REVENUES (Tables)

6 Months Ended

Jun. 30, 2026

The following table provides information about revenue by recognition model for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,
	2026						2025
Revenues by recognition model	Launch Services		Space Systems		Total		Launch Services		Space Systems		Total
Point-in-time	$	37,703	$	56,623	$	94,326	$	39,256	$	31,070	$	70,326
Over-time	6,883		132,857		139,740		7,390		66,782		74,172
Total revenue by recognition model	$	44,586	$	189,480	$	234,066	$	46,646	$	97,852	$	144,498


	Six Months Ended June 30,
	2026						2025
Revenues by recognition model	Launch Services		Space Systems		Total		Launch Services		Space Systems		Total
Point-in-time	$	93,268	$	88,772	$	182,040	$	74,731	$	50,334	$	125,065
Over-time	14,981		237,393		252,374		7,507		134,495		142,002
Total revenue by recognition model	$	108,249	$	326,165	$	434,414	$	82,238	$	184,829	$	267,067

The following table presents the balances related to enforceable contracts as of June 30, 2026 and December 31, 2025:

Changes in contract liabilities for the three months ended June 30, 2026 were as follows:


Contract liabilities, at March 31, 2026	$	241,412
Contract liabilities assumed at acquisitions	75,790
Customer advances received or billed, net	75,314
Recognition of earned revenue	(41,323)
Contract liabilities, at June 30, 2026	$	351,193

Changes in contract liabilities for the six months ended June 30, 2026 were as follows:


Contract liabilities, at December 31, 2025	$	195,438
Contract liabilities assumed at acquisitions	76,015
Customer advances received or billed, net	206,284
Recognition of earned revenue	(126,544)
Contract liabilities, at June 30, 2026	$	351,193

As of June 30, 2026, the Company’s customer that accounted for 10% or more of the total accounts receivable, net, was as follows:

For the six months ended June 30, 2026, the Company’s customer that accounted for 10% or more of the total revenue, was: