Quarterly report [Sections 13 or 15(d)]

Information on Segment Reporting

v3.25.1
Information on Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure
13.
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, 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, 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 condensed consolidated balance sheet and total capital expenditures for additions to long-lived assets, which were $8,901 and $7,059, for the three months ended March 31, 2025 and 2024, respectively.

The following table includes segment revenue and significant segment expenses:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Revenue

 

 

$

23,876

 

 

$

34,825

 

Less:

 

 

 

 

 

 

 

Employee expense (a)

 

 

 

19,278

 

 

 

18,134

 

Equipment and software expenses

 

 

 

8,606

 

 

 

14,550

 

Depreciation and amortization

 

 

 

4,413

 

 

 

6,838

 

Interest expense

 

 

 

5,730

 

 

 

5,053

 

Professional services

 

 

 

7,032

 

 

 

2,435

 

Facilities expense

 

 

 

2,762

 

 

 

2,459

 

Change in fair value of contingent liability and warrant liabilities

 

 

 

(6,874

)

 

 

4,247

 

Other operating and marketing expenses

 

 

 

1,279

 

 

 

1,118

 

Allowance for current credit loss on notes receivable

 

 

 

—

 

 

 

40

 

Loss on decommissioned satellites and disposal of assets

 

 

 

5,129

 

 

 

423

 

Contactor expense

 

 

 

378

 

 

 

636

 

Issuance of stock warrants

 

 

 

—

 

 

 

2,399

 

Other segment items (b)

 

 

 

(3,200

)

 

 

2,037

 

Segment net loss

 

 

$

(20,657

)

 

$

(25,544

)

(a) Employee expense included stock-based compensation expense of $3,887 and $3,628 for the three months ended March 31, 2025 and 2024, respectively.

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