Quarterly report [Sections 13 or 15(d)]

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

v3.25.0.1
Restatement of Quarterly Financial Information (Unaudited) - Unaudited Condensed Consolidated Statements of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue $ 25,399 $ 28,065 $ 60,224 $ 51,282
Cost of revenue 14,488 15,245 40,084 28,614
Gross profit 10,911 12,820 20,140 22,668
Operating Expenses [Abstract]        
Research and development 7,517 7,655 13,554 14,973
General and administrative 10,009 10,718 19,853 22,541
Total operating expenses 23,263 25,574 44,480 51,565
Loss from operations (12,352) (12,754) (24,340) (28,897)
Other income (expense):        
Gain (Loss), Foreign Currency Transaction, before Tax (513) (486) (2,299) 527
other (expense) income, net (477) (1,130) (1,011) (1,441)
Total other expense, net (4,140) (5,204) (17,705) (7,693)
Loss before income taxes (16,492) (17,958) (42,045) (36,590)
Income tax provision 67 414 58 437
Net Income (Loss) $ (16,559) $ (18,372) $ (42,103) $ (37,027)
Net loss per share, Basic [1] $ (0.68) $ (0.99) $ (1.82) $ (2.03)
Net loss per share, Diluted [1] $ (0.68) $ (0.99) $ (1.82) $ (2.03)
Weighted-average shares used in computing basic net loss per share [1] 24,487,484 18,468,949 23,150,265 18,283,958
Weighted-average shares used in computing diluted net loss per share [1] 24,487,484 18,468,949 23,150,265 18,283,958
As Previously Reported        
Revenue [2]   $ 26,493   $ 50,661
Cost of revenue [3]   9,633   19,993
Gross profit   16,860   30,668
Operating Expenses [Abstract]        
Research and development [4]   9,752   19,415
General and administrative   10,899   22,669
Total operating expenses   27,852   56,135
Loss from operations   (10,992)   (25,467)
Other income (expense):        
Gain (Loss), Foreign Currency Transaction, before Tax [5]   (435)   589
other (expense) income, net [6]   (1,038)   (1,800)
Total other expense, net   (5,061)   (7,990)
Loss before income taxes   (16,053)   (33,457)
Income tax provision [7]   213   482
Net Income (Loss)   $ (16,266)   $ (33,939)
Net loss per share, Basic   $ (0.88)   $ (1.86)
Net loss per share, Diluted   $ (0.88)   $ (1.86)
Weighted-average shares used in computing basic net loss per share   18,468,949   18,283,958
Weighted-average shares used in computing diluted net loss per share   18,468,949   18,283,958
Restatement Adjustments        
Revenue [2]   $ 1,572   $ 621
Cost of revenue [3]   5,612   8,621
Gross profit   (4,040)   (8,000)
Operating Expenses [Abstract]        
Research and development [4]   (2,097)   (4,442)
General and administrative   (181)   (128)
Total operating expenses   (2,278)   (4,570)
Loss from operations   (1,762)   (3,430)
Other income (expense):        
Gain (Loss), Foreign Currency Transaction, before Tax [5]   (51)   (62)
other (expense) income, net [6]   (92)   359
Total other expense, net   (143)   297
Loss before income taxes   (1,905)   (3,133)
Income tax provision [7]   201   (45)
Net Income (Loss)   $ (2,106)   $ (3,088)
Net loss per share, Basic   $ (0.11)    
Net loss per share, Diluted   $ (0.11)   $ (0.17)
As Restated        
Revenue [2]   $ 28,065   $ 51,282
Cost of revenue [3]   15,245   28,614
Gross profit   12,820   22,668
Operating Expenses [Abstract]        
Research and development [4]   7,655   14,973
General and administrative   10,718   22,541
Total operating expenses   25,574   51,565
Loss from operations   (12,754)   (28,897)
Other income (expense):        
Gain (Loss), Foreign Currency Transaction, before Tax [5]   (486)   527
other (expense) income, net [6]   (1,130)   (1,441)
Total other expense, net   (5,204)   (7,693)
Loss before income taxes   (17,958)   (36,590)
Income tax provision [7]   414   437
Net Income (Loss)   $ (18,372)   $ (37,027)
Net loss per share, Basic   $ (0.99)   $ (2.03)
Net loss per share, Diluted   $ (0.99)   $ (2.03)
Weighted-average shares used in computing basic net loss per share   18,468,949   18,283,958
Weighted-average shares used in computing diluted net loss per share   18,468,949   18,283,958
[1] The shares of the Company's common stock and the per share amounts for the three and six months ended June 30, 2023, have been retroactively adjusted to reflect the 1-for-8 reverse stock split (Note 1)
[2] The $1,572 and $621 increases in revenue for the three months and six months ended June 30, 2023, respectively, are related to the correction of revenue recognition for Space Services and R&D Services Contracts.
[3] The $5,612 increase in cost of revenue for the three months ended June 30, 2023 resulted from an increase of $3,456 from construction costs for customer-controlled satellites for one specific contract being expensed to cost of revenue rather than capitalized into property and equipment, an increase of $2,097 from costs associated with R&D Services Contracts being reclassified from research and development expense to cost of revenue a, and an increase of $59 from the reclassification of supply chain department costs from general and administrative expense to cost of revenue.
b.
The $8,621 increase in cost of revenue for the six months ended June 30, 2023 resulted from an increase of $4,442 from costs associated with R&D Services Contracts being reclassified from research and development to cost of revenue, an increase of $4,100 from construction costs for customer-controlled satellites for one specific contract being expensed to cost of revenue rather than capitalized into property and equipment, and an increase of $79 from the reclassification of supply chain department costs from general and administrative expense to cost of revenue.
[4] The $2,097 and $4,442 decreases in research and development expense for the three months and six months ended June 30, 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 $51 and $62 decreases in foreign exchange losses for the three months and six months ended June 30, 2023, respectively, are related to the correction of revenue and cash remeasurement adjustment.
[6] The $92 and $359 change in other (expense) income, net for the three months and six months ended June 30, 2023, respectively, is related to the reclassification of other state taxes to general and administrative expense.
[7] The $201 increase and $45 decrease in income tax provisions for the three months and six months ended June 30, 2023, respectively, are related to the impact to income tax provision as a result of the revenue adjustments.