Quarterly report [Sections 13 or 15(d)]

Leases

v3.25.0.1
Leases
9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases
7.
Leases

Lease expenses were $1,118 and $3,443 for the three and nine months ended September 30, 2024, respectively, and were $1,217 and $3,469 for the three and nine months ended September 30, 2023, respectively. Aggregate variable lease expenses and short-term lease expenses were $322 and $923 for the three and nine months ended September 30, 2024, respectively, and were $147 and $434 for the three and nine months ended September 30, 2023, respectively.

The following table provides the required information regarding the Company's leases for which the Company is the lessee:

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

Right-of-use assets

 

$

12,267

 

 

$

14,921

 

Liabilities

 

 

 

 

 

 

Current

 

$

3,180

 

 

$

3,506

 

Non-current

 

 

10,808

 

 

 

13,079

 

   Total lease liabilities

 

$

13,988

 

 

$

16,585

 

Weighted-average remaining lease term (years)

 

 

5.0

 

 

 

5.4

 

Weighted-average discount rate

 

 

9

%

 

 

8

%

Approximately 83% of the Company's right-of-use (“ROU”) assets and lease liabilities relate to office facilities leases, with the remaining amounts representing primarily ground station leases.

As of September 30, 2024, the maturity of operating lease liabilities are as follows:

Fiscal year ending December 31,

 

 

 

Remainder of 2024

 

$

1,101

 

2025

 

 

4,137

 

2026

 

 

3,709

 

2027

 

 

2,592

 

2028

 

 

1,922

 

Thereafter

 

 

3,708

 

Total lease payments

 

 

17,169

 

Less: Interest on lease payments

 

 

(3,181

)

Present value of lease liabilities

 

$

13,988

 

Operating cash flows paid included in the measurement of operating lease liabilities were $898 and $4,134 for the three and nine months ended September 30, 2024, respectively, and were $1,055 and $1,945 for the three and nine months ended September 30, 2023, respectively, and were included in net cash used in operating activities in the condensed consolidated statements of cash flows. Amortization of ROU assets was $801 and $4,104 for the three and nine months ended September 30, 2024, respectively, and was $1,057 and $2,185 for the three and nine months ended September 30, 2023, respectively.