Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments

v3.23.2
Equity Method Investments
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
6. Equity Method Investments
LeoStella
The Company accounts for its investment in LeoStella as an equity method investment. The Company did not make any additional capital investments in LeoStella during the three and six months ended June 30, 2023 or 2022.
LeoStella's revenue from related parties was $1.6 million and $12.3 million for the three months ended June 30, 2023 and 2022, respectively, and $14.6 million and $17.2 million for the six months ended June 30, 2023 and 2022, respectively. The Company had differences between the carrying value of its equity method investments and the underlying equity in the net assets of the investees of $2.6 million as of June 30, 2023 and December 31, 2022, respectively. The difference is the result of the elimination of upstream intra-entity profits from the sale of satellites.
The following table presents summarized financial information for the Company’s investments in LeoStella and X-Bow for the three and six months ended June 30, 2023 and 2022.
Three Months Ended June 30, Six Months Ended June 30,
Summarized statements of operations 2023 2022 2023 2022
(in thousands)
Revenue $ 8,566  $ 14,526  $ 23,746  $ 31,259 
Net (loss) income (1,397) 965  (3,800) 1,066