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
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net (loss) income $ 76,399 $ (54,576)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 9,494 16,351
Stock-based compensation 14,957 13,382
Amortization of operating lease right-of-use assets 2,307 4,104
Change in fair value of warrant liabilities (3,098) 1,109
Change in fair value of contingent earnout liability (1,428) 717
Issuance of stock warrants 0 2,399
Loss on decommissioned satellites and disposal of assets 6,270 1,474
Loss on extinguishment of debt 12,008 0
Gain on sale of a business (154,305) 0
Transaction costs on sale of a business (23,744) 0
Other, net 1,817 2,669
Changes in operating assets and liabilities:    
Accounts receivable, net 7,315 741
Contract assets (2,975) 812
Other current assets (3,431) 8,660
Other long-term assets 1,250 1,544
Accounts payable (3,076) 1,478
Accrued wages and benefits 2,504 675
Contract liabilities 3,231 452
Other accrued expenses 827 2,892
Operating lease liabilities (1,866) (4,134)
Other long-term liabilities (8) 0
Net cash (used in) provided by operating activities (55,552) 749
Cash flows from investing activities    
Purchases of short-term investments (97,730) (30,147)
Maturities of short-term investments 22,600 34,897
Purchase of property and equipment (20,895) (21,491)
Proceeds from sale of a business, net of cash 238,948 0
Net cash provided by (used in) investing activities 142,923 (16,741)
Cash flows from financing activities    
Proceeds from Securities Purchase Agreements, net 37,297 37,881
Payments on long-term debt (105,742) (20,113)
Payments on long-term debt closing fees (9,091) 0
Proceeds from exercise of stock options 1,824 269
Proceeds from employee stock purchase plan 443 370
Net cash (used in) provided by financing activities (75,269) 18,407
Effect of foreign currency translation on cash, cash equivalents and restricted cash (10,896) (2,486)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,206 (71)
Cash, cash equivalents and restricted cash    
Beginning balance 19,684 29,641
Ending balance 20,890 29,570
Supplemental disclosure of cash flow information    
Cash paid for interest 6,919 10,964
Income taxes paid 0 46
Noncash operating, investing and financing activities    
Property and equipment purchased but not yet paid 2,264 2,009
Right-of-use assets obtained in exchange for lease liabilities $ 1,136 $ 490