Quarterly report [Sections 13 or 15(d)]

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

v3.25.0.1
Restatement of Previously Issued Financial Statements - Schedule of Unaudited Condensed Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Condensed Cash Flow Statements, Captions [Line Items]    
Net loss $ (25,544) $ (18,655)
Other, net 228 (350)
Change in contract assets (642) (787)
Other current assets (8,095) 688
Change in contract liabilities (7,157) 2,154
Other accrued expenses 1,003 (920)
Net cash used in operating activities (8,850) (12,726)
Purchase of property and equipment (7,059) (3,213)
Net cash used in investing activities (7,179) (5,521)
Effect of foreign currency translation on cash, cash equivalents and restricted cash 465 (1,846)
Beginning balance 29,633 47,569
Ending balance 52,217 47,362
As Previously Reported [Member]    
Condensed Cash Flow Statements, Captions [Line Items]    
Net loss (25,256) (17,673)
Other, net [1] (20) (110)
Change in contract assets [2] 624 (855)
Other current assets [3] 392 117
Change in contract liabilities [4] 775 1,259
Other accrued expenses [5] 973 (548)
Net cash used in operating activities (7,345) (11,290)
Purchase of property and equipment [6] (8,564) (4,649)
Net cash used in investing activities (8,684) (6,957)
Effect of foreign currency translation on cash, cash equivalents and restricted cash [7] 711 (1,846)
Beginning balance 29,641 47,569
Ending balance 52,471 47,362
Restatement Adjustments [Member]    
Condensed Cash Flow Statements, Captions [Line Items]    
Net loss (288) (982)
Other, net [1] 248 (240)
Change in contract assets [2] (1,266) 68
Other current assets [3] 7,703 (805)
Change in contract liabilities [4] (7,932) 895
Other accrued expenses [5] 30 (372)
Net cash used in operating activities (1,505) (1,436)
Purchase of property and equipment [6] 1,505 1,436
Net cash used in investing activities 1,505 1,436
Effect of foreign currency translation on cash, cash equivalents and restricted cash [7] (246) 0
Beginning balance (8) 0
Ending balance (254) 0
As Restated [Member]    
Condensed Cash Flow Statements, Captions [Line Items]    
Net loss (25,544) (18,655)
Other, net [1] (228) (350)
Change in contract assets [2] (642) (787)
Other current assets [3] 8,095 (688)
Change in contract liabilities [4] (7,157) 2,154
Other accrued expenses [5] 1,003 (920)
Net cash used in operating activities (8,850) (12,726)
Purchase of property and equipment [6] (7,059) (3,213)
Net cash used in investing activities (7,179) (5,521)
Effect of foreign currency translation on cash, cash equivalents and restricted cash [7] 465 (1,846)
Beginning balance 29,633 47,569
Ending balance $ 52,217 $ 47,362
[1] The $248 and $240 adjustments to change in other, net 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 adjustment.
[2] The $1,266 and $68 adjustments to change in contract assets for the three months ended March 31, 2024 and March 31, 2023, 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.
[3] The $7,703 additional decrease in other current assets for the three months ended March 31, 2024 resulted from expensing the $7,585 prepaid launch costs capitalized into other current assets in 2023, a $78 net change in advances for fixed assets balance that was reclassified to property and equipment, and an additional allowance for current expected credit loss of $40 recorded for the $4,500 note receivable. The $805 increase in other current assets for the three months ended March 31, 2023 related to the net change in advances for fixed assets balance that is reclassified to property and equipment.
[4] The $7,932 adjustment to change in contract liabilities for the three months ended March 31, 2024 resulted from a $7,860 impact in contract liabilities from the correction of revenue recognition for Space Services and R&D Services Contracts and a $72 change in the customer deposit balance reclassified from other accrued expense to contract liabilities, non-current. The $895 adjustment to change in contract liabilities for the three months ended March 31, 2023 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.
[5] The $30 decrease in other accrued expense for the three months ended March 31, 2024 resulted from a decrease of $52 from the impact to income tax provision as a result of the revenue adjustment, partially offset by an increase of $72 for change in the customer deposit balance reclassified to contract liability and an increase of $10 to the Delaware franchise tax accrual. The $372 decrease in other accrued expense for the three months ended March 31, 2023 is related to the Delaware franchise tax accrual.
(vi)
Adjustments to purchase of property and equipment:
[6] The $1,505 decrease in purchase of property and equipment for the three months ended March 31, 2024 resulted from a decrease of $9,074 related to costs incurred to design/build the customer-controlled satellites for one specific contract being expensed rather than capitalized into the Company's property and equipment and a decrease of $16 related to the reclassification of advances for fixed assets, partially offset by an increase of $7,585 from prepaid launch costs for such satellites reclassified into other current assets.
b.
The $1,436 decrease in purchase of property and equipment for the three months ended March 31, 2023 resulted from a decrease of $825 noncash addition to property and equipment from prior period advances that was incorrectly reflected as a cash purchase and a decrease of $611 related to costs incurred to design/build the customer-controlled satellites for one specific contract being expensed rather than capitalized into the Company's property and equipment.
[7] The $8 and $254 decreases in cash and cash equivalents as of December 31, 2023 and March 31, 2024, respectively, are related to the cash remeasurement adjustment for cash balances from certain foreign subsidiaries, which resulted in a $246 change in effect of foreign currency translation on cash, cash equivalents and restricted cash for the three months ended March 31, 2024.