Quarterly report [Sections 13 or 15(d)]

Leases

v3.25.3
Leases
9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases
8.
Leases

Operating lease expenses were $1,330 and $3,354 for the three and nine months ended September 30, 2025, respectively, and were $1,118 and $3,443 for the three and nine months ended September 30, 2024, respectively. Aggregate variable lease expenses and short-term lease expenses were $407 and $1,129 for the three and nine months ended September 30, 2025, respectively, and $322 and $923 for the three and nine months ended September 30, 2024, respectively.

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

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

ROU assets

 

$

10,206

 

 

$

11,074

 

Liabilities

 

 

 

 

 

 

Current

 

$

4,179

 

 

$

3,260

 

Non-current

 

 

8,354

 

 

 

9,598

 

   Total lease liabilities

 

$

12,533

 

 

$

12,858

 

Weighted-average remaining lease term (years)

 

 

4.5

 

 

 

4.8

 

Weighted-average discount rate

 

 

9

%

 

 

9

%

Approximately 87% 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 September 30, 2025, the maturity of operating lease liabilities are as follows:

Fiscal year ending December 31,

 

 

 

Remainder of 2025

 

$

1,991

 

2026

 

 

4,018

 

2027

 

 

2,850

 

2028

 

 

2,052

 

2029

 

 

1,776

 

Thereafter

 

 

2,213

 

Total lease payments

 

 

14,900

 

Less: Interest on lease payments

 

 

(2,367

)

Present value of lease liabilities

 

$

12,533

 

Operating cash payments included in the measurement of operating lease liabilities were $611 and $1,866 for the three and nine months ended September 30, 2025, respectively, and were $898 and $4,134 for the three and nine months ended September 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 $788 and $2,307 for the three and nine months ended September 30, 2025, respectively, and $801 and $4,104 for the three and nine months ended September 30, 2024, respectively.