Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net Income (Loss) $ (25,256) $ (17,673)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,837 3,916
Stock-based compensation 3,628 2,646
Amortization of operating lease right-of-use assets 809 224
Amortization of debt issuance costs 900 554
Change in fair value of warrant liabilities 4,202 (746)
Change in fair value of contingent earnout liability 45 (76)
Issuance of stock warrants 2,399 0
Loss on decommissioned satellites and impairment of assets 432 0
Other, net (20) (104)
Changes in operating assets and liabilities:    
Accounts receivable, net (2,564) 97
Contract assets 624 (855)
Other current assets 392 117
Other long-term assets 516 410
Accounts payable (1,508) (604)
Accrued wages and benefits 343 323
Contract liabilities 775 1,259
Other accrued expenses 973 (548)
Operating lease liabilities (872) (230)
Net cash used in operating activities (7,345) (11,290)
Cash flows from investing activities    
Purchases of short-term investments (10,920) (13,908)
Maturities of short-term investments 10,800 11,600
Purchase of property and equipment (8,564) (4,649)
Net cash used in investing activities (8,684) (6,957)
Cash flows from financing activities    
Proceeds from Securities Purchase Agreement, net 37,881 0
Proceeds from long-term debt 0 19,886
Proceeds from Stock Options Exercised 267 0
Net cash provided by financing activities 38,148 19,886
Effect of foreign currency translation on cash, cash equivalents and restricted cash 711 (1,846)
Net decrease in cash, cash equivalents and restricted cash 22,830 (207)
Cash, cash equivalents and restricted cash    
Beginning balance 29,641 47,569
Ending balance 52,471 47,362
Supplemental disclosure of cash flow information    
Cash paid for interest 3,983 3,827
Income taxes paid 15 451
Noncash Investing and financing activities    
Property and equipment purchased but not yet paid 2,135 2,299
Right-of-use assets obtained in exchange for lease liabilities 353 1,007
Conversion of warrants to Class A common stock $ 0 $ 286