Annual report pursuant to Section 13 and 15(d)

Revenue

v3.23.1
Revenue
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue
5. Revenue
Disaggregation of Revenue
The Company earns revenue through the sale of imagery and software analytical services and professional and engineering services. The Company’s management primarily disaggregates revenue as follows: (i) imagery; (ii) data, software and analytics; and (iii) professional and engineering services. This disaggregation allows the Company to evaluate market trends in certain imagery and software analytical services and professional and engineering services. These offerings currently have both recurring and non-recurring price attributes, particularly the professional and engineering services offerings.
The following table disaggregates revenue by type for the years ended December 31, 2022 and 2021:
Years Ended December 31,
2022 2021
(in thousands)
Imagery $ 34,242  $ 8,648 
Data, software and analytics 13,173  6,717 
Engineering services 9,372  9,039 
Professional services 8,563  9,681 
Total revenue $ 65,350  $ 34,085 
The approximate revenue based on geographic location of customers is as follows for the years ended December 31, 2022 and 2021:
Years Ended December 31,
2022 2021
(in thousands)
North America $ 54,052  $ 29,557 
Middle East 3,459  2,661 
Asia 6,246  1,300 
Other 1,593  567 
Total revenue $ 65,350  $ 34,085 
Revenue from significant customers for the years ended December 31, 2022 and 2021 is as follows:
Years Ended December 31,
2022 2021
(in thousands)
U.S. federal government and agencies $ 53,186  $ 29,382 
International governments 11,375  4,102 
Commercial and other 789  601 
Total revenue $ 65,350  $ 34,085 
As of December 31, 2022 and 2021, accounts receivable consisted of the following:
December 31, December 31,
2022 2021
(in thousands)
U.S. federal government and agencies $ 2,540  $ 2,576 
International government 261  76 
Commercial and other 311  16 
Allowance for doubtful accounts —  (39)
Total accounts receivable $ 3,112  $ 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 December 31, 2022, the Company had $259.4 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 consolidated balance sheets, of $63.0 million, $28.5 million, and $167.9 million in the fiscal year 2023, 2024, and thereafter, respectively.