Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.23.2
Revenue
 6 Months Ended
Jun. 30, 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) professional services; and (iv) engineering services. This disaggregation allows the Company to evaluate market trends in certain imagery and software analytical services and professional and engineering services.
The following table disaggregates revenue by type for the three and six months ended June 30, 2023 and 2022:
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
(in thousands)
Imagery $ 12,778  $ 6,833  $ 25,690  $ 10,443 
Data, software and analytics 2,550  3,339  5,398  7,099 
Professional services 3,707  3,178  6,335  5,580 
Engineering services 292  1,752  301  5,876 
Total revenue $ 19,327  $ 15,102  $ 37,724  $ 28,998 
The approximate revenue based on geographic location of customers is as follows for the three and six months ended June 30, 2023 and 2022:
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
(in thousands)
North America $ 14,492  $ 12,437  $ 28,511  $ 23,584 
Middle East 1,370  782  2,895  1,376 
Asia 3,177  1,584  5,802  3,578 
Other 288  299  516  460 
Total revenue $ 19,327  $ 15,102  $ 37,724  $ 28,998 
Revenue from categories of customers for the three and six months ended June 30, 2023 and 2022 is as follows:
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
(in thousands)
U.S. federal government and agencies $ 14,069  $ 12,162  $ 27,739  $ 23,225 
International governments 4,871  2,742  9,254  5,487 
Commercial and other 387  198  731  286 
Total revenue $ 19,327  $ 15,102  $ 37,724  $ 28,998 
As of June 30, 2023 and December 31, 2022, accounts receivable consisted of the following:
June 30, December 31,
2023 2022
(in thousands)
U.S. federal government and agencies $ 1,669  $ 2,540 
International governments 5,619  261 
Commercial and other 87  311 
Total accounts receivable $ 7,375  $ 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 June 30, 2023, the Company had $262.5 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 $40.1 million, $43.9 million, and $178.5 million in the six months ending December 31, 2023, fiscal year 2024, and thereafter, respectively.