1,371 ) (330 ) Salaries, wages, and other benefits (4,432 ) (3,377 ) (1,763 ) Allowance for doubtful accounts (2) (1,794 ) — — Other administrative expenses (3,366 ) (1,695 ) (1,562 ) Total $ (36,649 ) $ (8,127 ) $ (4,324 ) (1) Refer to Note 20 (Subsequent Events) for further details on the merger transaction. (2) The Group has recognized an allowance for doubtful accounts only in the year ended December 31, 2021 and for an amount of $1,794 thousand. |
Summary Of Research And Development | Research and development Year Ending December 31, 2021 2020 2019 Research and development Salaries, wages, and other benefits $ (6,296 ) $ (4,413 ) $ (4,676 ) Share-based compensation (1,968 ) (471 ) (597 ) Professional fees (91 ) (489 ) (543 ) Other research and development expenses (1,285 ) (506 ) (556 ) Total $ (9,640 ) $ (5,879 ) $ (6,372 ) |
Summary Of Other Operating Expenses | Other operating expenses, net Year Ending December 31, 2021 2020 2019 Other operating expenses, net Salaries, wages, and other benefits $ (6,800 ) $ (3,040 ) $ (3,165 ) Share based compensation expenses (3,639 ) (142 ) (33 ) Professional fees (1,310 ) (684 ) (714 ) Other operating income and expenses (2,253 ) (1,609 ) (1,851 ) Total $ (14,002 ) $ (5,475 ) $ (5,763 ) |
Finance Costs, Net and Other _2
Finance Costs, Net and Other Financial Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of detailed information about finance costs net and other financial income expense | Year Ending December 31, 2021 2020 2019 Finance costs, net Interest expense $ (9,326 ) $ (7,466 ) $ (4,468 ) Accrued dividends - Series X (2,367 ) — — Other finance costs, net (76 ) (22 ) 365 Total $ (11,769 ) $ (7,488 ) $ (4,103 ) Year Ending December 31, 2021 2020 2019 Other financial income (expense) Foreign exchange differences $ 1,019 $ 597 $ (112 ) Other financial income 48 — — Total $ 1,067 $ 597 $ (112 ) |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of detailed information about income tax | Net income tax provision summary Year Ending December 31, 2021 2020 2019 Current Tax Provision $ (1,387 ) $ (186 ) $ (93 ) Deferred Tax Benefit Benefit relating to origination and reversal of temporary differences 1,592 38 10 Adjustments in respect of temporary differences of previous years (and currency fluctuations) 27 — — Net Income Benefit/(Expense) $ 232 $ (148 ) $ (83 ) |
Summary of reconciliation of effective and applicable income tax expenses | Rate reconciliation summary Year Ending December 31, 2021 2020 2019 Loss before income tax expense $ (117,973 ) $ (113,778 ) $ (20,682 ) Income tax calculated using weight average applicable statutory rates: 4,050 2,221 2,165 U.S. State and Local Income Taxes (5 ) 4 — U.S. - Foreign Derived Intangible Income Deduction 200 — — Argentina Tax Inflation Adjustment 381 198 288 Other Permanent Differences 4 20 1 Non-Recognition (3,648 ) (1,198 ) (898 ) Effect of Rates Different than Statutory (750 ) (1,393 ) (1,639 ) Total $ 232 $ (148 ) $ (83 ) |
Summary of deferred taxes | Year Ending 2021 2020 Deferred Tax Assets: Stock Options $ 1,112 $ 43 Bad Debts 407 — Deferred Financing Costs — — Other 14 5 Net Operating Loss 107 — Total Net Deferred Tax Assets/(Liabilities) $ 1,640 $ 48 Items for which no deferred tax asset/liability has been recognized: Stock Options 941 89 Other Temporary Items 405 428 Net Operating Loss 6,138 3,869 Total $ 7,484 $ 4,386 |
Summary of expiration of unused tax losses | The Group will continue to assess and record any necessary changes to align its deferred tax assets to their realizable value. Expiration Amount Amount Argentina Net Operating Loss December 31, 2022 - December 31, 2026 $ 20,460 $ — China Net Operating Loss December 31, 2026 401 100 Netherlands Net Operating Loss December 31, 2027 16 4 Uruguay Net Operating Loss December 31, 2026 $ 10 $ 3 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of detailed information about property, plant and equipment | Property and equipment consists of the following: Satellites Advances for Research and Other Total Cost Balance as of January 1, 2020 $ 10,325 $ 18,399 $ 3,404 $ 1,524 $ 33,652 Additions — 15,277 392 274 15,943 Transfers 26,421 (26,421 ) — — — Disposals — (289 ) — — (289 ) Balance as of December 31, 2020 36,746 6,966 3,796 1,798 49,306 Additions — 8,815 202 1,109 10,126 Transfers 4,700 (4,700 ) — — — Disposals — (522 ) (11 ) — (533 ) Balance as of December 31, 2021 $ 41,446 $ 10,559 $ 3,987 $ 2,907 $ 58,899 Depreciation Balance as of January 1, 2020 $ 9,248 $ — $ 1,242 $ 678 $ 11,168 Depreciation expense 2,427 — 463 292 3,182 Disposals and other — — 84 — 84 Balance as of December 31, 2020 11,675 — 1,789 970 14,434 Depreciation expense 10,086 — 389 350 10,825 Disposals and other — — 54 — 54 Balance as of December 31, 2021 $ 21,761 $ — $ 2,232 $ 1,320 $ 25,313 Carrying amount Balance as of December 31, 2021 $ 19,685 $ 10,559 $ 1,755 $ 1,587 $ 33,586 Balance as of December 31, 2020 $ 25,071 $ 6,966 $ 2,007 $ 828 $ 34,872 |
Summary of geographical areas | Information of the Group’s non-current Year Ending December 31, 2021 2020 Non-current (1) (2) (3) Uruguay $ 34,062 $ 34,518 Argentina 1,166 819 Spain 787 839 Other countries 234 37 Total non-current $ 36,249 $ 36,213 (1) Non-current (2) Non-current (3) The Group does not have any non-current |
Prepaids And Other Current As_2
Prepaids And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of detailed information about prepaids and other current assets | Year Ending December 31, 2021 2020 Prepaids and other current assets Prepaids $ 1,153 $ 243 Advances to suppliers 829 426 Other current assets 713 103 Total $ 2,695 $ 772 |
Issued Capital and Reserves (Ta
Issued Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Shares Issued and Fully Paid | The breakdown of each class of share capital as of such dates is as follows: Shares issued and fully paid Year Ending December 31, Shares issued and fully paid 2021 2020 2019 Ordinary Shares 53 49 48 Series A preference shares 25 47 47 Series B preference shares 14 31 31 Series B-1 preference shares 7 9 9 Series X Preferred Shares 20 — — 119 136 135 |
Summary of Authorized Shares | the number of shares authorized for each class remained unchanged for the years in 2019 and 2020 as follows: Authorized shares Authorized shares Number of Face value per Ordinary Shares 20,000,000 0.00001 Series A preference shares 4,723,330 0.00001 Series B preference shares 3,117,915 0.00001 Series B-1 899,153 0.00001 Series X Preferred Shares 2,500,000 0.00001 |
Summary of Ordinary Shares Issued and Fully Paid | Ordinary shares issued and fully paid Ordinary shares Number Face value Total At January 1, 2019 4,823,645 0.00001 48 Issuance of shares 9,136 0.00001 — At December 31, 2019 4,832,781 0.00001 48 Issuance of shares 96,481 0.00001 1 At December 31, 2020 4,929,262 0.00001 49 Issuance of shares 333,806 0.00001 4 At December 31, 2021 5,263,068 0.00001 53 |
Summary of Preferred Shares | Preferred shares Preferred shares Series A Series B Series B-1 Series X Face value Total At January 1, 2019 4,723,330 3,117,915 899,153 — 0.00001 87 Redemption / Issuance of shares — — — — 0.00001 — At December 31, 2019 4,723,330 3,117,915 899,153 — 0.00001 87 Redemption / Issuance of shares — — — — 0.00001 — At December 31, 2020 4,723,330 3,117,915 899,153 — 0.00001 87 Treasury shares (2) (2,176,000 ) (1,725,784 ) (226,629 ) — 0.00001 (41 ) Issuance of shares — — — 2,033,230 (1) 0.00001 20 At December 31, 2021 2,547,330 1,392,131 672,524 2,033,230 0.00001 66 (1) Issuance of 2,033,320 Nettar Series X Preferred shares were classified as liabilities on the Consolidated Statement of Financial Position. (2) See Note 17 in relation to the preferred shareholder transaction. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Components of Shareholders' Equity | The Group recognized share-based compensation expense of $10,962 thousand, $1,984 thousand and $959 thousand for the years ended December 31, 2021, 2020 and 2019 respectively. The following components of Shareholders’ equity were increased as follows: Year Ending December 31, 2021 2020 2019 Other paid-in $ 9,968 $ 859 $ 852 Additional paid-in — 1,120 — Forfeiture options (reclassified to retained earnings) 994 5 107 Total $ 10,962 $ 1,984 $ 959 |
Summary of Number and Weighted Average Exercise Price | The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years 2021, 2020 and 2019: Number 2021 WAEP 2021 Number 2020 WAEP 2020 Number 2019 WAEP 2019 Outstanding at January 1st 1,421,314 $ 2.75 1,238,025 $ 2.41 678,677 $ 1.79 Granted during the year 1,080,491 10.45 348,444 4.14 617,173 3.04 Forfeited during the year (72,115 ) 4.21 (104,152 ) 3.93 (22,278 ) 1.79 Excercised during the year (333,806 ) 2.25 (56,577 ) 1.82 (9,136 ) 1.79 Expired during the year (17,475 ) 2.53 (4,426 ) 2.37 (26,411 ) 1.79 Outstanding at December 31st 2,078,409 $ 6.79 1,421,314 $ 2.75 1,238,025 $ 2.41 Excersisable at December 31st 1,001,770 $ 3.00 992,024 $ 2.35 771,631 $ 2.08 |
Summary of Inputs used for the Measurements of the Plan | The following table list the inputs used for the measurement of the Plan during the years ended December 31, 2021, 2020 and 2019, respectively: Year Ending December 31, 2021 2020 2019 Weighted average fair values at the measurement date (grant date) $ 23.36 $ 6.31 $ 2.05 Dividend yield (%) — — — Expected volatility (%) 61 - 72 59 - 61 52 - 61 Risk-free interest rate (%) 0.5 - 1.4 0.4 - 0.5 1.3 - 2.2 Contractual life of share options (years) 10 10 10 Weighted average share price (USD) $ 6.79 $ 2.75 $ 3.04 Model used Black Scholes Black Scholes Black Scholes |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | Year Ending December 31, 2021 2020 Accrued expenses and other liabilities Accrued professional fees related to merger transaction (1) $ (16,263 ) $ — Provisions (2,934 ) (462 ) Payroll and employee benefits payable (2,545 ) (1,717 ) Other taxes payable (2,045 ) (439 ) Total $ (23,787 ) $ (2,618 ) Total current (23,435 ) (2,582 ) Total non-current $ (352 ) $ (36 ) (1) Refer to Note 20 (Subsequent Events) for further details on the merger transaction. |
Earnings (Loss) Per Share ("E_2
Earnings (Loss) Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Summary of earnings per share | The following table reflects the income (loss) and share data used in the basic and diluted EPS calculations: Year Ending December 31, 2021 2020 2019 Loss for the year attributable to Equity holders of the parent (basic and diluted) $ (117,741 ) $ (113,926 ) $ (20,765 ) Weighted average number of ordinary shares (basic and diluted) 5,042,885 4,853,668 4,829,625 Loss per share basic and diluted $ (23.35 ) $ (23.47 ) $ (4.30 ) |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
Schedule of Break down of Capital Structure Explanatory | The breakdown of the Group capital structure for capital management purposes is as follows: Year Ending December 31, 2021 2020 Treasury shares $ (170,949 ) $ — Additional paid-in 62,045 61,253 Other paid-in 12,432 2,464 Warrants 161,432 — Foreign currency translation reserve (86 ) — Retained earnings (297,752 ) (181,005 ) Total equity $ (232,878 ) $ (117,288 ) Current debt $ 246,189 $ 125,085 Non-current — 33,795 Total debt $ 246,189 $ 158,880 Total capital management structure $ 13,311 $ 41,592 |
Financial Instruments Risk (Tab
Financial Instruments Risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments Risk [Abstract] | |
Summary of Fair Value of Financial Instruments that are not Measured at Fair Value (But Fair Value Disclosures are Required) | Fair value measurement using Financial instruments Date of valuation Total Quoted prices in Significant Significant Assets for which fair values are disclosed Fixed term deposit December 31, 2021 53 — 53 — Accounts receivables December 31, 2021 1,196 — 1,196 — Other receivables (guarantee deposits) December 31, 2021 135 — 135 — Liabilities measured at fair value Notes debt - Embedded derivative December 31, 2021 117,622 — — 117,622 Series X Preferred Shares - Embedded derivative December 31, 2021 188 — — 188 Cantor Loan - Embedded derivative December 31, 2021 579 — — 579 Liabilities for which fair values are disclosed Notes debt December 31, 2021 61,856 — 61,856 — Promissory notes December 31, 2021 40,925 — 40,925 — Series X Preferred Shares December 31, 2021 20,465 — 20,465 — Cantor Loan December 31, 2021 6,943 — 6,943 — Trade, accruals and other payables December 31, 2021 27,866 — 27,866 — Assets measured at fair value Cash equivalents - Money market funds December 31, 2020 1,088 1,088 — — Assets for which fair values are disclosed Fixed term deposit December 31, 2020 56 — 56 — Accounts receivables December 31, 2020 4 — 4 — Other receivables (guarantee deposits) December 31, 2020 130 — 130 — Liabilities measured at fair value Notes debt - Embedded derivative December 31, 2020 96,096 — — 96,096 Liabilities for which fair values are disclosed Notes debt December 31, 2020 55,280 — 55,280 — Trade and other payables December 31, 2020 7,478 — 7,478 — |
Summary of Financial Instruments Risk | Year Ending Year Ending Carrying Fair Value Carrying Fair Value Financial assets measured at amortized cost Other receivables $ 156 $ 135 $ 157 $ 130 Total $ 156 $ 135 $ 157 $ 130 Financial liabilities measured at amortized cost Notes debt $ 61,456 $ 61,856 $ 62,784 $ 55,280 Promissory notes 38,095 40,925 — — Series X Preferred Shares 21,183 20,465 — — Cantor Loan 7,066 6,943 — — Trade, accruals and other payables 28,047 27,866 7,981 7,478 Total $ 155,847 $ 158,055 $ 70,765 $ 62,758 |
Summary Of Reconciliation Of Level 3 Fair Value Measurements Of Financial Instruments | Reconciliation of Level 3 fair value measurements of financial instruments Fair value - (2) At January 1, 2020 $ 7,139 Remeasurement loss (1) 84,224 Issues 4,733 At December 31, 2020 $ 96,096 Remeasurement (gain) - Series X (1) (1,328 ) Remeasurement loss - Notes debt (1) 43,428 Remeasurement loss - Cantor Loan (1) 2 Issues - Series X 1,516 Settlements – Notes debt (21,902 ) Issues - Cantor Loan 577 At December 31, 2021 $ 118,389 (1) Recognized in the Statement of Profit or Loss and Comprehensive Loss as of December 31, 2021 and 2020, respectively. (2) Includes Notes debt, Series X and Cantor Loan. |
Summary of the Group's Exposure to Currency Risk from Foreign Currency Denominated Financial Assets and Financial Liabilities | The Group’s exposure to currency risk from foreign currency denominated financial assets and financial liabilities as of December 31, 2021 and 2020 are as follows: Financial Assets (1) Financial Liabilities (1) Year Ending December 31, Year Ending December 31, 2021 2020 2021 2020 Argentine Peso 438 353 (54 ) (28 ) Euro 143 155 (369 ) (694 ) Renminbi 130 310 (13 ) (28 ) (1) Amounts reflect the December 31, 2021 and 2020 spot rates, respectively |
Summary of the Maturity Profile of The Group's Financial Liabilities based on Contractual Undiscounted Payments | The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments: Financial Liability Carrying Total Less than 3 3 to 12 1 to 2 years More than 2 2021 Trade and other payables $ 8,850 $ 8,850 $ 5,193 $ 1,458 $ 2,200 $ — Notes debt 61,456 65,073 65,073 — — — Promissory note 38,095 41,896 41,896 — — — Cantor Loan 7,066 7,558 7,558 — — — Series X 21,183 21,427 21,427 — — — Accrued expenses and other liabilities (1) 19,197 19,197 18,269 576 65 287 Lease liabilities 2,799 2,944 305 661 1,593 384 Total $ 158,646 $ 166,945 $ 159,721 $ 2,695 $ 3,858 $ 671 2020 Trade and other payables $ 7,555 $ 7,555 $ 606 $ 2,252 $ 1,244 $ 3,453 Notes debt 62,784 72,160 — 55,607 16,553 — Accrued expenses and other liabilities (1) 462 462 426 — — 36 Lease liabilities 1,398 1,485 103 293 224 864 Total $ 72,199 $ 81,662 $ 1,135 $ 58,152 $ 18,021 $ 4,353 (1) Excludes payroll, employee benefits and other taxes payable |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of the notes debt balances and associated finance costs | The Group has Notes debt with certain related parties. The following table provides the notes debt balances and associated finance costs as follows: Year Ending December 31, 2021 2020 2019 Convertible notes debt from related parties Amounts owed to related parties $ 36,690 $ 48,598 $ 20,590 Interest expense $ 1,010 $ 2,999 $ 1,419 |
Summary of Compensation of key management personnel of the Group | Compensation of key management personnel of the Group Year Ending December 31, 2021 2020 2019 Short-term employee benefits $ 1,854 $ 2,206 $ 1,858 Termination benefits 157 202 — Share-based payment transactions 1,286 1,286 416 Total compensation paid to key management personnel $ 3,297 $ 3,694 $ 2,274 |
Summary of the share-based compensation Plan have the following expiry dates and exercise prices | Share options held by executive members of the Board of Directors under the share-based compensation Plan have the following expiry dates and exercise prices: Shares outstanding Year Ending December 31, Grant Date Expiration Weighted average 2021 2020 2019 2016 2026 $ 1.79 33,600 33,600 33,600 2019 2029 $ 3.14 97,972 97,972 97,972 2021 2031 $ 4.18 67,200 — — |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of debt outstanding | The breakdown of the debt outstanding as of December 31, 2021 and December 2020, is as follows: December 31, 2021 Annual Maturity Principal December 31, 2020 Annual Original Principal Current debt Current debt Notes debt 2018 5 % 2022 $ 16,540 Notes debt 2018 5 % 2020 $ 19,540 Notes debt 2019 5 % 2022 25,000 Notes debt 2019 5 % 2021 30,000 Notes debt 2020 5 % 2022 15,047 Non-current debt Series X 7 % 2023 20,332 Notes debt 2020 5 % 2022 15,047 Cantor Loan 7 % 2022 7,500 Total debt $ 64,587 Promissory notes 5 % 2046 40,089 Total $ 124,508 |
Summary of changes in convertible notes | The changes in Convertible Notes (Notes debt), Promissory notes, Nettar Series X Preferred Shares and Cantor Loan for the years ended December 31, 2021, 2020 and 2019 that arose from financial activities: January 1, 2021 Cash flows Extinguishment Exchange of Interest / Changes in December 31, 2021 Notes debt $ 62,784 $ — $ (8,749 ) $ — $ 7,421 $ — $ 61,456 Notes debt - Embedded derivative liability 96,096 — (21,902 ) — — 43,428 117,622 Promissory notes — — — 36,333 1,762 — 38,095 Series X — 18,816 — — 2,367 — 21,183 Series X - Embedded derivative liability — 1,516 — — — (1,328 ) 188 Cantor Loan — 6,923 — — 143 — 7,066 Cantor Loan - Embedded derivative liability — 577 — — — 2 579 Total $ 158,880 $ 27,832 $ (30,651 ) $ 36,333 $ 11,693 $ 42,102 $ 246,189 Total non-current — Total current $ 246,189 January 1, 2020 Cash flows Extinguishment Exchange of Interest Changes in December 31, 2020 Notes debt $ 42,004 $ 13,314 $ — $ — $ 7,466 $ — $ 62,784 Notes debt - Embedded derivative liability 7,139 4,733 — — — 84,224 96,096 Total $ 49,143 $ 18,047 $ — $ — $ 7,466 $ 84,224 $ 158,880 Total non-current 33,795 Total current $ 125,085 January 1, 2019 Cash flows Extinguishment Exchange of Interest Changes in December 31, 2019 Notes debt $ 17,431 $ 20,105 $ — $ — $ 4,468 $ — $ 42,004 Notes debt - Embedded derivative liability 4,474 6,895 — — — (4,230 ) 7,139 Total $ 21,905 $ 27,000 $ — $ — $ 4,468 $ (4,230 ) $ 49,143 Total non-current 28,495 Total current $ 20,648 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Changes in the Group's right-of-use assets carrying amounts | Changes in the Group’s right-of-use 2021 2020 Balance as of January 1, $ 1,341 $ — Depreciation expense (477 ) (286 ) Additions 1,824 1,627 Transfers (25 ) — Balance as of December 31, $ 2,663 $ 1,341 |
Summary of Changes in the Group's lease liabilities carrying amounts | Changes in the Group’s lease liabilities carrying amounts were as follows: 2021 2020 2019 Balance as of January 1, $ 1,398 $ — $ — Additions to lease liabilities 1,799 1,711 — Accretion of interest 49 57 — Payments (447 ) (370 ) — Balance as of December 31, $ 2,799 $ 1,398 $ — Total non-current 1,908 1,036 — Total current $ 891 $ 362 $ — |
Summary of the Consolidated Statement of Profit or Loss the following expenses related to its leases | The Group recognized in the Consolidated Statement of Profit or Loss the following expenses related to its leases for the years end December 31, 2021, 2020 and 2019: 2021 2020 2019 Depreciation expense $ 477 $ 286 $ — Interest expense on lease liabilities 49 57 — Total lease expense $ 526 $ 343 $ — |
Subsidiaries of the Group (Tabl
Subsidiaries of the Group (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Summary of Subsidiaries of the Group | Country of % equity interest Name Principal activities incorporation 2021 2020 Urugus S.A. Manufacturing, Assembly, Integration, Test and Exports Uruguay 100 % 100 % Nettar S.A. Intermediate Holding Uruguay 100 % 100 % Satellogic USA, Inc. Sales and marketing, Product strategy and business development United 100 % 100 % Telluric Ltd. Image analytics and user interfaces Israel 100 % 100 % Satellogic S.A. Research and development services and builds prototypes Argentina 100 % 100 % Satellogic Overseas, Inc. Supplies fund for non-recurrent BVI 100 % (1) 100 % (1) Satellogic Solutions S.L. Data science solutions and machine learning over the satellite images Spain 100 % (1) 100 % (1) Satellogic China, LTD Sales and marketing China 100 % (2) 100 % (2) Satellogic China Beijing Branch Sales and marketing China 100 % (3) 100 % (3) Satellogic North America LLC Sales and Marketing United 100 % (4) (7) Satellogic Netherlands B.V. High throughput plant The 100 % (5) (7) Satellogic, Inc Created to consummate the transaction with CF V BVI 100 % (7) MergerSub 1 Created to consummate the transaction with CF V BVI 100 % (6) (7) MergerSub 2 Created to consummate the transaction with CF V United 100 % (6) (7) (1) This entity is controlled through Nettar, S.A. an intermediate holding entity of the Group. (2) This entity is controlled through Urugus S.A. (3) Dependent branch from Satellogic China LTD (4) This entity is controlled throug Satellogic USA, Inc (5) This entity is controlled by Satellogic Solutions S.L. (6) This entity is controlled by Satellogic Inc (7) This entity was created during the year ended December 31, 2021. |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure Of Description of Business and Basis of Presentation [Line Items] | ||||
Net loss | [1] | $ 117,741 | $ 113,926 | $ 20,765 |
Net cash used in operating activities | 27,720 | $ 17,330 | $ 14,069 | |
Major Business Combination [Member] | ||||
Disclosure Of Description of Business and Basis of Presentation [Line Items] | ||||
Cash acquired from business acquisiton | $ 168,000 | |||
[1] | Attributable to Ordinary equity holders of the parent. |
Significant Accounting Judgem_4
Significant Accounting Judgements, Estimates And Assumptions And Summary Of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Significant Accounting Judgements Estimates and Assumptions and Summary of Significant Accounting Policies [Line Items] | ||
Deferred tax assets | $ 9,124 | $ 4,434 |
Deferred tax assets valuation allowance | $ 7,484 | $ 4,386 |
Significant Accounting Judgem_5
Significant Accounting Judgements, Estimates And Assumptions And Summary Of Significant Accounting Policies - Summary Of Estimated Useful Lives of Property Plant And Equipment (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Satellites [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life in years | 3 years |
Research and Development [Member] | Bottom Of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life in years | 3 years |
Research and Development [Member] | Top Of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life in years | 5 years |
Other Property And Equipment [Member] | Bottom Of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life in years | 3 years |
Other Property And Equipment [Member] | Top Of Range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life in years | 10 years |
Revenue From Contracts With C_3
Revenue From Contracts With Customers, Contract Liabilities And Remaining Performance Obligations - Summary Of Group's Revenue By Geography (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 4,247 | ||
Asia Pacific [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 3,988 | ||
North America [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 201 | ||
Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 58 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers, Contract Liabilities And Remaining Performance Obligations - Summary Of Contract Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Contract liabilities [abstract] | ||
Non-current | $ 1,000 | $ 1,000 |
Current | 935 | 455 |
Total | $ 1,935 | $ 1,455 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers, Contract Liabilities And Remaining Performance Obligations - Summary Of Transaction Price Allocated To Remaining Performance Obligations (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Within 1 Year [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Remaining performance obligations | $ 7,048 |
Years 1-2 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Remaining performance obligations | 14,096 |
Years 2-3 [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Remaining performance obligations | 13,956 |
Thereafter [Member] | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Remaining performance obligations | $ 19,050 |
Revenue From Contracts With C_6
Revenue From Contracts With Customers, Contract Liabilities And Remaining Performance Obligations - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement [Line Items] | ||||
Revenue | $ 4,247 | |||
Contract with customer purchase consideration | $ 4,000 | |||
Non-current contract liabilities | 1,000 | $ 1,000 | ||
Contract with customer agreement term | 5 years | |||
Revenue that was included in contract liability balance at beginning of period | 455 | |||
Major Customer [Member] | ||||
Statement [Line Items] | ||||
Revenue | $ 3,858 | |||
Percentage of entity's revenue | 10.00% | |||
Contract with customer purchase consideration | $ 38,236 | |||
Contract with customer quarterly payments | 797 | |||
Contract with customer cumulative cash proceeds received | 2,072 | |||
Non-current contract liabilities | 1,000 | |||
Goods Or Services Transferred Over Time [Member] | ||||
Statement [Line Items] | ||||
Revenue | 3,858 | |||
Goods Or Services Transferred At Point In Time [Member] | ||||
Statement [Line Items] | ||||
Revenue | $ 389 |
Cost Of Sales And Operating E_3
Cost Of Sales And Operating Expenses - Summary of Administrative Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total | $ (36,649) | $ (8,127) | $ (4,324) |
Administrative Expenses [Member] | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Professional fees related to merger transaction | (16,263) | ||
Professional fees | (5,439) | (1,684) | (669) |
Share-based compensation | (5,355) | (1,371) | (330) |
Salaries, wages, and other benefits | (4,432) | (3,377) | (1,763) |
Allowance for doubtful accounts | (1,794) | ||
Other administrative expenses | (3,366) | (1,695) | (1,562) |
Total | $ (36,649) | $ (8,127) | $ (4,324) |
Cost Of Sales And Operating E_4
Cost Of Sales And Operating Expenses - Summary of Administrative Expenses (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Administrative Expenses [Member] | |
Disclosure of attribution of expenses by nature to their function [line items] | |
Allowance for doubtful accounts | $ 1,794 |
Cost Of Sales And Operating E_5
Cost Of Sales And Operating Expenses - Summary Of Research And Development (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total | $ (9,640) | $ (5,879) | $ (6,372) |
Research And Development Expenses [Member] | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Salaries, wages, and other benefits | (6,296) | (4,413) | (4,676) |
Share-based compensation | (1,968) | (471) | (597) |
Professional fees | (91) | (489) | (543) |
Other research and development expenses | (1,285) | (506) | (556) |
Total | $ (9,640) | $ (5,879) | $ (6,372) |
Cost Of Sales And Operating E_6
Cost Of Sales And Operating Expenses - Summary Of Other Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Total | $ (14,002) | $ (5,475) | $ (5,763) |
Other Operating Expense [Member] | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Salaries, wages, and other benefits | (6,800) | (3,040) | (3,165) |
Share based compensation expenses | (3,639) | (142) | (33) |
Professional fees | (1,310) | (684) | (714) |
Other operating income and expenses | (2,253) | (1,609) | (1,851) |
Total | $ (14,002) | $ (5,475) | $ (5,763) |
Finance Costs, Net and Other _3
Finance Costs, Net and Other Financial Income (Expense) - Summary of Detailed Information about Finance Costs Net and Other Financial Income Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance costs, net | |||
Interest expense | $ (9,326) | $ (7,466) | $ (4,468) |
Accrued dividends - Series X | (2,367) | 0 | 0 |
Other finance costs, net | (76) | (22) | 365 |
Total | (11,769) | (7,488) | (4,103) |
Other financial income (expense) | |||
Foreign exchange differences | 1,019 | 597 | (112) |
Other financial income | 48 | 0 | 0 |
Total | $ 1,067 | $ 597 | $ (112) |
Income Tax - Summary Of Detaile
Income Tax - Summary Of Detailed Information About Income Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Current Tax Provision | $ (1,387) | $ (186) | $ (93) |
Deferred Tax Benefit | |||
Benefit relating to origination and reversal of temporary differences | 1,592 | 38 | 10 |
Adjustments in respect of temporary differences of previous years (and currency fluctuations) | 27 | 0 | 0 |
Net Income Benefit/(Expense) | $ 232 | $ (148) | $ (83) |
Income Tax - Summary Of Reconci
Income Tax - Summary Of Reconciliation Of Effective And Applicable Income Tax Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Loss before income tax expense | $ (117,973) | $ (113,778) | $ (20,682) |
Income tax calculated using weight average applicable statutory rates: | 4,050 | 2,221 | 2,165 |
U.S. State and Local Income Taxes | (5) | 4 | 0 |
U.S. - Foreign Derived Intangible Income Deduction | 200 | 0 | 0 |
Argentina Tax Inflation Adjustment | 381 | 198 | 288 |
Other Permanent Differences | 4 | 20 | 1 |
Non-Recognition of Deferred Tax Assets | (3,648) | (1,198) | (898) |
Effect of Rates Different than Statutory | (750) | (1,393) | (1,639) |
Total | $ 232 | $ (148) | $ (83) |
Income Tax - Summary Of Deferre
Income Tax - Summary Of Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets: | ||
Total Net Deferred Tax Assets/(Liabilities) | $ 1,640 | $ 48 |
Items for which no deferred tax asset/liability has been recognized: | ||
Total | 7,484 | 4,386 |
Stock Options | ||
Deferred Tax Assets: | ||
Total Net Deferred Tax Assets/(Liabilities) | 1,112 | 43 |
Items for which no deferred tax asset/liability has been recognized: | ||
Total | 941 | 89 |
Bad Debts | ||
Deferred Tax Assets: | ||
Total Net Deferred Tax Assets/(Liabilities) | 407 | 0 |
Deferred Financing Costs | ||
Deferred Tax Assets: | ||
Total Net Deferred Tax Assets/(Liabilities) | 0 | 0 |
Other | ||
Deferred Tax Assets: | ||
Total Net Deferred Tax Assets/(Liabilities) | 14 | 5 |
Items for which no deferred tax asset/liability has been recognized: | ||
Total | 405 | 428 |
Net Operating Loss | ||
Deferred Tax Assets: | ||
Total Net Deferred Tax Assets/(Liabilities) | 107 | 0 |
Items for which no deferred tax asset/liability has been recognized: | ||
Total | $ 6,138 | $ 3,869 |
Income Tax - Summary Of Expirat
Income Tax - Summary Of Expiration Of Unused Tax Losses (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
ARGENTINA | From December31 2022To December31 2026 [Member] | |
Disclosure Of Expiration Of Unused Tax Losses [Line Items] | |
Amount Carried Forward | $ 20,460 |
Amount Recognized | 0 |
CHINA | December31 2026 [Member] | |
Disclosure Of Expiration Of Unused Tax Losses [Line Items] | |
Amount Carried Forward | 401 |
Amount Recognized | 100 |
NETHERLANDS | December31 2027 [Member] | |
Disclosure Of Expiration Of Unused Tax Losses [Line Items] | |
Amount Carried Forward | 16 |
Amount Recognized | 4 |
URUGUAY | December31 2026 [Member] | |
Disclosure Of Expiration Of Unused Tax Losses [Line Items] | |
Amount Carried Forward | 10 |
Amount Recognized | $ 3 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Income Tax Expense [Line Items] | |||
Entity consolidated applicable weighted average statutory rate | 3.38% | 1.95% | 10.47% |
ARGENTINA | |||
Disclosure Of Income Tax Expense [Line Items] | |||
Applicable tax rate | 30.00% | 30.00% | 30.00% |
ARGENTINA | Bottom of range [member] | |||
Disclosure Of Income Tax Expense [Line Items] | |||
Applicable tax rate | 25.00% | 25.00% | 25.00% |
ARGENTINA | Top of range [member] | |||
Disclosure Of Income Tax Expense [Line Items] | |||
Applicable tax rate | 30.00% | 30.00% | 30.00% |
CHINA | |||
Disclosure Of Income Tax Expense [Line Items] | |||
Applicable tax rate | 25.00% | 25.00% | 25.00% |
ISRAEL | |||
Disclosure Of Income Tax Expense [Line Items] | |||
Applicable tax rate | 23.00% | 23.00% | 23.00% |
SPAIN | |||
Disclosure Of Income Tax Expense [Line Items] | |||
Applicable tax rate | 25.00% | 25.00% | 25.00% |
UNITED STATES | |||
Disclosure Of Income Tax Expense [Line Items] | |||
Applicable tax rate | 21.00% | 21.00% | 21.00% |
URUGUAY | |||
Disclosure Of Income Tax Expense [Line Items] | |||
Applicable tax rate | 25.00% | 25.00% | 25.00% |
VIRGIN ISLANDS, BRITISH | |||
Disclosure Of Income Tax Expense [Line Items] | |||
Applicable tax rate | 0.00% | ||
Concentration of risk percentage of group activity | 88.00% | 93.00% | 65.00% |
Property And Equipment - Summar
Property And Equipment - Summary Of Detailed Information About Property, Plant And Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | $ 34,872 | |
Ending Balance | 33,586 | $ 34,872 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 49,306 | 33,652 |
Additions | 10,126 | 15,943 |
Disposals | (533) | (289) |
Ending Balance | 58,899 | 49,306 |
Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 14,434 | 11,168 |
Depreciation expense | 10,825 | 3,182 |
Disposals and other | 54 | 84 |
Ending Balance | 25,313 | 14,434 |
Satellites [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 25,071 | |
Ending Balance | 19,685 | 25,071 |
Satellites [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 36,746 | 10,325 |
Transfers | 4,700 | 26,421 |
Disposals | 0 | |
Ending Balance | 41,446 | 36,746 |
Satellites [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 11,675 | 9,248 |
Depreciation expense | 10,086 | 2,427 |
Ending Balance | 21,761 | 11,675 |
Advances For Satellites And Satellites Under Construction [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 6,966 | |
Ending Balance | 10,559 | 6,966 |
Advances For Satellites And Satellites Under Construction [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 6,966 | 18,399 |
Additions | 8,815 | 15,277 |
Transfers | (4,700) | (26,421) |
Disposals | (522) | (289) |
Ending Balance | 10,559 | 6,966 |
Research And Development [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 2,007 | |
Ending Balance | 1,755 | 2,007 |
Research And Development [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 3,796 | 3,404 |
Additions | 202 | 392 |
Disposals | (11) | |
Ending Balance | 3,987 | 3,796 |
Research And Development [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 1,789 | 1,242 |
Depreciation expense | 389 | 463 |
Disposals and other | 54 | 84 |
Ending Balance | 2,232 | 1,789 |
Other property, plant and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 828 | |
Ending Balance | 1,587 | 828 |
Other property, plant and equipment [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 1,798 | 1,524 |
Additions | 1,109 | 274 |
Ending Balance | 2,907 | 1,798 |
Other property, plant and equipment [member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 970 | 678 |
Depreciation expense | 350 | 292 |
Ending Balance | $ 1,320 | $ 970 |
Property And Equipment - Summ_2
Property And Equipment - Summary Of Geographical Areas (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of geographical areas [line items] | ||
Total non-current assets | $ 36,249 | $ 36,213 |
Uruguay | ||
Disclosure of geographical areas [line items] | ||
Total non-current assets | 34,062 | 34,518 |
Argentina | ||
Disclosure of geographical areas [line items] | ||
Total non-current assets | 1,166 | 819 |
Spain | ||
Disclosure of geographical areas [line items] | ||
Total non-current assets | 787 | 839 |
Other countries | ||
Disclosure of geographical areas [line items] | ||
Total non-current assets | $ 234 | $ 37 |
Prepaids and Other Current As_3
Prepaids and Other Current Assets - Summary of Detailed Information About Prepaids and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Detailed Information About Prepaids And Other Current Assets [Abstract] | ||
Prepaids | $ 1,153 | $ 243 |
Advances to suppliers | 829 | 426 |
Other current assets | 713 | 103 |
Total | $ 2,695 | $ 772 |
Issued Capital and Reserves - S
Issued Capital and Reserves - Summary of Shares Issued and Fully Paid (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of classes of share capital [line items] | ||||
Shares issued and fully paid | $ 119 | $ 136 | $ 135 | |
Series A preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Shares issued and fully paid | 25 | 47 | 47 | |
Series B preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Shares issued and fully paid | 14 | 31 | 31 | |
Series B-1 preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Shares issued and fully paid | 7 | 9 | 9 | |
Series X preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Shares issued and fully paid | 20 | 0 | 0 | |
Ordinary shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Shares issued and fully paid | $ 53 | $ 49 | $ 48 | $ 48 |
Issued Capital and Reserves -_2
Issued Capital and Reserves - Summary of Authorized Shares (Detail) - $ / shares | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of classes of share capital [line items] | ||||||
Face value per share | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||
Ordinary shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 20,000,000 | |||||
Face value per share | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 |
Preference shares [member] | Series A preference shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 4,723,330 | |||||
Face value per share | $ 0.00001 | |||||
Preference shares [member] | Series B preference shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 3,117,915 | |||||
Face value per share | $ 0.00001 | |||||
Preference shares [member] | Series B-1 preference shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 899,153 | |||||
Face value per share | $ 0.00001 | |||||
Preference shares [member] | Series X preference shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 2,500,000 | |||||
Face value per share | $ 0.00001 |
Issued Capital and Reserves -_3
Issued Capital and Reserves - Summary of Authorized Shares (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021shares | |
Ordinary shares [member] | |
Authorized shares | 20,000,000 |
Ordinary shares [member] | Previously stated [member] | |
Authorized shares | 15,500,000 |
Preference shares [member] | Series X Preferred Shares [Member] | |
Authorized shares | 2,500,000 |
Increase decrease in authorized shares | 2,500,000 |
Issued Capital and Reserves -_4
Issued Capital and Reserves - Summary of Ordinary Shares Issued and Fully Paid (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | |
Disclosure of classes of share capital [line items] | ||||||
Face value per share | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||
Total | $ 119 | $ 136 | $ 135 | |||
Total (Issuance of shares) | $ 1,223 | |||||
Ordinary shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Beginning balance | 4,929,262 | 4,832,781 | 4,823,645 | |||
Issuance of Shares | 333,806 | 96,481 | 9,136 | |||
Face value per share | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 |
Total | $ 53 | $ 49 | $ 48 | $ 48 | ||
Total (Issuance of shares) | $ 4 | $ 1 | $ 0 | |||
Closing balance | 5,263,068 | 4,929,262 | 4,832,781 |
Issued Capital and Reserves -_5
Issued Capital and Reserves - Summary of Preferred Shares (Detail) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2021 | Jan. 01, 2019 | ||
Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items] | ||||||
Beginning balance, Shares | 87 | 87 | 87 | |||
Treasury shares | [1] | (41) | ||||
Issuance of shares | 20 | |||||
Par value per share | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||
Ending balance, Shares | 66 | 87 | 87 | |||
Series A Preferred Stock [Member] | ||||||
Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items] | ||||||
Beginning balance, Shares | 4,723,330 | 4,723,330 | 4,723,330 | |||
Redemption / Issuance of shares | ||||||
Treasury shares | [1] | (2,176,000) | ||||
Ending balance, Shares | 2,547,330 | 4,723,330 | 4,723,330 | |||
Series B Preferred Stock [Member] | ||||||
Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items] | ||||||
Beginning balance, Shares | 3,117,915 | 3,117,915 | 3,117,915 | |||
Treasury shares | [1] | (1,725,784) | ||||
Ending balance, Shares | 1,392,131 | 3,117,915 | 3,117,915 | |||
Series B One Preferred Stock [Member] | ||||||
Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items] | ||||||
Beginning balance, Shares | 899,153 | 899,153 | 899,153 | |||
Treasury shares | [1] | (226,629) | ||||
Ending balance, Shares | 672,524 | 899,153 | 899,153 | |||
Series X Preferred Stock Classified as Liability [Member] | ||||||
Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items] | ||||||
Issuance of shares | [2] | 2,033,230 | ||||
Par value per share | $ 0.00001 | |||||
Ending balance, Shares | 2,033,230 | |||||
[1] | See Note 17 in relation to the preferred shareholder transaction. | |||||
[2] | Issuance of 2,033,320 Nettar Series X Preferred shares were classified as liabilities on the Consolidated Statement of Financial Position. |
Issued Capital and Reserves -_6
Issued Capital and Reserves - Summary of Preferred Shares (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021shares | |
Series X Preferred Stock Classified as Liability [Member] | |
Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items] | |
Stock Shares Issued During the Period | 2,033,320 |
Issued Capital and Reserves - A
Issued Capital and Reserves - Additional Information (Detail) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | ||
Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items] | ||||||
Stock Shares Issued During the Period Shares | 20 | |||||
Par value per share | $ 0.00001 | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||
Series X Preferred Stock Classified as Liability [Member] | ||||||
Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items] | ||||||
Preferred Stock Shares Classified As Liability Number Of Shares Authorized For Issue | 2,500,000 | |||||
Stock Shares Issued During the Period Shares | [1] | 2,033,230 | ||||
Par value per share | $ 0.00001 | |||||
Preferred Stock Classified As A Liability Issue Price Per Share | $ 10 | |||||
Preferred Stock Classified As A Liability Cumulative Dividend Percentage | 7.00% | |||||
[1] | Issuance of 2,033,320 Nettar Series X Preferred shares were classified as liabilities on the Consolidated Statement of Financial Position. |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Components of Shareholders' Equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Explanation of Effect of Share based Payments on Shareholders Equity [Line Items] | |||
Shareholders' Equity | $ 10,962 | $ 1,984 | $ 959 |
Other Paid In Capital [Member] | |||
Explanation of Effect of Share based Payments on Shareholders Equity [Line Items] | |||
Shareholders' Equity | 9,968 | 859 | 852 |
Additional paid-in capital [member] | |||
Explanation of Effect of Share based Payments on Shareholders Equity [Line Items] | |||
Shareholders' Equity | 0 | 1,120 | 0 |
Retained earnings [member] | Forfeiture Options [Member] | |||
Explanation of Effect of Share based Payments on Shareholders Equity [Line Items] | |||
Shareholders' Equity | $ 994 | $ 5 | $ 107 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Number and Weighted Average Exercise Price (Detail) | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Opening Outstanding Balances | shares | 1,421,314 | 1,238,025 | 678,677 |
Number of Shares Granted | shares | 1,080,491 | 348,444 | 617,173 |
Number of Shares Forfeited | shares | (72,115) | (104,152) | (22,278) |
Number of Shares Exercised | shares | (333,806) | (56,577) | (9,136) |
Number of Shares Expired | shares | (17,475) | (4,426) | (26,411) |
Closing Outstanding Balances | shares | 2,078,409 | 1,421,314 | 1,238,025 |
Number of Shares Excersisable | shares | 1,001,770 | 992,024 | 771,631 |
Weighted Average Exercise Price Outstanding Opening | $ / shares | $ 2.75 | $ 2.41 | $ 1.79 |
Weighted Average Exercise Price, Granted | $ / shares | 10.45 | 4.14 | 3.04 |
Weighted Average Exercise Price, Forfeited | $ / shares | 4.21 | 3.93 | 1.79 |
Weighted Average Exercise Price, Excercised | $ / shares | 2.25 | 1.82 | 1.79 |
Weighted Average Exercise Price, Expired | $ / shares | 2.53 | 2.37 | 1.79 |
Weighted Average Exercise Price Outstanding Closing | $ / shares | 6.79 | 2.75 | 2.41 |
Weighted Average Exercise Price, Excersisable | $ / shares | $ 3 | $ 2.35 | $ 2.08 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Inputs used for the Measurements of the Plan (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)yr$ / shares | Dec. 31, 2020USD ($)yr$ / shares | Dec. 31, 2019USD ($)yr$ / shares | |
DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriod [Line Items] | |||
Weighted average fair values at the measurement date (grant date) | $ | $ 23.36 | $ 6.31 | $ 2.05 |
Dividend yield (%) | 0.00% | 0.00% | 0.00% |
Contractual life of share options (years) | yr | 10 | 10 | 10 |
Weighted average share price (USD) | $ / shares | $ 6.79 | $ 2.75 | $ 3.04 |
Model used | Black Scholes | Black Scholes | Black Scholes |
Bottom of range [member] | |||
DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriod [Line Items] | |||
Expected volatility (%) | 61.00% | 59.00% | 52.00% |
Risk-free interest rate (%) | 0.50% | 0.40% | 1.30% |
Top of range [member] | |||
DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriod [Line Items] | |||
Expected volatility (%) | 72.00% | 61.00% | 61.00% |
Risk-free interest rate (%) | 1.40% | 0.50% | 2.20% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Description of vesting requirements for share based payment arrangement | four-year vesting term | ||
Description of maximum term of options granted for share-based payment arrangement | maximum term of ten years | ||
Expense from share based payment transactions | $ 10,962 | $ 1,984 | $ 959 |
Share based payment arrangements, Explanation of cancellations or modifications to the granted awards | no | no | no |
Other paid-in capital | $ 12,432 | $ 2,464 | |
Weighted average remaining contractual life of outstanding share options | 7 years 11 months 12 days | 7 years 2 months 12 days | 7 years 10 months 17 days |
Share Based Options [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Other paid-in capital | $ 12,432 | $ 2,464 | $ 1,605 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Expenses and Other Liabilities [Abstract] | ||
Accrued professional fees related to merger transaction | $ (16,263) | $ 0 |
Provisions | (2,934) | (462) |
Payroll and employee benefits payable | (2,545) | (1,717) |
Other taxes payable | (2,045) | (439) |
Total | (23,787) | (2,618) |
Total current | (23,435) | (2,582) |
Total non-current | $ (352) | $ (36) |
Earnings (Loss) Per Share ("E_3
Earnings (Loss) Per Share ("EPS") - Summary of Earnings Per Share Explanatory (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Earnings per share [abstract] | ||||
Loss for the year attributable to Equity holders of the parent (basic and diluted) | [1] | $ (117,741) | $ (113,926) | $ (20,765) |
Weighted average number of ordinary shares (basic and diluted) | 5,042,885 | 4,853,668 | 4,829,625 | |
Loss per share basic and diluted | $ (23.35) | $ (23.47) | $ (4.30) | |
[1] | Attributable to Ordinary equity holders of the parent. |
Earnings (Loss) Per Share ("E_4
Earnings (Loss) Per Share ("EPS") - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021Year | |
Earnings per share [abstract] | |
Number of financial instruments that qualify as potential ordinary shares | 4 |
Capital Management - Summary Of
Capital Management - Summary Of Breakdown Of Capital Structure Explanatory (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of objectives, policies and processes for managing capital [abstract] | ||||
Treasury shares | $ (170,949) | $ 0 | ||
Additional paid-in capital | 62,045 | 61,253 | ||
Other paid-in capital | 12,432 | 2,464 | ||
Warrants | 161,432 | 0 | ||
Foreign currency translation reserve | (86) | 0 | ||
Retained earnings | (297,752) | (181,005) | ||
Total equity (deficit) | (232,878) | (117,288) | $ (5,449) | $ 14,341 |
Current debt | 246,189 | 125,085 | ||
Non-current debt | 0 | 33,795 | ||
Total debt | 246,189 | 158,880 | ||
Total capital management structure | $ 13,311 | $ 41,592 |
Capital Management - Additional
Capital Management - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |||
Description of changes in entities objectives, policies and processes for managing capital | No | No | No |
Financial Instruments Risk - Su
Financial Instruments Risk - Summary of Financial Instruments Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial assets at amortised cost | $ 156 | $ 157 |
Financial liabilities at amortised cost | 155,847 | 70,765 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial assets at amortised cost | 135 | 130 |
Financial liabilities at amortised cost | 158,055 | 62,758 |
Notes Debt [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial liabilities at amortised cost | 61,456 | 62,784 |
Notes Debt [Member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial liabilities at amortised cost | 61,856 | 55,280 |
Promissory Notes [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial liabilities at amortised cost | 38,095 | |
Promissory Notes [Member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial liabilities at amortised cost | 40,925 | |
Series X Preferred Stock Classified as Liability [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial liabilities at amortised cost | 21,183 | |
Series X Preferred Stock Classified as Liability [Member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial liabilities at amortised cost | 20,465 | |
Cantor Loan [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial liabilities at amortised cost | 7,066 | |
Cantor Loan [Member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial liabilities at amortised cost | 6,943 | |
Trade Accruals And Other Payables [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial liabilities at amortised cost | 28,047 | 7,981 |
Trade Accruals And Other Payables [Member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial liabilities at amortised cost | 27,866 | 7,478 |
Other Receivables [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial assets at amortised cost | 156 | 157 |
Other Receivables [Member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Disclosure In Tabular Form Of Financial Assets And Financial Liabilities At Amortised Cost Carrying Value And Fair Value Disclosure For The Financial Instruments Not Measured At Fair Value [Line Items] | ||
Financial assets at amortised cost | $ 135 | $ 130 |
Financial Instrument Risk - Sum
Financial Instrument Risk - Summary of Fair Value of Financial Instruments that are not Measured at Fair Value (But Fair Value Disclosures are Required) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Notes Debt [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | $ 61,856 | $ 55,280 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Promissory Notes [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 40,925 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Series X Preferred Stock Classified as Liability [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 20,465 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Cantor Loan [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 6,943 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Trade Accruals And Other Payables [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 27,866 | 7,478 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Fixed Term Deposit [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial assets, at fair value | 53 | 56 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Accounts receivables | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial assets, at fair value | 1,196 | 4 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Guarantee Deposits [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial assets, at fair value | 135 | 130 |
At fair value [member] | Embedded Derivatives Notes Debt [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 117,622 | 96,096 |
At fair value [member] | Series X Preferred Stock Classified As Liability Embedded Derivative [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 188 | |
At fair value [member] | Embedded Derivative Cantor Loan [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 579 | |
At fair value [member] | Money Market Funds [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial assets, at fair value | 1,088 | |
Level 1 of fair value hierarchy [member] | At fair value [member] | Money Market Funds [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial assets, at fair value | 1,088 | |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Notes Debt [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 61,856 | 55,280 |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Promissory Notes [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 40,925 | |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Series X Preferred Stock Classified as Liability [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 20,465 | |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Cantor Loan [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 6,943 | |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Trade Accruals And Other Payables [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 27,866 | 7,478 |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Fixed Term Deposit [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial assets, at fair value | 53 | 56 |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Accounts receivables | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial assets, at fair value | 1,196 | 4 |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Guarantee Deposits [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial assets, at fair value | 135 | 130 |
Level 3 of fair value hierarchy [member] | At fair value [member] | Embedded Derivatives Notes Debt [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 117,622 | $ 96,096 |
Level 3 of fair value hierarchy [member] | At fair value [member] | Series X Preferred Stock Classified As Liability Embedded Derivative [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | 188 | |
Level 3 of fair value hierarchy [member] | At fair value [member] | Embedded Derivative Cantor Loan [Member] | ||
Disclosure In Tabular Form Of Financial Assets And Liabilities Measured At Value Including Those Financial Instruments Which Are Not Measured At Fair Value But For Which Fair Value Disclosures Are Necessary [Line Items] | ||
Financial liabilities, at fair value | $ 579 |
Financial Instrument Risk - S_2
Financial Instrument Risk - Summary Of Reconciliation Of Level 3 Fair Value Measurements Of Financial Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure In Tabular Form Of Reconciliation Of Fair Value Measurements Of Financial Instruments [Line Items] | ||
Balance, beginning of year | $ 171,906 | |
Balance at the end | 283,560 | $ 171,906 |
Level 3 of fair value hierarchy [member] | Embedded Derivative Liability [Member] | ||
Disclosure In Tabular Form Of Reconciliation Of Fair Value Measurements Of Financial Instruments [Line Items] | ||
Balance, beginning of year | 96,096 | 7,139 |
Remeasurement loss | 84,224 | |
Issues | 4,733 | |
Balance at the end | 118,389 | $ 96,096 |
Level 3 of fair value hierarchy [member] | Embedded Derivative Liability [Member] | Series X Preferred Stock Classified as Liability [Member] | ||
Disclosure In Tabular Form Of Reconciliation Of Fair Value Measurements Of Financial Instruments [Line Items] | ||
Remeasurement loss | (1,328) | |
Issues | 1,516 | |
Level 3 of fair value hierarchy [member] | Embedded Derivative Liability [Member] | Notes Debt [Member] | ||
Disclosure In Tabular Form Of Reconciliation Of Fair Value Measurements Of Financial Instruments [Line Items] | ||
Remeasurement loss | 43,428 | |
Settlements | (21,902) | |
Level 3 of fair value hierarchy [member] | Embedded Derivative Liability [Member] | Cantor Loan [Member] | ||
Disclosure In Tabular Form Of Reconciliation Of Fair Value Measurements Of Financial Instruments [Line Items] | ||
Remeasurement loss | 2 | |
Issues | $ 577 |
Financial Instrument Risk - S_3
Financial Instrument Risk - Summary Of Reconciliation Of Level 3 Fair Value Measurements Of Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments Risk [Abstract] | |||
Transfers out of Level 3 of fair value hierarchy, liabilities | $ 0 | $ 0 | $ 0 |
Transfers into Level 3 of fair value hierarchy, liabilities | $ 0 | $ 0 | $ 0 |
Financial Instrument Risk - S_4
Financial Instrument Risk - Summary of the Group's Exposure to Currency Risk from Foreign Currency Denominated Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure In Tabular Form Of Exposure To Currency Risk From Foreign Currency Denominated Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | $ 158,646 | $ 72,199 |
Currency risk [member] | Argentine Peso | ||
Disclosure In Tabular Form Of Exposure To Currency Risk From Foreign Currency Denominated Financial Assets And Liabilities [Line Items] | ||
Financial assets | 438 | 353 |
Financial liabilities | (54) | (28) |
Currency risk [member] | Euro | ||
Disclosure In Tabular Form Of Exposure To Currency Risk From Foreign Currency Denominated Financial Assets And Liabilities [Line Items] | ||
Financial assets | 143 | 155 |
Financial liabilities | (369) | (694) |
Currency risk [member] | Renminbi | ||
Disclosure In Tabular Form Of Exposure To Currency Risk From Foreign Currency Denominated Financial Assets And Liabilities [Line Items] | ||
Financial assets | 130 | 310 |
Financial liabilities | $ (13) | $ (28) |
Financial Instrument Risk - S_5
Financial Instrument Risk - Summary of the Maturity Profile of The Group's Financial Liabilities based on Contractual Undiscounted Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables, Carrying amount | $ 8,850 | $ 7,555 | |
Notes debt, Carrying amount | 61,456 | 62,784 | |
Promissory note, Carrying amount | 38,095 | ||
Cantor Loan, Carrying amount | 7,066 | ||
Series X, Carrying amount | 21,183 | ||
Accrued expenses and other liabilities, Carrying amount | 19,197 | 462 | |
Lease liabilities, Carrying amount | 2,799 | 1,398 | $ 0 |
Total, Carrying amount | 158,646 | 72,199 | |
Trade and other payables | 8,850 | 7,555 | |
Notes debt | 65,073 | 72,160 | |
Promissory note | 41,896 | ||
Cantor Loan | 7,558 | ||
Series X | 21,427 | ||
Accrued expenses and other liabilities | 19,197 | 462 | |
Lease liabilities | 2,944 | 1,485 | |
Total | 166,945 | 81,662 | |
Less than 3 months | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | 5,193 | 606 | |
Notes debt | 65,073 | ||
Promissory note | 41,896 | ||
Cantor Loan | 7,558 | ||
Series X | 21,427 | ||
Accrued expenses and other liabilities | 18,269 | 426 | |
Lease liabilities | 305 | 103 | |
Total | 159,721 | 1,135 | |
3 to 12 months | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | 1,458 | 2,252 | |
Notes debt | 55,607 | ||
Accrued expenses and other liabilities | 576 | ||
Lease liabilities | 661 | 293 | |
Total | 2,695 | 58,152 | |
1 to 2 year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | 2,200 | 1,244 | |
Notes debt | 16,553 | ||
Accrued expenses and other liabilities | 65 | ||
Lease liabilities | 1,593 | 224 | |
Total | 3,858 | 18,021 | |
More than 2 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | 3,453 | ||
Accrued expenses and other liabilities | 287 | 36 | |
Lease liabilities | 384 | 864 | |
Total | $ 671 | $ 4,353 |
Financial Instrument Risk - Add
Financial Instrument Risk - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Of Series B Preferred Shares [Member] | Embedded Derivatives Notes Debt [Member] | ||
Financial Instruments Risk [Line Items] | ||
Percentage of reasonably possible increase in unobservable input, liabilities | 20.00% | 20.00% |
Percentage of reasonably possible decrease in unobservable input, liabilities | 20.00% | 20.00% |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | $ 36.1 | $ 30 |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | $ 36.1 | $ 30 |
Discount rate, measurement input [member] | Embedded Derivatives Notes Debt [Member] | ||
Financial Instruments Risk [Line Items] | ||
Percentage of reasonably possible increase in unobservable input, liabilities | 1.00% | 1.00% |
Percentage of reasonably possible decrease in unobservable input, liabilities | 1.00% | 1.00% |
Discount rate, measurement input [member] | Series X Embedded And Cantor Loan Derivatives [Member] | ||
Financial Instruments Risk [Line Items] | ||
Percentage of reasonably possible increase in unobservable input, liabilities | 1.00% | 1.00% |
Percentage of reasonably possible decrease in unobservable input, liabilities | 1.00% | 1.00% |
Historical volatility for shares, measurement input [member] | Embedded Derivatives Notes Debt [Member] | ||
Financial Instruments Risk [Line Items] | ||
Percentage of reasonably possible increase in unobservable input, liabilities | 10.00% | 10.00% |
Percentage of reasonably possible decrease in unobservable input, liabilities | 10.00% | 10.00% |
Historical volatility for shares, measurement input [member] | Series X Embedded And Cantor Loan Derivatives [Member] | ||
Financial Instruments Risk [Line Items] | ||
Percentage of reasonably possible increase in unobservable input, liabilities | 10.00% | 10.00% |
Percentage of reasonably possible decrease in unobservable input, liabilities | 10.00% | 10.00% |
Fair Value Of Common Shares [Member] | Series X Embedded And Cantor Loan Derivatives [Member] | ||
Financial Instruments Risk [Line Items] | ||
Percentage of reasonably possible increase in unobservable input, liabilities | 20.00% | 20.00% |
Percentage of reasonably possible decrease in unobservable input, liabilities | 20.00% | 20.00% |
Related Party Disclosures - Sum
Related Party Disclosures - Summary of the notes debt balances and associated finance costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Convertible notes debt from related parties | |||
Amounts owed to related parties | $ 36,690 | $ 48,598 | $ 20,590 |
Interest expense | $ 1,010 | $ 2,999 | $ 1,419 |
Related Party Disclosures - S_2
Related Party Disclosures - Summary of Compensation of key management personnel of the Group (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Information About Key Management Personnel [Line Items] | |||
Short-term employee benefits | $ 1,854 | $ 2,206 | $ 1,858 |
Termination benefits | 157 | 202 | |
Share-based payment transactions | 1,286 | 1,286 | 416 |
Total compensation paid to key management personnel | $ 3,297 | $ 3,694 | $ 2,274 |
Related Party Disclosures - S_3
Related Party Disclosures - Summary of the share-based compensation Plan have the following expiry dates and exercise prices (Detail) | 12 Months Ended | |||
Dec. 31, 2021yrshares$ / shares | Dec. 31, 2020yrshares$ / shares | Dec. 31, 2019yrshares$ / shares | Dec. 31, 2018shares$ / shares | |
Disclosure of Directors Interests In The Share Based Compensation Plan [Line Items] | ||||
Expiration | 10 | 10 | 10 | |
Weighted average exercise price | $ / shares | $ 6.79 | $ 2.75 | $ 2.41 | $ 1.79 |
Shares outstanding | shares | 2,078,409 | 1,421,314 | 1,238,025 | 678,677 |
Share Options Granted On 2016 [Member] | ||||
Disclosure of Directors Interests In The Share Based Compensation Plan [Line Items] | ||||
Expiration | 2,026 | |||
Weighted average exercise price | $ / shares | $ 1.79 | |||
Shares outstanding | 33,600 | 33,600 | 33,600 | |
Share Options Granted On 2019 [Member] | ||||
Disclosure of Directors Interests In The Share Based Compensation Plan [Line Items] | ||||
Expiration | 2,029 | |||
Weighted average exercise price | $ / shares | $ 3.14 | |||
Shares outstanding | 97,972 | 97,972 | 97,972 | |
Share Options Granted On 2021 [Member] | ||||
Disclosure of Directors Interests In The Share Based Compensation Plan [Line Items] | ||||
Expiration | 2,031 | |||
Weighted average exercise price | $ / shares | $ 4.18 | |||
Shares outstanding | 67,200 |
Debt - Summary Of Debt Outstand
Debt - Summary Of Debt Outstanding (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||
Principal | $ 124,508 | $ 64,587 |
Notes debt 2018 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual interest rate | 5.00% | 5.00% |
Maturity | 2022 | 2020 |
Principal | $ 16,540 | $ 19,540 |
Notes debt 2019 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual interest rate | 5.00% | 5.00% |
Maturity | 2022 | 2021 |
Principal | $ 25,000 | $ 30,000 |
Notes debt 2020 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual interest rate | 5.00% | 5.00% |
Maturity | 2022 | 2022 |
Principal | $ 15,047 | $ 15,047 |
Series X [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual interest rate | 7.00% | |
Maturity | 2023 | |
Principal | $ 20,332 | |
Cantor Loan [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual interest rate | 7.00% | |
Maturity | 2022 | |
Principal | $ 7,500 | |
Promissory notes [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Annual interest rate | 5.00% | |
Maturity | 2046 | |
Principal | $ 40,089 |
Debt - Summary Of Changes In Co
Debt - Summary Of Changes In Convertible Notes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Total current | $ 246,189 | $ 125,085 | $ 20,648 |
Notes debt [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 62,784 | 42,004 | 17,431 |
Cash flows | 13,314 | 20,105 | |
Extinguishment | (8,749) | ||
Interest / Dividend | 7,421 | 7,466 | 4,468 |
Ending balance | 61,456 | 62,784 | 42,004 |
Notes debt - Embedded derivative liability [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 96,096 | 7,139 | 4,474 |
Cash flows | 4,733 | 6,895 | |
Extinguishment | (21,902) | ||
Changes in fair value | 43,428 | 84,224 | (4,230) |
Ending balance | 117,622 | 96,096 | 7,139 |
Promissory notes [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Exchange of instruments | 36,333 | ||
Interest / Dividend | 1,762 | ||
Ending balance | 38,095 | ||
Series X [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Cash flows | 18,816 | ||
Interest / Dividend | 2,367 | ||
Ending balance | 21,183 | ||
Series X - Embedded derivative liability [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Cash flows | 1,516 | ||
Changes in fair value | (1,328) | ||
Ending balance | 188 | ||
Cantor Loan [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Cash flows | 6,923 | ||
Interest / Dividend | 143 | ||
Ending balance | 7,066 | ||
Cantor Loan - Embedded derivative liability [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Cash flows | 577 | ||
Changes in fair value | 2 | ||
Ending balance | 579 | ||
Short-term borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 158,880 | 49,143 | 21,905 |
Cash flows | 27,832 | 18,047 | 27,000 |
Extinguishment | (30,651) | ||
Exchange of instruments | 36,333 | ||
Interest / Dividend | 11,693 | 7,466 | 4,468 |
Changes in fair value | 42,102 | 84,224 | (4,230) |
Ending balance | 246,189 | 158,880 | 49,143 |
Long-term borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 33,795 | 28,495 | |
Ending balance | $ 0 | $ 33,795 | $ 28,495 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 08, 2021 | Apr. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | |||||
Gain on extinguishment of debt | $ (3,576) | ||||
Promissory notes [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 5.00% | ||||
Borrowings maturity | 2046 | ||||
Notes debt 2020 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 5.00% | 5.00% | |||
Borrowings maturity | 2022 | 2022 | |||
Series X debt [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Notional amount | $ 20,332 | ||||
Borrowings interest rate | 7.00% | ||||
Borrowings maturity | 2023 | ||||
Cantor loan [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Notional amount | $ 7,500 | ||||
Borrowings interest rate | 7.00% | ||||
Borrowings maturity | 2022 | ||||
Exchange agreement [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Extinguishment Of note debt and ownership of Series A, B and B-1 preference shares fair value | $ 21,902 | ||||
Preferred shareholder transaction warrant issued | 161,432 | ||||
Gain on extinguishment of debt | 3,258 | ||||
Preferred shareholder transaction value of treasury shares recognized | 170,949 | ||||
Derecognition of the convertible notes and related embedded derivative liability | 30,332 | ||||
Exchange agreement [member] | Promissory notes [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Notional amount | $ 40,089 | ||||
Borrowings interest rate | 5.00% | ||||
Note purchase agreement [member] | Notes debt 2020 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 5.00% | ||||
Borrowings maturity term | 2 years | ||||
Note purchase agreement [member] | Notes debt 2018 and 2019 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Gain on extinguishment of debt | $ 318 | ||||
Borrowings interest rate | 5.00% | ||||
Borrowings maturity term | 2 years | ||||
Borrowings amended maturity | April 2022 | ||||
Borrowings maturity | April and September 2021 |
Leases - Summary of Changes in
Leases - Summary of Changes in the Group's right-of-use assets carrying amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance as of January 1, | $ 1,341 | ||
Depreciation expense | (477) | $ (286) | $ 0 |
Additions | 1,824 | 1,627 | |
Transfers | (25) | ||
Balance as of December 31, | $ 2,663 | $ 1,341 |
Leases - Summary of Changes i_2
Leases - Summary of Changes in the Group's lease liabilities carrying amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Quantitative Information About lease liabilities. [Line Items] | |||
Balance as of January 1, | $ 1,398 | $ 0 | |
Additions to lease liabilities | 1,799 | 1,711 | |
Accretion of interest | 49 | 57 | |
Payments | (447) | (370) | |
Balance as of December 31, | 2,799 | 1,398 | |
Total non-current | 1,908 | 1,036 | $ 0 |
Total current | $ 891 | $ 362 | $ 0 |
Leases - Summary of the Consoli
Leases - Summary of the Consolidated Statement of Profit or Loss the following expenses related to its leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Expenses Related To Its Leases [Line Items] | |||
Depreciation expense | $ 477 | $ 286 | $ 0 |
Interest expense on lease liabilities | 49 | 57 | 0 |
Total lease expense | $ 526 | $ 343 | $ 0 |
Subsidiaries of the Group - Sum
Subsidiaries of the Group - Summary of Subsidiaries of the Group (Detail) - Subsidiaries [member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Urugus S.A. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Urugus S.A. | |
Principal activities | Manufacturing, Assembly, Integration, Test and Exports | |
Country of incorporation | Uruguay | |
% equity interest | 100.00% | 100.00% |
Nettar S.A [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Nettar S.A. | |
Principal activities | Intermediate Holding | |
Country of incorporation | Uruguay | |
% equity interest | 100.00% | 100.00% |
Satellogic USA, Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Satellogic USA, Inc. | |
Principal activities | Sales and marketing, Product strategy and business development | |
Country of incorporation | UnitedStates | |
% equity interest | 100.00% | 100.00% |
Telluric Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Telluric Ltd. | |
Principal activities | Image analytics and user interfaces | |
Country of incorporation | Israel | |
% equity interest | 100.00% | 100.00% |
Satellogic S.A [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Satellogic S.A. | |
Principal activities | Research and development services and builds prototypes | |
Country of incorporation | Argentina | |
% equity interest | 100.00% | 100.00% |
Satellogic Overseas, Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Satellogic Overseas, Inc. | |
Principal activities | Supplies fund for non-recurrent expenses management | |
Country of incorporation | BVI | |
% equity interest | 100.00% | 100.00% |
Satellogic Solutions S.L [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Satellogic Solutions S.L. | |
Principal activities | Data science solutions and machine learning over the satellite images | |
Country of incorporation | Spain | |
% equity interest | 100.00% | 100.00% |
Satellogic China, LTD [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Satellogic China, LTD | |
Principal activities | Sales and marketing | |
Country of incorporation | China | |
% equity interest | 100.00% | 100.00% |
Satellogic China Beijing Branch [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Satellogic China Beijing Branch | |
Principal activities | Sales and marketing | |
Country of incorporation | China | |
% equity interest | 100.00% | 100.00% |
Satellogic North America LLC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Satellogic North America LLC | |
Principal activities | Sales and Marketing | |
Country of incorporation | UnitedStates | |
% equity interest | 100.00% | |
Satellogic Netherlands B.V [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Satellogic Netherlands B.V. | |
Principal activities | High throughput plant | |
Country of incorporation | TheNetherlands | |
% equity interest | 100.00% | |
Satellogic, Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | Satellogic, Inc | |
Principal activities | Created to consummate the transaction with CF V | |
Country of incorporation | BVI | |
% equity interest | 100.00% | |
MergerSub 1 [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | MergerSub 1 | |
Principal activities | Created to consummate the transaction with CF V | |
Country of incorporation | BVI | |
% equity interest | 100.00% | |
MergerSub 2 [Member] | ||
Disclosure of subsidiaries [line items] | ||
Name | MergerSub 2 | |
Principal activities | Created to consummate the transaction with CF V | |
Country of incorporation | UnitedStates | |
% equity interest | 100.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 06, 2022USD ($)shares | Jan. 25, 2022shares | Jan. 18, 2022USD ($)$ / sharesshares | Dec. 31, 2021USD ($)shares | Apr. 01, 2022$ / shares | Nov. 14, 2021USD ($) | Dec. 31, 2020shares | Dec. 31, 2019shares | Dec. 31, 2018shares |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Number of shares outstanding | 66 | 87 | 87 | 87 | |||||
Major Business Combination [Member] | Cantor Fitzgerald Co [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Total consideration transferred, acquisition-date fair value | $ | $ 21,900 | ||||||||
Major Business Combination [Member] | Cantor Fitzgerald Co [Member] | Business Combination Marketing Fees [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Liabilities incurred | $ | 8,800 | ||||||||
Major Business Combination [Member] | Cantor Fitzgerald Co [Member] | Placement Agent Fees [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Liabilities incurred | $ | 8,200 | ||||||||
Major Business Combination [Member] | Cantor Fitzgerald Co [Member] | Mergers And Acquisitions Advisory Fees [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Liabilities incurred | $ | $ 5,000 | ||||||||
Major Business Combination [Member] | Nettar Group Inc [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Total consideration transferred, acquisition-date fair value | $ | $ 5,853 | ||||||||
Major Business Combination [Member] | Nettar Group Inc [Member] | Ordinary Shares [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Number of shares outstanding | 51,700 | ||||||||
Liberty Strategic Capital (SATL) Holdings, LLC [Member] | Liberty Subscription Agreement [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 10 | ||||||||
Class of warrant or right, date from which warrants or rights exercisable | Feb. 10, 2022 | ||||||||
Warrants and rights outstanding term | Feb. 10, 2027 | ||||||||
Liberty Strategic Capital (SATL) Holdings, LLC [Member] | Liberty Subscription Agreement [Member] | Private Placement Warrants [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Purchase price of warrants | $ | $ 150,000 | ||||||||
CF Securities [Member] | Repurchase Of Debt Instrument [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Debt instrument repurchase amount | $ | $ 7,500 | ||||||||
CF Acquisition Corp. V [Member] | Major Business Combination [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Contingent liabilities recognised in business combination | $ | $ 168,000 | ||||||||
CF Acquisition Corp. V [Member] | Adjustment of Warrant Price and Warrant Redemption Price [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Warrants issued issue price per warrant | $ / shares | $ 8.63 | ||||||||
Class of warrants or rights redemption price per unit | $ / shares | 8.63 | ||||||||
CF Acquisition Corp. V [Member] | Adjustment of Warrant Price and Warrant Redemption Price [Member] | Top Of Range [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Adjustment of warrant price | $ / shares | 11.50 | ||||||||
Adjustment of warrant redemption price | $ / shares | 18 | ||||||||
CF Acquisition Corp. V [Member] | Adjustment of Warrant Price and Warrant Redemption Price [Member] | Bottom Of Range [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Adjustment of warrant price | $ / shares | 8.63 | ||||||||
Adjustment of warrant redemption price | $ / shares | $ 13.50 | ||||||||
Hannover Holdings S.A. [Member] | Commencement Of Major Litigation [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Legal proceedings provision | $ | $ 5,900 | ||||||||
Amount paid on legal proceedings provision | $ | $ 5,900 | ||||||||
$10.00 Liberty Share Warrants [Member] | Liberty Strategic Capital (SATL) Holdings, LLC [Member] | Liberty Subscription Agreement [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Number of warrants issued | 5,000,000 | ||||||||
$15.00 Liberty Warrants [Member] | Liberty Strategic Capital (SATL) Holdings, LLC [Member] | Liberty Subscription Agreement [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Number of warrants issued | 15,000,000 | ||||||||
Class A Ordinary Shares [Member] | Major Business Combination [Member] | Cantor Fitzgerald Co [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Business acquisition equity interests issued or issuable number of shares issued | 2,058,229 | ||||||||
Class A Ordinary Shares [Member] | Major Business Combination [Member] | Cantor Fitzgerald Co [Member] | Placement Agent Fees [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Business acquisition equity interests issued or issuable number of shares issued | 600,000 | ||||||||
Class A Ordinary Shares [Member] | Liberty Strategic Capital (SATL) Holdings, LLC [Member] | Liberty Subscription Agreement [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Number of shares issued | 20,000,000 | ||||||||
Class A Ordinary Shares [Member] | CF Securities [Member] | Repurchase Of Debt Instrument [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Debt instrument convertible number of equity instruments | 788,021 | ||||||||
Class A Ordinary Shares [Member] | Hannover Holdings S.A. [Member] | Non Adjusting Events After Reporting Period [Member] | Convertible Notes [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Percentage of common stock issued and outstanding | 8.30% | ||||||||
Class A Ordinary Shares [Member] | Hannover Holdings S.A. [Member] | Major Ordinary Share Transactions [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Percentage of common stock issued and outstanding | 8.30% | ||||||||
Class A Ordinary Shares [Member] | $10.00 Liberty Share Warrants [Member] | Liberty Strategic Capital (SATL) Holdings, LLC [Member] | Liberty Subscription Agreement [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Class of warrant or right, number of securities called by each warrant or right | 1 | ||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 10 | ||||||||
Class A Ordinary Shares [Member] | $15.00 Liberty Warrants [Member] | Liberty Strategic Capital (SATL) Holdings, LLC [Member] | Liberty Subscription Agreement [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Class of warrant or right, number of securities called by each warrant or right | 1 | ||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 15 | ||||||||
Series A Preference Shares [Member] | Major Business Combination [Member] | Nettar Group Inc [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Number of shares outstanding | 134,735 | ||||||||
Series B1 Preference shares [Member] | Major Business Combination [Member] | Nettar Group Inc [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Number of shares outstanding | 15,082 |