Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure
4. Segment Information
The Company’s Chief Operating Decision Maker (“CODM”) as defined under GAAP, who is the Company’s Chief Executive Officer, has determined the allocation of resources and assessed performance based upon the unaudited condensed consolidated results of the Company. The CODM uses consolidated net loss to assess financial performance and allocate resources. Accordingly, the Company is currently deemed to be comprised of only one operating segment and one reportable segment. This segment, which comprises the continuing operations of the Company’s single operating and reportable segment, provides geospatial intelligence, imagery and related data analytic products and services, of which the Company incurs costs and also recognizes revenue on professional and engineering services including but not limited to, the development, integration, and operation of satellites and software platforms, as well as ground systems, that support the Company's primary imagery service subscriptions. The following table presents selected financial information with respect to the Company’s single reportable segment for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Revenue
Imagery & software analytical services $ 15,782  $ 17,276  $ 50,593  $ 52,578 
Professional & engineering services 3,836  5,273  20,768  19,145 
Total revenue 19,618  22,549  71,361  71,723 
Costs and Expenses
Imagery & software analytical direct labor costs 748  577  1,976  1,957 
Imagery & software analytical direct materials costs 3,581  3,105  9,631  8,602 
Professional & engineering direct labor costs 2,262  1,914  6,655  6,919 
Professional & engineering direct materials costs 224  1,054  7,400  3,087 
Salaries and benefit costs 10,688  10,396  34,203  31,469 
Stock-based compensation expense(1)
3,482  2,377  9,527  7,747 
Other segment items(2)
7,595  5,231  22,406  16,560 
Depreciation and amortization 7,864  11,125  22,308  33,586 
Loss (gain) on derivatives (8,386) (3,574) 14,148  (8,593)
Loss on debt extinguishment 4,140  —  4,140  — 
Interest income (1,324) (257) (2,574) (987)
Interest expense 4,037  3,142  10,889  8,805 
Other 8  22  (60) 19 
Income tax expense 39  28  104  350 
Net loss $ (15,340) $ (12,591) $ (69,392) $ (37,798)
(1) Relates to stock-based compensation within selling, general, and administrative costs.
(2) Other segment items included in net loss primarily includes selling, general, and administrative costs and research and development costs.
As of September 30, 2025 and December 31, 2024, the Company's segment assets, which are equal to the Company's consolidated assets on the unaudited condensed consolidated balance sheets, are owned and operated by United States entities and are classified within the United States. See Note 5—“Revenue” for additional information about revenue by geographic region.