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

Information on Segment Reporting

v3.25.1
Information on Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Information on Segment Reporting
15.
Information on Segment Reporting

The Company operates as one reportable and operating segment, which derives revenue from the sale of subscription-based data, insights, predictive analytics and related project-based services to global customers across a range of industries. All of the segment’s activities are interrelated, and each activity is dependent upon and supportive of the other. Accordingly, all significant operating decisions are based upon analysis of the Company at the consolidated level. The accounting policies of the segment are the same as those described in Note 2.

The Company’s chief operating decision maker ("CODM") who is the Company's chief executive officer, who regularly reviews consolidated net loss as reported on the consolidated statements of operations, along with other financial information presented on a consolidated basis, for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM measures performance and how to allocate resources for the segment primarily based on net loss, revenue growth, and gross margin. The CODM's objective is to make resource allocation decisions that optimize the Company's consolidated financial results by monitoring actual results compared to forecasted results.

The measure of segment assets is reported as total assets on the consolidated balance sheet and total capital expenditures for additions to long-lived assets, which were $26,581 and $17,352, for the years ended December 31, 2024 and 2023, respectively.

The following table includes segment revenue and significant segment expenses:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Revenue

 

 

$

110,451

 

 

$

97,612

 

Less:

 

 

 

 

 

 

 

Employee expense (a)

 

 

 

79,643

 

 

 

75,531

 

Equipment and software expenses

 

 

 

32,241

 

 

 

27,449

 

Depreciation and amortization

 

 

 

21,729

 

 

 

18,229

 

Interest expense

 

 

 

20,358

 

 

 

19,036

 

Professional services

 

 

 

17,558

 

 

 

9,907

 

Facilities expense

 

 

 

10,417

 

 

 

9,445

 

Change in fair value of contingent liability and warrant liabilities

 

 

 

6,489

 

 

 

1,467

 

Other operating and marketing expenses

 

 

 

5,767

 

 

 

7,687

 

Allowance for current credit loss on notes receivable

 

 

 

4,026

 

 

 

1,218

 

Loss on decommissioned satellites and disposal of assets

 

 

 

4,023

 

 

 

873

 

Contactor expense

 

 

 

2,602

 

 

 

2,922

 

Issuance of stock warrants

 

 

 

2,399

 

 

 

—

 

Other segment items (b)

 

 

 

6,017

 

 

 

1,406

 

Segment net loss

 

 

$

(102,818

)

 

$

(77,558

)

(a) Employee expense included stock-based compensation expense of $19,449 and $12,978 for the years ended December 31, 2024 and 2023, respectively.

(b) Other segment items included in segment net loss includes foreign exchange (loss) gain, equity investment loss, income tax provision (benefit), travel and meals expenses, and interest income.