Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net loss $ (15,810) $ (17,315)
Cash flows from operating activities:    
Net loss (15,810) (17,315)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 11,184 9,655
Operating lease right of use assets amortization 191 446
Bad debt expense 100 0
Stock-based compensation expense 3,363 3,012
Income on equity method investment 0 (529)
Gain on disposal of property and equipment 0 (22)
Loss (gain) on derivatives 254 (1,531)
Amortization of debt issuance costs and non-cash interest expense 2,121 113
Non-cash interest income (267) (156)
Changes in operating assets and liabilities:    
Accounts receivable 1,388 (5,947)
Contract assets - current and long-term (3,328) (591)
Prepaid expenses and other current assets (195) 462
Other assets 344 (8)
Accounts payable and accrued liabilities (2,354) (2,966)
Other current liabilities 447 1,732
Contract liabilities - current and long-term (1,239) (2,951)
Other liabilities (9) (6)
Net cash used in operating activities (3,810) (16,602)
Cash flows from investing activities:    
Purchase of property and equipment (3,297) (2,874)
Satellite procurement work in process (11,347) (12,926)
Purchases of short-term investments (9,464) (11,792)
Proceeds from maturities of short-term investments 9,000 38,110
Net cash (used in) provided by investing activities (15,108) 10,518
Cash flows from financing activities:    
Proceeds from equity issuances, net of equity issuance costs 1,298 29,432
Proceeds from options exercised 1 3
Withholding tax payments on vesting of restricted stock units (419) 0
Payments of transaction costs related to derivative liabilities 0 (16)
Payments of Financing Costs (18) 0
Payments for deferred offering costs 0 (552)
Net cash provided by financing activities 862 28,867
Net (decrease) increase in cash, cash equivalents, and restricted cash (18,056) 22,783
Cash, cash equivalents, and restricted cash – beginning of year 33,434 37,016
Cash, cash equivalents, and restricted cash – end of period 15,378 59,799
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 14,965 56,964
Restricted cash 413 2,835
Total cash, cash equivalents, and restricted cash 15,378 59,799
Supplemental disclosures of cash flow information:    
Cash paid for interest 0 0
Cash paid for income taxes 0 0
Supplemental disclosures of non-cash financing and investing information:    
Accretion of short-term investments' discounts and premiums 267 156
Capitalized stock-based compensation 125 202
Capitalized interest for property and equipment placed into service 0 220
Credits from LeoStella applied to satellite procurement costs 966 0
Leasehold Improvements Funded by Tenant Improvement Allowance 586 0
Satellite procurement costs included in settlement with LeoStella 0 36
Equity issuance costs accrued but not yet paid 17 588
Deferred financing costs accrued but not yet paid 97 0
Deferred offering costs accrued but not yet paid 0 31
Transaction costs related to derivative liabilities accrued but not yet paid 0 888
Vendor financed satellite procurement costs 1,500 0
Proceeds from sale of property and equipment accrued but not yet received 0 24
Property, Plant and Equipment    
Supplemental disclosures of non-cash financing and investing information:    
Property and equipment additions accrued but not yet paid $ 3,506 $ 4,130