Quarterly report [Sections 13 or 15(d)]

Leases

v3.25.1
Leases
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases
8.
Leases

Operating lease expenses were $988 and $1,157 for the three months ended March 31, 2025 and 2024, respectively. Aggregate variable lease expenses and short-term lease expenses were $341 and $239 for the three months ended March 31, 2025 and 2024, respectively.

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

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

ROU assets

 

$

10,903

 

 

$

11,074

 

Liabilities

 

 

 

 

 

 

Current

 

$

3,844

 

 

$

3,260

 

Non-current

 

 

9,055

 

 

 

9,598

 

   Total lease liabilities

 

$

12,899

 

 

$

12,858

 

Weighted-average remaining lease term (years)

 

 

4.7

 

 

 

4.8

 

Weighted-average discount rate

 

 

9

%

 

 

9

%

Approximately 83% of the Company’s right-of-use (“ROU”) assets and lease liabilities relate to office facilities leases, with the remaining amounts representing primarily ground station leases.

As of March 31, 2025, the maturity of operating lease liabilities are as follows:

Fiscal year ending December 31,

 

 

 

Remainder of 2025

 

$

3,659

 

2026

 

 

3,782

 

2027

 

 

2,583

 

2028

 

 

1,873

 

2029

 

 

1,595

 

Thereafter

 

 

1,993

 

Total lease payments

 

 

15,485

 

Less: Interest on lease payments

 

 

(2,586

)

Present value of lease liabilities

 

$

12,899

 

Operating cash flows paid included in the measurement of operating lease liabilities were $579 and $872 for the three months ended March 31, 2025 and 2024, respectively, and were included in net cash used in operating activities in the condensed consolidated statements of cash flows. Amortization of ROU assets was $746 and $809 for the three months ended March 31, 2025 and 2024, respectively.