Debt and Other Financing (Tables)

6 Months Ended

Jun. 30, 2026

The carrying value of the Company’s outstanding debt consisted of the following amounts:


	June 30,		December 31,
	2026		2025
	(in thousands)
Current portion of long-term debt	$	11,692	$	7,971
Non-current portion of long-term debt	205,458		199,917
Total long-term debt	217,150		207,888
Unamortized debt issuance costs	(6,312)		(6,771)
Outstanding balance	$	210,838	$	201,117


	Effective Interest Rate	June 30,		December 31,
Name of Loan		2026		2025
		(in thousands)
Convertible Senior Notes	8.73%	$	185,000	$	185,000
Satellite launch vendor financing	6.85% - 11.62%	32,150		22,888
Total		$	217,150	$	207,888

Interest Income and Interest Expense Disclosure

The following table summarizes the interest expense for the Convertible Senior Notes for the three and six months ended June 30, 2026:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026			2026
	(in thousands)

Coupon interest	$	3,815		$	7,631
Amortization of debt issuance costs	222			444
Total interest expense	$	4,037		$	8,075

Schedule of Maturities of Long-Term Debt

Debt Maturities

Minimum required maturities under the Company’s loan agreements, excluding early redemption of the Convertible Senior Notes, are as follows:


For the years ending December 31,	(in thousands)

2026	$	5,208
2027	12,967
2028	10,154
2029	3,821
2030	—
Thereafter	185,000
Total outstanding	$	217,150

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Fair Value of Debt

The following tables present the fair value hierarchy of the Company’s outstanding long-term debt as of June 30, 2026 and December 31, 2025:


June 30, 2026	Quoted Prices in Active Markets		Significant Other Observable Input		Significant Other Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Liabilities
Convertible Senior Notes	$	240,574	$	—	$	—
Satellite launch vendor financing	—		—		33,204
	$	240,574	$	—	$	33,204


December 31, 2025	Quoted Prices in Active Markets		Significant Other Observable Input		Significant Other Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Liabilities
Convertible Senior Notes	$	204,135	$	—	$	—
Satellite launch vendor financing	—		—		21,822
	$	204,135	$	—	$	21,822

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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