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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company’s business is organized into market sectors based on its products and services and has two reportable segments: (i) Defense and Space Technologies and (ii) Starlab Space Stations. The Company organizes its reportable segments based on the nature of the products and services offered and the economic characteristics of its operating businesses.
Effective the first fiscal quarter of 2026, the Company combined its Defense and National Security and Space Solutions segments into a single Defense and Space Technologies segment in order to align with how the Company's Chief Operating Decision Maker ("CODM") views results. This will enable the Company to generate internal synergies within the Defense and Space Technologies segment and to more effectively manage its resources and facilities in order to support operations across the product and service offerings. The Company's CODM allocates resources and assesses segment performance using regularly provided segment net sales and segment Adjusted Earnings before interest, taxes, depreciation and amortization ("EBITDA") under this updated segment structure. Within the segment change, there has been no change to the Company's reporting units. The segment data for the comparable period presented has been recast to conform to the current period presentation for all activities of the reorganized segments. Recasting this historical information did not have an impact on the condensed consolidated financial performance of the Company for the periods presented.
Transactions between segments are generally negotiated and accounted for under terms and conditions similar to other government and commercial contracts. The reconciling item “corporate expense” includes the portion of corporate costs not considered allocable to the segments, such as legal, management and administration, and other corporate unallocable costs.
The Company’s CODM is the Chief Executive Officer. The CODM uses net sales and Adjusted EBITDA to assess segment performance and make decisions regarding the allocation of capital and other investments. Adjusted
EBITDA is used to monitor budget versus actual results. The CODM also uses Adjusted EBITDA in analysis of the operational performance of each reporting segment. The CODM considers budget-to-actual variances on a quarterly basis for both profit measures when making decisions about allocating capital and personnel to the segments. The monitoring of budgeted versus actual results is used in assessing performance of the segments and in establishing management’s compensation. The CODM does not review segment expense items pursuant to ASC 280-10-50-26A. Therefore, the Company does not disclose these expense items by segment. The CODM does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose assets by segment.
The following table summarizes the operating performance of the Company’s segments:
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Net Sales:
Defense and Space Technologies$88,790 $40,085 $178,126 $121,621 
Starlab Space Stations— — — — 
Total net sales, reportable segments88,790 40,085 178,126 121,621 
Intersegment eliminations(1)
(75)(498)(1,419)(1,853)
Total net sales$88,715 $39,587 $176,707 $119,768 
Other Segment Expenses(2):
Defense and Space Technologies$98,610 $42,781 $208,789 $125,516 
Starlab Space Stations7,468 6,150 19,512 10,932 
Total other segment expenses, reportable segments106,078 48,931 228,301 136,448 
Intersegment eliminations(1)
(75)(498)(1,419)(1,853)
Corporate and other expenses27,611 8,961 65,555 34,030 
Total other segment expenses
$133,614 $57,394 $292,437 $168,625 
Adjusted EBITDA:
Defense and Space Technologies$(9,820)$(2,582)$(30,663)$(3,153)
Starlab Space Stations(7,468)(6,150)(19,512)(10,932)
Total Adjusted EBITDA, reportable segments(17,288)(8,732)(50,175)(14,085)
Intersegment eliminations— — — — 
Corporate and other expenses(27,611)(8,961)(65,555)(34,030)
Depreciation and amortization(10,045)(3,130)(23,248)(8,440)
Stock-based compensation(5,002)(2,120)(12,893)(15,390)
Finance and interest expense, net(2,695)(200)(6,714)(5,452)
Net loss attributable to noncontrolling interests(2,693)(2,063)(6,910)(4,737)
Interest income2,264 4,313 9,362 7,826 
Other(3)
967 795 371 (6,655)
Loss before taxes$(62,103)$(20,098)$(155,762)$(80,963)
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(1)As a result of the Segment change during the first quarter of fiscal 2026, intersegment eliminations for comparative periods have been recast.
(2)Other Segment Expenses consist of cost of sales, research and development, selling, general, and administrative and other income or expense items which are not deducted when calculating Adjusted EBITDA.
(3)Other consists of acquisition costs, restructuring, impairment, and other income or expense items which are deducted when calculating Adjusted EBITDA. In prior period filings, ‘Interest income’ was grouped into this line item. During the third quarter of 2025, it was broken out due to materiality and prior periods have been recast to break out 'Interest income'.
The Company’s total capital expenditures were as follows:
Three Months Ended September 30, 2026Defense and Space TechnologiesStarlab Space StationsCorporateTotal
Capital expenditures:
Property and equipment$22,246 $5,552 $389 $28,187 
Total capital expenditures$22,246 $5,552 $389 $28,187 
Three Months Ended September 30, 2025Defense and Space TechnologiesStarlab Space StationsCorporateTotal
Capital expenditures:
Property and equipment$1,725 $37,184 $126 $39,035 
Total capital expenditures$1,725 $37,184 $126 $39,035 
Nine Months Ended September 30, 2026Defense and Space TechnologiesStarlab Space StationsCorporateTotal
Capital expenditures:
Property and equipment$51,488 $62,140 $1,211 $114,839 
Total capital expenditures$51,488 $62,140 $1,211 $114,839 
Nine Months Ended September 30, 2025Defense and Space TechnologiesStarlab Space StationsCorporateTotal
Capital expenditures:
Property and equipment$3,688 $92,434 $178 $96,300 
Total capital expenditures$3,688 $92,434 $178 $96,300 
Substantially all of the Company’s long-lived tangible assets were in the United States as of September 30, 2026 and December 31, 2025