Quarterly report pursuant to Section 13 or 15(d)

Revenues

v3.21.2
Revenues
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenues 5. Revenues
Remaining Performance Obligations
As of September 30, 2021, the Company had $36.4 million of remaining performance obligations, which represents the transaction price of executed contracts less inception to date revenue recognized. Remaining performance obligations exclude unexercised contract options. The Company expects to recognize revenue relating to remaining funded contractual performance obligations, of which a portion is recorded in deferred revenue in the unaudited condensed consolidated balance sheets, of $11.7 million, $23.1 million, and $1.6 million during the three months ending December 31, 2021, during fiscal year 2022, and thereafter, respectively.
Disaggregation of Revenue
The Company earns revenue through the sale of imagery & software analytical services and engineering & systems integration. The Company’s management primarily disaggregates revenue as follows: (i) imagery; (ii) data, software and analytics; and (iii) engineering and integration. This disaggregation allows the Company to evaluate market trends and certain imagery & software analytical services and engineering & systems integration services. These offerings currently have both recurring and non-recurring price attributes, particularly the engineering & systems integration offerings.
The following table disaggregates revenue by type of imagery & software analytical services and engineering & integration for the three and nine months ended September 30, 2021 and 2020:
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
(in thousands) (in thousands)
 Imagery $ 2,773  $ 814  $ 5,621  $ 1,222 
Data, software and analytics 3,756  4,720  12,023  12,038 
Engineering & integration 1,408  (217) 4,952  1,468 
Total revenues $ 7,937  $ 5,317  $ 22,596  $ 14,728 
The approximate revenue based on geographic location of customers is as follows for the three and nine months ended September 30, 2021 and 2020:

Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
(in thousands) (in thousands)
US $ 6,704  $ 3,875  $ 19,063  $ 11,853 
Middle East 607  1,249  1,987  2,446 
Asia 343  183  1,113  397 
Other 283  10  433  32 
Total revenues $ 7,937  $ 5,317  $ 22,596  $ 14,728 

Revenue from significant customers for the three and nine months ended September 30, 2021 and 2020 is as follows:

Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
(in thousands) (in thousands)
U.S. federal government and agencies $ 6,590  $ 3,831  $ 18,897  $ 11,699 
Commercial and other 1,347  1,486  3,699  3,029 
Total revenues $ 7,937  $ 5,317  $ 22,596  $ 14,728 

As of September 30, 2021 and December 31, 2020, accounts receivable consisted of the following:
September 30, December 31,
2021 2020
(in thousands)
U.S. federal government and agencies $ 4,584  $ 1,335 
Commercial and other 325  1,568 
Allowance for doubtful accounts —  — 
Total accounts receivable $ 4,909  $ 2,903 
The following table disaggregates revenue for the three and nine months ended September 30, 2021 and 2020 by when control is transferred:
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
(in thousands) (in thousands)
Point in time $ 3,104  $ 2,128  $ 7,565  $ 3,300 
Over time 4,833  3,189  15,031  11,428 
Total revenues $ 7,937  $ 5,317  $ 22,596  $ 14,728