Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Accounting Policies [Abstract] |
|
| Summary of Contract Assets And Liabilities |
The following table summarizes our contract assets and liabilities:
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June 30,
2025 |
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December 31,
2024 |
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|
(in thousands) |
|
Accounts receivable |
|
$ |
57,902 |
|
|
$ |
55,220 |
|
Contract assets |
|
$ |
133,590 |
|
|
$ |
107,222 |
|
Contract liabilities |
|
$ |
19,897 |
|
|
$ |
29,868 |
|
Changes in contract assets and contract liabilities are primarily due to the timing of payments from customers and the Company satisfying performance obligations during the normal course of business. The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied in prior year during the period ended June 30, 2025 and December 31, 2024 was not material. The following table summarizes the changes in contract assets and contract liabilities for the periods ended June 30, 2025 and December 31, 2024:
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June 30,
2025 |
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December 31,
2024 |
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(in thousands) |
|
Contract assets, beginning of period |
|
$ |
107,222 |
|
|
$ |
89,184 |
|
Contract assets recorded during the period |
|
|
100,777 |
|
|
|
96,433 |
|
Reclassified to accounts receivable during the period |
|
|
(74,409 |
) |
|
|
(78,395 |
) |
Contract assets, end of period |
|
$ |
133,590 |
|
|
$ |
107,222 |
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|
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June 30,
2025 |
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December 31,
2024 |
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|
(in thousands) |
|
Contract liabilities, beginning of period |
|
$ |
29,868 |
|
|
$ |
36,074 |
|
Customer advances received or billed |
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|
14,505 |
|
|
|
19,914 |
|
Recognition of unearned revenue |
|
|
(24,476 |
) |
|
|
(26,120 |
) |
Contract liabilities, end of period |
|
$ |
19,897 |
|
|
$ |
29,868 |
|
|
| Summary of Revenue Disaggregated and Revenue Growth by End Markets |
The following table presents our disaggregated revenue and revenue growth by end-markets for the three and six months ended June 30, 2025 and 2024, respectively:
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Three Months Ended June 30, |
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2025 |
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|
% of Revenue |
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|
2024 |
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% of Revenue |
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% Change |
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|
(in thousands, except percent) |
|
Hypersonics & Strategic Missile Defense |
|
$ |
34,960 |
|
|
|
30.4 |
% |
|
$ |
28,741 |
|
|
|
33.8 |
% |
|
|
21.6 |
% |
Space & Launch |
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|
39,597 |
|
|
|
34.4 |
% |
|
|
28,512 |
|
|
|
33.5 |
% |
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|
38.9 |
% |
Tactical Missiles & Integrated Defense Systems |
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|
40,540 |
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|
35.2 |
% |
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|
27,786 |
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|
|
32.7 |
% |
|
|
45.9 |
% |
Total Revenue |
|
$ |
115,097 |
|
|
|
100.0 |
% |
|
$ |
85,039 |
|
|
|
100.0 |
% |
|
|
35.3 |
% |
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Six Months Ended June 30, |
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|
2025 |
|
|
% of Revenue |
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|
2024 |
|
|
% of Revenue |
|
|
% Change |
|
|
|
(in thousands, except percent) |
|
Hypersonics & Strategic Missile Defense |
|
$ |
65,016 |
|
|
|
30.2 |
% |
|
$ |
53,563 |
|
|
|
31.9 |
% |
|
|
21.4 |
% |
Space & Launch |
|
|
73,468 |
|
|
|
34.1 |
% |
|
|
58,768 |
|
|
|
35.0 |
% |
|
|
25.0 |
% |
Tactical Missiles & Integrated Defense Systems |
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|
76,737 |
|
|
|
35.7 |
% |
|
|
55,714 |
|
|
|
33.2 |
% |
|
|
37.7 |
% |
Total Revenue |
|
$ |
215,221 |
|
|
|
100.0 |
% |
|
$ |
168,045 |
|
|
|
100.0 |
% |
|
|
28.1 |
% |
|
| Summary of Prepaid and Other Current Assets |
The following table summarizes our prepaid and other current assets:
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June 30,
2025 |
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|
December 31,
2024 |
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|
(in thousands) |
|
Deferred offering costs |
|
$ |
— |
|
|
$ |
12,202 |
|
Other prepaid and current assets |
|
|
8,382 |
|
|
|
5,654 |
|
Prepaid and other current assets |
|
$ |
8,382 |
|
|
$ |
17,856 |
|
|
| Summary of Allowance For Credit Losses |
The following table summarizes the allowance for credit losses for the periods ended June 30, 2025 and December 31, 2024:
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June 30,
2025 |
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December 31,
2024 |
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|
(in thousands) |
|
Allowance for credit losses, beginning balance |
|
$ |
(712 |
) |
|
$ |
(1,039 |
) |
Credit loss recoveries (expenses) |
|
|
(10 |
) |
|
|
(268 |
) |
Write-offs |
|
|
46 |
|
|
|
595 |
|
Allowance for credit losses, ending balance |
|
$ |
(676 |
) |
|
$ |
(712 |
) |
|
| Summary of Other Current Liabilities |
The following table summarizes our other current liabilities:
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June 30,
2025 |
|
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December 31,
2024 |
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|
(in thousands) |
|
Accrued offering costs |
|
$ |
1,028 |
|
|
$ |
11,720 |
|
Earnout liability |
|
|
3,899 |
|
|
|
— |
|
Other accrued expenses and current liabilities |
|
|
876 |
|
|
|
767 |
|
Other current liabilities |
|
$ |
5,803 |
|
|
$ |
12,487 |
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