Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Cash flows from operating activities:    
Net loss $ (74,172) $ (245,643)
Gain (loss) from discontinued operations, net of income taxes 707 (1,650)
Loss from continuing operations (74,879) (243,993)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 35,661 14,306
Operating lease right of use assets amortization 1,640 0
Gain on debt extinguishment 0 4,059
Bad debt (recovery) expense (22) 58
Stock-based compensation expense 20,025 42,571
Loss on issuance of 2021 convertible Bridge Notes 0 99,669
Issuance costs for derivative liabilities and debt carried at fair value 0 48,009
Amortization of debt discount and issuance costs 1,805 1,807
Income on equity method investment (2,087) (1,027)
Loss on disposal of property and equipment 0 24
Gain on derivatives (11,812) (23,885)
Satellite impairment loss 0 18,407
Interest income (656) 0
Other, net 106 0
Changes in operating assets and liabilities:    
Accounts receivable (461) 216
Contract assets - current and long-term (5,996) 2,118
Prepaid expenses and other current assets 1,413 (5,207)
Other assets (12) (309)
Accounts payable and accrued liabilities (74) 2,543
Other current liabilities (1,180) (2,680)
Contract liabilities - current and long-term (4,942) (5,262)
Liability for estimated contract losses (5,340) (198)
Other liabilities 2,355 3,020
Net cash used in operating activities (44,456) (53,872)
Cash flows from investing activities:    
Purchase of property and equipment (11,677) (1,266)
Satellite procurement work in process (32,385) (62,643)
Purchase of short-term investments (50,343) 0
Proceeds from Sale of Short-Term Investments 13,000 0
Purchase of domain name 0 (7)
Proceeds from equity method investment 804 302
Net Cash Provided by (Used in) Investing Activities, Continuing Operations (80,601) (63,614)
Net cash used in investing activities (81,579) (63,614)
Cash flows from financing activities:    
Proceeds from recapitalization transaction, net of payment of equity issuance costs 0 244,880
Payments of transaction costs related to Sponsor Shares 0 (291)
Proceeds from issuance of debt 0 58,573
Proceeds from options exercised 47 130
Proceeds from warrants exercised 0 163
Capital lease payments 0 2
Debt payments 0 (22,198)
Deferred Offering Costs 31 0
Payments for debt issuance costs 0 (6,238)
Withholding tax payments on vesting of restricted stock units (5,069) 0
Net cash (used in) provided by financing activities (5,053) 275,017
Net (decrease) increase in cash, cash equivalents, and restricted cash (131,088) 157,531
Cash, cash equivalents, and restricted cash – beginning of year 168,104 10,573
Cash, cash equivalents, and restricted cash – end of period 37,016 168,104
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 34,181 165,586
Restricted cash 2,835 2,518
Total cash, cash equivalents, and restricted cash 37,016 168,104
Supplemental disclosures of cash flow information:    
Cash paid for interest 5 378
Supplemental disclosures of non-cash financing and investing information:    
Capitalized stock-based compensation 1,470 11
Capitalized interest for property and equipment placed into service 220 620
Accretion of short-term investments' discounts and premiums 640 0
Repurchase and retirement of common stock 30 0
Equity issuance costs accrued but not paid 491 0
Issuance of common stock due to Bridge Notes, net of issuance costs 0 106,353
Issuance of common stock warrants due to Bridge Notes 0 18,800
Issuance of Common Stock Upon Settlement of Promissory Notes 0 8,038
Net exercise of common stock warrants 0 210
Conversion of Bridge Notes 0 77,097
Net exercise of Bridge Note warrants 0 38,329
Contingent liability for working capital adjustment and use taxes to M&Y Space Co. Ltd 0 1,650
Increase of debt principal for paid-in-kind interest 3,006 2,889
Cash Provided by (Used in) Investing Activities, Discontinued Operations (978) 0
Common Stock warrants    
Supplemental disclosures of non-cash financing and investing information:    
Net exercise of common stock warrants in connection with merger 0 1,324
Property, Plant and Equipment    
Supplemental disclosures of non-cash financing and investing information:    
Property and equipment additions accrued but not paid $ 6,455 $ 5,222