v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (154,185) $ (35,963)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:    
Depreciation and amortization 30,989 24,261
Stock-based compensation expense 95,589 0
Amortization of debt issuance costs 418 428
Non-cash lease expense 2,110 1,297
Amortization of capitalized commissions 2,316 3,229
Deferred taxes (237) (3,998)
Loss on equity investments, net 1,594 0
Other, net 5,772 (894)
Changes in assets and liabilities, net of the effect of acquisitions:    
Accounts receivable, net (43,447) (7,333)
Inventories (24,042) 7,137
Prepaid expenses and other current assets 6,651 20,873
Contract assets (38,159) (42,932)
Other assets (476) (54)
Contract liabilities (95,815) (72,852)
Accounts payable and accrued expenses 26,831 7,814
Deferred commissions (691) (1,338)
Income taxes payable 149 0
Related party payables 0 1,276
Other liabilities 17 436
Right of use assets and operating lease liabilities, net (2,021) (1,209)
Net cash (used in) operating activities (186,637) (99,822)
Cash flows from investing activities    
Capital expenditures (3,430) (1,272)
Equity investments (6,156) (5,000)
Acquisition of business, net of cash acquired (25,152) 0
Issuance of notes receivable 0 (2,500)
Proceeds from settlement of notes receivable 5,000 0
Net cash (used in) investing activities (29,738) (8,772)
Cash flows from financing activities    
Proceeds from issuance of common stock in connection with the IPO, net of underwriting discounts and commissions 592,833 0
Payment of offering costs in connection with the IPO (3,192) 0
Repayment of principal on long-term debt (1,875) 0
Proceeds from settlement of notes receivable 0 25,000
Net cash provided by financing activities 587,766 25,000
Net increase/(decrease) in cash and cash equivalents 371,391 (83,594)
Effect of exchange rate changes on cash 36 156
Cash and cash equivalents, beginning of period 162,573 104,656
Cash and cash equivalents at end of period 534,000 21,218
Supplemental disclosures of cash flow information    
Cash payments for interest 5,682 6,090
Cash (refunded)/paid for taxes (11) 3
Noncash operating, investing, and financing    
Changes in accounts payable and accruals for purchases of fixed assets 1,483 1,346
Conversion of common units into shares of common stock upon IPO 1,135,718 0
Conversion of Class P Units into shares of common stock upon IPO 241,391 0
Orbion Space Technology, Inc.    
Noncash operating, investing, and financing    
Issuance of common shares for acquisition 60,180 0
Solestial Space Technology, Inc.    
Noncash operating, investing, and financing    
Issuance of common shares for acquisition $ 51,857 $ 0