Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (50,071) $ (59,367)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 32,735 26,166
Operating lease right of use assets amortization 753 1,197
Bad debt expense 39 13
Stock-based compensation expense 7,725 16,389
Amortization of debt discount and issuance costs 249 1,549
Income on equity method investment (913) (694)
Loss on disposal of property and equipment 127 0
Gain on derivatives (7,445) (10,629)
Interest income (551) (373)
Other, net 0 (106)
Changes in operating assets and liabilities:    
Accounts receivable 359 (2,485)
Contract assets - current and long-term (5,271) (4,237)
Prepaid expenses and other current assets (13) 657
Other assets 1,144 (1,335)
Accounts payable and accrued liabilities 834 692
Other current liabilities (640) (1,727)
Contract liabilities - current and long-term (175) (2,774)
Other liabilities 5,316 (1,872)
Net cash used in operating activities (15,798) (39,431)
Cash flows from investing activities:    
Purchase of property and equipment (12,296) (8,905)
Satellite procurement work in process (23,603) (25,421)
Purchases of short-term investments (29,167) (50,343)
Distributions from equity method investment 50,110 0
Proceeds from Sale of Property, Plant, and Equipment 22 0
Distributions from equity method investment 0 546
Net cash used in investing activities (14,934) (84,123)
Cash flows from financing activities:    
Proceeds from equity issuances, net of equity issuance costs 30,868 0
Proceeds from options exercised 9 37
Payments of transaction costs for debt modification 1,311 0
Payments of transaction costs related to derivative liabilities (905) 0
Withholding tax payments on vesting of restricted stock units (972) (4,551)
Net cash provided by (used in) financing activities 27,689 (4,514)
Net decrease in cash, cash equivalents, and restricted cash (3,043) (128,068)
Cash, cash equivalents, and restricted cash – beginning of year 37,016 168,104
Cash, cash equivalents, and restricted cash – end of period 33,973 40,036
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 32,138 37,201
Restricted cash 1,835 2,835
Total cash, cash equivalents, and restricted cash 33,973 40,036
Supplemental disclosures of cash flow information:    
Cash paid for interest 0 5
Income Taxes Paid 182 0
Supplemental disclosures of non-cash financing and investing information:    
Capitalized stock-based compensation 539 1,261
Capitalized interest for property and equipment placed into service 220 220
Accretion of short-term investments' discounts and premiums 531 357
Repurchase and retirement of common stock 0 30
Equity issuance costs accrued but not paid 90 0
Debt modification costs accrued but not paid 6 0
Satellite procurement costs included in settlement with LeoStella 36 0
Credits from LeoStella applied to satellite procurement costs 122 0
Contingent liability for working capital adjustment and use taxes to M&Y Space Co. Ltd 0 707
Increase of debt principal for paid-in-kind interest 3,490 0
Property, Plant and Equipment    
Supplemental disclosures of non-cash financing and investing information:    
Property and equipment additions (credits received) accrued but not yet paid, net $ (226) $ 4,329