Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (50,746) $ (46,274)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 21,431 16,568
Operating lease right of use assets amortization 613 783
Bad debt expense (recovery) 15 (1)
Stock-based compensation expense 5,323 13,226
Amortization of debt discount and issuance costs 189 1,018
Income on equity method investment (585) (1,470)
Gain on disposal of property and equipment (22) 0
Loss (gain) on derivatives 9,567 (3,494)
Interest income (337) 0
Other, net 0 (16)
Changes in operating assets and liabilities:    
Accounts receivable (4,278) (787)
Contract assets - current and long-term (4,101) (3,824)
Prepaid expenses and other current assets 1,142 1,914
Other assets 1,117 (30)
Accounts payable and accrued liabilities 1,015 389
Other current liabilities (1,097) (759)
Contract liabilities - current and long-term (3,491) (6,903)
Other liabilities 8,620 1,839
Net cash used in operating activities (15,625) (27,789)
Cash flows from investing activities:    
Purchase of property and equipment (8,446) (5,289)
Satellite procurement work in process (19,925) (20,208)
Purchases of short-term investments (19,416) (43,774)
Proceeds from equity method investment 41,110 0
Proceeds from Sale of Property, Plant, and Equipment 22 0
Proceeds from equity method investment 0 313
Net cash used in investing activities (6,655) (68,958)
Cash flows from financing activities:    
Proceeds from equity issuances, net of equity issuance costs 30,074 0
Proceeds from options exercised 5 25
Payments of transaction costs for debt modification 561 0
Payments of transaction costs related to derivative liabilities (905) 0
Withholding tax payments on vesting of restricted stock units (414) (4,037)
Net cash provided by (used in) financing activities 28,199 (4,012)
Net increase (decrease) in cash, cash equivalents, and restricted cash 5,919 (100,759)
Cash, cash equivalents, and restricted cash – beginning of year 37,016 168,104
Cash, cash equivalents, and restricted cash – end of period 42,935 67,345
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 41,100 64,827
Restricted cash 1,835 2,518
Total cash, cash equivalents, and restricted cash 42,935 67,345
Supplemental disclosures of cash flow information:    
Cash paid for interest 0 2
Income Taxes Paid 122 0
Supplemental disclosures of non-cash financing and investing information:    
Capitalized stock-based compensation 379 1,001
Capitalized interest for property and equipment placed into service 220 220
Accretion of short-term investments' discounts and premiums 317 59
Tax Withholding For Share-Based Compensation Upon Exercise of Shares 0 23
Equity issuance costs accrued but not paid 203 0
Debt modification costs accrued but not paid 756 0
Satellite procurement costs included in settlement with LeoStella 36 0
Credits from LeoStella applied to satellite procurement costs 81 0
Property, Plant and Equipment    
Supplemental disclosures of non-cash financing and investing information:    
Property and equipment additions accrued but not paid $ 2,334 $ 3,798