v3.26.1
Information on Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Information on Segment Reporting
13.
Information on Segment Reporting

The Company operates as one reportable and operating segment, which derives revenue from the sale of subscription-based data, insights, predictive analytics and related project-based services to global customers across a range of industries. All of the segment’s activities are interrelated, and each activity is dependent upon and supportive of the other. Accordingly, all significant operating decisions are based upon analysis of the Company at the consolidated level.

The Company’s chief operating decision maker (“CODM”), who is the Company’s chief executive officer, regularly reviews consolidated net (loss) income as reported in the condensed consolidated statements of operations, along with other financial information presented on a consolidated basis, for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM measures performance and how to allocate resources for the segment primarily based on net (loss) income, revenue, and gross margin. The CODM’s objective is to make resource allocation decisions that optimize the Company’s consolidated financial results by monitoring actual results compared to forecasted results.

The measure of segment assets is reported as total assets on the condensed consolidated balance sheets and total capital expenditures for additions to long-lived assets, which were $5.4 million and $13.4 million for the three and six months ended June 30, 2026, respectively, and $3.6 million and $12.5 million for the three and six months ended June 30, 2025, respectively.

The following table includes segment revenue and significant segment expenses:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

$

18,048

 

 

$

19,182

 

 

$

33,882

 

 

$

43,058

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Employee expense (a)

 

 

17,806

 

 

 

24,561

 

 

 

36,735

 

 

 

44,857

 

Equipment and software expenses (b)

 

 

5,278

 

 

 

6,574

 

 

 

10,184

 

 

 

16,893

 

Depreciation and amortization

 

 

4,063

 

 

 

2,524

 

 

 

7,081

 

 

 

6,937

 

Professional services

 

 

6,110

 

 

 

4,508

 

 

 

15,084

 

 

 

13,380

 

Facilities expense (b)

 

 

1,735

 

 

 

1,097

 

 

 

2,923

 

 

 

2,146

 

Contractor expense

 

 

727

 

 

 

400

 

 

 

1,289

 

 

 

778

 

Other operating and marketing expenses

 

 

1,198

 

 

 

1,502

 

 

 

2,489

 

 

 

2,781

 

Loss on decommissioned satellites and disposal of assets

 

 

744

 

 

 

1,110

 

 

 

1,653

 

 

 

6,239

 

Interest expense

 

 

—

 

 

 

1,686

 

 

 

—

 

 

 

7,416

 

Change in fair value of contingent liability and warrant liabilities

 

 

157

 

 

 

3,016

 

 

 

277

 

 

 

(3,858

)

Gain on sale of a business

 

 

—

 

 

 

(154,305

)

 

 

—

 

 

 

(154,305

)

Loss on extinguishment of debt

 

 

—

 

 

 

12,008

 

 

 

—

 

 

 

12,008

 

Other segment items (c)

 

 

199

 

 

 

(5,089

)

 

 

1,979

 

 

 

(8,289

)

Segment net (loss) income

 

$

(19,969

)

 

$

119,590

 

 

$

(45,812

)

 

$

96,075

 

(a) Employee expense included stock-based compensation expense of $3.0 million and $7.0 million for the three and six months ended June 30, 2026, respectively, and $6.2 million and $11.1 million for the three and six months ended June 30, 2025, respectively.

(b) In the second quarter of 2025, the Company reclassified certain expenses from Facilities expense to Equipment and software expenses within its segment reporting to better reflect the nature of the costs. Prior period amounts have been recast to conform to the current year period presentation. This reclassification impacted only the composition of the expense categories regularly provided to the Company’s CODM and had no impact on total segment expenses, the condensed consolidated statements of operations, or loss per share.

(c) Other segment items included in segment net (loss) income include foreign exchange (gain) loss, income tax (benefit) provision, equity investment loss, travel and meals expenses, and interest income.