0001193125-22-151800 | 20-F/A | XBRL Viewer

Exchange differences on translation of foreign operations

^[1]

(117,741)

(113,926)

(20,765)

Other comprehensive loss

(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 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 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]

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

$ 0

(20,765)

^[1]

(20,765)

Ending Balance, Shares at Dec. 31, 2019

959

852

107

959

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

1,223

(113,926)

^[1]

(113,926)

Ending Balance, Shares at Dec. 31, 2020

864

859

864

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

$ 4

(117,741)

^[1]

(117,741)

Preferred shareholder transaction, Shares

10,962

9,968

994

10,962

Other comprehensive loss

(86)

$ (86)

(86)

(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 Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Cash flows from operating activities:

Adjustments to reconcile Net loss to net cash flows used in operating activities:

^[1]

$ (117,741)

$ (113,926)

$ (20,765)

Depreciation expense

10,825

3,182

4,238

Depreciation on right-of-use assets

477

286

Income tax (benefit) expense

(232)

148

Interest expense and other

10,962

1,984

959

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

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)

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

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

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 Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	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 of the Group is December 31. 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 on July 6, 2021, then in the Satellogic Inc.’s Registration Statement on Form F-4 initially filed with the SEC on August 12, 2021 and as amended on September 24, 2021, October 19, 2021, November 5, 2021 and November 10, 2021, which was declared effective by the SEC on November 12, 2021 and Satellogic Inc.’s definitive proxy statement filed with the SEC on November 12, 2021. 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 Judgements, Estimates And Assumptions And Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

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

offering to its customers which allows the customer continued access to a platform to obtain the latest imagery generated by the Group’s satellites throughout a contractual term. The Group has fulfilled its performance obligation when the customer receives and consumes the benefit of access to the latest imagery over the contractual term. The Group recognizes revenue on a straight-line basis over the contractual term to reflect the continued benefit to the customer of access to the Group’s satellite imagery.

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

when control of the specific imagery has passed to the customer, which is usually upon delivery of the imagery to the customer.

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

consideration, at times this may occur. In these instances, the Group determines the fair value of the

non-cash

consideration at contract inception and includes this value as part of the total arrangement consideration. In instances where the Group cannot reasonably estimate the fair value of the

non-cash

consideration, the Group will measure the consideration indirectly by reference to its stand-alone selling price of the goods promised to the customer in exchange for consideration.

Current Versus

Non-current

Classification

The Group presents assets and liabilities in the Consolidated Statements of Financial Position based on a current and

non-current

classification. The Group classifies all amounts to be realized or settled with 12 months after the reporting period to be current and all other amounts to be

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

at the end of each reporting period to determine whether any transfers have occurred between levels in the hierarchy. External specialists are involved for valuation of significant liabilities, such as embedded derivatives. Involvement of external specialists is determined annually by management. Selection criteria include market knowledge, reputation, independence and whether professional standards are maintained. Management decides, after discussions with the Group’s external specialists, which valuation techniques and inputs to use for each case.

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

assets and liabilities are translated at historical exchange rates, 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 financial income (expense) in the Consolidated Statement of Profit or Loss and Comprehensive Loss.

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

(“ROU”) asset and lease liability. The cost of

right-of-use

assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Lease liabilities are recorded based on the present value of the future lease fixed payments. In determining the present value of future lease payments, the Group uses its incremental borrowing rate based on the information available at the commencement date. For real estate and equipment contracts, the Group generally

accounts for the lease and

non-lease

components as a single lease component. In assessing the lease term, the Group includes options to renew only when it is reasonably certain that it will be exercised; a determination which is at the sole discretion of the Group. Variable lease payments are recognized as expenses in the period incurred. For leases with an initial term of 12 months or less, the Group has elected to not record a

right-of-use

asset and lease liability. The Group records lease expense on a straight-line basis over the shorter of the lease term and estimated useful lives of the assets, beginning on the commencement date.

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.

For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default.

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 Life in years
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,

a component of Shareholders’ Equity.

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 Pronouncements

12 Months Ended

Dec. 31, 2021

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

Rent Concessions beyond 30 June 2021

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 date		Planned application by Satellogic in reporting year
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 indefinitely

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 Customers, Contract Liabilities And Remaining Performance Obligations

12 Months Ended

Dec. 31, 2021

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.

The Group was

pre-revenue

prior to the current year.

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

contract liability, from this customer as of December 31, 2021.

In November 2021, the Group entered a

5-year

noncancellable agreement with a technology company that requires the customer to purchase a minimum of $4,000 thousand of multispectral, hyperspectral, full-motion video or private delivery uplift products each year. The Group recognizes revenue as products are delivered to the customer. The customer pays the Group in

non-cash

consideration in the form of a license to a proprietary software platform, which the Group uses in its internal operations. The access to the platform is granted to the Group regardless of the level of products ordered. The customer has the option of purchasing additional products from the Group in exchange for cash consideration at the Group’s

non-discounted

standard price. For the year ended December 31, 2021, the Group recognized an insignificant amount of revenue related to this contract.

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

contracts longer than 12 months in duration that is expected to be recognized over future periods.


	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 Expenses

12 Months Ended

Dec. 31, 2021

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 Financial Income (Expense)

12 Months Ended

Dec. 31, 2021

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

12 Months Ended

Dec. 31, 2021

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

loss/income are as follows:

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 of Deferred Tax Assets		(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

jurisdictions. In 2021, 2020, and 2019, approximately 88%, 93%, and 65%, respectively, of the consolidated group’s activity is generated in the British Virgin Islands, where the statutory tax rate is 0% and Uruguay, where the Group operates in a free trade zone, leaving a minimal total weighted average statutory rate.


	Year Ending December 31,
	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 Carried Forward (USD)		Amount Recognized as of December 31, 2021
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

12 Months Ended

Dec. 31, 2021

Property and Equipment

8. Property and Equipment

Property and equipment consists of the following:


	Satellites		Advances for satellites and satellites under construction			Research and development			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

assets by geography is as follows:


	Year Ending December 31,
	2021		2020
Non-current assets by geography (1) (2) (3)
Uruguay	$	34,062	$	34,518
Argentina		1,166		819
Spain		787		839
Other countries		234		37

Total non-current assets	$	36,249	$	36,213

(1)	Non-current assets include all property and equipment and ROU assets.

(2)	Non-current assets are based on the geographic location of the entity that holds the assets.

(3)	The Group does not have any non-current assets in the country of incorporation of the holding company.

Prepaids and Other Current Assets

12 Months Ended

Dec. 31, 2021

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

12 Months Ended

Dec. 31, 2021

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

preference shares owned by a former shareholder (see Note 17), and the exercise of stock options and stock awards. 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

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 shares		Face value per share
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 preference shares		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 of shares		Face value per share		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 per share		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

of events beyond the issuer’s control (e.g., acquisition by a SPAC, next equity financing, an IPO or conversion at the optional election of shareholders), the Preferred Shares were accounted for as a liability. For those conversion options in the Preferred Shares agreement that are considered derivatives under IFRS 9, whose economic risks are expected not to be closely related to the financial instrument, the Group has recognized a separate derivative measured at fair value.

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

12 Months Ended

Dec. 31, 2021

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 capital	$	9,968	$	859	$	852
Additional paid-in capital		—		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

capital in equity for the years ended December 31, 2021, 2020 and 2019 were 12,432 thousand, 2,464 thousand and 1,605 thousand, respectively. See the Consolidated Statement of Changes in Equity.

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 Liabilities

12 Months Ended

Dec. 31, 2021

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")

12 Months Ended

Dec. 31, 2021

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

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 capital		62,045			61,253
Other paid-in capital		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 debt		—			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

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

with the board of directors and focuses on actively securing the entity´s short to medium term cash flows by minimizing the exposure to financial markets. The Group does not actively engage in the trading of financial assets for speculative purposes.

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 active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
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 December 31, 2021				Year Ending December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		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 - embedded derivative liability (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

section for sensitivity analyses.

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

functional currencies.

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

dollar functional currencies would not have a material impact to the financial statements and does not represent a material risk to the Group.

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

bearing and generally on terms of 30 to 90 days. Satellite imagery customers typically pay the annual amount of the service upfront, mitigating the credit risk. See Note 4 (Revenue from Contracts with Customers, Contract Liabilities and Remaining Performance Obligations)

for further details on the Group’s significant customer contracts.

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

)

and Note 17 (Debt) for additional information.

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

business.

The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:


Financial Liability	Carrying amount		Total undiscounted payments		Less than 3 months		3 to 12 months		1 to 2 years		More than 2 years
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

)

and Note 17 (Debt) 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 in 2022, which materially reduced the Group’s liquidity risk (see Note 20).

Related Party Disclosures

12 Months Ended

Dec. 31, 2021

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 exercise price		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

12 Months Ended

Dec. 31, 2021

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

preference shares. The Exchange Agreement requires the Investor to sell back to the Group all its outstanding shares and Notes debt, including the cancellation of the convertible feature of the promissory note (as part of the sale of such notes to Nettar Group Inc.) with a fair value of $21,902 thousand, in exchange for a loan and security interest in the principal amount of $40,089 thousand (the “Loan”), including unpaid accrued interest, and a warrant with a transaction fair value of $161,432 thousand. The Group recognized a gain on debt extinguishment of $3,258 thousand related to the transaction and a cost of treasury shares of $170,949 thousand. The loan and security agreement has a fixed interest rate of 5% per year, payable at the maturity date of March 8, 2046, is mandatorily payable upon event of default, change of control, going public or initial coin offering (ICO) transaction, in an amount equal to the sum of all outstanding principal of the Loan, plus accrued and unpaid interest. The loan and security agreement was repaid in connection with the merger transaction with CF Acquisition Corp. V (see Note 20 Subsequent Events).

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 interest rate			Maturity		Principal		December 31, 2020		Annual interest rate			Original Maturity		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.

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 instruments		Interest / Dividend		Changes in fair value			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 instruments		Interest		Changes in fair value		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 instruments		Interest		Changes in fair value			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

12 Months Ended

Dec. 31, 2021

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

assets carrying amounts were as follows:


	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

12 Months Ended

Dec. 31, 2021

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 States		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 expenses management	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 States		100	% (4)			(7)
Satellogic Netherlands B.V.	High throughput plant	The Netherlands		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 States		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	12 Months Ended
Subsequent Events	Dec. 31, 2021
Text Block [Abstract]
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 fees and expenses related to the negotiation, documentation and consummation of the merger agreement payable to CF&Co., which in aggregate was approximately $21.9 million and comprised of $8.8 million of business combination marketing fees, $8.2 million of placement agent fees and $5.0 million of mergers and acquisitions advisory fees, only the mergers and acquisitions advisory fees would be paid in cash while the remainder would be paid in the form of an aggregate of 2,058,229 newly-issued Satellogic Inc. Class A Ordinary Shares, which were issued on January 25, 2022 (“Closing Date”), consisting in part of 600,000 Class A Ordinary Shares issued in connection with the placement fee due on the Liberty Investment. 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 institutional investors, and the Liberty Investment. 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 preference shares (Appraised Shares), in each case of Nettar Group Inc. held by Hannover prior to the consummation of the Business Combination, 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 $5,853 thousand. The Company repurchased all such Hannover shares for such amount in April 2022. 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 Judgements, Estimates And Assumptions And Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Current Versus Non-current Classification

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 provides a

satellite-as-a-service

point-in-time

when control of the specific imagery has passed to the customer, which is usually upon delivery of the imagery to the customer.

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 excludes amounts collected on behalf of third-parties, such as sales taxes, when determining transaction price.

The Group currently does not incur any incremental direct costs from obtaining customer contracts.

non-cancelable.

non-cash

consideration, at times this may occur. In these instances, the Group determines the fair value of the

non-cash

consideration at contract inception and includes this value as part of the total arrangement consideration. In instances where the Group cannot reasonably estimate the fair value of the

non-cash

consideration, the Group will measure the consideration indirectly by reference to its stand-alone selling price of the goods promised to the customer in exchange for consideration.

Current Versus

Non-current

Classification

The Group presents assets and liabilities in the Consolidated Statements of Financial Position based on a current and

non-current

classification. The Group classifies all amounts to be realized or settled with 12 months after the reporting period to be current and all other amounts to be

non-current.

Fair Value Measurement

•

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.

•

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

non-monetary

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

(“ROU”) asset and lease liability. The cost of

right-of-use

accounts for the lease and

non-lease

right-of-use

asset and lease liability. The Group records lease expense on a straight-line basis over the shorter of the lease term and estimated useful lives of the assets, beginning on the commencement date.

Financial Instruments

Classification and initial measurement of financial assets

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.

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):

Impairment of Financial Assets

12-months.

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.

Cash and Cash Equivalents

Property and Equipment

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 Life in years
Satellites		3
Research and development		3-5
Other property and equipment		3-10

Accounts payable – trade

Provisions

Share-based Compensation

paid-in-capital,

a component of Shareholders’ Equity.

Taxes

Current Income Tax

Deferred Income Tax

Deferred tax is recognized for all taxable temporary differences, except:

•

Uncertain Tax Positions

•

the most likely amount; or

•

the expected value.

Significant Accounting Judgements, Estimates And Assumptions And Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

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 Life in years
Satellites		3
Research and development		3-5
Other property and equipment		3-10

Revenue From Contracts With Customers, Contract Liabilities And Remaining Performance Obligations (Tables)

12 Months Ended

Dec. 31, 2021

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

contracts longer than 12 months in duration that is expected to be recognized over future periods.


	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 Expenses (Tables)

12 Months Ended

Dec. 31, 2021

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 Financial Income (Expense) (Tables)

12 Months Ended

Dec. 31, 2021

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)

12 Months Ended

Dec. 31, 2021

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 of Deferred Tax Assets		(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 December 31,
	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 Carried Forward (USD)		Amount Recognized as of December 31, 2021
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)

12 Months Ended

Dec. 31, 2021

Summary of detailed information about property, plant and equipment

Property and equipment consists of the following:


	Satellites		Advances for satellites and satellites under construction			Research and development			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

assets by geography is as follows:


	Year Ending December 31,
	2021		2020
Non-current assets by geography (1) (2) (3)
Uruguay	$	34,062	$	34,518
Argentina		1,166		819
Spain		787		839
Other countries		234		37

Total non-current assets	$	36,249	$	36,213

(1)	Non-current assets include all property and equipment and ROU assets.

(2)	Non-current assets are based on the geographic location of the entity that holds the assets.

(3)	The Group does not have any non-current assets in the country of incorporation of the holding company.

Prepaids And Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

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 (Tables)

12 Months Ended

Dec. 31, 2021

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 shares		Face value per share
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 preference shares		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 of shares		Face value per share		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 per share		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 (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Components of Shareholders' Equity


	Year Ending December 31,
	2021		2020		2019
Other paid-in capital	$	9,968	$	859	$	852
Additional paid-in capital		—		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 Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

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 ("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)

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 capital		62,045			61,253
Other paid-in capital		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 debt		—			33,795

Total debt	$	246,189		$	158,880

Total capital management structure	$	13,311		$	41,592

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 active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
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 December 31, 2021				Year Ending December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		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 - embedded derivative liability (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 amount		Total undiscounted payments		Less than 3 months		3 to 12 months		1 to 2 years		More than 2 years
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 (Tables)

12 Months Ended

Dec. 31, 2021

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 exercise price		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)

12 Months Ended

Dec. 31, 2021

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 interest rate			Maturity		Principal		December 31, 2020		Annual interest rate			Original Maturity		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


	January 1, 2021		Cash flows		Extinguishment			Exchange of instruments		Interest / Dividend		Changes in fair value			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 instruments		Interest		Changes in fair value		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 instruments		Interest		Changes in fair value			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)

12 Months Ended

Dec. 31, 2021

Summary of Changes in the Group's right-of-use assets carrying amounts

Changes in the Group’s

right-of-use

assets carrying amounts were as follows:


	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 (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 States		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 expenses management	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 States		100	% (4)			(7)
Satellogic Netherlands B.V.	High throughput plant	The Netherlands		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 States		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 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 cash used in operating activities

^[1]

$ 117,741

$ 113,926

$ 20,765

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.

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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 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 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

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2021-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2021-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_32&doctype=Standard
-URIDate 2021-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2021-03-24

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2021-01-01
-Paragraph 34
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2021-en-r&anchor=para_34&doctype=Standard
-URIDate 2021-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2021-01-01
-Paragraph 82
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2021-03-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2021-01-01
-Paragraph 103
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_103&doctype=Standard
-URIDate 2021-03-24

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2021-01-01
-Paragraph 102
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_102&doctype=Standard
-URIDate 2021-03-24

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2021-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2021-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2021-03-24

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2021-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2021-03-24

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2021-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2021-03-24

+ Details

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 Customers, Contract Liabilities And Remaining Performance Obligations - Summary Of Transaction Price Allocated To Remaining Performance Obligations (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
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 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 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 Expenses - Summary of Administrative Expenses (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
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 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 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 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 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)

Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items]

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

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 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 Expiration Of Unused Tax Losses (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
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 Information (Detail)	12 Months Ended
Income Tax - Additional Information (Detail)	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 - 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 - 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 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 - 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 - 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 - Summary of Authorized Shares (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2021 shares
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 - 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 - Summary of Preferred Shares (Detail) - $ / shares

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Apr. 30, 2021

Jan. 01, 2019

^[1]

(41)

$ 0.00001

Series A Preferred Stock [Member]

Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items]

Redemption / Issuance of shares

4,723,330

^[1]

(2,176,000)

Series B Preferred Stock [Member]

2,547,330

4,723,330

Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items]

3,117,915

^[1]

(1,725,784)

Series B One Preferred Stock [Member]

1,392,131

3,117,915

Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items]

899,153

^[1]

(226,629)

Series X Preferred Stock Classified as Liability [Member]

672,524

899,153

Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items]

^[2]

2,033,230

$ 0.00001

Disclosure in Tabular Form of Movement in Preferred Shares including that Classified as a Liability [Line Items]

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 - Summary of Preferred Shares (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2021 shares
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 - Additional Information (Detail) - $ / shares

12 Months Ended

Dec. 31, 2021

Apr. 30, 2021

Dec. 31, 2020

Dec. 31, 2019

Jan. 01, 2019

Stock Shares Issued During the Period Shares

Series X Preferred Stock Classified as Liability [Member]

$ 0.00001

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

Preferred Stock Classified As A Liability Issue Price Per Share

$ 0.00001

$ 10.00

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 - 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 - Summary of Number and Weighted Average Exercise Price (Detail)	12 Months Ended
	Dec. 31, 2021 shares $ / shares	Dec. 31, 2020 shares $ / shares	Dec. 31, 2019 shares $ / 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	$ 3.00	$ 2.35	$ 2.08

Share-Based Compensation - Summary of Inputs used for the Measurements of the Plan (Detail)	12 Months Ended
	Dec. 31, 2021 USD ($) yr $ / shares	Dec. 31, 2020 USD ($) yr $ / shares	Dec. 31, 2019 USD ($) 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 - 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 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 ("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.

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

+ Details

Earnings (Loss) Per Share ("EPS") - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021 Year
Earnings per share [abstract]
Number of financial instruments that qualify as potential ordinary shares	4

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 Information (Detail)	12 Months Ended
Capital Management - Additional Information (Detail)	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 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 - 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 - 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)

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

+ References + Details