Quarterly report [Sections 13 or 15(d)]

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

v3.25.0.1
Restatement of Quarterly Financial Information - Condensed Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net Income (Loss) $ (12,473) $ (23,337) $ (54,576) $ (60,364)
Other, net     232 526
Contract assets     812 (345)
Other current assets     8,660 (7,396)
Contract liabilities     452 10,991
Other accrued expenses     2,892 (1,125)
Net cash provided by (used in) operating activities     749 (39,434)
Purchase of property and equipment     (21,491) (11,993)
Net cash used in investing activities     (16,741) (8,245)
Effect of foreign currency translation on cash, cash equivalents and restricted cash     (2,486) 2,291
Ending balance $ 29,570 30,355 $ 29,570 30,355
Previously Reported [Member]        
Net Income (Loss)   (17,795)   (51,734)
Other, net [1]       (448)
Contract assets [2]       (1,146)
Other current assets [3]       (177)
Contract liabilities [4]       6,977
Other accrued expenses [5]       (536)
Net cash provided by (used in) operating activities       (27,733)
Purchase of property and equipment [6]       (23,694)
Net cash used in investing activities       (19,946)
Effect of foreign currency translation on cash, cash equivalents and restricted cash [7]       2,343
Ending balance   30,407   30,407
Restatement Adjustments [Member]        
Net Income (Loss)   (5,542)   (8,630)
Other, net [1]       (78)
Contract assets [2]       801
Other current assets [3]       (7,219)
Contract liabilities [4]       4,014
Other accrued expenses [5]       (589)
Net cash provided by (used in) operating activities       (11,701)
Purchase of property and equipment [6]       11,701
Net cash used in investing activities       11,701
Effect of foreign currency translation on cash, cash equivalents and restricted cash [7]       (52)
Ending balance   (52)   (52)
As Restated [Member]        
Net Income (Loss)       (60,364)
Other, net [1]       (526)
Contract assets [2]       (345)
Other current assets [3]       (7,396)
Contract liabilities [4]       10,991
Other accrued expenses [5]       (1,125)
Net cash provided by (used in) operating activities       (39,434)
Purchase of property and equipment [6]       (11,993)
Net cash used in investing activities       (8,245)
Effect of foreign currency translation on cash, cash equivalents and restricted cash [7]       2,291
Ending balance   $ 30,355   $ 30,355
[1] The $78 adjustment to change in other, net for the nine months ended September 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 $801 adjustment to change in contract assets for the nine months ended September 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 $7,219 adjustment to other current assets for the nine months ended September 30, 2023 resulted from an increase of $5,985 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 $1,234 of net change in advances for fixed assets that were reclassified out of other current assets into property and equipment.
[4] The $4,014 adjustment to change in contract liabilities for the nine months ended September 30, 2023 resulted from a $3,838 impact in contract liabilities from the correction of revenue recognition for Space Services and R&D Services Contracts and $176 from a customer deposit balance reclassified from other accrued expense to contract liabilities, non-current.
[5] The $589 adjustment to change in other accrued expense for the nine months ended September 20, 2023 resulted from a $413 adjustment for Delaware franchise tax accrual and a $176 adjustment for customer deposit balance reclassification.
[6] The $11,701 decrease in purchase of property and equipment for the nine months ended September 30, 2023 resulted from a decrease of $5,985 in prepaid launch costs for the customer-controlled satellites being reclassified into other current assets rather than capitalized into the Company's property and equipment, a decrease of $4,646 in costs incurred to design/build the customer-controlled satellites being expensed rather than capitalized into the Company's property and
equipment, and a decrease of $1,070 from noncash addition to property and equipment from the prior period advances that was incorrectly reflected as current period’s cash purchase.
[7] The $52 decrease in cash and cash equivalents as of September 30, 2023 is related to the cash remeasurement adjustment for cash balances from certain foreign subsidiaries, which resulted in a $52 change in effect of foreign currency translation on cash, cash equivalents and restricted cash for the nine months ended September 30, 2023.