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

Restatement of Quarterly Financial Information (Unaudited) - Consolidated Balance Sheets (Details)

v3.25.0.1
Restatement of Quarterly Financial Information (Unaudited) - Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Jan. 01, 2022
Dec. 31, 2021
Quarterly Financial Data Item [Line Item]                    
Cash and cash equivalents $ 29,136       $ 47,196          
Contract assets 4,917       2,881         $ 2,230
Other current assets 16,848       7,153          
Total current assets 72,339       94,178          
Property and equipment, net 60,446       55,823          
Other long-term assets, including restricted cash 8,380       9,562          
Total assets 239,264       255,985          
Contract liabilities, current portion 31,178       20,524          
Other accrued expenses 927       1,081          
Total current liabilities 49,345       38,295          
Contract liabilities, non-current 17,923       14,349          
Deferred income tax liabilities 18,694       16,666          
Other long-term liabilities 8       8          
Total liabilities 201,480       164,854          
Accumulated other comprehensive income (loss) (4,556)       (6,908)          
Accumulated deficit (435,286)       (357,728)          
Total stockholders' equity 37,784       91,131         190,207
Total liabilities and stockholders' equity 239,264       255,985          
As Previously Reported                    
Quarterly Financial Data Item [Line Item]                    
Cash and cash equivalents [1] 29,144       47,196          
Other current assets [2] 12,340       9,279          
Total current assets 69,336       96,776          
Property and equipment, net [3] 71,209       53,752          
Other long-term assets, including restricted cash [4] 8,181       9,562          
Total assets 246,825       256,512          
Contract liabilities, current portion [5] 23,165       15,856          
Total current liabilities 41,546       33,368          
Contract liabilities, non-current 0 [6]       0          
Other long-term liabilities [7] 272       780          
Total liabilities 176,287       146,389          
Accumulated other comprehensive income (loss) [8] (4,485)       (6,997)          
Accumulated deficit [9] (402,603)       (338,647)          
Total stockholders' equity 70,538       110,123         732
Total liabilities and stockholders' equity 246,825       256,512          
Restatement Adjustments                    
Quarterly Financial Data Item [Line Item]                    
Cash and cash equivalents (8) [1] $ (52) $ (59)   0          
Other current assets 4,508 [2] 4,929 (203) $ (1,301) (2,126) [2]          
Total current assets 3,003       (2,598)          
Property and equipment, net (10,763) [3] (9,366) (3,971) 598 2,071 [3] $ (38)        
Other long-term assets, including restricted cash 199 [4] 199     0 164 $ 106 $ 120    
Total assets (7,561)       (527)          
Contract liabilities, current portion 8,013 [5] 9,871 5,390 6,027 4,668 [5] 6,050 5,657 4,909    
Other accrued expenses   (318) (148) (122)            
Total current liabilities 7,799       4,927          
Contract liabilities, non-current 17,923 [6] 13,049 12,437 13,683 14,349 [6]          
Other long-term liabilities (264) [7] (752) (404) (547) (772) [7] (533) (1,140) (1,753)    
Total liabilities 25,193       18,465          
Accumulated other comprehensive income (loss) (71) [8] 284 80 64 89 [8] 257 181 99    
Accumulated deficit (32,683) [9] (27,711) (22,169) (20,063) (19,081) [9]       $ 9,480  
Total stockholders' equity (32,754)       (18,992)         $ 180,777
Total liabilities and stockholders' equity (7,561)       (527)          
As Restated                    
Quarterly Financial Data Item [Line Item]                    
Cash and cash equivalents [1] 29,136       47,196          
Other current assets [2] 16,848       7,153          
Total current assets 72,339       94,178          
Property and equipment, net [3] 60,446       55,823          
Other long-term assets, including restricted cash [4] 8,380       9,562          
Total assets 239,264       255,985          
Contract liabilities, current portion [5] 31,178       20,524          
Total current liabilities 49,345       38,295          
Contract liabilities, non-current [6] 17,923       14,349          
Other long-term liabilities [7] 8       8          
Total liabilities 201,480       164,854          
Accumulated other comprehensive income (loss) [8] (4,556)       (6,908)          
Accumulated deficit [9] (435,286)       (357,728)          
Total stockholders' equity 37,784       91,131          
Total liabilities and stockholders' equity $ 239,264       $ 255,985          
Restatements Adjustment [Member]                    
Quarterly Financial Data Item [Line Item]                    
Cash and cash equivalents [10]   29,884 43,085 46,952            
Contract assets   3,035 [11] 4,228 [11] 3,673 [11]   3,214 [12] 3,466 [12] 3,014 [12]    
Other current assets [13]   13,330 7,973 7,648            
Total current assets   85,066 96,831 97,788   109,310 119,435 110,878    
Property and equipment, net   60,244 [14] 58,993 [14] 58,745 [14]   52,670 [15] 55,073 [15] 52,071 [15]    
Other long-term assets, including restricted cash   8,598 [16] 9,083 [16] 9,175 [16]   10,100 [17] 11,220 [17] 11,887 [17]    
Total assets   250,265 263,459 262,259   266,595 288,091 282,882    
Contract liabilities, current portion   32,634 [18] 27,244 [18] 23,471 [18]   20,294 [19] 17,737 [19] 11,392 [19]    
Other accrued expenses   9,332 [20] 9,169 [20] 7,474 [20]   8,101 [21] 8,465 [21] 7,885 [21]    
Total current liabilities   52,312 45,689 42,323   39,066 34,348 31,094    
Contract liabilities, non-current   13,049 [22] 12,437 [22] 13,683 [22]   10,432 [23] 8,785 [23] 7,900 [23]    
Deferred income tax liabilities   613 [24] 727 [24] 509 [24]   656 [25] 749 [25] 794 [25]    
Other long-term liabilities   9 [26] 9 [26] 9 [26]   8 [27] 8 [27] 8 [27]    
Total liabilities   200,206 192,015 188,421   160,400 156,356 111,357    
Accumulated other comprehensive income (loss)   (5,705) [28] (4,128) [28] (8,478) [28]   (4,419) [29] 477 [29] 2,690 [29]    
Accumulated deficit   (418,092) [30] (394,755) [30] (376,383) [30]   (337,506) [31] (313,762) [31] (272,803) [31]    
Total stockholders' equity   50,059 71,444 73,838   106,195 131,735 171,525    
Total liabilities and stockholders' equity   250,265 263,459 262,259   266,595 288,091 282,882    
Restatements Adjustment [Member] | As Previously Reported                    
Quarterly Financial Data Item [Line Item]                    
Cash and cash equivalents [10]   29,936 43,144 46,952            
Contract assets   4,489 [11] 4,899 [11] 4,213 [11]   3,360 [12] 4,402 [12] 3,630 [12]    
Other current assets [13]   8,401 8,176 8,949            
Total current assets   81,643 97,764 99,629   109,456 120,371 111,494    
Property and equipment, net   69,610 [14] 62,964 [14] 58,147 [14]   52,708 [15] 55,073 [15] 52,071 [15]    
Other long-term assets, including restricted cash   8,399 [16] 9,083 [16] 9,175 [16]   9,936 [17] 11,114 [17] 11,767 [17]    
Total assets   256,009 268,363 263,502   266,615 288,921 283,378    
Contract liabilities, current portion   22,763 [18] 21,854 [18] 17,444 [18]   14,244 [19] 12,080 [19] 6,483 [19]    
Other accrued expenses   9,650 [20] 9,317 [20] 7,596 [20]   7,881 [21] 8,301 [21] 7,742 [21]    
Total current liabilities   42,759 40,447 36,418   32,796 28,527 26,042    
Contract liabilities, non-current   0 [22] 0 [22] 0 [22]   0 [23] 0 [23] 0 [23]    
Deferred income tax liabilities   780 [24] 817 [24] 794 [24]   700 [25] 757 [25] 813 [25]    
Other long-term liabilities   761 [26] 413 [26] 556 [26]   541 [27] 1,148 [27] 1,761 [27]    
Total liabilities   178,523 174,830 169,665   144,275 142,898 100,177    
Accumulated other comprehensive income (loss)   (5,989) [28] (4,208) [28] (8,542) [28]   (4,676) [29] 296 [29] 2,591 [29]    
Accumulated deficit   (390,381) [30] (372,586) [30] (356,320) [30]   (321,104) [31] (299,293) [31] (261,028) [31]    
Total stockholders' equity   77,486 93,533 93,837   122,340 146,023 183,201    
Total liabilities and stockholders' equity   256,009 268,363 263,502   266,615 288,921 283,378    
Restatements Adjustment [Member] | Restatement Adjustments                    
Quarterly Financial Data Item [Line Item]                    
Cash and cash equivalents [10]   (52) (59) 0            
Contract assets   (1,454) [11] (671) [11] (540) [11]   (146) [12] (936) [12] (616) [12]    
Other current assets [13]   4,929 (203) (1,301)            
Total current assets   3,423 (933) (1,841)   (146) (936) (616)    
Property and equipment, net   (9,366) [14] (3,971) [14] 598 [14]   (38) [15] 0 [15] 0 [15]    
Other long-term assets, including restricted cash   199 [16] 0 [16] 0 [16]   164 [17] 106 [17] 120 [17]    
Total assets   (5,744) (4,904) (1,243)   (20) (830) (496)    
Contract liabilities, current portion   9,871 [18] 5,390 [18] 6,027 [18]   6,050 [19] 5,657 [19] 4,909 [19]    
Other accrued expenses   (318) [20] (148) [20] (122) [20]   220 [21] 164 [21] 143 [21]    
Total current liabilities   9,553 5,242 5,905   6,270 5,821 5,052    
Contract liabilities, non-current   13,049 [22] 12,437 [22] 13,683 [22]   10,432 [23] 8,785 [23] 7,900 [23]    
Deferred income tax liabilities   (167) [24] (90) [24] (285) [24]   (44) [25] (8) [25] (19) [25]    
Other long-term liabilities   (752) [26] (404) [26] (547) [26]   (533) [27] (1,140) [27] (1,753) [27]    
Total liabilities   21,683 17,185 18,756   16,125 13,458 11,180    
Accumulated other comprehensive income (loss)   284 [28] 80 [28] 64 [28]   257 [29] 181 [29] 99 [29]    
Accumulated deficit   (27,711) [30] (22,169) [30] (20,063) [30]   (16,402) [31] (14,469) [31] (11,775) [31]    
Total stockholders' equity   (27,427) (22,089) (19,999)   (16,145) (14,288) (11,676)    
Total liabilities and stockholders' equity   $ (5,744) $ (4,904) $ (1,243)   $ (20) $ (830) $ (496)    
[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] 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.
[3] 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.
[4] 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.
[5] 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.
[6] 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.
[7] 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)).
[8] 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.
[9] 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.
[10] The $59 and $52 decreases in cash and cash equivalents as of June 30, 2023 and September 30, 2023, respectively, are related to the cash remeasurement adjustment for cash balances from certain foreign subsidiaries.
[11] The $540, $671 and $1,454 decreases in contract assets as of March 31, 2023, June 30, 2023, and September 30, 2023, respectively, are related to the correction of revenue recognition for Space Services and R&D Services Contracts.
[12] The $616, $936 and $146 decreases in contract assets as of March 31, 2022, June 30, 2022, and September 30, 2022, respectively, are related to the correction of revenue recognition for Space Services and R&D Services Contracts.
[13] Adjustments to other current assets:
a.
The $1,301 decrease in other current assets as of March 31, 2023 is related to the fixed asset advance reclassified to property and equipment, net.
b.
The $203 decrease in other current assets as of June 30, 2023 resulted from a decrease of $1,478 from advances for fixed assets that have been reclassified from other current assets to property and equipment, partially offset by an increase of $1,275 from prepaid launch costs for customer-controlled satellites for one specific contract that have been reclassified from property and equipment to other current assets.
c.
The $4,929 increase in other current assets as of September 30, 2023 resulted from an increase of $5,985 from prepaid launch costs for customer-controlled satellites for one specific contract that have been reclassified from property and equipment to other current assets, partially offset by $1,056 of advances for fixed assets that have been reclassified from other current assets to property and equipment.
[14] Adjustments to property and equipment:
a.
The $598 increase in property and equipment as of March 31, 2023, resulted from an increase of $1,301 from advances for fixed assets that have been reclassified from other current assets to property and equipment, partially offset by $703 of construction costs for customer-controlled satellites for one specific contract being expensed as cost of revenue rather than capitalized into property and equipment.
b.
The $3,971 decrease in property and equipment as of June 30, 2023 resulted from a decrease of $4,174 from construction costs for customer-controlled satellites being expensed for one specific contract as cost of revenue rather than capitalized into property and equipment and a decrease of $1,275 from prepaid launch costs for such satellites that have been reclassified from property and equipment to other current assets, partially offset by an increase of $1,478 from advances for fixed assets that have been reclassified from other current assets to property and equipment.
c.
The $9,366 decrease in property and equipment as of June 30, 2023 resulted from a decrease of $5,985 from prepaid launch costs for such satellites that have been reclassified from property and equipment to other current assets and a decrease of $4,437 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 $1,056 from advances for fixed assets that have been reclassified from other current assets to property and equipment.
[15] The $38 decrease in property and equipment as of September 30, 2022 is related to construction costs for customer-controlled satellites being expensed as cost of revenue rather than capitalized into property and equipment.
[16] The $199 increase in other long-term assets, including restricted cash as of September 30, 2023, is related to the correction of revenue recognition for Space Services and R&D Services Contracts.
[17] The $120, $106, and $164 increases in other long-term assets, including restricted cash, as of March 31, 2022, June 30, 2022, and September 30, 2022, respectively, are related to the correction of revenue recognition for Space Services and R&D Services Contracts.
[18] The $6,027, $5,390, and $9,871 increases in contract liabilities, current portion as of March 31, 2023, June 30, 2023, and September 30, 2023, respectively, are related to the correction of correct revenue recognition for Space Services and R&D Services Contracts, impacting contract liabilities, non-current.
[19] The $4,909 increase in contract liabilities, current, as of March 31, 2022 resulted from an increase of $4,740 related to the correction of revenue recognition for Space Services and R&D Services Contracts and an increase of $169 from a customer deposit balance reclassified from other accrued expense. The $5,657 and $6,050 increases in contract liabilities, current as of June 30, 2022 and September 30, 2022, respectively, resulted from the correction of revenue recognition for Space Services and R&D Services Contracts.
[20] The $122 decrease in other accrued expense as of March 31, 2023 resulted from a decrease of $172 from a customer deposit balance reclassified to contract liabilities, noncurrent, partially offset by an increase of $50 for the Delaware franchise tax accrual. The $148 decrease in other accrued expenses as of June 30, 2023 resulted from a decrease of $168 for a customer deposit balance reclassified to contract liabilities, non-current, partially offset by an increase of $20 from the Delaware franchise tax accrual. The $318 decrease in other accrued expenses as of September 30, 2023 resulted from a decrease of $348 from a customer deposit balance reclassified to contract liabilities, non-current, partially offset by an increase of $30 from Delaware franchise tax accrual.
[21] The $143 increase in other accrued expenses as of March 31, 2022 resulted from an increase of $312 for Delaware franchise tax accrual, partially offset by a decrease of $169 from a customer deposit balance reclassified to contract liabilities, non-current. The $164 increase in other accrued expenses as of June 30, 2022 resulted from an increase of $329 from the Delaware franchise tax accrual, partially offset by a decrease of $165 from a customer deposit balance reclassified to contract liabilities, non-current. The $220 increase in other accrued expenses as of June 30, 2022 resulted from an increase of $379 from the Delaware franchise tax accrual, partially offset by a decrease of $159 from a customer deposit balance reclassified to contract liabilities, non-current.
[22] Adjustments to contract liabilities, non-current:
a.
The $13,683 increase in contract liabilities, non-current as of March 31, 2023 resulted from an increase of $12,965 related to the correction of revenue recognition for Space Services and R&D Services Contracts, a $546 balance of contract liabilities, non-current that was historically included within other long-term liabilities, and a $172 increase for a customer deposit balance reclassified from other accrued expense .
b.
The $12,437 increase in contract liabilities, non-current as of June 30, 2023, resulted from an increase of $11,865 related to correction of revenue recognition for Space Services and R&D Services Contracts, a $404 balance of contract liabilities, non-current that was historically included within other long-term liabilities, and a $168 increase for a customer deposit balance reclassified from other accrued expense.
c.
The $13,049 increase in contract liabilities, non-current as of September 30, 2023, resulted from an increase of $11,949 related to the correction of revenue recognition for Space Services and R&D Services Contracts, a $752 balance of contract liabilities, non-current that was historically included within other long-term liabilities, and a $348 increase for a customer deposit balance reclassified from other accrued expense.
[23] Adjustments to contract liabilities, non-current:
a.
The $7,900 increase in contract liabilities, non-current as of March 31, 2022 resulted from an increase of $6,147 related to the correction of revenue recognition for Space Services and R&D Services Contracts and a $1,753 balance of contract liabilities, non-current that was historically included within other long-term liabilities.
b.
The $8,785 increase in contract liabilities, non-current as of June 30, 2022 resulted from an increase of $7,480 related to the correction of revenue recognition for Space Services and R&D Services Contracts, a $1,140 balance of contract liabilities, non-current that was historically included within other long-term liabilities, and a $165 increase from a customer deposit balance reclassified from other accrued expense.
c.
The $10,432 increase in contract liabilities, non-current as of September 30, 2022 resulted from an increase of $9,740 related to the correction of revenue recognition for Space Services and R&D Services Contracts and a $533 balance of contract liabilities, non-current that was historically included within other long-term liabilities, and a $159 increase from a customer deposit balance reclassified from other accrued expense.
[24] The $285, $90 and $167 decreases in deferred income tax liabilities as of March 31, 2023, June 30, 2023, and September 30, 2023, respectively, are related to impact to income tax provision as a result of the revenue adjustments.
[25] The $19, $8 and $44 decreases in deferred income tax liabilities as of March 31, 2022, June 30, 2022, and September 30, 2022, respectively, are related to the impact to income tax provision as a result of the revenue adjustments.
[26] The $547, $404, and $752 decreases in other long-term liabilities as of March 31, 2023, June 30, 2023, and September 30, 2023, respectively, represent the non-current contract liabilities balance that was historically included in other long-term liabilities but is now presented in its own line (see restatement adjustment description in (viii)).
[27] The $1,753, $1,140, and $533 decreases in other long-term liabilities as of March 31, 2022, June 30, 2022, and September 30, 2022, respectively, are related to the contract liabilities, non-current balance that was historically included in other long-term liabilities but now has been presented in its own line (see restatement adjustment description (vi)).
[28] The $64, $80, and $284 decreases in accumulated other comprehensive loss as of March 31, 2023, June 30, 2023, and September 30, 2023, respectively, are related to the misstatements’ impact on cumulative foreign currency translation loss.
[29] The $99, $181, and $257 increases in accumulated other comprehensive income as of March 31, 2022, June 30, 2022, and September 30, 2022, respectively, are related to the misstatements’ impact on cumulative foreign currency translation loss.
[30] The $20,063, $22,169, and $27,711 increases in accumulated deficit as of March 31, 2023, June 30, 2023, and September 30, 2023, respectively, are related to the cumulative adjustments made in the condensed consolidated statements of operations.
[31] The $11,775, $14,469, and $16,402 increases in accumulated deficit as of March 31, 2022, June 30, 2022, and September 30, 2022, respectively, are related to the cumulative adjustments made in the consolidated statements of operations.