v3.26.1
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
3.
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

The Company recognizes revenue for certain long-term contracts using the percentage-of-completion method, measured on a cost-to-cost basis. From time to time, the Company revises its estimates of total costs for these contracts. Changes in estimated total costs for contracts using the percentage-of-completion method resulted in a reduction in revenue of $0.4 million and $0.7 million for the three and six months ended June 30, 2026, respectively.

Disaggregation of Revenue

Subscription revenue consists of recurring fees earned under customer contracts that provide ongoing access to the Company’s data products, software platforms, and the operational phase of Space Services contracts. Revenue is generally recognized ratably over the contractual service period. Non-subscription revenue consists of non-recurring services and deliverable-based arrangements, including funded research and development projects, project-based services, historical data sales, and

professional services. Revenue is recognized either over time or at a point in time, depending on the nature of the performance obligation.

The following shows revenue from subscription and non-subscription contracts (dollars in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Subscription revenue

 

$

12,572

 

 

 

70

%

 

$

14,572

 

 

 

76

%

 

$

25,793

 

 

 

76

%

 

$

34,082

 

 

 

79

%

Non-subscription revenue

 

 

5,476

 

 

 

30

%

 

 

4,610

 

 

 

24

%

 

 

8,089

 

 

 

24

%

 

 

8,976

 

 

 

21

%

 

 

$

18,048

 

 

 

100

%

 

$

19,182

 

 

 

100

%

 

$

33,882

 

 

 

100

%

 

$

43,058

 

 

 

100

%

The following revenue disaggregated by geography was recognized (dollars in thousands):

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

8,131

 

 

 

45

%

 

$

10,376

 

 

 

54

%

 

$

16,769

 

 

 

50

%

 

$

22,361

 

 

 

52

%

Canada

 

3,883

 

 

 

22

%

 

 

2,177

 

 

 

11

%

 

 

5,479

 

 

 

16

%

 

 

3,673

 

 

 

9

%

Other(1)

 

19

 

 

 

0

%

 

 

31

 

 

 

0

%

 

 

68

 

 

 

0

%

 

 

130

 

 

 

0

%

Total Americas

 

12,033

 

 

 

67

%

 

 

12,584

 

 

 

65

%

 

 

22,316

 

 

 

66

%

 

 

26,164

 

 

 

61

%

EMEA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

1,129

 

 

 

6

%

 

 

1,831

 

 

 

10

%

 

 

2,052

 

 

 

6

%

 

 

5,104

 

 

 

12

%

Belgium

 

1,493

 

 

 

8

%

 

 

988

 

 

 

5

%

 

 

3,183

 

 

 

9

%

 

 

1,004

 

 

 

2

%

Germany

 

1,567

 

 

 

9

%

 

 

1,086

 

 

 

6

%

 

 

3,149

 

 

 

9

%

 

 

2,375

 

 

 

6

%

Other(1)

 

1,313

 

 

 

7

%

 

 

2,082

 

 

 

11

%

 

 

2,250

 

 

 

7

%

 

 

5,721

 

 

 

13

%

Total EMEA

 

5,502

 

 

 

30

%

 

 

5,987

 

 

 

32

%

 

 

10,634

 

 

 

31

%

 

 

14,204

 

 

 

33

%

Asia Pacific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other(1)

 

513

 

 

 

3

%

 

 

611

 

 

 

3

%

 

 

932

 

 

 

3

%

 

 

2,690

 

 

 

6

%

 

513

 

 

 

3

%

 

 

611

 

 

 

3

%

 

 

932

 

 

 

3

%

 

 

2,690

 

 

 

6

%

Total

$

18,048

 

 

 

100

%

 

$

19,182

 

 

 

100

%

 

$

33,882

 

 

 

100

%

 

$

43,058

 

 

 

100

%

(1) Revenue from individual geographic regions that represent less than 10% of total revenue for the periods presented are not separately disclosed.

Contract Assets

Contract assets reported on the Company's condensed consolidated balance sheets were $4.6 million and $1.8 million as of June 30, 2026 and December 31, 2025, respectively.

Changes in contract assets were as follows (in thousands):

 

2026

 

 

2025

 

Balance as of January 1,

 

$

1,778

 

 

$

785

 

Contract assets recorded during the period

 

 

4,161

 

 

 

3,048

 

Reclassified to accounts receivable

 

 

(1,269

)

 

 

(1,539

)

Other

 

 

(24

)

 

 

82

 

Balance as of June 30,

 

$

4,646

 

 

$

2,376

 

 

Contract Liabilities

Contract liabilities were reported on the Company's condensed consolidated balance sheets as follows (in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Contract liabilities, current portion

 

$

32,625

 

 

$

35,160

 

Contract liabilities, non-current

 

 

13,869

 

 

 

14,207

 

Contract liabilities

 

$

46,494

 

 

$

49,367

 

Changes in contract liabilities were as follows (in thousands):

 

2026

 

 

2025

 

Balance as of January 1,

 

$

49,367

 

 

$

45,526

 

Contract liabilities recorded during the period

 

 

14,457

 

 

 

21,549

 

Revenue recognized during the period

 

 

(16,925

)

 

 

(18,281

)

Other

 

 

(405

)

 

 

316

 

Balance as of June 30,

 

$

46,494

 

 

$

49,110

 

Remaining Performance Obligations

The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. Revenue from subscription-based services is recognized over time, generally on a straight-line basis over the subscription period, while revenue from milestone-based services is recognized at the point in time when control of the deliverable transfers to the customer. Management believes this method provides a faithful depiction of the pattern in which services are delivered to customers. Management applies judgment in determining the timing of recognition. For contracts with multiple performance obligations, management allocates the transaction price to each obligation based on its relative standalone selling price. These commitments for future services exclude cancellable contracts. As of June 30, 2026, the amount not yet recognized as revenue from these commitments was $134.5 million. There were no significant changes in these judgments during the three and six months ended June 30, 2026.

The Company expects to recognize its remaining performance obligations as of June 30, 2026, over the following periods (dollars in thousands):

 

 

June 30, 2026

 

1 to 12 months

 

$

51,390

 

 

 

38

%

13 to 24 months

 

 

41,433

 

 

 

31

%

25 to 36 months

 

 

27,005

 

 

 

20

%

37 to 48 months

 

 

11,022

 

 

 

8

%

Remaining

 

 

3,617

 

 

 

3

%

Total

 

$

134,467

 

 

 

100

%