Quarterly report [Sections 13 or 15(d)]

Restatement of Previously Issued Financial Statements - Schedule of Unaudited Condensed Consolidated Statements of Operations (Details)

v3.25.0.1
Restatement of Previously Issued Financial Statements - Schedule of Unaudited Condensed Consolidated Statements of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Condensed Income Statements, Captions [Line Items]    
Revenue $ 34,825 $ 23,217
Cost of revenue 25,596 13,369
Gross profit 9,229 9,848
Research and development 6,037 7,318
General and administrative 9,844 11,823
Allowance for current expected credit loss on notes receivable 40 0
Total operating expenses 21,217 25,991
Loss from operations (11,988) (16,143)
Foreign exchange (loss) gain (1,786) 1,013
Other (expense) income, net (534) (311)
Total other income (expense), net (13,565) (2,489)
Loss before income taxes (25,553) (18,632)
Income tax (benefit) provision (9) 23
Net loss $ (25,544) $ (18,655)
Basic net loss per share [1] $ (1.17) $ (1.03)
Diluted net loss per share [1] $ (1.17) $ (1.03)
Weighted Average Number of Shares Outstanding, Basic 21,813,045 18,096,363
Weighted Average Number of Shares Outstanding, Diluted 21,813,045 18,096,363
As Previously Reported [Member]    
Condensed Income Statements, Captions [Line Items]    
Revenue [2] $ 25,688 $ 24,168
Cost of revenue [3] 12,546 10,360
Gross profit 13,142 13,808
Research and development [4] 9,909 9,663
General and administrative [5] 9,818 11,770
Allowance for current expected credit loss on notes receivable [6] 0 0
Total operating expenses 25,023 28,283
Loss from operations (11,881) (14,475)
Foreign exchange (loss) gain [7] (1,538) 1,024
Other (expense) income, net [8] (551) (762)
Total other income (expense), net (13,334) (2,929)
Loss before income taxes (25,215) (17,404)
Income tax (benefit) provision [9] 41 269
Net loss $ (25,256) $ (17,673)
Basic net loss per share [10] $ (1.16) $ (0.98)
Diluted net loss per share [10] $ (1.16) $ (0.98)
Weighted Average Number of Shares Outstanding, Basic [10] 21,813,045 18,096,363
Weighted Average Number of Shares Outstanding, Diluted [10] 21,813,045 18,096,363
Restatement Adjustments [Member]    
Condensed Income Statements, Captions [Line Items]    
Revenue [2] $ 9,137 $ (951)
Cost of revenue [3] 13,050 3,009
Gross profit (3,913) (3,960)
Research and development [4] (3,872) (2,345)
General and administrative [5] 26 53
Allowance for current expected credit loss on notes receivable [6] 40 0
Total operating expenses (3,806) (2,292)
Loss from operations (107) (1,668)
Foreign exchange (loss) gain [7] (248) (11)
Other (expense) income, net [8] 17 451
Total other income (expense), net (231) 440
Loss before income taxes (338) (1,228)
Income tax (benefit) provision [9] (50) (246)
Net loss $ (288) $ (982)
Basic net loss per share [10] $ (0.01) $ (0.05)
Diluted net loss per share [10] $ (0.01) $ (0.05)
Weighted Average Number of Shares Outstanding, Basic [10] 0 0
Weighted Average Number of Shares Outstanding, Diluted [10] 0 0
As Restated [Member]    
Condensed Income Statements, Captions [Line Items]    
Revenue [2] $ 34,825 $ 23,217
Cost of revenue [3] 25,596 13,369
Gross profit 9,229 9,848
Research and development [4] 6,037 7,318
General and administrative [5] 9,844 11,823
Allowance for current expected credit loss on notes receivable [6] 40 0
Total operating expenses 21,217 25,991
Loss from operations (11,988) (16,143)
Foreign exchange (loss) gain [7] (1,786) 1,013
Other (expense) income, net [8] (534) (311)
Total other income (expense), net (13,565) (2,489)
Loss before income taxes (25,553) (18,632)
Income tax (benefit) provision [9] (9) 23
Net loss $ (25,544) $ (18,655)
Basic net loss per share [10] $ (1.17) $ (1.03)
Diluted net loss per share [10] $ (1.17) $ (1.03)
Weighted Average Number of Shares Outstanding, Basic [10] 21,813,045 18,096,363
Weighted Average Number of Shares Outstanding, Diluted [10] 21,813,045 18,096,363
[1] The shares of the Company's common stock and the per share amounts for the three months ended March 31, 2023 have been retroactively adjusted to reflect the 1-for-8 reverse stock split (Note 1)
[2] The $9,137 increase and $951 decrease in revenue for the three months ended March 31, 2024 and March 31, 2023, respectively, are related to the correction of revenue recognition for Space Services and R&D Services Contracts.
[3] 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.
[4] The $3,872 and $2,345 decreases in research and development expense for the three months ended March 31, 2024 and March 31, 2023, respectively, are related to costs associated with R&D Services Contracts being reclassified from research and development expense to cost of revenue.
[5] The $26 increase in general and administrative expenses for the three months ended March 31, 2024 resulted from an increase of $17 from the reclassification of other state taxes from other expense, net and an increase of $9 to adjust for the Delaware franchise tax accrual. The $53 increase in general and administrative expenses for the three months ended March 31, 2023, resulted from an increase of $450 from the reclassification of other state taxes from other expense, net,
partially offset by a decrease of $377 to adjust for the Delaware franchise tax accrual and a decrease of $20 from the reclassification of supply chain department costs from general and administrative expense to cost of revenue.
[6] The $40 increase in allowance for current expected credit loss on notes receivable for the three months ended March 31, 2024 is related to the additional allowance for current expected credit loss related to a $4,500 note receivable issued to a customer.
[7] The $248 and $11 changes in foreign exchange loss for the three months ended March 31, 2024 and March 31, 2023, respectively, are related to the cash remeasurement adjustment for cash balances from certain foreign subsidiaries.
[8] The $17 and $451 changes in other (expense) income, net for the three months ended March 31, 2024 and March 31, 2023, respectively, are related to the other state taxes reclassified to general and administrative.
[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]

(1) The shares of the Company's common stock and the per share amounts for the three months ended March 31, 2023, have been retroactively adjusted to reflect the 1-for-8 reverse stock split (Note 1).