v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows provided by operating activities:    
Net (loss) income $ (57,039) $ 2,967
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation, amortization and accretion 52,134 66,980
Stock-based compensation expense 7,912 17,812
Noncash interest and accretion expense 72,840 30,681
Unrealized foreign currency loss (gain) 4,882 (15,621)
Reduction in the value and disposal of long-lived assets and inventory 64 7,153
Other, net (2,330) (9,227)
Changes in operating assets and liabilities:    
Accounts receivable (2,333) 1,730
Inventory, prepaid expenses and other assets (1,464) (780)
Accounts payable and accrued expenses 7,018 6,564
Other non-current liabilities 1,242 (2,660)
Deferred revenue 213,947 340,163
Net cash provided by operating activities 296,873 445,762
Cash flows used in investing activities:    
Payments for network upgrades to support the Phase 1 and Phase 2 Service Period (45,265) (94,263)
Payments for network upgrades to support the Extended MSS Network (355,436) (383,392)
Payments of capitalized interest (4,125) 0
Payments for network upgrades to support product development (4,114) (4,240)
Purchase of intangible assets (5,286) (3,990)
Net cash used in investing activities (414,226) (485,885)
Cash flows provided by (used in) financing activities:    
Proceeds from 2023 Funding Agreement 19,920 27,147
Dividends paid on Series A Preferred Stock (7,932) (7,932)
Proceeds from issuance of common stock and exercise of options and other 2,805 651
Net cash used in financing activities (457) (6,084)
Effect of exchange rate changes on cash and cash equivalents 274 1,336
Net decrease in cash and cash equivalents (117,536) (44,871)
Cash and cash equivalents, beginning of period 447,471 391,164
Cash and cash equivalents, end of period [1] 329,935 346,293
Supplemental disclosure of cash flow information:    
Cash paid for interest [2] 4,125 0
Supplemental disclosure of non-cash financing and investing activities:    
Increase in capitalized accrued interest including in accrued expenses and deferred revenue 26,606 24,574
Network construction assets included in accrued expenses 65,469 27,931
Derecognition of embedded derivative asset within the 2024 Debt Repayment upon adoption of ASU 2025-07 114,461 0
Construction in progress assets acquired through XCOM SSA 0 1,810
2021 Funding Agreement    
Cash flows provided by (used in) financing activities:    
Principal payments of Funding Agreement (6,250) (25,950)
2023 Funding Agreement    
Cash flows provided by (used in) financing activities:    
Proceeds from 2023 Funding Agreement 19,900  
Principal payments of Funding Agreement $ (9,000) $ 0
[1] Cash and cash equivalents on the consolidated balance sheet is equal to cash and cash equivalents on the statement of cash flows.
[2] During the nine months ended September 30, 2026, the Company capitalized the entire amount of interest paid during the period. No amounts were paid for interest during the nine months ended September 30, 2025.