Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (33,939) $ (50,057)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 7,883 9,341
Stock-based compensation 5,986 5,198
Amortization of operating lease assets 1,128 1,139
Amortization of debt issuance costs 1,086 2,673
Change in fair value of warrant liability (1,103) (9,732)
Change in fair value of contingent earnout liability (204) (9,253)
Loss on decommissioned satellites 472 0
Loss on extinguishment of debt 0 22,271
Other (281) (16)
Changes in operating assets and liabilities:    
Accounts receivable, net (6,441) (6,708)
Contract assets (1,506) (2,390)
Other current assets 263 3,235
Other long-term assets 774 752
Accounts payable (2,465) (2,788)
Accrued wages and benefits 413 (1,702)
Contract liabilities 5,467 4,378
Other accrued expenses 766 1,828
Operating lease liabilities (890) (617)
Other long-term liabilities 0 (46)
Net cash used in operating activities (22,591) (32,494)
Cash flows from investing activities    
Purchases of short-term investments (25,845) (20,618)
Maturities of short-term investments 28,400 0
Purchase of property and equipment (12,677) (12,485)
Net cash used in investing activities (10,122) (33,103)
Cash flows from financing activities    
Proceeds from long-term debt 19,886 100,360
Proceeds from issuance of common stock under the Equity Distribution Agreement 7,866 0
Payments on long-term debt 0 (71,512)
Payment of debt issuance costs 0 (4,342)
Proceeds from exercise of stock options 0 796
Proceeds from employee stock purchase plan 422 332
Net cash provided by financing activities 28,174 25,634
Effect of foreign currency translation on cash, cash equivalents and restricted cash 597 3,213
Net (decrease) increase in cash, cash equivalents and restricted cash (3,942) (36,750)
Cash, cash equivalents and restricted cash    
Beginning balance 47,569 109,645
Ending balance 43,627 72,895
Supplemental disclosure of cash flow information    
Cash paid for interest 7,927 2,968
Income taxes paid 585 0
Noncash Investing and financing activities    
Property and equipment purchased but not yet paid 1,742 1,486
Right-of-use assets obtained in exchange for lease liabilities 2,925 0
Issuance of stock warrants with long-term debt (Note 8) $ 286 $ 3,579