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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Net loss $ (25,207) $ (50,746)
Cash flows from operating activities:    
Net loss (25,207) (50,746)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 22,461 21,431
Operating lease right of use assets amortization 374 613
Bad debt expense 108 15
Stock-based compensation expense 5,725 5,323
Income on equity method investment 0 (585)
Loss (gain) on disposal of assets 46 (22)
(Gain) loss on derivatives (5,019) 9,567
Amortization of debt issuance costs and non-cash interest expense 4,382 189
Non-cash interest income (495) (337)
Changes in operating assets and liabilities:    
Accounts receivable (1,256) (4,278)
Contract assets - current and long-term (6,693) (4,101)
Prepaid expenses and other current assets (94) 1,142
Other assets 403 1,117
Accounts payable and accrued liabilities (1,961) 1,015
Other current liabilities (309) (1,097)
Contract liabilities - current and long-term 1,958 (3,491)
Other liabilities (25) 8,620
Net cash used in operating activities (5,602) (15,625)
Cash flows from investing activities:    
Purchase of property and equipment (6,576) (8,446)
Satellite procurement work in process (20,984) (19,925)
Purchases of short-term investments (13,488) (19,416)
Proceeds from maturities of short-term investments 18,000 41,110
Proceeds from sale of property and equipment 0 22
Net cash used in investing activities (23,048) (6,655)
Cash flows from financing activities:    
Proceeds from issuance of debt 20,000 0
Proceeds from equity issuances, net of equity issuance costs 2,947 30,074
Proceeds from options exercised and ESPP shares purchased 157 5
Payments of debt issuance costs (632) 0
Withholding tax payments on vesting of restricted stock units (524) (414)
Payments for deferred offering costs (83) 0
Payments of transaction costs for debt modification 0 561
Payments of transaction costs related to derivative liabilities 0 (905)
Net cash provided by financing activities 21,865 28,199
Net (decrease) increase in cash, cash equivalents, and restricted cash (6,785) 5,919
Cash, cash equivalents, and restricted cash – beginning of year 33,434 37,016
Cash, cash equivalents, and restricted cash – end of period 26,649 42,935
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 25,552 41,100
Restricted cash 1,097 1,835
Total cash, cash equivalents, and restricted cash 26,649 42,935
Supplemental disclosures of cash flow information:    
Cash paid for interest 1,026 0
Cash paid for income taxes 377 122
Supplemental disclosures of non-cash financing and investing information:    
Increase of debt principal for paid-in-kind interest 4,105 3,490
Accretion of short-term investments' discounts and premiums 495 317
Capitalized stock-based compensation 278 379
Capitalized interest for property and equipment placed into service 0 220
Credits from LeoStella applied to satellite procurement costs 966 81
Leasehold improvements funded by tenant improvement allowance 701 0
Satellite procurement costs included in settlement with LeoStella 0 36
Equity issuance costs accrued but not yet paid 17 203
Deferred offering costs accrued but not yet paid 111 0
Debt modification costs accrued but not paid 0 756
Vendor financed satellite procurement costs 1,500 0
Property, Plant and Equipment    
Supplemental disclosures of non-cash financing and investing information:    
Property and equipment additions accrued but not yet paid $ 3,953 $ 2,334