Quarterly report [Sections 13 or 15(d)]

Balance Sheet Components

v3.25.0.1
Balance Sheet Components
6 Months Ended
Jun. 30, 2024
Balance Sheet Components [Abstract]  
Balance Sheet Components
4.
Balance Sheet Components

Other current assets consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Technology and other prepaid contracts

 

$

3,012

 

 

$

9,874

 

Notes receivable

 

 

3,344

 

 

 

3,344

 

Other receivables

 

 

1,376

 

 

 

1,476

 

Prepaid insurance

 

 

424

 

 

 

487

 

Deferred contract costs

 

 

515

 

 

 

1,238

 

Other

 

 

462

 

 

 

429

 

Other current assets

 

$

9,133

 

 

$

16,848

 

Property and equipment, net consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

2024

 

 

2023

 

Satellites in-service

 

$

45,453

 

 

$

59,751

 

Internally developed software

 

 

1,760

 

 

 

2,138

 

Ground stations in-service

 

 

4,439

 

 

 

4,444

 

Leasehold improvements

 

 

5,808

 

 

 

5,800

 

Machinery and equipment

 

 

4,705

 

 

 

4,787

 

Computer equipment

 

 

1,804

 

 

 

1,908

 

Computer software and website development

 

 

99

 

 

 

99

 

Furniture and fixtures

 

 

1,324

 

 

 

1,336

 

 

 

65,392

 

 

 

80,263

 

Less: Accumulated depreciation and amortization

 

 

(31,610

)

 

 

(36,326

)

 

 

33,782

 

 

 

43,937

 

Satellite, launch, and ground station work in progress

 

 

23,415

 

 

 

16,483

 

Finished satellites not yet placed in-service

 

 

2,826

 

 

 

26

 

Property and equipment, net

 

$

60,023

 

 

$

60,446

 

Depreciation and amortization expense related to property and equipment was $5,447 and $11,404 for the three and six months ended June 30, 2024, respectively. Depreciation and amortization expense related to property and equipment was $3,084 and $6,121 for the three and six months ended June 30, 2023, respectively.

The Company recorded losses of $529 and $707 on decommissioned satellite for the three and six months ended June 30, 2024, respectively. The Company recorded a $472 loss on decommissioned satellite for each of the three and six months ended June 30, 2023.

Other accrued expenses consisted of the following:

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Operating lease liabilities, current

 

$

3,423

 

 

$

3,506

 

Accrued operating costs

 

 

1,145

 

 

 

913

 

Professional services

 

 

862

 

 

 

1,088

 

Corporate and sales tax

 

 

189

 

 

 

285

 

Accrued interest

 

 

912

 

 

 

853

 

Software

 

 

973

 

 

 

754

 

Other

 

 

1,028

 

 

 

927

 

Other accrued expenses

 

$

8,532

 

 

$

8,326