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| Related Party Transactions | 16. Related Party Transactions Registered Equity Offering In connection with the Registered Equity Offering, the Company paid offering costs of $2.5 million. The Company determined that $1.7 million of these costs were attributable to AE Industrial’s secondary offering. AE Industrial paid all underwriting fees incurred in connection with the secondary component of the offering. During the six months ended June 30, 2025, AE Industrial purchased 0.3 million shares of Series D-1 Preferred Stock for an aggregate purchase price of $5.0 million. During the six months ended June 30, 2026 there were no such purchases by AE Industrial. Accounts Payable and Expenses The following transactions occurred between the Company and AE Industrial, which beneficially owned 30.51% of the Company’s common stock outstanding as of June 30, 2026. Even though the Company is part of AE Industrial’s portfolio of companies, it is not a part of AE Industrial’s consolidated tax return and files its tax returns independently. On August 8, 2025, the Company entered into an Amended and Restated Consulting Agreement (the “Consulting Agreement”) with AE Industrial Operating Partners, LLC (“AE Operating”), an affiliate of AE Industrial. Under the Consulting Agreement, the Company will pay AE Operating an annual fee of approximately $2.4 million for consulting and advisory services until the earlier of August 8, 2027, or the time AE Industrial beneficially owns less than 10% of the Company’s outstanding common stock. Expenses recorded under this agreement for the three and six months ended June 30, 2026 were $0.8 million, and $1.7 million respectively. In addition to AE Operating, G.S. Precision, Deep Space Systems, and Redwire Corporation are also related parties of the Company, as these entities are part of AE Industrial’s investment portfolio or share a common board of directors with the Company. The following is a summary of the Company’s related party accounts payable and accrued expenses as of June 30, 2026 and December 31, 2025, and related party research and development and selling, general, and administrative expenses:
In the normal course of business, the Company engages in transactions with certain vendors and customers where AE Industrial maintains a significant ownership interest and/or can exhibit significant influence on the operations of such parties. For both the three and six months ended June 30, 2026 and 2025, transactions with other companies in AE Industrial’s investment portfolio were not material to the Company’s unaudited condensed consolidated financial statements. |
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