Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
shares in Thousands, $ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 28,815 $ 13,056
Restricted cash 1,103 1,322
Short-term investments 117,674 39,406
Accounts Receivable 3,969 14,701
Contract assets 36,040 27,852
Inventories 0 6,043
Prepaid Expense and Other Assets, Current 13,441 4,356
Total current assets 201,042 106,736
Property and equipment - net 72,865 45,613
Operating lease right of use assets - net 3,571 4,029
Goodwill 10,279 10,260
Intangible assets - net 4,858 5,446
Satellite work in process 79,552 80,601
Other assets 8,690 1,461
Total assets 380,857 254,146
Current liabilities:    
Accounts payable and accrued liabilities 11,934 20,419
Contract liabilities - current 21,662 2,183
Debt, Current 5,770 1,927
Other current liabilities 12,287 1,493
Total current liabilities 51,653 26,022
Operating lease liabilities 7,641 8,048
Derivative liabilities 26,784 17,964
Deferred revenue - long-term 14,063 0
Long-term debt - net of current portion 189,291 105,736
Other liabilities 369 2,387
Total liabilities 289,801 160,157
Commitments and contingencies (Note 17)
Stockholders’ equity:    
Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 35,991 and 30,960 shares; outstanding, 35,695 shares and 30,663 shares as of September 30, 2025 and December 31, 2024, respectively. 4 3
Additional paid-in capital 816,632 750,174
Accumulated deficit (725,580) (656,188)
Total stockholders’ equity 91,056 93,989
Total liabilities and stockholders’ equity $ 380,857 $ 254,146
Common stock, shares issued (in shares) 35,991 30,960
Common stock shares outstanding (in shares) 35,695 30,663