BlackSky Technology Inc. General form of registration statement for all companies including face-amount certificate companies

Contract Assets and Liabilities (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

The components of contract assets and contract liabilities consisted of the following:


	June 30, 2021		December 31, 2020

	(in thousands)
Contract assets - current
Unbilled revenue	$	307	$	749
Contract assets		2,342		3,047

Total contract assets - current	$	2,649	$	3,796

Contract liabilities - current
Deferred revenue - short-term		15,602		14,030
Other contract liabilities		346		507

Total contract liabilities - current	$	15,948	$	14,537

Contract liabilities - long-term
Deferred revenue - long-term		196		2,559

Total contract liabilities - long-term	$	196	$	2,559

The components of contract assets and contract liabilities consist of the following:


	December 31,
	2020		2019
	(in thousands)
Contract assets - current
Unbilled revenue	$	749	$	—
Contract assets		3,047		—

Total contract assets - current	$	3,796	$	—

Contract liabilities - current
Deferred revenue - short-term	$	14,030	$	7,952
Contract liabilities		507		—

Total contract liabilities - current	$	14,537	$	7,952

Contract liabilities - long-term
Deferred revenue - long-term		2,559		—

Total contract liabilities - long-term	$	2,559	$	—

Changes in short-term contract liabilities as of January 1, 2020 were as follows:

Changes in short-term and long-term contract assets and contract liabilities reported as of January 1, 2021 were as follows:


	Contract Assets			Contract Liabilities

	(in thousands)
Balance on January 1, 2021	$	3,796		$	17,096
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		—			(11,992	)
Cash received in advance and not recognized as revenue		—			11,242
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(740	)		—
Cumulative catch-up adjustment rising from changes in contract estimates.		—			341
Cumulative catch-up adjustment arising from contract modification		—			(382	)
Other changes in other contract assets and other contract liabilities		(407	)		(161	)

Balance on June 30, 2021	$	2,649		$	16,144