Annual report pursuant to Section 13 and 15(d)

Revenue

v3.24.1
Revenue
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue
4. Revenue
Disaggregation of Revenue
The Company earns revenue through the sale of imagery and software analytical services and professional and engineering services. The Company’s management primarily disaggregates revenue as follows: (i) imagery; (ii) data, software and analytics; (iii) professional services; and (iv) engineering services. This disaggregation allows the Company to evaluate market trends in certain imagery and software analytical services and professional and engineering services.
The following table disaggregates revenue by type for the years ended December 31, 2023 and 2022:
Years Ended December 31,
2023 2022
(in thousands)
Imagery $ 54,630  $ 34,242 
Data, software, and analytics 10,761  13,173 
Professional services 16,824  8,563 
Engineering services 12,277  9,372 
Total revenue $ 94,492  $ 65,350 
The approximate revenue based on geographic location of end customers is as follows for the years ended December 31, 2023 and 2022:
Years Ended December 31,
2023 2022
(in thousands)
North America $ 60,023  $ 54,052 
Middle East 8,385  3,459 
Asia Pacific 25,058  6,246 
Other 1,026  1,593 
Total revenue $ 94,492  $ 65,350 
Revenue from categories of end customers for the years ended December 31, 2023 and 2022 is as follows:
Years Ended December 31,
2023 2022
(in thousands)
U.S. federal government and agencies $ 58,445  $ 53,186 
International governments 34,580  11,375 
Commercial and other 1,467  789 
Total revenue $ 94,492  $ 65,350 
As of December 31, 2023 and 2022, accounts receivable consisted of the following:
December 31, December 31,
2023 2022
(in thousands)
U.S. federal government and agencies $ 5,994  $ 2,540 
International governments 895  261 
Commercial and other 333  311 
Allowance for doubtful accounts (151) — 
Total accounts receivable $ 7,071  $ 3,112 
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 December 31, 2023, the Company had $261.7 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 consolidated balance sheets, of $65.1 million, $34.4 million, and $162.2 million in fiscal year 2024, fiscal year 2025, and thereafter, respectively.