Annual report [Section 13 and 15(d), not S-K Item 405]

Restatement of Previously Issued Financial Statements - Schedule of Consolidated Balance Sheets (Parenthetical) (Details)

v3.25.0.1
Restatement of Previously Issued Financial Statements - Schedule of Consolidated Balance Sheets (Parenthetical) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Jan. 01, 2022
Condensed Balance Sheet Statements, Captions [Line Items]                      
Cash and cash equivalents                 $ (29,136) $ (47,196)  
Contract assets                 4,718 2,881  
Other current assets                 16,848 7,153  
Allowance of expected credit loss                 1,218    
Property and equipment, net                 60,446 55,823  
Other long-term assets, including restricted cash                 8,380 9,562  
Other accrued expenses                 (1,116) 1,103  
Contract liabilities, current portion                 31,178 20,524  
Contract liabilities, non-current                 17,923 14,349  
Deferred income tax liabilities                 804 732  
Other long-term liabilities                 (8) (8)  
Accumulated other comprehensive loss                 (4,556) (6,908)  
Accumulated deficit                 (435,286) (357,728)  
Net loss                 77,558 99,012  
Accumulated Deficit                      
Condensed Balance Sheet Statements, Captions [Line Items]                      
Net loss                 77,558 99,012  
Delaware Franchise Tax                      
Condensed Balance Sheet Statements, Captions [Line Items]                      
Other accrued expenses                   429  
Property and Equipment [Member]                      
Condensed Balance Sheet Statements, Captions [Line Items]                      
Prepaid launch cost such satellites             $ 5,985        
Advances for fixed assets $ 1,301       $ 1,478   1,056        
Construction cost 703       4,174   4,437        
As Previously Reported                      
Condensed Balance Sheet Statements, Captions [Line Items]                      
Cash and cash equivalents [1]                 (29,144) (47,196)  
Contract assets [2]                 6,215 3,353  
Other current assets [3]                 12,340 9,279  
Prepaid launch cost such satellites                 1,218    
Advances for fixed assets                 1,860    
Property and equipment, net [4]                 71,209 53,752  
Other long-term assets, including restricted cash [5]                 8,181 9,562  
Other accrued expenses [6]                 (648) 1,012  
Contract liabilities, current portion [7]                 23,165 15,856  
Contract liabilities, non-current                 0 [8] 0  
Other long-term liabilities [9]                 (272) (780)  
Accumulated other comprehensive loss [10]                 (4,485) (6,997)  
Accumulated deficit [11]                 (402,603) (338,647)  
Net loss                 63,956 89,411  
As Previously Reported | Property and Equipment [Member]                      
Condensed Balance Sheet Statements, Captions [Line Items]                      
Construction cost                 5,037 55  
Restatement Adjustments                      
Condensed Balance Sheet Statements, Captions [Line Items]                      
Cash and cash equivalents         59   52   8 [1] 0  
Contract assets (540) $ (146) $ (936) $ (616) (671) $ (936) (1,454) $ (146) (1,497) [2] (472) [2]  
Other current assets (1,301)       (203)   4,929   4,508 [3] (2,126) [3]  
Prepaid launch cost         1,274   5,985   7,586    
Prepaid launch cost such satellites         (1,275)       1,860 2,126  
Advances for fixed assets         643   1,234   190    
Property and equipment, net 598 (38)     (3,971)   (9,366) (38) (10,763) [4] 2,071 [4]  
Construction cost                   52  
Other long-term assets, including restricted cash   164 106 120   106 199 164 199 [5] 0  
Other accrued expenses       26   4   (3) (468) [6] 91 [6]  
Contract liabilities, current portion 6,027 6,050 5,657 4,909 5,390 5,657 9,871 6,050 8,013 [7] 4,668 [7]  
Contract liabilities, non-current 13,683       12,437   13,049   17,923 [8] 14,349 [8]  
Adjustments to correct revenue recognition 12,965     4,740 11,865   11,949   17,405 13,407  
Deferred income tax liabilities 285 44 8 19 90 8 167 44 (265) 39  
Other long-term liabilities 547 533 1,140 1,753 404 1,140 752 533 264 [9] 772 [9]  
Accumulated other comprehensive loss 64 257 181 99 80 181 284 257 (71) [10] 89 [10]  
Accumulated deficit $ (20,063)       $ (22,169)   $ (27,711)   (32,683) [11] (19,081) [11] $ 9,480
Net loss                 13,602 9,601  
Restatement Adjustments | Accumulated Deficit                      
Condensed Balance Sheet Statements, Captions [Line Items]                      
Accumulated deficit                     $ 9,480
Restatement Adjustments | Other Accrued Expense [Member]                      
Condensed Balance Sheet Statements, Captions [Line Items]                      
Contract liabilities, non-current                 254 170  
Restatement Adjustments | Delaware Franchise Tax                      
Condensed Balance Sheet Statements, Captions [Line Items]                      
Other accrued expenses   220 164 143         214 259  
franchise tax accrual   379 329 312   329   379 40    
Contract liabilities, non-current   $ 159 $ 165 $ 169   $ 165   $ 159 254 170  
As Restated                      
Condensed Balance Sheet Statements, Captions [Line Items]                      
Cash and cash equivalents [1]                 (29,136) (47,196)  
Contract assets [2]                 4,718 2,881  
Other current assets [3]                 16,848 7,153  
Property and equipment, net [4]                 60,446 55,823  
Other long-term assets, including restricted cash [5]                 8,380 9,562  
Other accrued expenses [6]                 (1,116) 1,103  
Contract liabilities, current portion [7]                 31,178 20,524  
Contract liabilities, non-current [8]                 17,923 14,349  
Other long-term liabilities [9]                 (8) (8)  
Accumulated other comprehensive loss [10]                 (4,556) (6,908)  
Accumulated deficit [11]                 (435,286) (357,728)  
Net loss                 $ 77,558 $ 99,012  
[1] The $8 decrease in cash and cash equivalents as of December 31, 2023 is related to the cash remeasurement adjustment for cash balances from certain foreign subsidiaries.
[2] The $1,497 and $472 decreases in contract assets as of December 31, 2023 and December 31, 2022, respectively, are related to adjustments to correct revenue recognition for Space Services and R&D Services Contracts.
[3] Adjustments to other current assets:
a.
The $4,508 increase in other current assets as of December 31, 2023, resulted from an increase of $7,586 from prepaid launch costs for customer-controlled satellites for one specific contract reclassified from property and equipment to other current assets, partially offset by a decrease of $1,860 from advances for fixed assets that have
been reclassified from other current assets to property and equipment and a decrease of $1,218 from allowance for current expected credit loss for notes receivable recorded in other current assets.
The $2,126 decrease in other current assets as of December 31, 2022, is related to advances for fixed assets that have been reclassified to other long-term assets from other current assets.
[4] Adjustments to property and equipment:
a.
The $10,763 decrease in property and equipment as of December 31, 2023, resulted from a decrease of $7,586 from prepaid launch costs for such satellites reclassified into other current assets and a decrease of $5,037 from construction costs for customer-controlled satellites for one specific contract being expensed as cost of revenue rather than capitalized into property and equipment, partially offset by an increase of $1,860 from advances for fixed assets that have been reclassified from other current assets to property and equipment.
b.
The $2,071 increase in property equipment as of December 31, 2022 resulted from an increase of $2,126 from advances for fixed assets that have been reclassified from other current assets to property and equipment, partially offset by a decrease of $55 from construction costs for customer-controlled satellites for one specific satellite being expensed as cost of revenue rather than capitalized into property and equipment.
[5] The $199 increase in other long-term assets, including restricted cash as of December 31, 2023, is related to the correction of revenue recognition for Space Services and R&D Services Contracts impacting long-term contract assets.
[6] The $468 adjustment to change in other accrued expense for the year ended December 31, 2023 resulted from a decrease of $382 for the Delaware franchise tax accrual and a decrease of $86 for change in customer deposit balances reclassified from other accrued expense to non-current contract liability. The $91 increase in other accrued expense for the year ended December 31, 2022 is related to the Delaware franchise tax accrual.
[7] The $8,013 and $4,668 increases in contract liabilities, current portion as of December 31, 2023, and December 31, 2022, respectively, are related to the correction of revenue recognition for Space Services and R&D Services Contracts impacting contract liabilities, current portion.
[8] Adjustments to contract liabilities, non-current:
a.
The $17,923 increase in contract liabilities, non-current as of December 31, 2023, resulted from adjustments of $17,405 to correct revenue recognition for Space Services and R&D Services Contracts, a $264 pre-adjusted balance of contract liabilities, non-current that was historically included within other long-term liabilities but has been reclassified to its own line, and a $254 contract liability, non-current balance reclassified from other accrued expense.
b.
The $14,349 increase in contract liabilities, non-current as of December 31, 2022, resulted from adjustments of $13,407 to correct revenue recognition for Space Services and R&D Services Contracts, a $772 balance of contract liabilities, non-current that was originally included within other long-term liabilities, and an increase of $170 from contract liability, non-current balance reclassified from other accrued expense.
[9] The $264 and $772 decreases in other long-term liabilities as of December 31, 2023, and December 31, 2022, respectively, are related to the non-current contract liabilities balance that was historically included in other long-term liabilities but now has been presented in its own line (see restatement adjustment description (viii)).
[10] The $71 increase and $89 decrease of accumulated other comprehensive loss as of December 31, 2023, and December 31, 2022, respectively, are related to the misstatements’ impact on cumulative foreign currency translation loss.
[11] The $32,683 increase in accumulated deficit as of December 31, 2023 is related to the cumulative adjustments made in the consolidated statements of operations. The $19,081 increase in accumulated deficit as of December 31, 2022 is related to an increase of $9,601 in net loss due to the adjustments mentioned above for the year ended December 31, 2022 and an increase of $9,480 in the beginning balance of the accumulated deficit as of January 1, 2022 due to the adjustments mentioned above.