Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Accounting Policies [Abstract] |
|
| Summary of Contract Assets And Liabilities |
The following table summarizes the Company’s contract assets and liabilities:
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September 30, |
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|
December 31, |
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|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Contract assets |
|
$ |
208,275 |
|
|
$ |
156,298 |
|
Contract liabilities |
|
$ |
42,495 |
|
|
$ |
22,814 |
|
Changes in contract assets and contract liabilities are primarily due to the timing of payments from customers and the Company satisfying performance obligations during the normal course of business. The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied during the nine months ended September 30, 2026 and 2025 were not material. The following table summarizes the changes in contract assets and contract liabilities for the nine months ended September 30, 2026 and 2025:
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September 30, |
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September 30, |
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|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Contract assets, beginning of period |
|
$ |
156,298 |
|
|
$ |
107,222 |
|
Contract assets recorded during the period |
|
|
189,197 |
|
|
|
123,804 |
|
Reclassified to accounts receivable during the period |
|
|
(137,220 |
) |
|
|
(84,046 |
) |
Contract assets, end of period |
|
$ |
208,275 |
|
|
$ |
146,980 |
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|
|
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|
|
|
|
|
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September 30, |
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|
September 30, |
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|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Contract liabilities, beginning of period |
|
$ |
22,814 |
|
|
$ |
29,868 |
|
Customer advances received |
|
|
44,164 |
|
|
|
16,377 |
|
Recognition of unearned revenue |
|
|
(24,483 |
) |
|
|
(27,456 |
) |
Contract liabilities, end of period |
|
$ |
42,495 |
|
|
$ |
18,789 |
|
|
| Summary of Disaggregated Revenue and Revenue Growth by End Markets |
The following table presents the Company’s disaggregated revenue by end-markets for the three and nine months ended September 30, 2026 and 2025, respectively. Substantially all of the Company’s customers are government or commercial enterprises based in the United States.
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Three Months Ended September 30, |
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|
Nine Months Ended September 30, |
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|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
|
|
|
(in thousands) |
|
Hypersonics & Strategic Missile Defense |
|
$ |
51,095 |
|
|
$ |
36,608 |
|
|
$ |
130,200 |
|
|
$ |
101,624 |
|
Space & Launch |
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|
37,908 |
|
|
|
40,697 |
|
|
|
123,834 |
|
|
|
114,165 |
|
Tactical Missiles & Integrated Defense Systems |
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|
67,577 |
|
|
|
44,482 |
|
|
|
175,849 |
|
|
|
121,219 |
|
Maritime Defense Systems |
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|
45,043 |
|
|
|
— |
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|
|
105,013 |
|
|
|
— |
|
Total revenue |
|
$ |
201,623 |
|
|
$ |
121,787 |
|
|
$ |
534,896 |
|
|
$ |
337,008 |
|
|
| Summary of Allowance For Credit Losses |
The following tables summarize the accounts receivable as of September 30, 2026 and December 31, 2025, and the change in allowance for credit losses for the nine months ended September 30, 2026 and 2025:
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September 30, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Accounts receivable, gross |
|
$ |
124,151 |
|
|
$ |
79,599 |
|
Allowance for credit losses |
|
|
(1,538 |
) |
|
|
(883 |
) |
Accounts receivable, net of allowance for credit losses |
|
$ |
122,613 |
|
|
$ |
78,716 |
|
|
|
|
|
|
|
|
|
|
|
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September 30, |
|
|
September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
|
(in thousands) |
|
Allowance for credit losses, beginning balance |
|
$ |
(883 |
) |
|
$ |
(712 |
) |
Credit loss expenses |
|
|
(748 |
) |
|
|
(233 |
) |
Write-offs |
|
|
93 |
|
|
|
46 |
|
Allowance for credit losses, ending balance |
|
$ |
(1,538 |
) |
|
$ |
(899 |
) |
|