Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (54,052) $ (25,207)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 14,444 22,461
Operating lease right of use assets amortization 306 374
Bad debt expense 84 108
Stock-based compensation expense 6,351 5,725
Amortization of debt issuance costs and non-cash interest expense 4,017 4,382
Capitalized interest (162) 0
Loss (gain) on derivatives 22,534 (5,019)
Non-cash interest income (872) (495)
Loss on disposal of assets 83 46
Changes in operating assets and liabilities:    
Accounts receivable 7,720 (1,256)
Contract assets - current and long-term (14,324) (6,693)
Inventories 5,997 0
Prepaid expenses and other current assets 605 (94)
Other assets (40) 403
Accounts payable and accrued liabilities (8,065) (1,961)
Other current liabilities 1,168 (309)
Contract liabilities - current and long-term 34,183 1,958
Other liabilities (12) (25)
Net cash provided by (used in) operating activities 19,965 (5,602)
Cash flows from investing activities:    
Purchase of property and equipment (8,096) (6,576)
Satellite work in process (10,772) (20,984)
Purchases of short-term investments (56,953) (13,488)
Proceeds from maturities of short-term investments 26,000 18,000
Net cash used in investing activities (49,821) (23,048)
Cash flows from financing activities:    
Proceeds from equity issuances, net of equity issuance costs 40,861 2,947
Proceeds from issuance of debt 0 20,000
Proceeds from options exercised and ESPP shares purchased 180 157
Repayments of Debt 563 0
Withholding tax payments on vesting of restricted stock units (1,086) (524)
Payments of debt issuance costs (175) (632)
Payments for deferred offering costs (31) (83)
Net cash provided by financing activities 39,186 21,865
Net increase (decrease) in cash, cash equivalents, and restricted cash 9,330 (6,785)
Cash, cash equivalents, and restricted cash – beginning of year 14,378 33,434
Cash, cash equivalents, and restricted cash – end of period 23,708 26,649
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 22,555 25,552
Restricted cash 1,153 1,097
Total cash, cash equivalents, and restricted cash 23,708 26,649
Supplemental disclosures of cash flow information:    
Cash paid for interest 1,509 1,026
Cash paid for income taxes 20 377
Supplemental disclosures of non-cash financing and investing information:    
Vendor financed satellite launch costs 10,500 1,500
Increase of debt principal for paid-in-kind interest 4,490 4,105
Accretion of short-term investments' discounts and premiums 872 495
Capitalized depreciation expense 574 0
Capitalized stock-based compensation 302 278
Capitalized interest 162 0
Deferred financing costs accrued but not yet paid 110 0
Equity issuance costs accrued but not yet paid 30 17
Adjustments to goodwill for changes in the preliminary purchase price allocation 19 0
Credits from LeoStella applied to satellite procurement costs 0 966
Leasehold improvements funded by tenant improvement allowance 0 701
Deferred offering costs accrued but not yet paid 0 111
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 $ 1,720 $ 3,953