Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Net loss $ (37,798) $ (50,071)
Cash flows from operating activities:    
Net (loss) income (37,798) (50,071)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 33,586 32,735
Operating lease right of use assets amortization 529 753
Bad debt expense 100 39
Stock-based compensation expense 8,244 7,725
Amortization of debt issuance costs and non-cash interest expense 6,727 249
Gain on derivatives (8,593) (7,445)
Non-cash interest income (630) (551)
Loss on impairment of assets (71) 0
Loss on disposal of assets 44 127
Income on equity method investment 0 (913)
Changes in operating assets and liabilities:    
Accounts receivable (3,313) 359
Contract assets - current and long-term (5,133) (5,271)
Prepaid expenses and other current assets (1,148) (13)
Other assets 2,525 1,144
Accounts payable and accrued liabilities (967) 834
Other current liabilities 194 (640)
Contract liabilities - current and long-term 1,005 (175)
Other liabilities (10) 5,316
Net cash used in operating activities (4,567) (15,798)
Cash flows from investing activities:    
Purchase of property and equipment (12,289) (12,296)
Satellite procurement work in process (28,410) (23,603)
Purchases of short-term investments (13,488) (29,167)
Proceeds from maturities of short-term investments 26,725 50,110
Proceeds from sale of property and equipment 0 22
Net cash used in investing activities (27,462) (14,934)
Cash flows from financing activities:    
Proceeds from issuance of debt 20,000 0
Proceeds from equity issuances, net of equity issuance costs 47,343 30,868
Proceeds from options exercised and ESPP shares purchased 157 9
Repayments of Debt (10,000) 0
Payments of debt issuance costs (632) 0
Withholding tax payments on vesting of restricted stock units (967) (972)
Payments of transaction costs for debt modification 0 1,311
Payments of transaction costs related to derivative liabilities 0 (905)
Net cash provided by financing activities 55,901 27,689
Net increase (decrease) in cash, cash equivalents, and restricted cash 23,872 (3,043)
Cash, cash equivalents, and restricted cash – beginning of year 33,434 37,016
Cash, cash equivalents, and restricted cash – end of period 57,306 33,973
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 56,159 32,138
Restricted cash 1,147 1,835
Total cash, cash equivalents, and restricted cash 57,306 33,973
Supplemental disclosures of cash flow information:    
Cash paid for interest 1,208 0
Cash paid for income taxes 377 182
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 630 531
Capitalized stock-based compensation 426 539
Capitalized interest for property and equipment placed into service 0 220
Credits from LeoStella applied to satellite procurement costs 966 122
Satellite procurement costs included in settlement with LeoStella 0 36
Equity issuance costs accrued but not yet paid 313 90
Debt modification costs accrued but not paid 0 6
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 (credits received) accrued but not yet paid, net $ 1,606 $ (226)