| Balance Sheet Components |
4.Balance Sheet Components
Other current assets consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Technology and other prepaid contracts |
|
$ |
1,068 |
|
|
$ |
838 |
|
Other receivables |
|
|
1,098 |
|
|
|
648 |
|
Prepaid insurance |
|
|
693 |
|
|
|
1,076 |
|
Deferred contract costs |
|
|
304 |
|
|
|
297 |
|
Other |
|
|
407 |
|
|
|
419 |
|
Other current assets |
|
$ |
3,570 |
|
|
$ |
3,278 |
|
Property and equipment, net consisted of the following:
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|
|
|
|
|
|
|
|
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March 31, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Satellites in-service |
|
$ |
19,762 |
|
|
$ |
32,768 |
|
Internally developed software |
|
|
1,760 |
|
|
|
1,760 |
|
Ground stations in-service |
|
|
4,981 |
|
|
|
4,978 |
|
Leasehold improvements |
|
|
5,882 |
|
|
|
5,707 |
|
Machinery and equipment |
|
|
5,982 |
|
|
|
5,479 |
|
Computer equipment |
|
|
1,435 |
|
|
|
1,327 |
|
Computer software and website development |
|
|
99 |
|
|
|
99 |
|
Furniture and fixtures |
|
|
1,365 |
|
|
|
1,335 |
|
|
|
|
41,266 |
|
|
|
53,453 |
|
Less: Accumulated depreciation and amortization |
|
|
(17,962 |
) |
|
|
(25,748 |
) |
|
|
|
23,304 |
|
|
|
27,705 |
|
Satellite, launch, and ground station work in progress |
|
|
31,663 |
|
|
|
27,624 |
|
Finished satellites not yet placed in-service |
|
|
8,199 |
|
|
|
8,009 |
|
Property and equipment, net |
|
$ |
63,166 |
|
|
$ |
63,338 |
|
Depreciation and amortization expense related to property and equipment was $4,038 and $5,957 for the three months ended March 31, 2025 and 2024, respectively.
The Company recorded losses of $5,160 and $178 on decommissioned satellites for the three months ended March 31, 2025 and 2024, respectively. The loss on decommissioned satellites was due to the Company’s decision to stop supporting three underperforming satellites. The satellites were written off at their net book value, as no recoverable value was expected upon disposal.
Other accrued expenses consisted of the following:
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|
|
|
|
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|
|
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March 31, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Operating lease liabilities, current |
|
$ |
3,844 |
|
|
$ |
3,260 |
|
Professional services |
|
|
4,123 |
|
|
|
2,622 |
|
Accrued operating costs |
|
|
3,719 |
|
|
|
1,829 |
|
Accrued wages and benefits |
|
|
3,282 |
|
|
|
3,335 |
|
Accrued interest |
|
|
1,928 |
|
|
|
1,709 |
|
Legal matters |
|
|
1,552 |
|
|
|
1,479 |
|
Software |
|
|
964 |
|
|
|
792 |
|
Corporate and sales tax |
|
|
432 |
|
|
|
120 |
|
Other |
|
|
2,141 |
|
|
|
1,215 |
|
Other accrued expenses |
|
$ |
21,985 |
|
|
$ |
16,361 |
|
|