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

Restatement of Quarterly Financial Information (Unaudited) - Condensed Consolidated Statements of Cash Flows (Details)

v3.25.0.1
Restatement of Quarterly Financial Information (Unaudited) - Condensed Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
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
Quarterly Financial Data Item [Line Item]                            
Net loss                         $ (77,558) $ (99,012)
Other, net                         505 38
Change in contract assets                         1,647 713
Other current assets                         (9,803) 2,459
Change in contract liabilities                         13,693 16,618
Other accrued expenses                         (1,116) 1,103
Net Cash used in operating activities                         (36,307) (45,741)
Purchase of property and equipment                         (17,352) (20,994)
Net cash used in investing activities                         (4,968) (43,907)
Effect of foreign currency translation on cash, cash equivalent and restricted cash                         (568) 1,199
Restatements Adjustment [Member]                            
Quarterly Financial Data Item [Line Item]                            
Net loss $ (17,194) $ (23,337) $ (18,372) $ (18,655) $ (20,222) $ (23,744) $ (40,959) $ (14,087) $ (37,027) $ (55,046) $ (60,364) $ (78,790)    
Other, net       (350) [1]       (19) [2] (273) [1] (24) [2] (526) [1] 34 [2]    
Change in contract assets       (787) [3]       (844) [4] (1,307) [3] (1,357) [4] (345) [3] (1,282) [4]    
Other current assets [5]       (688)         (1,654)   (7,396)      
Change in contract liabilities       2,154 [6]       691 [7] 4,648 [6] 8,346 [7] 10,991 [6] 13,135 [7]    
Other accrued expenses       (920) [8]       1,051 [9] 359 [8] 1,824 [9] (1,125) [8] 1,689 [9]    
Net Cash used in operating activities       (12,726)       (14,991) (28,615) (32,494) (39,434) (42,747)    
Purchase of property and equipment       (3,213) [10]       (4,243) [11] (6,653) [10] (12,485) [11] (11,993) [10] (15,907) [11]    
Net cash used in investing activities       (5,521)       (4,262) (4,098) (33,103) (8,245) (38,303)    
Effect of foreign currency translation on cash, cash equivalent and restricted cash [12]       (1,846)         538   2,291      
Cash, cash equivalents and restricted cash - Ending balance       47,362         43,568   30,355      
Previously Reported [Member]                            
Quarterly Financial Data Item [Line Item]                            
Net loss                         (63,956) (89,411)
Other, net [13]                         (290) 1
Change in contract assets [14]                         (2,463) (1,364)
Other current assets [15]                         (3,246) 324
Change in contract liabilities [16]                         6,352 7,776
Other accrued expenses [17]                         (648) 1,012
Net Cash used in operating activities                         (23,622) (47,820)
Purchase of property and equipment [18]                         (30,037) (18,915)
Net cash used in investing activities                         (17,653) (41,828)
Effect of foreign currency translation on cash, cash equivalent and restricted cash [19]                         (560) 1,199
Previously Reported [Member] | Restatements Adjustment [Member]                            
Quarterly Financial Data Item [Line Item]                            
Net loss (12,222) (17,795) (16,266) (17,673) (17,543) (21,811) (38,265) (11,792) (33,939) (50,057) (51,734) (71,868) (63,956)  
Other, net       (110) [1]       0 [2] (281) [1] (16) [2] (448) [1] 79 [2]    
Change in contract assets       (855) [3]       (1,531) [4] (1,506) [3] (2,390) [4] (1,146) [3] (1,445) [4]    
Other current assets [5]       117         263   (177)      
Change in contract liabilities       1,259 [6]       (962) [7] 5,467 [6] 4,378 [7] 6,977 [6] 6,423 [7]    
Other accrued expenses       (548) [8]       1,077 [9] 766 [8] 1,828 [9] (536) [8] 1,636 [9]    
Net Cash used in operating activities       (11,290)       (14,991) (22,591) (32,494) (27,733) (42,708)    
Purchase of property and equipment       (4,649) [10]       (4,243) [11] (12,677) [10] (12,485) [11] (23,694) [10] (15,946) [11]    
Net cash used in investing activities       (6,957)       (4,262) (10,122) (33,103) (19,946) (38,342)    
Effect of foreign currency translation on cash, cash equivalent and restricted cash [12]       (1,846)         597   2,343      
Cash, cash equivalents and restricted cash - Ending balance       47,362         43,627   30,407      
Revision of Prior Period, Adjustment [Member]                            
Quarterly Financial Data Item [Line Item]                            
Net loss                         (13,602) (9,601)
Other, net       (240)       (19) (8) (8) (78) (45) (215) [13] (39) [13]
Change in contract assets       68       687 199 1,033 801 163 816 [14] 651 [14]
Other current assets       805         1,917   7,219   (6,557) [15] 2,135 [15]
Change in contract liabilities       895       1,653 819 3,968 4,014 6,712 7,341 [16] 8,842 [16]
Other accrued expenses               26   4   (3) (468) [17] 91 [17]
Net Cash used in operating activities                         (12,685) 2,079
Purchase of property and equipment       1,436         6,024   (11,701) 39 12,685 [18] (2,079) [18]
Net cash used in investing activities                         12,685 (2,079)
Effect of foreign currency translation on cash, cash equivalent and restricted cash                 59   52   $ (8) [19] $ 0 [19]
Revision of Prior Period, Adjustment [Member] | Restatements Adjustment [Member]                            
Quarterly Financial Data Item [Line Item]                            
Net loss $ (4,972) $ (5,542) $ (2,106) (982) $ (2,679) $ (1,933) $ (2,694) (2,295) (3,088) (4,989) (8,630) (6,922)    
Other, net       (240) [1]       (19) [2] 8 [1] (8) [2] (78) [1] (45) [2]    
Change in contract assets       68 [3]       687 [4] 199 [3] 1,033 [4] 801 [3] 163 [4]    
Other current assets [5]       (805)         (1,917)   (7,219)      
Change in contract liabilities       895 [6]       1,653 [7] (819) [6] 3,968 [7] 4,014 [6] 6,712 [7]    
Other accrued expenses       (372) [8]       (26) [9] (407) [8] (4) [9] (589) [8] 53 [9]    
Net Cash used in operating activities       (1,436)       0 (6,024) 0 (11,701) (39)    
Purchase of property and equipment       1,436 [10]       0 [11] 6,024 [10] 0 [11] 11,701 [10] 39 [11]    
Net cash used in investing activities       1,436       $ 0 6,024 $ 0 11,701 $ 39    
Effect of foreign currency translation on cash, cash equivalent and restricted cash [12]       0         (59)   (52)      
Cash, cash equivalents and restricted cash - Ending balance       $ 0         $ (59)   $ (52)      
[1] The $240, $8, and $78 adjustments to change in other, net for the three months ended March 31, 2023, six months ended June 30, 2023, and nine months ended September 30, 2023, respectively, represent the change in deferred income tax liabilities related to the impact to income tax provision as a result of the revenue adjustments.
[2] The $19, $8, and $45 adjustments to change in other, net for the three months ended March 31, 2022, six months ended June 30, 2022, and nine months ended September 30, 2022, respectively, represent the change in deferred income tax liabilities related to the impact to income tax provision as a result of the revenue adjustments.
[3] The $68, $199, and $801 adjustments to change in contract assets for the three months ended March 31, 2023, six months ended June 30, 2023, and nine months ended September 30, 2023, respectively, are related to the impact to short-term and long-term balances of contract assets from the correction of revenue recognition for Space Services and R&D Services Contracts.
[4] The $687, $1,033, and $163 adjustments to change in contract assets 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 the impact to current and non-current balances of contract assets from the correction of revenue recognition for Space Services and R&D Services Contracts.
[5] Adjustments to change in other current assets:
a.
The $805 increase in other current assets for the three months ended March 31, 2023, is related to the net change in advances for fixed assets balance reclassified from other current assets into property and equipment.
b.
The $1,917 increase in other current assets for the six months ended June 30, 2023 resulted from an increase of $1,274 in prepaid launch costs for customer-controlled satellites for one specific contract that is capitalized into other current assets instead of property and equipment and an increase of $643 from the net change in advances for fixed assets balance reclassified out of other current assets into property and equipment.
c.
The $7,219 increase in other current assets for the nine months ended September 30, 2023 resulted from an increase of $5,985 in prepaid launch costs for customer-controlled satellites for one specific contract that is capitalized into other current assets instead of property and equipment, and an increase of $1,234 of net change in advances for fixed assets that were reclassified out of other current assets into property and equipment.
[6] Adjustments to change in contract liabilities:
a.
The $895 adjustment to change in contract liabilities for the three months ended March 31, 2023 is related to the correction of revenue recognition for Space Services and R&D Services Contracts.
b.
The $819 adjustment to change in contract liabilities for the six months ended June 30, 2023 is related to the correction of revenue recognition for Space Services and R&D Services Contracts.
c.
The $4,014 adjustment to change in contract liabilities for the nine months ended September 30, 2023 resulted from a $3,838 impact in contract liabilities from the correction of revenue recognition for Space Services and R&D Services Contracts and $176 from the change in the customer deposit balance reclassified from other accrued expense to contract liabilities, non-current.
[7] The $1,653, $3,968, and $6,712 increases in contract liabilities 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 the impact to current and non-current balances of contract liabilities from the correction of revenue recognition for Space Services and R&D Services Contracts.
[8] 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.
[9] 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.
[10] Adjustment to purchase of property and equipment:
a.
The $1,436 decrease in purchase of property and equipment for the three months ended March 31, 2023 resulted from a decrease of $825 from noncash addition to property and equipment from the prior period advances that was incorrectly reflected as current period’s cash purchase and a decrease of $611 in costs incurred to build the customer-controlled satellites for one specific contract being expensed rather than capitalized into the Company's property and equipment.
b.
The $6,024 decrease in purchase of property and equipment for the six months ended June 30, 2023 resulted from a decrease of $4,101 in costs incurred to build the customer-controlled satellites being for one specific contract being expensed rather than capitalized into the Company's property and equipment, a decrease of $1,275 from prepaid launch costs for the customer-controlled satellites being reclassified into other current assets rather than capitalized into the Company's property and equipment, and a decrease of $648 from noncash addition to property and equipment from the prior period advances that were incorrectly reflected as current period’s cash purchase.
c.
The $11,701 decrease in purchase of property and equipment for the nine months ended September 30, 2023 resulted from a decrease of $5,985 prepaid launch costs for the customer-controlled satellites for one specific contract being reclassified into other current assets rather than capitalized into the Company's property and equipment, a decrease of $4,646 in costs incurred to design/build the customer-controlled satellites being expensed
rather than capitalized into the Company's property and equipment and a decrease of $1,070 from noncash addition to property and equipment from the prior period advances that was incorrectly reflected as current period’s cash purchase.
[11] The $39 decrease in purchase of property and equipment for the nine months ended September 30, 2022, is related to costs incurred to build the customer-controlled satellites for one specific contract being expensed rather than capitalized into the Company's property and equipment.
[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, which resulted in a $59 and $52 change in effect of foreign currency translation on cash, cash equivalents and restricted cash for the six months ended June 30, 2023 and the nine months ended September 30, 2023, respectively.
[13] The $215 and $39 adjustments to change in other, net for the year ended December 31, 2023 and December 31, 2022, respectively, represents the changes in deferred income tax liabilities related to the impact to income tax provision as a result of the revenue adjustments.
[14] The $816 and $651 adjustments to change in contract assets for the years ended December 31, 2023 and December 31, 2022, respectively, are related to the impact to current and non-current balances of contract assets for the correction of revenue recognition for Space Services and R&D Services Contracts.
[15] Adjustments to change in other current assets:
a.
The $6,557 additional increase in other current assets for the year ended December 31, 2023 resulted from an increase of $7,585 from prepaid launch costs for customer-controlled satellites being reclassified from property and equipment to other current assets and an increase of $190 from net change in advances for fixed assets balance reclassified to property and equipment, partially offset by a decrease of $1,218 from allowance for current expected credit loss related to a note receivable issued to a customer recorded in other current assets.
b.
The $2,135 additional decrease in other current assets as of December 31, 2022, is related to net change in fixed assets advances reclassified from other current assets into property and equipment.
[16] Adjustments to change in contract liabilities:
a.
The $7,341 adjustment to change in contract liabilities for the year ended December 31, 2023 resulted from a $7,255 impact to current and non-current balances of contract liabilities from the correction of revenue recognition for Space Services and R&D Services Contracts and the $86 change in customer deposit balance reclassified from other accrued expense to contract liability, non-current.
b.
The $8,842 adjustment to change in contract liabilities for the year ended December 31, 2022 is related to the impact to current and non-current balances of contract liabilities from the correction of revenue recognition for Space Services and R&D Services Contracts.
[17] 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.
[18] Adjustments to purchase of property and equipment:
a.
The $12,685 decrease in purchase of property and equipment for the year ended December 31, 2023 resulted from a decrease of $7,585 from prepaid launch costs for the customer-controlled satellites being reclassified into other current assets rather than capitalized into the Company's property and equipment, a decrease of $4,834 from costs incurred to design/build the customer-controlled satellites being expensed rather than capitalized into the Company's property and equipment, and a decrease of $266 from noncash addition to property and equipment from the prior period advances that was incorrectly reflected as current period’s cash purchase.
b.
The $2,079 increase in purchase of property and equipment for the year ended December 31, 2022 resulted from an increase of $2,126 from advances paid for fixed assets that have been reclassified to property and equipment from other current assets, partially offset by a decrease of $47 from costs incurred to design/build the customer-controlled satellites being expensed rather than capitalized into the Company's property and equipment.
[19] 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, which resulted in an $8 change in effect of foreign currency translation on cash, cash equivalents and restricted cash for the fiscal year ended December 31, 2023.