Debt and Other Financing (Tables)

9 Months Ended

Sep. 30, 2026

The carrying value of the Company’s outstanding debt consisted of the following amounts:


	September 30,		December 31,
	2026		2025
	(in thousands)
Current portion of long-term debt	$	15,375	$	7,971
Non-current portion of long-term debt	210,575		199,917
Total long-term debt	225,950		207,888
Unamortized debt issuance costs	(6,085)		(6,771)
Outstanding balance	$	219,865	$	201,117


	Effective Interest Rate	September 30,		December 31,
Name of Loan		2026		2025
		(in thousands)
Convertible Senior Notes	8.73%	$	185,000	$	185,000
Satellite launch vendor financing	6.94% - 11.62%	40,950		22,888
Total		$	225,950	$	207,888

Interest Income and Interest Expense Disclosure

The following table summarizes the interest expense for the Convertible Senior Notes for the three and nine months ended September 30, 2026:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(in thousands)

Coupon interest	$	3,816	$	2,926	$	11,447	$	2,926
Amortization of debt issuance costs	222		170		666		170
Total interest expense	$	4,038	$	3,096	$	12,113	$	3,096

Schedule of Maturities of Long-Term Debt

Debt Maturities

Minimum required maturities under the Company’s loan agreements, excluding early redemption of the Convertible Senior Notes, are as follows:


For the years ending December 31,	(in thousands)

2026	$	2,888
2027	16,650
2028	13,838
2029	7,574
2030	—
Thereafter	185,000
Total outstanding	$	225,950

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Fair Value of Debt

The following tables present the fair value hierarchy of the Company’s outstanding long-term debt as of September 30, 2026 and December 31, 2025:


September 30, 2026	Quoted Prices in Active Markets		Significant Other Observable Input		Significant Other Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Liabilities
Convertible Senior Notes	$	217,736	$	—	$	—
Satellite launch vendor financing	—		—		40,914
	$	217,736	$	—	$	40,914


December 31, 2025	Quoted Prices in Active Markets		Significant Other Observable Input		Significant Other Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Liabilities
Convertible Senior Notes	$	204,135	$	—	$	—
Satellite launch vendor financing	—		—		21,822
	$	204,135	$	—	$	21,822

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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