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

Leases

v3.25.1
Leases
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
8.
Leases

Approximately 80% of the Company's ROU assets and lease liabilities relate to office facilities leases, with the remaining amounts representing primarily ground station leases. The leases have various expiration dates through 2031. Certain of the Company’s lease agreements include escalating lease payments. Additionally, certain lease agreements contain renewal provisions and other provisions which require the Company to pay taxes, insurance, or maintenance costs. These payments are generally variable and are expensed as incurred on the consolidated statements of operations.

Lease expenses were $4,454 and $4,172 for the years ended December 31, 2024 and 2023, respectively. Aggregate variable lease expenses and short-term lease expenses were $1,274 and $613, for the years ended December 31, 2024 and 2023, respectively.

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

 

 

December 31,

 

 

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

ROU assets

 

$

11,074

 

 

$

14,921

 

Liabilities

 

 

 

 

 

 

Current

 

$

3,260

 

 

$

3,506

 

Non-current

 

 

9,598

 

 

 

13,079

 

   Total lease liabilities

 

$

12,858

 

 

$

16,585

 

Weighted-average remaining lease term (years)

 

 

4.8

 

 

 

5.4

 

Weighted-average discount rate

 

 

9

%

 

 

8

%

As of December 31, 2024, the maturity of operating leases liabilities are as follows:

Fiscal year ending December 31,

 

 

 

2025

 

$

4,195

 

2026

 

 

3,599

 

2027

 

 

2,498

 

2028

 

 

1,829

 

2029

 

 

1,551

 

Thereafter

 

 

1,928

 

Total lease payments

 

 

15,600

 

Less: Interest on lease payments

 

 

(2,742

)

Present value of lease liabilities

 

$

12,858

 

Operating cash flows paid were $4,720 and $2,782 included in the measurement of operating lease liabilities for the years ended December 31, 2024 and 2023, respectively, and were included in net cash used in operating activities in the consolidated statements of cash flows. Amortization of ROU assets was $4,843 and $2,928 for the years ended December 31, 2024 and 2023, respectively.