Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Contract Assets And Liabilities |
The following table summarizes our contract assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Accounts receivable |
|
$ |
78,716 |
|
|
$ |
55,220 |
|
Contract assets |
|
$ |
156,298 |
|
|
$ |
107,222 |
|
Contract liabilities |
|
$ |
22,814 |
|
|
$ |
29,868 |
|
Changes in contract asset 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 years ended December 31, 2025, 2024 and 2023 was not material. Changes in contract assets and contract liabilities were as follows:
|
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|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Contract assets, beginning of period |
|
$ |
107,222 |
|
|
$ |
89,184 |
|
Contract assets recorded during the period |
|
|
145,571 |
|
|
|
96,433 |
|
Reclassified to accounts receivable during the period |
|
|
(96,495 |
) |
|
|
(78,395 |
) |
Contract assets, end of period |
|
$ |
156,298 |
|
|
$ |
107,222 |
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Contract liabilities, beginning of period |
|
$ |
29,868 |
|
|
$ |
36,074 |
|
Customer advances received or billed |
|
|
22,896 |
|
|
|
19,914 |
|
Recognition of unearned revenue |
|
|
(29,950 |
) |
|
|
(26,120 |
) |
Contract liabilities, end of period |
|
$ |
22,814 |
|
|
$ |
29,868 |
|
|
| Summary of Revenue Disaggregated Into Markets |
The following table presents our revenue disaggregated into markets as of December 31, 2025, 2024 and 2023:
|
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|
|
|
|
|
|
|
|
|
2025 |
|
|
% of Revenue |
|
|
|
(in thousands, except percent) |
|
Hypersonics & Strategic Missile Defense |
|
$ |
149,987 |
|
|
|
31.8 |
% |
Space & Launch |
|
|
149,825 |
|
|
|
31.8 |
% |
Tactical Missiles & Integrated Defense Systems |
|
|
171,688 |
|
|
|
36.4 |
% |
Total Revenue |
|
$ |
471,500 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
% of Revenue |
|
|
|
(in thousands, except percent) |
|
Hypersonics & Strategic Missile Defense |
|
$ |
114,594 |
|
|
|
33.2 |
% |
Space & Launch |
|
|
115,036 |
|
|
|
33.3 |
% |
Tactical Missiles & Integrated Defense Systems |
|
|
115,621 |
|
|
|
33.5 |
% |
Total Revenue |
|
$ |
345,251 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
% of Revenue |
|
|
|
(in thousands, except percent) |
|
Hypersonics & Strategic Missile Defense |
|
$ |
100,093 |
|
|
|
35.7 |
% |
Space & Launch |
|
|
94,642 |
|
|
|
33.7 |
% |
Tactical Missiles & Integrated Defense Systems |
|
|
85,970 |
|
|
|
30.6 |
% |
Total Revenue |
|
$ |
280,705 |
|
|
|
100.0 |
% |
Revenue growth by market is presented in the tables below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|
(in thousands, except percent) |
|
Hypersonics & Strategic Missile Defense |
|
$ |
149,987 |
|
|
$ |
114,594 |
|
|
|
30.9 |
% |
Space & Launch |
|
|
149,825 |
|
|
|
115,036 |
|
|
|
30.2 |
% |
Tactical Missiles & Integrated Defense Systems |
|
|
171,688 |
|
|
|
115,621 |
|
|
|
48.5 |
% |
Total Revenue |
|
$ |
471,500 |
|
|
$ |
345,251 |
|
|
|
36.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
|
(in thousands, except percent) |
|
Hypersonics & Strategic Missile Defense |
|
$ |
114,594 |
|
|
$ |
100,093 |
|
|
|
14.5 |
% |
Space & Launch |
|
|
115,036 |
|
|
|
94,642 |
|
|
|
21.5 |
% |
Tactical Missiles & Integrated Defense Systems |
|
|
115,621 |
|
|
|
85,970 |
|
|
|
34.5 |
% |
Total Revenue |
|
$ |
345,251 |
|
|
$ |
280,705 |
|
|
|
23.0 |
% |
|
| Schedule of Inventory |
The following table summarizes our inventory:
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
2025 |
|
|
2024 |
|
Raw materials |
$ |
7,644 |
|
|
$ |
9,485 |
|
Work in progress |
|
1,974 |
|
|
|
398 |
|
Finished goods |
|
1,044 |
|
|
|
— |
|
Inventory |
$ |
10,662 |
|
|
$ |
9,883 |
|
|
| Summary of Prepaid and Other Current Assets |
The following table summarizes our prepaid and other current assets:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Deferred offering costs |
|
$ |
— |
|
|
$ |
12,202 |
|
Other prepaid and current assets |
|
|
11,768 |
|
|
|
5,654 |
|
Prepaid and other current assets |
|
$ |
11,768 |
|
|
$ |
17,856 |
|
|
| Summary of Accounts Receivable and Allowance For Credit Losses |
The following table summarizes our accounts receivable and allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Accounts receivable, gross |
|
$ |
79,599 |
|
|
$ |
55,932 |
|
Allowance for credit losses |
|
|
(883 |
) |
|
|
(712 |
) |
Accounts receivable, net of allowance for credit losses |
|
$ |
78,716 |
|
|
$ |
55,220 |
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Allowance for credit losses, beginning balance |
|
$ |
(712 |
) |
|
$ |
(1,039 |
) |
Credit loss recoveries (expenses) |
|
|
(1,014 |
) |
|
|
(268 |
) |
Write-offs |
|
|
843 |
|
|
|
595 |
|
Allowance for credit losses, ending balance |
|
$ |
(883 |
) |
|
$ |
(712 |
) |
|
| Summary of Other Current Liabilities |
The following table summarizes our other current liabilities:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Accrued offering costs |
|
$ |
— |
|
|
$ |
11,720 |
|
Other accrued expenses and current liabilities |
|
|
5,094 |
|
|
|
767 |
|
Other current liabilities |
|
$ |
5,094 |
|
|
$ |
12,487 |
|
|