Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net loss $ (63,956) $ (89,411)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 18,228 18,341
Stock-based compensation 12,978 11,491
Amortization of operating lease right-of-use assets 2,928 2,344
Amortization of debt issuance costs 2,337 3,781
Change in fair value of warrant liabilities 1,597 (8,757)
Change in fair value of contingent earnout liability (129) (9,677)
Loss on decommissioned satellites and impairment of assets 1,024 784
Loss on extinguishment of debt 0 22,271
Other, net (290) 1
Changes in operating assets and liabilities:    
Accounts receivable, net 4,144 (4,180)
Contract assets (2,463) (1,364)
Other current assets (3,246) 324
Other long-term assets 1,680 1,852
Accounts payable 1,371 (1,808)
Accrued wages and benefits (2,747) (923)
Contract liabilities 6,352 7,776
Other accrued expenses (648) 1,012
Operating lease liabilities (2,782) (1,632)
Other long-term liabilities 0 (45)
Net cash used in operating activities (23,622) (47,820)
Cash flows from investing activities    
Purchases of short-term investments (40,116) (40,213)
Maturities of short-term investments 52,500 17,300
Purchase of property and equipment (30,037) (18,915)
Net cash used in investing activities (17,653) (41,828)
Cash flows from financing activities    
Proceeds from long-term debt 19,886 100,973
Proceeds from issuance of common stock under the Equity Distribution Agreement, net 7,866 0
Payments on long-term debt (4,500) (71,512)
Payment of debt issuance costs (75) (4,516)
Proceeds from exercise of stock options 3 806
Proceeds from employee stock purchase plan 727 622
Net cash provided by financing activities 23,907 26,373
Effect of foreign currency translation on cash, cash equivalent and restricted cash (560) 1,199
Net decrease in cash, cash equivalents and restricted cash (17,928) (62,076)
Cash, cash equivalents and restricted cash    
Beginning balance 47,569 109,645
Ending balance 29,641 47,569
Supplemental disclosure of cash flow information    
Cash paid for interest 16,157 9,438
Income Taxes Paid 47 210
Noncash Investing and financing activities    
Property and equipment purchased but not yet paid 2,745 957
Right-of-use assets obtained in exchange for lease liabilities 5,868 0
Accrued long-term debt issuance costs 1,800 0
Conversion of warrants to Class A common stock 286 4,205
Issuance of stock warrants with long-term debt $ 2,579 $ 3,579