| Balance Sheet Components |
4.Balance Sheet Components
Other current assets consisted of the following:
|
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|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Technology and other prepaid contracts |
|
$ |
2,705 |
|
|
$ |
838 |
|
Other receivables |
|
|
1,953 |
|
|
|
648 |
|
Prepaid insurance |
|
|
1,219 |
|
|
|
1,076 |
|
Deferred contract costs |
|
|
140 |
|
|
|
297 |
|
Other |
|
|
507 |
|
|
|
419 |
|
Other current assets |
|
$ |
6,524 |
|
|
$ |
3,278 |
|
Property and equipment, net consisted of the following:
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|
|
|
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|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Satellites in-service |
|
$ |
25,672 |
|
|
$ |
32,768 |
|
Internally developed software |
|
|
2,377 |
|
|
|
1,760 |
|
Ground stations in-service |
|
|
4,988 |
|
|
|
4,978 |
|
Leasehold improvements |
|
|
6,084 |
|
|
|
5,707 |
|
Machinery and equipment |
|
|
6,545 |
|
|
|
5,479 |
|
Computer equipment |
|
|
1,485 |
|
|
|
1,327 |
|
Computer software and website development |
|
|
99 |
|
|
|
99 |
|
Furniture and fixtures |
|
|
1,528 |
|
|
|
1,335 |
|
|
|
|
48,778 |
|
|
|
53,453 |
|
Less: Accumulated depreciation and amortization |
|
|
(21,637 |
) |
|
|
(25,748 |
) |
|
|
|
27,141 |
|
|
|
27,705 |
|
Satellite, launch, and ground station work in progress |
|
|
37,322 |
|
|
|
27,624 |
|
Finished satellites not yet placed in-service |
|
|
10,798 |
|
|
|
8,009 |
|
Property and equipment, net |
|
$ |
75,261 |
|
|
$ |
63,338 |
|
Depreciation and amortization expense related to property and equipment was $2,170 and $8,343 for the three and nine months ended September 30, 2025, respectively. Depreciation and amortization expense related to property and equipment was $2,328 and $13,733 for the three and nine months ended September 30, 2024, respectively.
The Company recorded losses of $0 and $6,270 on decommissioned satellites for the three and nine months ended September 30, 2025, respectively, and $246 and $953 on decommissioned satellites for the three and nine months ended September 30, 2024, respectively. These losses are recorded in a separate line item within operating expenses on the condensed consolidated
statement of operations. The loss on decommissioned satellites during the nine months ended September 30, 2025 was primarily due to the Company’s decision to stop supporting three underperforming satellites and the deorbiting of an additional three satellites. The loss on decommissioned satellites during the three and nine months ended September 30, 2024 was primarily due to failure to establish communications with multiple satellites. These satellites were written off at their net book value as no recoverable value was expected upon disposal.
Other accrued expenses consisted of the following:
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|
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|
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September 30, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Operating lease liabilities, current |
|
$ |
4,179 |
|
|
$ |
3,260 |
|
Professional services |
|
|
3,688 |
|
|
|
2,622 |
|
Accrued operating costs |
|
|
1,877 |
|
|
|
1,829 |
|
Accrued wages and benefits |
|
|
5,426 |
|
|
|
3,335 |
|
Accrued interest |
|
|
— |
|
|
|
1,709 |
|
Legal matters |
|
|
— |
|
|
|
1,479 |
|
Software |
|
|
898 |
|
|
|
792 |
|
Corporate and sales tax |
|
|
969 |
|
|
|
120 |
|
Other |
|
|
2,983 |
|
|
|
1,215 |
|
Other accrued expenses |
|
$ |
20,020 |
|
|
$ |
16,361 |
|
Accumulated other comprehensive (loss) income consisted of the following:
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|
|
|
|
|
|
|
|
|
|
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|
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Three Months Ended September 30, 2025 |
|
|
Nine Months Ended September 30, 2025 |
|
|
|
Foreign Currency Translation Adjustment |
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|
Unrealized (Losses) Gains on Available-for-sale Debt Securities, net |
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Total |
|
|
Foreign Currency Translation Adjustment |
|
|
Unrealized Gains (Losses) on Available-for-sale Debt Securities, net |
|
|
Total |
|
Beginning balance |
|
$ |
(5,000 |
) |
|
$ |
(3 |
) |
|
$ |
(5,003 |
) |
|
$ |
(9,770 |
) |
|
$ |
— |
|
|
$ |
(9,770 |
) |
Other comprehensive (loss) income before reclassifications |
|
|
(1,244 |
) |
|
|
31 |
|
|
|
(1,213 |
) |
|
|
(5,921 |
) |
|
|
28 |
|
|
|
(5,893 |
) |
Less: Amount of loss reclassified from AOCI |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,447 |
|
|
|
— |
|
|
|
9,447 |
|
Net current period other comprehensive (loss) income |
|
|
(1,244 |
) |
|
|
31 |
|
|
|
(1,213 |
) |
|
|
3,526 |
|
|
|
28 |
|
|
|
3,554 |
|
Ending balance |
|
$ |
(6,244 |
) |
|
$ |
28 |
|
|
$ |
(6,216 |
) |
|
$ |
(6,244 |
) |
|
$ |
28 |
|
|
$ |
(6,216 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Three Months Ended September 30, 2024 |
|
|
Nine Months Ended September 30, 2024 |
|
|
|
Foreign Currency Translation Adjustment |
|
|
Unrealized (Losses) Gains on Available-for-sale Debt Securities, net |
|
|
Total |
|
|
Foreign Currency Translation Adjustment |
|
|
Unrealized Gains (Losses) on Available-for-sale Debt Securities, net |
|
|
Total |
|
Beginning balance |
|
$ |
(6,846 |
) |
|
$ |
(1 |
) |
|
$ |
(6,847 |
) |
|
$ |
(4,557 |
) |
|
$ |
1 |
|
|
$ |
(4,556 |
) |
Other comprehensive (loss) income before reclassifications |
|
|
(1,986 |
) |
|
|
4 |
|
|
|
(1,982 |
) |
|
|
(4,275 |
) |
|
|
2 |
|
|
|
(4,273 |
) |
Less: Amount of gain (loss) reclassified from AOCI |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net current period other comprehensive (loss) income |
|
|
(1,986 |
) |
|
|
4 |
|
|
|
(1,982 |
) |
|
|
(4,275 |
) |
|
|
2 |
|
|
|
(4,273 |
) |
Ending balance |
|
$ |
(8,832 |
) |
|
$ |
3 |
|
|
$ |
(8,829 |
) |
|
$ |
(8,832 |
) |
|
$ |
3 |
|
|
$ |
(8,829 |
) |
The components of accumulated other comprehensive loss, which are included in stockholders' equity, consist of foreign currency translation adjustments and unrealized gains on available-for-sale securities. During the nine months ended September
30, 2025, the Company reclassified $9,447 out of accumulated other comprehensive loss, with the entire amount recorded in gain on the sale of business within the condensed consolidated statements of operations. |