Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.23.3
Revenue
 9 Months Ended
Sep. 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 nine months ended September 30, 2023 and 2022:
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
(in thousands)
Imagery $ 13,507  $ 10,769  $ 39,197  $ 21,212 
Data, software, and analytics 1,757  2,938  7,155  10,037 
Professional services 5,565  1,284  11,900  6,864 
Engineering services 431  1,944  732  7,820 
Total revenue $ 21,260  $ 16,935  $ 58,984  $ 45,933 
The approximate revenue based on geographic location of customers is as follows for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
(in thousands)
North America $ 14,433  $ 15,161  $ 42,944  $ 38,740 
Middle East 2,738  969  5,633  2,345 
Asia Pacific 3,827  40  9,629  3,618 
Other 262  765  778  1,230 
Total revenue $ 21,260  $ 16,935  $ 58,984  $ 45,933 
Revenue from categories of customers for the three and nine months ended September 30, 2023 and 2022 is as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2023 2022 2023 2022
(in thousands)
U.S. federal government and agencies $ 14,041  $ 14,858  $ 41,780  $ 38,083 
International governments 6,846  1,822  16,100  7,309 
Commercial and other 373  255  1,104  541 
Total revenue $ 21,260  $ 16,935  $ 58,984  $ 45,933 
As of September 30, 2023 and December 31, 2022, accounts receivable consisted of the following:
September 30, December 31,
2023 2022
(in thousands)
U.S. federal government and agencies $ 1,996  $ 2,540 
International governments 369  261 
Commercial and other 368  311 
Allowance for doubtful accounts (19) — 
Total accounts receivable $ 2,714  $ 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 September 30, 2023, the Company had $252.4 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 $24.4 million, $52.6 million, and $175.4 million in the three months ending December 31, 2023, fiscal year 2024, and thereafter, respectively.