Composition of Certain Balance Sheet Accounts (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Schedule of Components of Inventories |
Inventories as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
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|
|
|
|
|
|
|
|
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June 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Work-in-process component parts |
|
$ |
49,562 |
|
|
$ |
41,713 |
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Finished goods |
|
|
75,583 |
|
|
|
57,140 |
|
Total inventory(1) |
|
$ |
125,145 |
|
|
$ |
98,853 |
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(1) See Note 4, “Government Assistance,” for additional information.
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| Schedule of Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
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|
|
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|
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|
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June 30, |
|
|
December 31, |
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|
|
2026 |
|
|
2025 |
|
Interest rate caps and receivable |
|
$ |
3,215 |
|
|
$ |
3,365 |
|
FCC reimbursement receivable(1) |
|
|
39,322 |
|
|
|
27,769 |
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Contract assets(1) |
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|
11,347 |
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|
|
10,092 |
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Prepaid inventories |
|
|
2,232 |
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|
|
2,545 |
|
Other |
|
|
25,351 |
|
|
|
25,268 |
|
Total prepaid expenses and other current assets |
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$ |
81,467 |
|
|
$ |
69,039 |
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(1) See Note 4, “Government Assistance,” for additional information.
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| Schedule of Property and Equipment |
Property and equipment as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
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June 30, |
|
|
December 31, |
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|
|
2026 |
|
|
2025 |
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Office equipment, furniture, fixtures and other(1) |
|
$ |
59,811 |
|
|
$ |
56,973 |
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Leasehold improvements |
|
|
16,969 |
|
|
|
16,855 |
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Network equipment(1)(2) |
|
|
197,030 |
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|
|
195,640 |
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|
|
|
273,810 |
|
|
|
269,468 |
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Accumulated depreciation |
|
|
(161,135 |
) |
|
|
(152,194 |
) |
Total property and equipment, net |
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$ |
112,675 |
|
|
$ |
117,274 |
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(1) To conform with current-period classification, as of December 31, 2025, $2.4 million has been reclassified from Office equipment, furniture, fixtures and other to Network equipment. (2) See Note 4, “Government Assistance,” for additional information
|
| Schedule of Other Non-Current Assets |
Other non-current assets as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
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|
|
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June 30, |
|
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December 31, |
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|
|
2026 |
|
|
2025 |
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Interest rate caps |
|
$ |
843 |
|
|
$ |
1,108 |
|
Contract assets, net of allowances of $714 and $538, respectively(1) |
|
|
38,386 |
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|
|
29,500 |
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Revolving credit facility deferred financing costs |
|
|
1,207 |
|
|
|
1,584 |
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Other |
|
|
13,851 |
|
|
|
12,736 |
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Total other non-current assets |
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$ |
54,287 |
|
|
$ |
44,928 |
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(1) See Note 4, “Government Assistance,” for additional information.
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| Schedule of Accrued Liabilities |
Accrued liabilities as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
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June 30, |
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December 31, |
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|
|
2026 |
|
|
2025 |
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|
|
|
|
|
|
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Earnout Liability |
|
$ |
23,100 |
|
|
$ |
38,900 |
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Employee compensation and benefits |
|
|
13,726 |
|
|
|
28,174 |
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Operating leases |
|
|
14,022 |
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|
|
13,850 |
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Customer credit reserve |
|
|
13,667 |
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|
|
14,647 |
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Accrued inventory |
|
|
2,699 |
|
|
|
8,845 |
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Warranty reserve |
|
|
5,190 |
|
|
|
5,720 |
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Taxes |
|
|
6,789 |
|
|
|
5,437 |
|
Accrued interest |
|
|
121 |
|
|
|
132 |
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Other |
|
|
21,422 |
|
|
|
23,315 |
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Total accrued liabilities |
|
$ |
100,736 |
|
|
$ |
139,020 |
|
|
| Schedule of Other Non-Current Liabilities |
Other non-current liabilities as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
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|
|
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|
|
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June 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Earnout Liability |
|
$ |
11,100 |
|
|
$ |
33,000 |
|
Other |
|
|
10,949 |
|
|
|
11,064 |
|
Total other non-current liabilities |
|
$ |
22,049 |
|
|
$ |
44,064 |
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