v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 329,935 $ 447,471
Accounts receivable, net of allowance for credit losses of $1,420 and $1,468, respectively 22,314 19,976
Inventory 11,198 9,614
Prepaid expenses and other current assets 19,248 19,667
Total current assets 382,695 496,728
Property and equipment, net 1,659,028 1,305,458
Operating lease right of use assets, net 65,899 66,698
Prepaid network costs 247,902 198,375
Derivative asset 0 114,461
Intangible and other assets, net of accumulated amortization of $17,450 and $12,511, respectively 145,687 144,545
Total assets 2,501,211 2,326,265
Current liabilities:    
Current portion of long-term debt 59,100 31,835
Accounts payable and accrued expenses 71,900 56,022
Accrued network construction costs 65,469 55,218
Payables to affiliates 227 391
Deferred revenue, net 44,166 62,020
Total current liabilities 240,862 205,486
Long-term debt 293,750 451,953
Operating lease liabilities 56,519 54,549
Deferred revenue, net 1,168,695 806,930
Other non-current liabilities 464,184 451,618
Total non-current liabilities 1,983,148 1,765,050
Total liabilities 2,224,010 1,970,536
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Additional paid-in capital 2,492,740 2,489,227
Accumulated other comprehensive income 6,700 3,286
Retained deficit (2,222,252) (2,136,797)
Total stockholders’ equity 277,201 355,729
Total liabilities and stockholders’ equity 2,501,211 2,326,265
Series A Perpetual Preferred Stock    
Stockholders’ equity:    
Series A Perpetual Preferred Stock of $0.0001 par value; 300,000 shares authorized and 149,425 issued and outstanding at September 30, 2026 and December 31, 2025, respectively 0 0
Common Stock    
Stockholders’ equity:    
Voting Common Stock of $0.0001 par value; 143,333,334 shares authorized; 129,617,331 and 128,050,400 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively $ 13 $ 13