v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 409,771 $ 447,471
Accounts receivable, net of allowance for credit losses of $1,390 and $1,468, respectively 20,529 19,976
Inventory 10,938 9,614
Prepaid expenses and other current assets 22,225 19,667
Total current assets 463,463 496,728
Property and equipment, net 1,543,330 1,305,458
Operating lease right of use assets, net 65,188 66,698
Prepaid network costs 227,090 198,375
Derivative asset 0 114,461
Intangible and other assets, net of accumulated amortization of $15,747 and $12,511, respectively 145,741 144,545
Total assets 2,444,812 2,326,265
Current liabilities:    
Current portion of long-term debt 51,400 31,835
Accounts payable and accrued expenses 120,843 56,022
Accrued network construction costs 71,131 55,218
Payables to affiliates 353 391
Deferred revenue, net 56,179 62,020
Total current liabilities 299,906 205,486
Long-term debt 307,389 451,953
Operating lease liabilities 53,009 54,549
Deferred revenue, net 1,029,366 806,930
Other non-current liabilities 462,529 451,618
Total non-current liabilities 1,852,293 1,765,050
Total liabilities 2,152,199 1,970,536
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Additional paid-in capital 2,492,511 2,489,227
Accumulated other comprehensive income 6,659 3,286
Retained deficit (2,206,570) (2,136,797)
Total stockholders’ equity 292,613 355,729
Total liabilities and stockholders’ equity 2,444,812 2,326,265
Series A Perpetual Preferred Stock    
Stockholders’ equity:    
Series A Perpetual Preferred Stock of $0.0001 par value; 300,000 shares authorized and 149,425 issued and outstanding at June 30, 2026 and December 31, 2025, respectively 0 0
Common Stock    
Stockholders’ equity:    
Voting Common Stock of $0.0001 par value; 143,333,334 shares authorized; 129,562,435 and 128,050,400 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively $ 13 $ 13