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

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

v3.25.0.1
Restatement of Quarterly Financial Information (Unaudited) - 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
Quarterly Financial Data Item [Line Item]                      
Cash and cash equivalents                 $ 29,136 $ 47,196  
Contract assets                 4,718 2,881  
Other current assets                 16,848 7,153  
Property and equipment, net                 60,446 55,823  
Other long-term assets, including restricted cash                 8,380 9,562  
Contract liabilities, current portion                 31,178 20,524  
Other accrued expenses                 927 1,081  
Other accrued expenses                 (1,116) 1,103  
Contract liabilities, non-current                 17,923 14,349  
Deferred income tax liabilities                 (804) (732)  
Other long-term liabilities                 8 8  
Contract liabilities, non-current                 17,923 14,349  
Accumulated other comprehensive loss                 (4,556) (6,908)  
Accumulated deficit                 435,286 357,728  
Delaware Franchise Tax                      
Quarterly Financial Data Item [Line Item]                      
Other accrued expenses                   429  
Property and Equipment [Member]                      
Quarterly Financial Data Item [Line Item]                      
Advances for fixed assets $ 1,301       $ 1,478   $ 1,056        
Construction cost 703       4,174   4,437        
Prepaid launch cost such satellites             5,985        
Other Current Assets [Member]                      
Quarterly Financial Data Item [Line Item]                      
Advances for fixed assets         1,478   1,056        
Prepaid launch cost         1,275            
Restatement Adjustments                      
Quarterly Financial Data Item [Line Item]                      
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]  
Advances for fixed assets         643   1,234   190    
Prepaid launch cost         1,274   5,985   7,586    
Property and equipment, net 598 (38)     (3,971)   (9,366) (38) (10,763) [4] 2,071 [4]  
Construction cost                   52  
Prepaid launch cost such satellites         (1,275)       1,860 2,126  
Other long-term assets, including restricted cash   164 106 120   106 199 164 199 [5] 0  
Contract liabilities, current portion 6,027 6,050 5,657 4,909 5,390 5,657 9,871 6,050 8,013 [6] 4,668 [6]  
Other accrued expenses (122)       (148)   (318)        
Other accrued expenses       26   4   (3) (468) [7] 91 [7]  
Decrease in Contract with Customer Liability Noncurrent (172)       (168)   (348)        
Increase in Contract with Customer Liability Noncurrent 50 10,432 8,785 7,900 20 8,785 30 10,432      
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  
Adjustments to correct revenue recognition, non-current   9,740 7,480 6,147              
Customer deposit reclassified from other accrued expense 172 159 165   168 165 752 159      
Pre-Adjusted Balance of Contract Liabilities, Non-Current   533 1,140 1,753   1,140   533      
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]  
Contract liabilities, non-current 546                    
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)
Restatement Adjustments | Delaware Franchise Tax                      
Quarterly Financial Data Item [Line Item]                      
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  
Restatement Adjustments | R&D Services Contracts [Member]                      
Quarterly Financial Data Item [Line Item]                      
Construction cost         4,100   4,507        
Customer deposit reclassified from other accrued expense       169     348        
Restatements Adjustment [Member]                      
Quarterly Financial Data Item [Line Item]                      
Cash and cash equivalents [12] 46,952       43,085   29,884        
Other current assets [13] 7,648       7,973   13,330        
Property and equipment, net 58,745 [14] 52,670 [15] 55,073 [15] 52,071 [15] 58,993 [14] 55,073 [15] 60,244 [14] 52,670 [15]      
Other long-term assets, including restricted cash 9,175 [16] 10,100 [17] 11,220 [17] 11,887 [17] 9,083 [16] 11,220 [17] 8,598 [16] 10,100 [17]      
Contract liabilities, current portion 23,471 [18] 20,294 [19] 17,737 [19] 11,392 [19] 27,244 [18] 17,737 [19] 32,634 [18] 20,294 [19]      
Other accrued expenses 7,474 [20] 8,101 [21] 8,465 [21] 7,885 [21] 9,169 [20] 8,465 [21] 9,332 [20] 8,101 [21]      
Other accrued expenses (920) [22]     1,051 [23] 359 [22] 1,824 [23] (1,125) [22] 1,689 [23]      
Contract liabilities, non-current 13,683 [24] 10,432 [25] 8,785 [25] 7,900 [25] 12,437 [24] 8,785 [25] 13,049 [24] 10,432 [25]      
Other long-term liabilities 9 [26] 8 [27] 8 [27] 8 [27] 9 [26] 8 [27] 9 [26] 8 [27]      
Accumulated other comprehensive loss (8,478) [28] (4,419) [29] 477 [29] 2,690 [29] (4,128) [28] 477 [29] (5,705) [28] (4,419) [29]      
Accumulated deficit 376,383 [30] 337,506 [31] 313,762 [31] 272,803 [31] 394,755 [30] 313,762 [31] 418,092 [30] 337,506 [31]      
Restatements Adjustment [Member] | Restatement Adjustments                      
Quarterly Financial Data Item [Line Item]                      
Cash and cash equivalents [12] 0       (59)   (52)        
Other current assets [13] (1,301)       (203)   4,929        
Property and equipment, net 598 [14] (38) [15] 0 [15] 0 [15] (3,971) [14] 0 [15] (9,366) [14] (38) [15]      
Other long-term assets, including restricted cash 0 [16] 164 [17] 106 [17] 120 [17] 0 [16] 106 [17] 199 [16] 164 [17]      
Contract liabilities, current portion 6,027 [18] 6,050 [19] 5,657 [19] 4,909 [19] 5,390 [18] 5,657 [19] 9,871 [18] 6,050 [19]      
Other accrued expenses (122) [20] 220 [21] 164 [21] 143 [21] (148) [20] 164 [21] (318) [20] 220 [21]      
Other accrued expenses (372) [22]     (26) [23] (407) [22] (4) [23] (589) [22] 53 [23]      
Contract liabilities, non-current 13,683 [24] 10,432 [25] 8,785 [25] 7,900 [25] 12,437 [24] 8,785 [25] 13,049 [24] 10,432 [25]      
Other long-term liabilities (547) [26] (533) [27] (1,140) [27] (1,753) [27] (404) [26] (1,140) [27] (752) [26] (533) [27]      
Accumulated other comprehensive loss 64 [28] 257 [29] 181 [29] 99 [29] 80 [28] 181 [29] 284 [28] 257 [29]      
Accumulated deficit $ 20,063 [30] $ 16,402 [31] $ 14,469 [31] $ 11,775 [31] $ 22,169 [30] $ 14,469 [31] $ 27,711 [30] $ 16,402 [31]      
[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 $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.
[7] 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.
[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.
[12] 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.
[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] The $372 adjustment to change in other accrued expense for the three months ended March 31, 2023 is related to the Delaware franchise tax accrual. The $407 adjustment to change in other accrued expense for the six months ended June 30, 2023 is related to the Delaware franchise tax accrual. The $589 adjustment to change in other accrued expense for the nine months ended September 20, 2023 resulted from a $413 adjustment from Delaware franchise tax accrual and a $176 customer deposit reclassification.
[23] The $26 decrease, $4 decrease, and $53 increase in other accrued expenses for the three months ended March 31, 2022, six months ended June 30, 2022, and nine months ended September 30, 2022, respectively, are related to Delaware franchise tax accrual.
[24] 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.
[25] 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.
[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.