Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.22.2
Revenue
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue
4. Revenue
Disaggregation of Revenue
The Company earns revenue through the sale of imagery and software analytical services and engineering and systems integration. The Company’s management primarily disaggregates revenue as follows: (i) imagery; (ii) data, software and analytics; and (iii) engineering and integration. This disaggregation allows the Company to evaluate market trends in certain imagery and software analytical services and engineering and systems integration services. These offerings currently have both recurring and non-recurring price attributes, particularly the engineering and systems integration offerings.
The following table disaggregates revenue by type of imagery and software analytical services and engineering and integration for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
(in thousands)
Imagery $ 6,833  $ 1,384  $ 10,443  $ 2,848 
Data, software and analytics 6,517  3,733  12,679  8,267 
Engineering & integration 1,752  2,248  5,876  3,544 
Total revenue $ 15,102  $ 7,365  $ 28,998  $ 14,659 
The approximate revenue based on geographic location of customers is as follows for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
(in thousands)
US $ 12,437  $ 6,236  $ 23,584  $ 12,359 
Middle East 782  694  1,376  1,380 
Asia 1,584  312  3,578  770 
Other 299  123  460  150 
Total revenue $ 15,102  $ 7,365  $ 28,998  $ 14,659 
Revenue from significant customers for the three and six months ended June 30, 2022 and 2021 is as follows:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
(in thousands)
U.S. federal government and agencies $ 12,162  $ 6,188  $ 23,225  $ 12,307 
International government 2,742  1,177  5,487  2,352 
Commercial and other 198  —  286  — 
Total revenue $ 15,102  $ 7,365  $ 28,998  $ 14,659 
As of June 30, 2022 and December 31, 2021, accounts receivable consisted of the following:
June 30, December 31,
2022 2021
(in thousands)
U.S. federal government and agencies $ 3,041  $ 2,576 
International government 341  76 
Commercial and other 35  16 
Allowance for doubtful accounts —  (39)
Total accounts receivable $ 3,417  $ 2,629 
Backlog

Backlog represents the future sales we expect to recognize on firm orders received by the Company and is equivalent to the Company’s remaining performance obligations at the end of each period. It comprises both funded backlog (firm orders for which funding is authorized and appropriated) and unfunded backlog. The Company's Backlog excludes unexercised contract options. As of June 30, 2022, the Company had $108.0 million of backlog, which represents the transaction price of executed contracts less inception to date revenue recognized. The Company expects to recognize revenue relating to our backlog, of which a portion is recorded in deferred revenue in the unaudited condensed consolidated balance sheets, of $30.8 million, $45.6 million, and $31.6 million in the six months ending December 31, 2022, fiscal year 2023, and thereafter, respectively.