Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities          
Net income (loss) $ 119,590 $ (16,559) $ 96,075 $ (42,103)  
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Depreciation and amortization     6,937 12,489  
Stock-based compensation     11,127 8,423  
Amortization of operating lease right-of-use assets     1,519 1,798  
Change in fair value of warrant liabilities     (3,047) 1,963  
Change in fair value of contingent earnout liability 227 1,187 (811) 1,232  
Issuance of stock warrants 0 0 0 2,399  
Loss on decommissioned satellites and disposal of assets     6,270 924  
Loss on extinguishment of debt 12,008 0 12,008 0  
Gain on sale of a business (154,305) 0 (154,305) 0  
Transaction costs on sale of a business     (23,744) 0  
Other, net     2,483 1,652  
Changes in operating assets and liabilities:          
Accounts receivable, net     5,597 (2,689)  
Contract assets     (1,285) 712  
Other current assets     (1,769) 7,656  
Other long-term assets     (959) 965  
Accounts payable     (4,931) (965)  
Accrued wages and benefits     2,693 (117)  
Contract liabilities     2,497 (6,161)  
Other accrued expenses     1,404 275  
Operating lease liabilities     (1,255) (1,692)  
Other long-term liabilities     (8) 0  
Net cash used in operating activities     (43,504) (13,239)  
Cash flows from investing activities          
Purchases of short-term investments     (81,118) (30,147)  
Maturities of short-term investments     0 20,000  
Purchase of property and equipment     (12,507) (12,585)  
Proceeds from sale of a business, net of cash     238,948 0  
Net cash provided by (used in) investing activities     145,323 (22,732)  
Cash flows from financing activities          
Proceeds from Securities Purchase Agreements, net     37,297 37,881  
Payments on long-term debt     (105,742) (10,113)  
Payments on long-term debt closing fees     (9,091) 0  
Proceeds from exercise of stock options 230 2 870 269  
Proceeds from employee stock purchase plan     443 370  
Net cash (used in) provided by financing activities     (76,223) 28,407  
Effect of foreign currency translation on cash, cash equivalents and restricted cash     (8,588) 1,947  
Net increase (decrease) in cash, cash equivalents and restricted cash     17,008 (5,617)  
Cash, cash equivalents and restricted cash          
Beginning balance     19,684 29,633 $ 29,633
Ending balance $ 36,692 $ 24,016 36,692 24,016 $ 19,684
Supplemental disclosure of cash flow information          
Cash paid for interest     6,919 7,643  
Income taxes paid     0 42  
Noncash operating, investing and financing activities          
Property and equipment purchased but not yet paid     2,264 1,373  
Right-of-use assets obtained in exchange for lease liabilities     $ 1,136 $ 490