v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 241,411 $ 391,164
Accounts receivable, net of allowance for credit losses of $1,374 and $1,504, respectively 22,857 26,952
Inventory 10,163 10,741
Prepaid expenses and other current assets 18,035 18,714
Total current assets 292,466 447,571
Property and equipment, net 774,206 673,632
Operating lease right of use assets, net 40,050 31,835
Prepaid network costs 373,038 312,342
Derivative asset 110,852 108,799
Intangible and other assets, net of accumulated amortization of $8,838 and $7,625, respectively 138,539 136,058
Total assets 1,729,151 1,710,237
Current liabilities:    
Current portion of long-term debt 30,757 34,600
Accounts payable and accrued expenses 31,707 29,677
Accrued network construction costs 12,409 15,613
Payables to affiliates 157 394
Deferred revenue, net 54,024 61,201
Total current liabilities 129,054 141,485
Long-term debt 471,992 476,822
Operating lease liabilities 34,210 26,256
Deferred revenue, net 326,093 288,171
Other non-current liabilities 423,458 418,620
Total non-current liabilities 1,255,753 1,209,869
Total liabilities 1,384,807 1,351,354
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Additional paid-in capital [1] 2,479,201 2,473,564
Accumulated other comprehensive income 10,607 13,452
Retained deficit (2,145,477) (2,128,146)
Total stockholders’ equity 344,344 358,883
Total liabilities and stockholders’ equity 1,729,151 1,710,237
Series A Perpetual Preferred Stock    
Stockholders’ equity:    
Preferred stock 0 0
Common Stock    
Stockholders’ equity:    
Common stock [1] $ 13 $ 13
[1] The number of shares as of December 31, 2024 have been restated to reflect the 1:15 reverse stock split effectuated on February 10, 2025. All historical share and per share amounts for the periods prior to the completion of the reverse stock split reflected in this Report have been adjusted to reflect the reverse stock split. Refer to Note 12: Common Stock.