v3.26.1
NET SALES
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
NET SALES NET SALES
Disaggregation of Net Sales
The following tables present the disaggregation of net sales from contracts with the Company's customers for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026Defense and Space TechnologiesStarlab Space StationsEliminationsTotal
U.S. Government$49,148 $— $— $49,148 
International Government(3)— — (3)
Commercial4,066 — (465)3,601 
Total net sales$53,211 $— $(465)$52,746 


Three Months Ended June 30, 2025Defense and Space TechnologiesStarlab Space StationsEliminationsTotal
U.S. Government$42,070 $— $— $42,070 
International Government40 — — 40 
Commercial3,954 — (390)3,564 
Total net sales$46,064 $— $(390)$45,674 
Six Months Ended June 30, 2026Defense and Space TechnologiesStarlab Space StationsEliminationsTotal
U.S. Government$78,863 $— $— $78,863 
International Government53 — — 53 
Commercial10,421 — (1,345)9,076 
Total net sales$89,337 $— $(1,345)$87,992 
Six Months Ended June 30, 2025Defense and Space TechnologiesStarlab Space StationsEliminationsTotal
U.S. Government$70,956 $— $— $70,956 
International Government136 — — 136 
Commercial10,445 — (1,356)9,089 
Total net sales$81,537 $— $(1,356)$80,181 
The revenue based on geographic location of customers is as follows:
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
U.S.$51,530 $42,909 $83,565 $73,189 
International1,216 2,765 4,427 6,992 
Total net sales$52,746 $45,674 $87,992 $80,181 
Contract Balances
Contract assets arise when revenue has been recognized for amounts which cannot or have not yet been billed under terms of the contract with the customer. Contract liabilities arise when consideration is received from a customer prior to being earned and are recognized as revenue when the Company satisfies the related performance obligation under the terms of the contract. The following table presents the Company’s contract assets and liabilities:
June 30, 2026December 31, 2025
Contract assets (current and non-current)$41,948 $40,208 
Contract liabilities (current and non-current)$30,426 $32,237 
Contract assets increased primarily due to a difference in timing of billing on cost plus programs and revenue recognition. The decrease in contract liabilities was driven primarily by the timing difference of milestone billing and revenue recognition. As of June 30, 2026, the Company had approximately $6.9 million of government grants earned, but not yet billed within the contract assets balance within the table above.
The amount of revenue recognized for the six months ended June 30, 2026 that was included in the contract liability balance as of December 31, 2025 was $11.8 million.
The below table summarizes the favorable (unfavorable) impact of the net estimate at completion (“EAC”) adjustments for the following periods:
Three Months EndedSix Months Ended
(dollars in thousands, except per share data)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net EAC adjustments$(4,220)$(3,005)$(11,651)$(5,301)
Net sales$(1,912)$(2,824)$(8,963)$(4,794)
Basic net loss per share$(0.10)$(0.20)$(0.35)$(0.46)
Diluted net loss per share$(0.10)$(0.20)$(0.35)$(0.46)
Performance Obligations
As of June 30, 2026, the Company had approximately $189.0 million of remaining performance obligations associated with contracts. The Company will recognize net sales as such obligations are satisfied. The Company expects to recognize net sales relating to existing performance obligations of approximately $117.4 million, $59.8 million and $11.9 million for the remaining fiscal year 2026, fiscal year 2027, and thereafter, respectively.