
	June 30, 2026		December 31, 2025
Trade receivables	$	79,550	$	12,637
Orbital receivables, current	38,484		—
Grant receivables	5,288		2,851
Allowance for credit losses	(3,652)		(3,295)
Trade and other receivables, net	$	119,670	$	12,193

Orbital receivables arise from performance incentives under certain satellite construction contracts. The Company acquired substantially all of its existing orbital receivables in connection with the Lanteris acquisition in January 2026. Orbital receivables are payable over the estimated in-orbit life of the applicable satellite and remain contingent on the satellite achieving specified in-orbit performance requirements.

As of June 30, 2026, non-current orbital receivables, net of allowances, were $209.8 million. Orbital receivables were outstanding from 11 customers, of which three customers individually represented approximately 35%, 30%, and 17%, respectively, of aggregate current and non-current orbital receivables, net of allowances. The Company did not enter into any new securitization transactions involving orbital receivables during the six months ended June 30, 2026.

The expected timing of remaining contractual cash flows associated with orbital receivables, including incremental contractual consideration contingent on continued satellite performance, is as follows (in thousands):


	Total		2026		2027		2028		2029		2030		Thereafter
Contractual cash flows from orbital receivables	$	280,511	$	24,432	$	48,991	$	38,390	$	33,545	$	30,174	$	104,979

The following table provides a roll-forward of the Company’s allowance for credit losses related to our trade receivables (in thousands):


	Six Months Ended June 30,
		2026		2025
Beginning balance		$	3,295	$	—
Provision for credit losses		357		135
Write-offs		—		(135)
Ending balance		$	3,652	$	—

Certain orbital receivables are pledged or otherwise subject to the Company’s securitization facility. See Note 10 - Debt for additional information.

On June 30, 2026, certain subsidiaries and affiliates of EchoStar Corporation commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code. On August 2, 2026, Hughes Satellite Systems Corporation and certain additional EchoStar-affiliated entities commenced separate Chapter 11 proceedings. Certain entities included in the August 2 proceedings are direct contractual counterparties under certain of the Company’s completed satellite programs, while other debtor entities have historically served as payors, sold-to parties or otherwise have been associated with certain Company contracts.

At June 30, 2026, the Company had approximately $10.1 million of accounts receivables and $41.4 million of orbital receivables. associated with EchoStar-affiliated entities. The Company had zero contract assets associated with these entities at June 30, 2026. The Company also continues to perform under an active satellite construction contract with an EchoStar-affiliated entity that was not a debtor as of August 13, 2026.

The Company evaluated the collectability of its accounts receivable and orbital receivables under the expected-credit-loss guidance and reassessed the effect of the bankruptcy proceedings on revenue recognition for its active construction

contract. In performing this evaluation, the Company considered, among other factors, the identity and legal obligations of the contractual counterparties, historical and subsequent payment activity, the status of the applicable contracts, expected recoveries and information obtained through the bankruptcy proceedings.

Based on information available through August 13, 2026, the Company did not record an incremental allowance for expected credit losses or an adjustment to revenue recognition related to these matters as of June 30, 2026. This conclusion remains subject to completion of management’s contract-specific assessment of expected recoveries and payment timing, including amounts associated with contractual counterparties that are debtors, confirmation of subsequent payment activity, and evaluation of developments in the bankruptcy proceedings through the filing date.

The bankruptcy proceedings remain ongoing and the ultimate treatment of certain of the Company’s claims and contracts has not been determined. Changes in expected recoveries or payment timing, the treatment of contracts or claims in bankruptcy, payment delays, contract modifications or rejection, additional affiliate filings or other adverse developments could result in future credit losses, changes in revenue recognition, delayed cash collections or disruption of contract performance.