v3.26.1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2026
Summary of Significant Accounting Policies  
Schedule of company’s revenue disaggregated by category and source

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2026

 

2025

 

2026

 

2025

 

(in thousands)

 

(in thousands)

Commercial

$

1,120

 

$

1,016

 

$

2,115

 

$

1,948

Government contracts

 

30

 

 

186

 

 

30

 

 

793

Total revenue

$

1,150

 

$

1,202

 

$

2,145

 

$

2,741

Schedule of stock-based compensation included in cost of goods sold, research and development, and selling, general and administrative expenses

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2026

 

2025

 

2026

 

2025

 

 

(in thousands)

 

 

(in thousands)

Cost of goods sold

$

167

 

$

156

 

$

350

 

$

393

Research and development

 

1,368

 

 

1,160

 

 

2,848

 

 

2,203

Selling, general and administrative

 

4,350

 

 

2,334

 

 

7,776

 

 

5,378

Total stock-based compensation expense

$

5,885

 

$

3,650

 

$

10,974

 

$

7,974

Schedule of diluted weighted average shares

Basic and diluted EPS calculation

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2026

 

2025

 

2026

 

2025

 

(in thousands, except per share amounts)

 

(in thousands, except per share amounts)

Numerator

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders - basic

$

(33,755)

 

$

(63,195)

 

$

(44,376)

 

$

(121,774)

Adjustments for dilutive impacts:

 

 

 

 

 

 

 

 

 

 

 

Reversal of MTM adjustments

 

 

 

 

 

(1,257)

 

 

Net loss attributable to common stockholders - diluted

 

(33,755)

 

 

(63,195)

 

 

(45,633)

 

 

(121,774)

Denominator

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares – basic

 

141,629

 

 

132,318

 

 

138,495

 

 

131,509

Adjustment: Add dilutive shares

 

 

 

 

 

1,305

 

 

Weighted average shares – diluted

 

141,629

 

 

132,318

 

 

139,800

 

 

131,509

Basic loss per share

$

(0.24)

 

$

(0.48)

 

$

(0.32)

 

$

(0.93)

Diluted loss per share

$

(0.24)

 

$

(0.48)

 

$

(0.33)

 

$

(0.93)

Schedule of anti-dilutive unvested restricted stock units and unvested restricted stock awards

 

Three Months Ended June 30,

 

Six Months Ended June 30,

Antidilutive Shares Excluded

2026

 

2025

 

2026

 

2025

 

(in thousands)

 

(in thousands)

Warrants

 

21,980

 

 

37,297

 

 

18,285

 

 

37,267

Stock Options

 

4,752

 

 

4,244

 

 

4,752

 

 

4,244

Unvested Restricted Stock Units

 

2,967

 

 

4,082

 

 

2,967

 

 

4,082

Unvested Restricted Stock Awards

 

148

 

 

220

 

 

148

 

 

220

2028 Notes Convertible Stock

 

 

 

15,127

 

 

 

 

15,127

Schedule of depreciation using the straight-line method over the estimated useful lives of the assets

Pinnacle and PNT network

 

58 years

Office equipment, furniture and internal use software

 

25 years

Leasehold improvements

 

Shorter of the useful life or lease term

Acquired finite-lived intangible assets

 

12 years

Schedule of goodwill activities

 

Six Months Ended June 30,

 

2026

 

2025

 

(in thousands)

Beginning Balance

$

19,161

 

$

16,966

Changes in foreign exchange rates

 

(581)

 

 

2,128

Ending Balance

$

18,580

 

$

19,094