Quarterly report [Sections 13 or 15(d)]

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

v3.25.0.1
Restatement of Quarterly Financial Information (Unaudited) - Unaudited Condensed Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net Income (Loss) $ (16,559) $ (18,372) $ (42,103) $ (37,027)
Other, net     148 273
Change in contract assets     (712) 1,307
Other current assets     (7,656) 1,654
Change in contract liabilities     (6,161) 4,648
Other accrued expenses     275 359
Net cash used in operating activities     (13,239) (28,615)
Purchase of property and equipment     (12,585) (6,653)
Net cash used in investing activities     (22,732) (4,098)
Effect of foreign currency translation on cash, cash equivalents and restricted cash     1,947 538
Cash, cash equivalents and restricted cash - Ending balance $ 24,016 43,568 $ 24,016 43,568
As Previously Reported        
Net Income (Loss)   (16,266)   (33,939)
Other, net [1]       (281)
Change in contract assets [2]       (1,506)
Other current assets [3]       263
Change in contract liabilities [4]       5,467
Other accrued expenses [5]       766
Net cash used in operating activities       (22,591)
Purchase of property and equipment [6]       (12,677)
Net cash used in investing activities       (10,122)
Effect of foreign currency translation on cash, cash equivalents and restricted cash [7]       597
Cash, cash equivalents and restricted cash - Ending balance   43,627   43,627
Restatement Adjustments        
Net Income (Loss)   (2,106)   (3,088)
Other, net [1]       (8)
Change in contract assets [2]       199
Other current assets [3]       (1,917)
Change in contract liabilities [4]       (819)
Other accrued expenses [5]       (407)
Net cash used in operating activities       (6,024)
Purchase of property and equipment [6]       (6,024)
Net cash used in investing activities       6,024
Effect of foreign currency translation on cash, cash equivalents and restricted cash [7]       (59)
Cash, cash equivalents and restricted cash - Ending balance   (59)   (59)
As Restated        
Net Income (Loss)       (37,027)
Other, net [1]       (273)
Change in contract assets [2]       (1,307)
Other current assets [3]       (1,654)
Change in contract liabilities [4]       4,648
Other accrued expenses [5]       359
Net cash used in operating activities       (28,615)
Purchase of property and equipment [6]       (6,653)
Net cash used in investing activities       (4,098)
Effect of foreign currency translation on cash, cash equivalents and restricted cash [7]       538
Cash, cash equivalents and restricted cash - Ending balance   $ 43,568   $ 43,568
[1] The $8 adjustment to change in other, net for the six months ended June 30, 2023 represents the change in deferred income tax liabilities related to the impact to income tax provision as a result of the revenue adjustments.
[2] The $199 adjustment to change in contract assets for the six months ended June 30, 2023 is related to the impact to short-term and long-term balances of contract assets from the correction of revenue recognition for Space Services and R&D Services Contracts.
[3] The $1,917 adjustment to other current assets for the six months ended June 30, 2023 resulted from an increase of $1,274 in prepaid launch costs for customer-controlled satellites for one specific contract that is capitalized into other current assets instead of property and equipment, and an increase of $643 from the net change in advances for fixed assets balance reclassified out of other current assets into property and equipment.
[4] The $819 adjustment to change in contract liabilities for the six months ended June 30, 2023 is related to the impact in contract liabilities from the correction of revenue recognition for Space Services and R&D Services Contracts.
[5] The $407 adjustment to change in other accrued expense for the six months ended June 30, 2023 is related to the Delaware franchise tax accrual
[6] The $6,024 decrease in purchase of property and equipment for the six months ended June 30, 2023 resulted from a decrease of $4,101 in costs incurred to build the customer-controlled satellites for one specific contract being expensed rather than capitalized into the Company's property and equipment, a decrease of $1,275 from prepaid launch costs for the customer-controlled satellites for one specific contract being reclassified into other current assets rather than capitalized into the Company's property and equipment, and a decrease of $648 from noncash addition to property and equipment from the prior period advances that were incorrectly reflected as current period’s cash purchase.
[7] The $59 decrease in cash and cash equivalents as of June 30, 2023 is related to the cash remeasurement adjustment for cash balances from certain foreign subsidiaries, which resulted in a $59 change in effect of foreign currency translation on cash, cash equivalents and restricted cash for the six months ended June 30, 2023.