v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 503,355 $ 92,686
Contract accounts receivable 45,868 53,289
Other accounts receivable 415 21
Inventory 4,275 4,025
Contract assets 12,550 9,387
Prepaid expenses and other current assets 6,689 9,183
Total current assets 573,152 168,591
Long-term assets:    
Satellites, property and equipment, net 131,497 110,873
Intangibles, net 32,251 35,973
Goodwill 117,958 116,866
Operating lease - right-of-use-assets 15,672 15,403
Deposits 26,032 35,932
Restricted cash 4,987 4,587
Other long-term assets 2,673 1,715
Total long-term assets 331,070 321,349
Total assets 904,222 489,940
Current liabilities:    
Accounts payable 14,394 18,486
Accrued expenses and other current liabilities 18,274 5,017
Accrued compensation payable 7,648 10,511
Contract liabilities - current 14,639 3,262
Current tax payable 286 0
Current portion of operating lease liabilities 3,266 3,437
Total current liabilities 58,507 40,713
Long-term liabilities:    
Long-term debt, net of unamortized debt issuance cost 0 46,315
Contract liabilities - long-term 18,985 19,892
Other liabilities 17,558 23,800
Deferred tax liabilities 945 977
Warrant liabilities 0 4,267
Operating lease liabilities, net of current portion 13,409 12,893
Total long-term liabilities 50,897 108,144
Total liabilities 109,404 148,857
Commitments and contingencies – Note 15
Mezzanine equity:    
Total mezzanine equity [1] 0 447,586
Stockholders’ equity (deficit):    
Common stock - $.0001 par value, 111,000,000 shares authorized and 5,590,142 shares issued and outstanding as of March 31, 2026 and 111,000,000 shares authorized and 4,168,374 shares issued and outstanding as of December 31, 2025. 10 2
Additional paid-in-capital 964,916 39,336
Accumulated deficit (170,108) (145,841)
Total stockholders' equity (deficit) 794,818 (106,503)
Total liabilities, mezzanine equity, and stockholders’ deficit 904,222 489,940
Series A    
Mezzanine equity:    
Total mezzanine equity 0 34,174
Series B    
Mezzanine equity:    
Total mezzanine equity 0 66,442
Series C    
Mezzanine equity:    
Total mezzanine equity 0 48,761
Series D    
Mezzanine equity:    
Total mezzanine equity 0 136,715
Series D-1    
Mezzanine equity:    
Total mezzanine equity 0 58,894
Series E    
Mezzanine equity:    
Total mezzanine equity 0 102,600
Nonrelated Party    
Current assets:    
Contract accounts receivable 45,868 32,320
Contract assets 12,550 4,639
Related Party    
Current assets:    
Contract accounts receivable 0 20,969
Contract assets $ 0 $ 4,748
[1] Refer to Condensed Consolidated Balance Sheets and Note 8 - Mezzanine Equity and Stockholders Equity for details of the classes of historic preferred shares.