v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases
5. LEASES

The Company has operating and finance leases for facilities and equipment around the world, including corporate offices, satellite control centers, ground control centers, gateways and certain equipment. Overall, finance leases are not significant to the Company and are not included in the disclosures below.

The following tables disclose the components of the Company’s operating leases (in thousands):

As of:
June 30, 2026December 31, 2025
Operating leases:
Right-of-use asset, net$65,188 $66,698 
Short-term lease liability (recorded in accrued expenses)7,349 7,998 
Long-term lease liability53,009 54,549 
Total operating lease liabilities$60,358 $62,547 

Lease Cost

The components of lease cost are reflected in the table below (in thousands):

Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Operating lease cost (1)
$2,463 $2,050 $4,917 $3,702 
Short-term lease cost87 27 143 109 
Total lease cost$2,550 $2,077 $5,060 $3,811 

(1) Includes sublease income.

Weighted-Average Remaining Lease Term and Discount Rate

The following table discloses the weighted-average remaining lease term and discount rate for operating leases:
As of:
June 30, 2026December 31, 2025
Weighted-average lease term15.7 years15.7 years
Weighted-average discount rate8.0 %8.3 %

Supplemental Cash Flow Information

The below table discloses supplemental cash flow information for operating leases (in thousands):

Six Months Ended
June 30, 2026June 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$5,524 $5,155 

Maturity Analysis

The following table reflects undiscounted cash flows on an annual basis for the Company’s lease liabilities as of June 30, 2026 (in thousands):
Operating Leases
2026 (remaining)$7,214 
20279,034 
20288,508 
20296,406 
20306,010 
Thereafter68,114 
Total lease payments$105,286 
Imputed interest(44,928)
Discounted lease liability$60,358 

In connection with the Extended MSS Network, the Company will likely enter into additional operating leases in the future, the amount and timing of which are unknown and excluded from the table above.
Leases
5. LEASES

The Company has operating and finance leases for facilities and equipment around the world, including corporate offices, satellite control centers, ground control centers, gateways and certain equipment. Overall, finance leases are not significant to the Company and are not included in the disclosures below.

The following tables disclose the components of the Company’s operating leases (in thousands):

As of:
June 30, 2026December 31, 2025
Operating leases:
Right-of-use asset, net$65,188 $66,698 
Short-term lease liability (recorded in accrued expenses)7,349 7,998 
Long-term lease liability53,009 54,549 
Total operating lease liabilities$60,358 $62,547 

Lease Cost

The components of lease cost are reflected in the table below (in thousands):

Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Operating lease cost (1)
$2,463 $2,050 $4,917 $3,702 
Short-term lease cost87 27 143 109 
Total lease cost$2,550 $2,077 $5,060 $3,811 

(1) Includes sublease income.

Weighted-Average Remaining Lease Term and Discount Rate

The following table discloses the weighted-average remaining lease term and discount rate for operating leases:
As of:
June 30, 2026December 31, 2025
Weighted-average lease term15.7 years15.7 years
Weighted-average discount rate8.0 %8.3 %

Supplemental Cash Flow Information

The below table discloses supplemental cash flow information for operating leases (in thousands):

Six Months Ended
June 30, 2026June 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$5,524 $5,155 

Maturity Analysis

The following table reflects undiscounted cash flows on an annual basis for the Company’s lease liabilities as of June 30, 2026 (in thousands):
Operating Leases
2026 (remaining)$7,214 
20279,034 
20288,508 
20296,406 
20306,010 
Thereafter68,114 
Total lease payments$105,286 
Imputed interest(44,928)
Discounted lease liability$60,358 

In connection with the Extended MSS Network, the Company will likely enter into additional operating leases in the future, the amount and timing of which are unknown and excluded from the table above.