Quarterly report [Sections 13 or 15(d)]

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

v3.25.0.1
Restatement of Quarterly Financial Information - Condensed Consolidated Statements of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue $ 28,568 $ 22,126 $ 88,792 $ 73,408
Cost of revenue 15,843 12,640 55,927 41,254
Gross profit 12,725 9,486 32,865 32,154
Operating expenses:        
Research and development 5,631 7,931 19,185 22,904
General and administrative 12,303 11,223 32,156 33,764
Total operating expenses 26,444 26,303 70,924 77,868
Loss from operations (13,719) (16,817) (38,059) (45,714)
Other income (expense):        
Foreign exchange loss 4,872 (1,840) 2,573 (1,313)
Other (expense) income, net (530) (387) (1,541) (1,828)
Total other income (expense), net 1,290 (6,521) (16,415) (14,214)
Loss before income taxes (12,429) (23,338) (54,474) (59,928)
Income tax provision (benefit) 44 (1) 102 436
Net Income (Loss) $ (12,473) $ (23,337) $ (54,576) $ (60,364)
Basic net loss per share $ (0.5) $ (1.12) $ (2.3) $ (3.16)
Diluted net loss per share $ (0.5) $ (1.12) $ (2.3) $ (3.16)
Weighted-average shares used in computing basic net loss per share 24,921,585 20,756,394 23,745,015 19,117,078
Weighted-average shares used in computing diluted net loss per share 24,921,585 20,756,394 23,745,015 19,117,078
As Previously Reported        
Revenue [1]   $ 27,317   $ 77,978
Cost of revenue [2]   9,555   29,548
Gross profit   17,762   48,430
Operating expenses:        
Research and development [3]   10,538   29,953
General and administrative [4]   11,049   33,718
Total operating expenses   28,736   84,871
Loss from operations   (10,974)   (36,441)
Other income (expense):        
Foreign exchange loss [5]   (1,829)   (1,240)
Other (expense) income, net [6]   (620)   (2,420)
Total other income (expense), net   (6,743)   (14,733)
Loss before income taxes   (17,717)   (51,174)
Income tax provision (benefit) [7]   78   560
Net Income (Loss)   $ (17,795)   $ (51,734)
Basic net loss per share   $ (0.86)   $ (2.71)
Diluted net loss per share   $ (0.86)   $ (2.71)
Weighted-average shares used in computing basic net loss per share   20,756,394   19,117,078
Weighted-average shares used in computing diluted net loss per share   20,756,394   19,117,078
Restated Adjustment        
Revenue [1]   $ (5,191)   $ (4,570)
Cost of revenue [2]   3,085   11,706
Gross profit   (8,276)   (16,276)
Operating expenses:        
Research and development [3]   (2,607)   (7,049)
General and administrative [4]   174   46
Total operating expenses   (2,433)   (7,003)
Loss from operations   (5,843)   (9,273)
Other income (expense):        
Foreign exchange loss [5]   (11)   (73)
Other (expense) income, net [6]   233   592
Total other income (expense), net   222   519
Loss before income taxes   (5,621)   (8,754)
Income tax provision (benefit) [7]   (79)   (124)
Net Income (Loss)   $ (5,542)   $ (8,630)
Basic net loss per share   $ (0.26)   $ (0.45)
Diluted net loss per share   $ (0.26)   $ (0.45)
Weighted-average shares used in computing basic net loss per share   0   0
Weighted-average shares used in computing diluted net loss per share   0   0
As Restated        
Revenue [1]   $ 22,126   $ 73,408
Cost of revenue [2]   12,640   41,254
Gross profit   9,486   32,154
Operating expenses:        
Research and development [3]   7,931   22,904
General and administrative [4]   11,223   33,764
Total operating expenses   26,303   77,868
Loss from operations   (16,817)   (45,714)
Other income (expense):        
Foreign exchange loss [5]   (1,840)   (1,313)
Other (expense) income, net [6]   (387)   (1,828)
Total other income (expense), net   (6,521)   (14,214)
Loss before income taxes   (23,338)   (59,928)
Income tax provision (benefit) [7]   (1)   436
Net Income (Loss)   $ (23,337)   $ (60,364)
Basic net loss per share   $ (1.12)   $ (3.16)
Diluted net loss per share   $ (1.12)   $ (3.16)
Weighted-average shares used in computing basic net loss per share   20,756,394   19,117,078
Weighted-average shares used in computing diluted net loss per share   20,756,394   19,117,078
[1] The $5,191 and $4,570 decreases in revenue for the three months and nine months ended September 30, 2023, respectively, are related to the correction of revenue recognition for Space Services and R&D Services Contracts.
[2] Adjustments to cost of revenue:
a.
The $3,085 increase in cost of revenue for the three months ended September 30, 2023 resulted from an increase of $2,607 from costs associated with R&D Services Contracts being reclassified from research and development expense to cost of revenue, an increase of $407 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 $71 from the reclassification of supply chain department costs from general and administrative expense to cost of revenue.
The $11,706 increase in cost of revenue for the nine months ended September 30, 2023 resulted from an increase of $7,049 from costs associated with R&D Services Contracts being reclassified from research and development expense to cost of revenue, an increase of $4,507 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 $150 from the reclassification of supply chain department costs from general and administrative to cost of revenue.
[3] The $2,607 and $7,049 decreases in research and development expense for the three months and nine months ended September 30, 2023, respectively, are related to costs associated with R&D Services Contracts being reclassified from research and development expense to cost of revenue.
[4] Adjustments to general and administrative:
a.
The $174 increase in general and administrative expense for the three months ended September 30, 2023 resulted from an increase of $235 for vendor dispute settlement reclassified from other expense, net and an increase of $12 from Delaware franchise tax accrual and reclassification, partially offset by a decrease of $71 from supply chain department costs reclassified to cost of revenue and a decrease of $2 from the other state taxes reclassified from other expense, net.
b.
The $46 increase in general and administrative for the nine months ended September 30, 2023 resulted from increases of $357 and $235 from the other state taxes and vendor dispute settlement reclassified from other expense, net, respectively, partially offset by a decrease of $396 from the Delaware franchise tax accrual and reclassification and a decrease of $150 from the supply chain department costs reclassified to cost of revenue.
[5] The $11 and $73 decreases in foreign exchange loss for the three months and nine months ended September 30, 2023, respectively, are related to the correction of revenue recognition for Space Services and R&D Services Contracts.
[6] Adjustments to other expense, net:
a.
The $233 decrease in other expense, net for the three months ended September 30 2023 resulted from a decrease of $235 from a vendor dispute settlement reclassified to general and administrative, partially offset by an increase of $2 for the other state taxes reclassified to general and administrative.
b.
The $592 decrease in other expense, net for the nine months ended September 30, 2023 resulted from $357 of other state taxes and a $235 vendor dispute settlement reclassified to general and administrative expense.
[7] The $79 and $124 decreases in income tax provisions for the three months and nine months ended September 30, 2023, respectively, are related to the impact to income tax provision as a result of the revenue adjustments.