v3.26.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income (loss) $ (24,267) $ 20
Depreciation and amortization 16,356 10,856
Amortization of debt issuance costs and other noncash debt costs 494 34
Fair value loss on revaluation of warrants 4,471 537
Fair value loss on revaluation of deferred consideration 1,500 0
Fair value gain on revaluation of contingent consideration (270) 0
Loss from extinguishment of debt 2,729 0
Stock-based compensation 9,849 1,830
Amortization of operating lease right-of-use assets 2,161 2,164
Realized gain (loss) on short-term investments 0 (12)
Changes in operating assets and liabilities, net of effect of acquisitions:    
Other accounts receivable (394) (6)
Prepaid expenses and other assets (9,573) (1,317)
Operating lease liabilities (2,085) (2,118)
Accounts payable (6,856) (7,589)
Current tax payable 286 0
Accrued expenses and other liabilities 2,653 (2,215)
Deferred tax liabilities (32) 0
Accrued compensation payable (2,863) 0
Contract liabilities 10,470 2,116
Net cash provided by (used in) operating activities 8,355 (2,881)
Cash flows from investing activities    
Proceeds from redemption of short-term investments 0 39,716
Purchase of satellites, property and equipment (10,295) (9,139)
Net cash provided by (used in) investing activities (10,295) 30,577
Cash flows from financing activities    
Payment of debt issuance cost (85) 0
Exercise of warrants 202 0
Exercise of stock options 3,647 27
Proceeds from common stock in initial public offering 478,400 0
Payment of offering costs, including underwriting commissions (37,770) 0
Repayment of term loans (49,453) 0
Proceeds from issuance of preferred stock 18,774 0
Payment of preferred stock issuance costs (706) 0
Net cash provided by (used in) financing activities 413,009 27
Net increase in cash, cash equivalents and restricted cash 411,069 27,723
Cash, cash equivalents and restricted cash, beginning of period 97,273 71,766
Cash, cash equivalents and restricted cash, end of period 508,342 99,489
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 503,355 94,902
Restricted cash 4,987 4,587
Total cash, cash equivalents and restricted cash at the end of the period 508,342 99,489
Supplemental disclosures of cash flow information    
Cash paid for interest 1,198 0
Operating cash outflows – payment on operating leases 2,725 1,703
Operating lease right-of-use assets obtained in exchange for lease liabilities 2,430 0
Conversion of warrant liabilities to additional paid-in-capital , including those settled in the IPO 8,737 0
Conversion of redeemable convertible preferred stock to common stock 465,654 0
Reclassification of deposits to satellites, property and equipment 20,922 0
Fixed assets in accounts payable at period end 2,041 0
Payment of offering costs, including underwriting commissions, in accounts payable at period end 3,131 0
Interest paid in kind 189 0
Nonrelated Party    
Changes in operating assets and liabilities, net of effect of acquisitions:    
Contract accounts receivable (13,548) (6,356)
Contract assets (4,907) (511)
Related Party    
Changes in operating assets and liabilities, net of effect of acquisitions:    
Contract accounts receivable 20,969 (1,401)
Contract assets $ 1,212 $ 1,087