Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.24.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Net loss $ (53,859) $ (74,172)
Gain from discontinued operations 0 707
Loss from continuing operations (53,859) (74,879)
Cash flows from operating activities:    
Net loss (53,859) (74,172)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 43,431 35,661
Transfer of satellite procurement work in process to engineering service costs 4,854 0
Operating lease right of use assets amortization 883 1,640
Bad debt expense (recovery) 179 (22)
Stock-based compensation expense 10,862 20,025
Income on equity method investment (4,165) (2,087)
Loss on disposal of property and equipment 127 0
Loss on impairment of assets 81 0
Gain on derivatives (7,679) (11,812)
Amortization of debt issuance costs and non-cash interest expense 7,967 1,805
Non-cash interest income (796) (656)
Other, net 0 (106)
Changes in operating assets and liabilities:    
Accounts receivable (4,137) (461)
Contract assets - current and long-term (16,299) (5,996)
Prepaid expenses and other current assets 1,118 1,413
Other assets 1,328 (12)
Accounts payable and accrued liabilities 3,316 (74)
Other current liabilities (1,041) (1,180)
Contract liabilities - current and long-term (3,053) (4,942)
Other liabilities (538) (2,985)
Net cash used in operating activities (17,421) (44,456)
Cash flows from investing activities:    
Purchase of property and equipment (15,274) (11,677)
Satellite procurement work in process (28,441) (32,385)
Purchases of short-term investments (40,078) (50,343)
Proceeds from maturities of short-term investments 59,110 13,000
Proceeds from sale of equity method investment 9,450 0
Proceeds from sale of property and equipment 22 0
Distributions from equity method investment 0 804
Net Cash Used in Investing Activities, Continuing Operations (15,211) (80,601)
Cash Used in Investing Activities, Discontinued Operations 0 (978)
Net cash used in investing activities (15,211) (81,579)
Cash flows from financing activities:    
Proceeds from equity issuances, net of equity issuance costs 32,733 0
Proceeds from options exercised 10 47
Withholding tax payments on vesting of restricted stock units (1,410) (5,069)
Payments of transaction costs for debt modification 1,311 0
Payments of transaction costs related to derivative liabilities (905) 0
Payments of Financing Costs (67) 0
Payments for deferred offering costs 0 (31)
Net cash provided by (used in) financing activities 29,050 (5,053)
Net decrease in cash, cash equivalents, and restricted cash (3,582) (131,088)
Cash, cash equivalents, and restricted cash – beginning of year 37,016 168,104
Cash, cash equivalents, and restricted cash – end of year 33,434 37,016
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 32,815 34,181
Restricted cash 619 2,835
Total cash, cash equivalents, and restricted cash 33,434 37,016
Supplemental disclosures of cash flow information:    
Cash paid for interest 989 5
Cash paid for income taxes 460 0
Supplemental disclosures of non-cash financing and investing information:    
Increase of debt principal for paid-in-kind interest 7,446 3,006
Transfer of satellite procurement work in process to engineering service costs 4,854 0
Accretion of short-term investments' discounts and premiums 777 640
Capitalized stock-based compensation 709 1,470
Capitalized interest for property and equipment placed into service 220 220
Credits from LeoStella applied to satellite procurement costs 125 0
Satellite procurement costs included in settlement with LeoStella 36 0
Equity issuance costs accrued but not yet paid 13 491
Deferred financing costs accrued but not yet paid 4 0
Repurchase and retirement of common stock 0 30
Amortization of debt issuance costs and non-cash interest expense 7,967 1,805
Property, Plant and Equipment    
Supplemental disclosures of non-cash financing and investing information:    
Property and equipment additions accrued but not yet paid $ 10,420 $ 6,455