Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure 4. Segment Information
The Company’s Chief Operating Decision Maker (“CODM”) as defined under GAAP, who is the Company’s Chief Executive Officer, has determined the allocation of resources and assessed performance based upon the unaudited condensed consolidated results of the Company. The CODM uses consolidated net loss to assess financial performance and allocate resources. Accordingly, the Company is currently deemed to be comprised of only one operating segment and one reportable segment. This segment, which comprises the continuing operations of the Company’s single operating and reportable segment, provides geospatial intelligence, imagery and related data analytic products and services, of which the Company incurs costs and also recognizes revenue on professional and engineering services including but not limited to, the development, integration, and operation of satellites and software platforms, as well as ground systems, that support the Company's primary imagery service subscriptions. The following table presents selected financial information with respect to the Company’s single reportable segment for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Revenue
Imagery & software analytical services $ 17,982  $ 17,469  $ 34,811  $ 35,302 
Professional & engineering services 4,217  7,469  16,932  13,872 
Total revenue 22,199  24,938  51,743  49,174 
Costs and Expenses
Imagery & software analytical direct labor costs 676  687  1,228  1,380 
Imagery & software analytical direct materials costs 2,784  2,745  6,050  5,497 
Professional & engineering direct labor costs 2,227  1,982  4,393  5,005 
Professional & engineering direct materials costs 560  1,468  7,176  2,033 
Salaries and benefit costs 11,812  10,417  23,515  21,073 
Stock-based compensation expense(1)
3,288  2,222  6,045  5,370 
Other segment items(2)
7,584  5,861  14,811  11,329 
Depreciation and amortization 7,208  11,277  14,444  22,461 
Loss (gain) on derivatives 24,435  (5,273) 22,534  (5,019)
Interest income (677) (330) (1,250) (730)
Interest expense 3,509  3,029  6,852  5,663 
Other (3) (2) (68) (3)
Income tax expense 35  252  65  322 
Net loss $ (41,239) $ (9,397) $ (54,052) $ (25,207)
(1) Relates to stock-based compensation within selling, general, and administrative costs.
(2) Other segment items included in net loss primarily includes selling, general, and administrative costs and research and development costs.
As of June 30, 2025 and December 31, 2024, the Company's segment assets, which are equal to the Company's consolidated assets on the unaudited condensed consolidated balance sheets, are owned and operated by United States entities and are classified within the United States. See Note 5—“Revenue” for additional information about revenue by geographic region.