Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net Income (Loss) $ (102,818) $ (77,558)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 21,729 18,228
Stock-based compensation 19,449 12,978
Amortization of operating lease right-of-use assets 4,843 2,928
Amortization of debt issuance costs 4,500 2,337
Change in fair value of warrant liabilities 5,254 1,597
Change in fair value of contingent earnout liability 1,235 (129)
Issuance of stock warrants 2,399 0
Loss on decommissioned satellites and disposal of assets 4,023 1,024
Other, net (301) (505)
Changes in operating assets and liabilities:    
Accounts receivable, net (5,034) 4,144
Change in contract assets 3,119 (1,647)
Other current assets 12,445 (9,803)
Other long-term assets 1,954 1,680
Accounts payable 2,649 1,371
Accrued wages and benefits 937 (2,747)
Contract liabilities 2,748 13,693
Other accrued expenses 7,136 (1,116)
Operating lease liabilities (4,720) (2,782)
Net cash used in operating activities (18,453) (36,307)
Cash flows from investing activities    
Purchases of short-term investments (30,147) (40,116)
Maturities of short-term investments 42,497 52,500
Purchase of property and equipment (26,581) (17,352)
Net cash used in investing activities (14,231) (4,968)
Cash flows from financing activities    
Proceeds from Securities Purchase Agreements, net 37,881 0
Proceeds from long-term debt 0 19,886
Proceeds from issuance of common stock under the Equity Distribution Agreement, net 0 7,866
Payments on long-term debt (20,113) (4,500)
Payment of debt issuance costs 0 (75)
Proceeds from exercise of stock options 335 3
Proceeds from employee stock purchase plan 895 727
Net cash provided by financing activities 18,998 23,907
Effect of foreign currency translation on cash, cash equivalent and restricted cash 3,737 (568)
Net decrease in cash, cash equivalents and restricted cash (9,949) (17,936)
Cash, cash equivalents and restricted cash    
Beginning balance 29,633 47,569
Ending balance 19,684 29,633
Supplemental disclosure of cash flow information    
Cash paid for interest 14,149 16,157
Income Taxes Paid 210 47
Noncash operating, investing and financing activities    
Property and equipment purchased but not yet paid 2,264 2,745
Right-of-use assets obtained in exchange for lease liabilities 490 5,868
Accrued long-term debt issuance costs 0 1,800
Conversion of warrants to Class A common stock 0 286
Issuance of stock warrants with long-term debt (Note 9) $ 0 $ 2,579