v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income $ 11,076 $ 24,849
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 32,148 29,260
Loss on asset disposals, abandonments and write-downs 230 18
Provision for expected credit losses 1,941 1,949
Deferred income taxes 15,128 9,129
Stock-based compensation expense 10,068 11,858
Amortization of deferred financing costs and interest rate caps 2,648 2,929
Accretion of debt discount 954 847
Change in fair value of Earnout Liability 2,257 3,900
Change in fair value of convertible note investment (1,969) 0
Loss on extinguishment of debt 394 0
Changes in operating assets and liabilities:    
Accounts receivable (4,896) (3,109)
Inventories (26,290) 9,983
Prepaid expenses and other current assets (5,999) (11,608)
Contract assets (10,412) (5,888)
Accounts payable 16,947 (5,117)
Accrued liabilities (20,786) 4,447
Deferred revenue 929 (3,999)
Accrued interest (11) (2,046)
Other non-current assets and liabilities 707 1,781
Net cash provided by operating activities 25,064 69,183
Investing activities:    
Proceeds from sale of property and equipment 71 0
Purchases of property and equipment (35,281) (5,929)
Acquisition of intangible assets—capitalized software (4,914) (6,177)
Acquisition of Satcom Direct, net of cash acquired 0 (1,612)
Proceeds from FCC Reimbursement Program for property, equipment and intangibles 15,322 409
Proceeds from interest rate caps 2,231 6,088
Net cash used in investing activities (22,571) (7,221)
Financing activities:    
Payments on earnout liability (39,957) 0
Payments on term loan (22,339) (1,250)
Payments on financing leases (24) 0
Stock-based compensation activity (2,319) (1,019)
Net cash used in financing activities (64,639) (2,269)
Effect of exchange rate changes on cash 63 557
(Decrease) increase in cash, cash equivalents and restricted cash (62,083) 60,250
Cash, cash equivalents and restricted cash at beginning of period 125,690 42,304
Cash, cash equivalents and restricted cash at end of period 63,607 102,554
Less: current restricted cash 85 73
Less: non-current restricted cash 390 396
Cash and cash equivalents at end of period 63,132 102,085
Supplemental cash flow information:    
Cash paid for interest 34,563 39,988
Cash paid for taxes 1,893 1,168
Non-cash investing activities:    
Purchases of property, equipment and intangibles in liabilities $ 4,328 $ 10,968