Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.22.2.2
Revenue
 9 Months Ended
Sep. 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 nine months ended September 30, 2022 and 2021:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(in thousands)
Imagery $ 10,769  $ 2,773  $ 21,212  $ 5,621 
Data, software and analytics 4,222  3,756  16,901  12,024 
Engineering & integration 1,944  1,408  7,820  4,951 
Total revenue $ 16,935  $ 7,937  $ 45,933  $ 22,596 
The approximate revenue based on geographic location of customers is as follows for the three and nine months ended September 30, 2022 and 2021:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(in thousands)
US $ 14,996  $ 6,704  $ 38,580  $ 19,063 
Middle East 969  607  2,345  1,987 
Asia 10  343  3,588  1,113 
Other 960  283  1,420  433 
Total revenue $ 16,935  $ 7,937  $ 45,933  $ 22,596 
Revenue from significant customers for the three and nine months ended September 30, 2022 and 2021 is as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(in thousands)
U.S. federal government and agencies $ 14,858  $ 6,590  $ 38,083  $ 18,897 
International government 1,822  —  7,309  2,352 
Commercial and other 255  1,347  541  1,347 
Total revenue $ 16,935  $ 7,937  $ 45,933  $ 22,596 
As of September 30, 2022 and December 31, 2021, accounts receivable consisted of the following:
September 30, December 31,
2022 2021
(in thousands)
U.S. federal government and agencies $ 1,919  $ 2,576 
International government 3,062  76 
Commercial and other 120  16 
Allowance for doubtful accounts —  (39)
Total accounts receivable $ 5,101  $ 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 September 30, 2022, the Company had $108.4 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 $19.9 million, $57.4 million, and $31.2 million in the three months ending December 31, 2022, fiscal year 2023, and thereafter, respectively.