Quarterly report [Sections 13 or 15(d)]

Leases

v3.25.3
Leases
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases
8.
Leases

Operating lease expenses were $1,036 and $2,024 for the three and six months ended June 30, 2025, respectively, and were $1,168 and $2,325 for the three and six months ended June 30, 2024, respectively. Aggregate variable lease expenses and short-term lease expenses were $380 and $721 for the three and six months ended June 30, 2025, respectively, and $363 and $601 for the three and six months ended June 30, 2024, respectively.

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

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

ROU assets

 

$

11,300

 

 

$

11,074

 

Liabilities

 

 

 

 

 

 

Current

 

$

4,313

 

 

$

3,260

 

Non-current

 

 

9,178

 

 

 

9,598

 

   Total lease liabilities

 

$

13,491

 

 

$

12,858

 

Weighted-average remaining lease term (years)

 

 

4.6

 

 

 

4.8

 

Weighted-average discount rate

 

 

9

%

 

 

9

%

Approximately 86% 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 June 30, 2025, the maturity of operating lease liabilities are as follows:

Fiscal year ending December 31,

 

 

 

Remainder of 2025

 

$

3,031

 

2026

 

 

4,165

 

2027

 

 

2,867

 

2028

 

 

2,068

 

2029

 

 

1,793

 

Thereafter

 

 

2,231

 

Total lease payments

 

 

16,155

 

Less: Interest on lease payments

 

 

(2,664

)

Present value of lease liabilities

 

$

13,491

 

Operating cash payments included in the measurement of operating lease liabilities were $676 and $1,255 for the three and six months ended June 30, 2025, respectively, and were $820 and $1,692 for the three and six months ended June 30, 2024, respectively, all of which were included in net cash used in operating activities in the condensed consolidated statements of cash flows. Amortization of ROU assets was $773 and $1,519 for the three and six months ended June 30, 2025, respectively, and $989 and $1,798 for the three and six months ended June 30, 2024, respectively.