v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (115,369) $ (37,231)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 27,975 1,375
Provision for credit losses 357 135
Amortization of debt discount and issuance costs 786 0
Share-based compensation expense 19,333 5,364
Change in fair value of earn-out liabilities 0 33,369
Change in fair value of warrant liabilities 21,044 (29,969)
Change in fair value of contingent consideration liabilities 1,411 0
Other (3,811) 177
Changes in operating assets and liabilities:    
Inventory, net (3,794) 0
Contract assets (15,613) 26,154
Prepaid expenses (20,678) (1,131)
Orbital receivables, net 16,146 0
Other assets, net (3,653) 1,091
Accounts payable and accrued expenses 397 305
Accounts payable – affiliated companies 1,147 1,558
Contract liabilities – current and long-term (5,842) (7,876)
Pension and other postretirement benefits (6,054) 0
Other liabilities (12,281) (1,218)
Net cash provided by (used in) operating activities (111,878) 156
Cash flows from investing activities:    
Purchase of property and equipment (33,941) (14,176)
Acquisition of businesses, net of cash acquired (447,062) 0
Net cash used in investing activities (481,003) (14,176)
Cash flows from financing activities:    
Proceeds from issuance of securities 413,772 0
Warrants exercised 0 176,620
Redemption of warrants 0 (66)
Transaction costs related to the issuance of securities (11,709) 0
Repurchase of Class A Common Stock 0 (20,700)
Settlement of securitization facility (13,588) 0
Payment of withholding taxes from share-based awards (1,233) (4,540)
Distributions to noncontrolling interests (678) 0
Net cash provided by financing activities 386,564 151,314
Net increase (decrease) in cash, cash equivalents and restricted cash (206,317) 137,294
Cash, cash equivalents and restricted cash at beginning of the period 585,339 209,649
Cash, cash equivalents and restricted cash at end of the period 379,022 346,943
Less: restricted cash 11,668 2,042
Cash and cash equivalents at end of the period 367,354 344,901
Supplemental disclosure of cash flow information    
Cash paid for interest 53 0
Cash paid for income taxes 8 0
Accrued capital expenditures 11,445 4,442
Noncash investing and financing activities    
Class A Common Stock issued in acquisition, at fair value 403,952 0
Issuance of Class C Common Stock related to earn-out awards (Note 16) 0 167,525
Preferred dividends (329) (298)
Nonrelated Party    
Changes in operating assets and liabilities:    
Trade and other receivables, net $ (13,379) $ 8,053