Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.23.1
Revenue
 3 Months Ended
Mar. 31, 2023
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 professional and engineering services. The Company’s management primarily disaggregates revenue as follows: (i) imagery; (ii) data, software and analytics; (iii) engineering services; and (iv) professional 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 three months ended March 31, 2023 and 2022:
Three months ended March 31,
2023 2022
(in thousands)
Imagery $ 12,912  $ 3,610 
Data, software and analytics 2,848  3,760 
Engineering services 9  4,124 
Professional services 2,628  2,402 
Total revenue $ 18,397  $ 13,896 
The approximate revenue based on geographic location of customers is as follows for the three months ended March 31, 2023 and 2022:
Three months ended March 31,
2023 2022
(in thousands)
North America $ 14,019  $ 11,147 
Middle East 1,525  594 
Asia 2,625  1,994 
Other 228  161 
Total revenue $ 18,397  $ 13,896 
Revenue from significant customers for the three months ended March 31, 2023 and 2022 is as follows:
Three months ended March 31,
2023 2022
(in thousands)
U.S. federal government and agencies $ 13,670  $ 11,063 
International governments 4,383  2,745 
Commercial and other 344  88 
Total revenue $ 18,397  $ 13,896 
As of March 31, 2023 and December 31, 2022, accounts receivable consisted of the following:
March 31, December 31,
2023 2022
(in thousands)
U.S. federal government and agencies $ 8,692  $ 2,540 
International government 187  261 
Commercial and other 180  311 
Total accounts receivable $ 9,059  $ 3,112 
Backlog
Backlog represents the future sales the Company expects to recognize on firm orders it receives 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 March 31, 2023, the Company had $243.7 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 its backlog, of which a portion is recorded in deferred revenue in the unaudited condensed consolidated balance sheets, of $50.5 million, $26.4 million, and $166.8 million in the nine months ended December 31, 2023, fiscal year 2024, and thereafter, respectively.