v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Note R – Segment Reporting
Operating segments are defined as components of an entity for which separate financial information is available and regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer.

During the fourth quarter of 2025, the Company reorganized its segment structure to align with the strategic offerings of each business segment and the way the CODM assesses performance and makes capital allocation decisions. The Company previously operated in one operating segment and one reportable segment. Prior period segment information has been revised to reflect the reorganized segment structure.

The Company operates in two operating segments and two reportable segments, Space and Defense Tech. The Space segment develops and provides next-generation spacecraft, large infrastructure, and microgravity capabilities to serve civil, national security,
and commercial space customers. The Defense Tech segment develops and provides combat proven autonomous systems, optical sensors and radio frequency payloads that provide intelligence, surveillance, and reconnaissance capabilities for U.S. and allied nations across multiple domains.

The CODM assesses segment performance and decides how to allocate resources based on Segment Adjusted EBITDA, a non-GAAP measure, defined as income (loss) before taxes, excluding, depreciation and amortization, impairment expense, transaction expenses, acquisition integration costs, acquisition earnout costs, purchase accounting fair value adjustment related to deferred revenue and inventory, severance costs, disposal of long-lived assets, equity-based compensation and gains on sale of joint ventures, net of costs incurred. Segment Adjusted EBITDA also excludes intra- and inter-segment sales and costs and corporate pushdown costs. Total asset information is not included in the following summary since the CODM does not regularly review such information for the reportable segments.

The Company has intra- and inter-segment sales and costs, which are eliminated in the reportable Segment Adjusted EBITDA figures below. The Company had $0.7 million and $1.7 million of inter-segment sales and costs during the three months ended June 30, 2026 and 2025, respectively, and $1.4 million and $2.8 million of inter-segment sales and costs during the six months ended June 30, 2026 and 2025, respectively, which are eliminated in consolidation. Further information related to the Company’s products and services and geographical distribution of revenues is disclosed in Note N – Revenues.

All other corporate charges presented in the tables below mainly consists of corporate overhead costs maintained at the corporate level, including gains and losses related to financial instruments measured at fair value. These expenses include costs relating to treasury, accounting, consulting, advisory, legal, tax and audit, insurance, financial reporting services and various administrative expenses related to the corporate headquarters.
The following tables provide a reconciliation of Segment Adjusted EBITDA to consolidated income (loss) before taxes:
Three Months Ended June 30, 2026
Space
Defense Tech
Total
Revenues
$55,192 $61,882 $117,074 
Less:
Cost of sales
51,559 32,971 84,530 
Selling, general and administrative
4,197 17,723 21,920 
Research and development
5,110 7,320 12,430 
Reportable segment income (loss) from operations$(5,674)$3,868 $(1,806)
Less:
Other (income) expense, net
635 94 729 
Add:
Depreciation and amortization expense
1,636 8,971 10,607 
Severance costs
132 147 279 
Equity-based compensation expense
338 723 1,061 
Acquisition integration cost— 259 259 
Disposal of long-lived assets
— 209 209 
Reportable Segment Adjusted EBITDA
$(4,203)$14,083 $9,880 
Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest expense, net(796)
Depreciation and amortization expense(11,460)
Severance costs
(294)
Equity-based compensation expense(3,900)
Transaction expenses
(11)
All other corporate charges(30,800)
Debt financing costs and extinguishment losses
(1,260)
Acquisition integration cost(259)
Disposal of long-lived assets
(209)
Income (loss) before income taxes
$(39,109)
Three Months Ended June 30, 2025Space
Defense Tech
Total
Revenues
$56,682 $5,078 $61,760 
Less:
Cost of sales59,033 21,791 80,824 
Selling, general and administrative4,245 31,765 36,010 
Transaction expenses— 57 57 
Research and development354 1,193 1,547 
Reportable segment income (loss) from operations
$(6,950)$(49,728)$(56,678)
Less:
Other (income) expense, net(2,654)278 (2,376)
Add:
Depreciation and amortization expense2,051 2,556 4,607 
Severance costs
1,950 5 1,955 
Equity-based compensation expense1,038 29,769 30,807 
Transaction expenses
— 57 57 
Acquisition integration cost297 160 457 
Purchase accounting fair value adjustment related to inventory— 2,418 2,418 
Reportable Segment Adjusted EBITDA
$1,040 $(15,041)$(14,001)
Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest expense, net(23,755)
Depreciation and amortization expense(5,060)
Severance costs
(1,999)
Equity-based compensation expense(32,686)
Transaction expenses
(16,643)
All other corporate charges(32,459)
Debt financing costs and extinguishment losses(105)
Acquisition integration cost(457)
Purchase accounting fair value adjustment related to inventory(2,418)
Income (loss) before income taxes
$(129,583)
Six Months Ended June 30, 2026
Space
Defense Tech
Total
Revenues
$107,859 $106,187 $214,046 
Less:
Cost of sales
99,324 56,370 155,694 
Selling, general and administrative
8,479 77,591 86,070 
Research and development
9,618 15,225 24,843 
Reportable segment income (loss) from operations$(9,562)$(42,999)$(52,561)
Less:
Other (income) expense, net
737 221 958 
Add:
Depreciation and amortization expense
3,259 17,811 21,070 
Severance costs
300 234 534 
Equity-based compensation expense
1,008 43,963 44,971 
Acquisition integration cost— 484 484 
Disposal of long-lived assets
— 209 209 
Reportable Segment Adjusted EBITDA
$(5,732)$19,481 $13,749 
Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest expense, net(3,263)
Depreciation and amortization expense(22,710)
Severance costs
(556)
Equity-based compensation expense(50,635)
Transaction expenses
(51)
All other corporate charges(46,626)
Debt financing costs and extinguishment losses
(4,185)
Acquisition integration cost(484)
Disposal of long-lived assets
(209)
Income (loss) before income taxes
$(114,970)
Six Months Ended June 30, 2025Space
Defense Tech
Total
Revenues
$108,815 $14,340 $123,155 
Less:
Cost of sales104,187 28,991 133,178 
Selling, general and administrative7,389 32,128 39,517 
Transaction expenses— 57 57 
Research and development1,038 1,240 2,278 
Reportable segment income (loss) from operations
$(3,799)$(48,076)$(51,875)
Less:
Other (income) expense, net(3,854)278 (3,576)
Add:
Depreciation and amortization expense4,049 3,181 7,230 
Severance costs
2,127 5 2,132 
Equity-based compensation expense1,956 29,919 31,875 
Transaction expenses
— 57 57 
Acquisition integration cost297 160 457 
Purchase accounting fair value adjustment related to inventory— 2,418 2,418 
Reportable Segment Adjusted EBITDA
$8,484 $(12,614)$(4,130)
Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest expense, net(27,349)
Depreciation and amortization expense(8,106)
Severance costs
(2,176)
Equity-based compensation expense(35,598)
Transaction expenses
(20,442)
All other corporate charges(31,932)
Debt financing costs and extinguishment losses(105)
Acquisition integration cost(457)
Purchase accounting fair value adjustment related to inventory(2,418)
Income (loss) before income taxes
$(132,713)

Capital Expenditures
The following table provides capital expenditures by segment for the six months ended June 30, 2026 and 2025.
June 30, 2026June 30, 2025
Capital expenditures
Space
$1,477 $4,102 
Defense Tech
11,344 812 
Total segment capital expenditures
$12,821 $4,914 
Corporate activities
3,620 5,024 
Total capital expenditures
$16,441 $9,938