Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (17,315) $ (19,992)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 9,655 7,391
Operating lease right of use assets amortization 446 389
Bad debt expense 0 6
Stock-based compensation expense 3,012 10,240
Amortization of debt discount and issuance costs 113 502
Gain on equity method investment (529) (257)
Gain on disposal of property and equipment (22) 0
Gain on derivatives (1,531) (8,140)
Interest income (156) 0
Changes in operating assets and liabilities:    
Accounts receivable (5,947) (2,868)
Contract assets - current and long-term (591) (1,187)
Prepaid expenses and other current assets 462 1,220
Other assets (8) (5)
Accounts payable and accrued liabilities (2,966) 1,533
Other current liabilities 1,732 (585)
Contract liabilities - current and long-term (2,951) 694
Liability for estimated contract losses (73) (2,428)
Other liabilities 67 811
Net cash used in operating activities (16,602) (12,676)
Cash flows from investing activities:    
Purchase of property and equipment (2,874) (1,926)
Satellite procurement work in process (12,926) (11,499)
Purchase of short-term investments (11,792) 0
Proceeds from Sale of Short-Term Investments 38,110 0
Net cash provided by (used in) investing activities 10,518 (13,425)
Cash flows from financing activities:    
Proceeds from private placement, net of equity issuance costs 29,432 0
Proceeds from options exercised 3 17
Payments for deferred offering costs (552) 0
Payments of transaction costs related to derivative liabilities (16) 0
Withholding tax payments on vesting of restricted stock units 0 (3,616)
Net cash provided by (used in) financing activities 28,867 (3,599)
Net increase (decrease) in cash, cash equivalents, and restricted cash 22,783 (29,700)
Cash, cash equivalents, and restricted cash – beginning of year 37,016 168,104
Cash, cash equivalents, and restricted cash – end of period 59,799 138,404
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 56,964 135,886
Restricted cash 2,835 2,518
Total cash, cash equivalents, and restricted cash 59,799 138,404
Supplemental disclosures of cash flow information:    
Cash paid for interest 0 0
Income Taxes Paid 0 0
Supplemental disclosures of non-cash financing and investing information:    
Capitalized stock-based compensation 202 622
Capitalized interest for property and equipment placed into service 220 0
Accretion of short-term investments' discounts and premiums 156 0
Equity issuance costs accrued but not paid 588 0
Deferred offering costs accrued but not paid 31 0
Transaction costs related to derivative liabilities accrued but not paid 888 0
Satellite procurement costs included in settlement with LeoStella 36 0
Proceeds from sale of property and equipment accrued but not received 24 0
Property, Plant and Equipment    
Supplemental disclosures of non-cash financing and investing information:    
Property and equipment additions accrued but not paid $ 4,130 $ 6,721