Quarterly report [Sections 13 or 15(d)]

Revenue (Tables)

v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table disaggregates revenue by type 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
(in thousands)
Imagery $ 15,560  $ 15,323  $ 30,924  $ 31,218 
Data, software, and analytics 2,422  2,146  3,887  4,084 
Professional services 3,168  5,572  6,040  9,659 
Engineering services(1)
1,049  1,897  10,892  4,213 
Total revenue $ 22,199  $ 24,938  $ 51,743  $ 49,174 
(1) Engineering services includes $1.0 million and $1.5 million of product revenue for the three months ended June 30, 2025 and 2024, respectively and $10.7 million and $3.5 million of product revenue for the six months ended June 30, 2025 and 2024
The approximate revenue based on geographic location of end customers was as follows 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
(in thousands)
North America $ 13,854  $ 15,029  $ 25,857  $ 30,221 
Middle East(1)
1,941  4,150  4,454  6,644 
Asia Pacific(2)
6,086  5,526  20,835  11,774 
Other 318  233  597  535 
Total revenue $ 22,199  $ 24,938  $ 51,743  $ 49,174 
(1) For the three and six months ended June 30, 2024, Middle East revenue included $4.1 million and $6.6 million, respectively, of revenue from Country A; the amount of revenue from Country A for the three and six months ended June 30, 2025 was not individually significant to the Company. The remaining Middle East countries were not individually significant to the Company.
(2) For the six months ended June 30, 2025, Asia Pacific revenue included $9.3 million of revenue from Country B; the amount of revenue from Country B for the three months ended June 30, 2025 and three and six months ended June 30, 2024 was not individually significant to the Company. For the three and six months ended June 30, 2025, Asia Pacific revenue included $4.5 million and $9.0 million, respectively, of revenue from Country C. For the three and six months ended June 30, 2024, Asia Pacific revenue included $3.6 million and $7.5 million, respectively, of revenue from Country C. The remaining Asia Pacific countries were not individually significant to the Company.
Backlog
Backlog represents the future sales the Company expects to recognize on firm orders it receives and is equivalent to the Company’s remaining performance obligations at the end of each period. It comprises both funded backlog (firm orders for which funding is authorized and appropriated) and unfunded backlog. The Company's backlog excludes unexercised contract options. As of June 30, 2025, the Company had
$356.3 million of backlog, which represents the transaction price of executed contracts less inception to date revenue recognized. The Company expects to recognize revenue relating to its backlog, of which a portion is recorded in deferred revenue in the unaudited condensed consolidated balance sheets, of $45.7 million, $64.9 million, and $245.7 million in the six months ended December 31, 2025, fiscal year 2026, and thereafter, respectively.
Schedules of Concentration of Risk, by Risk Factor
Revenue from categories of end customers for the three and six months ended June 30, 2025 and 2024 was as follows:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(in thousands)
U.S. federal government and agencies $ 13,496  $ 13,948  $ 25,183  $ 28,705 
International governments 7,928  10,028  25,054  19,047 
Commercial and other 775  962  1,506  1,422 
Total revenue $ 22,199  $ 24,938  $ 51,743  $ 49,174