Quarterly report [Sections 13 or 15(d)]

Restatement of Previously Issued Financial Statements - Schedule of Unaudited Condensed Consolidated Balance Sheet (Parenthetical) (Details)

v3.25.0.1
Restatement of Previously Issued Financial Statements - Schedule of Unaudited Condensed Consolidated Balance Sheet (Parenthetical) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Condensed Balance Sheet Statements, Captions [Line Items]      
Cash and cash equivalents $ 51,731   $ 29,136
Contract assets 4,987   4,718
Other current assets 9,125   16,848
Allowance for accounts receivable 1,258    
Property and equipment, net 59,600   60,446
Cost of revenue 25,596 $ 13,369  
Other long-term assets, including restricted cash 7,701   8,380
Contract liabilities, current portion 22,230   31,178
Other accrued expenses 11,125   8,326
Income tax (benefit) provision (9) 23  
Contract liabilities, non-current 19,259   17,923
Deferred income tax liabilities 795   804
Accumulated other comprehensive loss (6,118)   (4,556)
Accumulated deficit 460,830   $ 435,286
Restatement Adjustments [Member]      
Condensed Balance Sheet Statements, Captions [Line Items]      
Cash and cash equivalents [1] (254)    
Contract assets [2] (218)    
Other current assets [3] (3,116)    
Allowance for accounts receivable (1,258)    
Advances for fixed assets (1,858)    
Property and equipment, net [4] (12,253)    
Cost of revenue [5] 13,050 3,009  
Other long-term assets, including restricted cash [6] 198    
Contract liabilities, current portion [7] (387)    
Other accrued expenses [8] (184)    
Income tax (benefit) provision [9] (50) $ (246)  
Contract liabilities, non-current [10] 19,259    
Revenue Recognition For Space Services 17,864    
Historical balance of contract liabilities 1,213    
Deferred income tax liabilities [11] (263)    
Other Long-term Liabilities (1,213)    
Accumulated other comprehensive loss [12] 116    
Accumulated deficit [13] 32,971    
Restatement Adjustments [Member] | Customer Deposit [Member]      
Condensed Balance Sheet Statements, Captions [Line Items]      
Other accrued expenses 182    
Income tax (benefit) provision 52    
Contract liabilities, non-current 182    
Restatement Adjustments [Member] | Property, Plant and Equipment [Member]      
Condensed Balance Sheet Statements, Captions [Line Items]      
Cost of revenue 14,111    
Income tax (benefit) provision $ 50    
[1] The $254 decrease in cash and cash equivalents as of March 31, 2024, is related to the cash remeasurement adjustment for cash balances from certain foreign subsidiaries.
[2] The $218 decrease in contract assets as of March 31, 2024, is related to adjustments to correct revenue recognition for Space Services and R&D Services Contracts.
[3] The $3,116 decrease in other current assets as of March 31, 2024, resulted from a decrease of $1,858 related to advances for fixed assets that have been reclassified from other current assets to other property and equipment and a decrease of $1,258 related to the allowance for current expected credit loss related to the note receivable issued to a customer recorded in other current assets.
[4] The $12,253 decrease in property and equipment as of March 31, 2024, resulted from a decrease of $14,111 related to 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 $1,858 of advances for fixed assets that have been reclassified from other current assets to property and equipment instead of other current assets.
[5] The $13,050 increase in cost of revenue for the three months ended March 31, 2024, resulted from an increase of $9,178 in construction costs and launch costs for customer-controlled satellites for one specific contract being expensed to cost of revenue and an increase of $3,872 of costs associated with R&D Services Contracts being reclassified from research and development expense to cost of revenue.
b.
The $3,009 increase in cost of revenue for the three months ended March 31, 2023 resulted from an increase of $2,345 of costs associated with R&D Services Contracts for one specific contract being reclassified from research and development expense to cost of revenue, an increase of $642 in construction costs and launch costs for customer-controlled satellites being expensed to cost of revenue, and an increase of $22 from the reclassification of supply chain department costs from general and administrative expense to cost of revenue.
[6] The $198 increase in other long-term assets, including restricted cash as of March 31, 2024, is related to adjustments to long-term contract assets to correct revenue recognition for Space Services and R&D Services Contracts.
[7] The $387 decrease in contract liabilities, current portion as of March 31, 2024 is related to the correction of revenue recognition for Space Services and R&D Services Contracts.
[8] The $184 decrease in other accrued expenses as of March 31, 2024 resulted from a decrease of $182 related to a customer deposit balance reclassified from other accrued expense to contract liabilities, non-current, and a decrease of $52 from income tax provision change as a result of the revenue adjustments, partially offset by $50 Delaware franchise tax accrual.
[9] The $50 and $246 decreases in income tax provision for the three months ended March 31, 2024 and March 31, 2023, respectively, are related to the impact to income tax provision as a result of the revenue adjustments.
[10] The $19,259 increase in contract liabilities, non-current as of March 31, 2024 resulted from an increase of $17,864 related to the correction of revenue recognition for Space Services and R&D Services Contracts, an increase of $1,213 from the historical balance of contract liabilities, non-current that was included within other long-term liabilities but now presented in its own line and an increase of $182 from a customer deposit balance reclassified to contract liabilities, non-current.
[11] The $263 decrease in deferred income tax liabilities as of March 31, 2024, is related to the impact to income tax provision as a result of the revenue adjustments.
[12] The $116 decrease in accumulated other comprehensive loss as of March 31, 2024, is related to the misstatements’ impact on cumulative foreign currency translation loss.
[13] The $32,971 increase in accumulated deficit as of March 31, 2024, is related to the cumulative adjustments made in the condensed consolidated statements of operations.