v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 106,108 $ 92,686
Contract accounts receivable 38,243 53,289
Other accounts receivable 171 21
Inventory 3,660 4,025
Contract assets 12,360 9,387
Prepaid expenses and other current assets 11,296 9,183
Total current assets 171,838 168,591
Long-term assets:    
Satellites, property and equipment, net 109,073 110,873
Intangibles, net 34,115 35,973
Goodwill 116,866 116,866
Operating lease - right-of-use-assets 14,461 15,403
Deposits 37,870 35,932
Restricted cash 4,587 4,587
Other long-term assets 1,658 1,715
Total long-term assets 318,630 321,349
Total long-term assets 490,468 489,940
Current liabilities:    
Accounts payable 5,729 18,486
Accrued expenses and other current liabilities 11,658 5,017
Accrued compensation payable 2,331 10,511
Contract liabilities 1,652 3,262
Current tax payable 220 0
Current portion of operating lease liabilities 3,453 3,437
Total current liabilities 25,043 40,713
Long-term liabilities:    
Long-term debt, net of unamortized debt issuance cost 46,562 46,315
Long term contract liabilities 19,892 19,892
Other liabilities 24,429 23,800
Deferred tax liabilities 820 977
Warrant liabilities 5,718 4,267
Operating lease liabilities, net of current portion 11,899 12,893
Total long-term liabilities 109,320 108,144
Total liabilities 134,363 148,857
Commitment and contingencies – Note 15
Mezzanine equity:    
Total mezzanine equity [1] 465,654 447,586
Stockholders’ deficit:    
Common stock - $.0001 par value, 111,000,000 shares authorized and 5,590,142 shares issued and outstanding as of March 31, 2026 and 111,000,000 shares authorized and 4,168,374 shares issued and outstanding as of December 31, 2025. 2 2
Additional paid-in-capital 45,279 39,336
Accumulated deficit (154,830) (145,841)
Total stockholders' deficit (109,549) (106,503)
Total liabilities, mezzanine equity, and stockholders’ deficit 490,468 489,940
Series A    
Mezzanine equity:    
Total mezzanine equity 34,174 34,174
Series B    
Mezzanine equity:    
Total mezzanine equity 66,442 66,442
Series C    
Mezzanine equity:    
Total mezzanine equity 48,761 48,761
Series D    
Mezzanine equity:    
Total mezzanine equity 136,715 136,715
Series D-1    
Mezzanine equity:    
Total mezzanine equity 58,894 58,894
Series E    
Mezzanine equity:    
Total mezzanine equity 120,668 102,600
Nonrelated Party    
Current assets:    
Contract accounts receivable 38,238 32,320
Contract assets 7,770 4,639
Related Party    
Current assets:    
Contract accounts receivable 5 20,969
Contract assets $ 4,590 $ 4,748
[1] Refer to Consolidated Balance Sheets and Note 8 for details of the classes of historic preferred shares.