v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows provided by operating activities:    
Net (loss) income $ (41,357) $ 1,877
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation, amortization and accretion 35,199 45,287
Stock-based compensation expense 5,428 12,906
Noncash interest and accretion expense 46,239 17,341
Unrealized foreign currency loss (gain) 3,060 (16,196)
Reduction in the value and disposal of long-lived assets and inventory 64 7,038
Other, net (1,323) (5,942)
Changes in operating assets and liabilities:    
Accounts receivable (501) 5,092
Inventory, prepaid expenses and other assets (4,663) (4,084)
Accounts payable and accrued expenses 3,272 (172)
Other non-current liabilities 877 988
Deferred revenue 113,472 145,606
Net cash provided by operating activities 159,767 209,741
Cash flows used in investing activities:    
Payments for network upgrades to support the Phase 1 and Phase 2 Service Period (30,453) (41,841)
Payments for network upgrades to support the Extended MSS Network (171,912) (223,695)
Payments for network upgrades to support product development (3,071) (2,798)
Purchase of intangible assets (2,890) (3,454)
Net cash used in investing activities (208,326) (271,788)
Cash flows provided by (used in) financing activities:    
Proceeds from 2023 Funding Agreement 19,920 0
Principal payments of 2021 Funding Agreement (6,250) (17,300)
Dividends paid on Series A Preferred Stock (5,259) (5,259)
Proceeds from issuance of common stock and exercise of options and other 2,159 535
Net cash provided by (used in) financing activities 10,570 (22,024)
Effect of exchange rate changes on cash and cash equivalents 289 1,133
Net decrease in cash and cash equivalents (37,700) (82,938)
Cash and cash equivalents, beginning of period 447,471 391,164
Cash and cash equivalents, end of period [1] 409,771 308,226
Supplemental disclosure of non-cash financing and investing activities:    
Increase in capitalized accrued interest including in accrued expenses and deferred revenue 21,270 15,219
Network construction assets included in accrued expenses 71,131 15,989
Derecognition of embedded derivative asset within the 2024 Debt Repayment upon adoption of ASU 2025-07 114,461 0
Construction in progress assets acquired through XCOM SSA $ 0 $ 1,810
[1] Cash and cash equivalents on the consolidated balance sheet is equal to cash and cash equivalents on the statement of cash flows