Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (12,813) $ (15,810)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 7,236 11,184
Operating lease right of use assets amortization 156 191
Bad debt expense 15 100
Stock-based compensation expense 2,897 3,363
Amortization of debt issuance costs and non-cash interest expense 2,419 2,121
(Gain) loss on derivatives (1,901) 254
Non-cash interest income (412) (267)
Loss on disposal of assets 37 0
Changes in operating assets and liabilities:    
Accounts receivable 6,759 1,388
Contract assets - current and long-term (11,049) (3,328)
Inventories 5,997 0
Prepaid expenses and other current assets 351 (195)
Other assets 10 344
Accounts payable and accrued liabilities (7,268) (2,354)
Other current liabilities 567 447
Contract liabilities - current and long-term 34,256 (1,239)
Other liabilities (12) (9)
Net cash provided by (used in) operating activities 27,245 (3,810)
Cash flows from investing activities:    
Purchase of property and equipment (4,465) (3,297)
Satellite work in process (4,418) (11,347)
Purchases of short-term investments (28,259) (9,464)
Proceeds from maturities of short-term investments 13,000 9,000
Net cash used in investing activities (24,142) (15,108)
Cash flows from financing activities:    
Proceeds from equity issuances, net of equity issuance costs 5,118 1,298
Proceeds from options exercised 0 1
Withholding tax payments on vesting of restricted stock units (492) (419)
Payments of debt issuance costs (175) 0
Payments for deferred financing costs 0 (18)
Payments for deferred offering costs (31) 0
Net cash provided by financing activities 4,420 862
Net increase (decrease) in cash, cash equivalents, and restricted cash 7,523 (18,056)
Cash, cash equivalents, and restricted cash – beginning of year 14,378 33,434
Cash, cash equivalents, and restricted cash – end of period 21,901 15,378
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 20,748 14,965
Restricted cash 1,153 413
Total cash, cash equivalents, and restricted cash 21,901 15,378
Supplemental disclosures of cash flow information:    
Cash paid for interest 199 0
Cash paid for income taxes 0 0
Supplemental disclosures of non-cash financing and investing information:    
Vendor financed satellite launch costs 7,500 1,500
Accretion of short-term investments' discounts and premiums 412 267
Capitalized depreciation expense 297 0
Capitalized stock-based compensation 157 125
Equity issuance costs accrued but not yet paid 53 17
Deferred offering costs accrued but not yet paid 20 0
Adjustments to goodwill for changes in the preliminary purchase price allocation 43 0
Credits from LeoStella applied to satellite procurement costs 0 966
Leasehold improvements funded by tenant improvement allowance 0 586
Deferred financing costs accrued but not yet paid 0 97
Property, Plant and Equipment    
Supplemental disclosures of non-cash financing and investing information:    
Additions of equipment and other satellite procurement costs accrued but not yet paid $ 1,719 $ 3,506