Quarterly report [Sections 13 or 15(d)]

Information on Segment Reporting

v3.25.3
Information on Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Information on Segment Reporting
14.
Information on Segment Reporting

The Company operates as one reportable and operating segment, which derives revenue from the sale of subscription-based data, insights, predictive analytics and related project-based services to global customers across a range of industries. All of the segment’s activities are interrelated, and each activity is dependent upon and supportive of the other. Accordingly, all significant operating decisions are based upon analysis of the Company at the consolidated level. The accounting policies of the segment are the same as those described in Note 2.

The Company’s chief operating decision maker (“CODM”), who is the Company's chief executive officer, regularly reviews consolidated net (loss) income as reported on the consolidated statements of operations, along with other financial information presented on a consolidated basis, for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM measures performance and how to allocate resources for the segment primarily based on net (loss) income, revenue, and gross margin. The CODM's objective is to make resource allocation decisions that optimize the Company's consolidated financial results by monitoring actual results compared to forecasted results.

The measure of segment assets is reported as total assets on the condensed consolidated balance sheets and total capital expenditures for additions to long-lived assets, which were $8,388 and $20,895, for the three and nine months ended September 30, 2025, respectively, and $8,906 and $21,491 for the three and nine months ended September 30, 2024, respectively.

The following table includes segment revenue and significant segment expenses:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

12,670

 

 

$

28,568

 

 

$

55,728

 

 

$

88,792

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Employee expense (a)

 

 

18,015

 

 

 

20,024

 

 

 

62,872

 

 

 

57,113

 

Equipment and software expenses (b)

 

 

5,311

 

 

 

8,156

 

 

 

22,204

 

 

 

31,174

 

Depreciation and amortization

 

 

2,557

 

 

 

3,862

 

 

 

9,494

 

 

 

16,352

 

Professional services

 

 

4,223

 

 

 

3,722

 

 

 

17,603

 

 

 

8,425

 

Facilities expense (b)

 

 

1,457

 

 

 

1,042

 

 

 

3,603

 

 

 

3,030

 

Contactor expense

 

 

552

 

 

 

668

 

 

 

1,330

 

 

 

1,786

 

Other operating and marketing expenses

 

 

1,125

 

 

 

1,532

 

 

 

3,906

 

 

 

4,097

 

Loss on decommissioned satellites and disposal of assets

 

 

20

 

 

 

550

 

 

 

6,259

 

 

 

1,474

 

Allowance for current credit loss on notes receivable

 

 

—

 

 

 

2,609

 

 

 

—

 

 

 

2,689

 

Interest expense

 

 

2

 

 

 

4,829

 

 

 

7,418

 

 

 

14,654

 

Change in fair value of contingent liability and warrant liabilities

 

 

(668

)

 

 

(1,370

)

 

 

(4,525

)

 

 

1,825

 

Gain on sale of a business

 

 

—

 

 

 

—

 

 

 

(154,305

)

 

 

—

 

Loss on extinguishment of debt

 

 

—

 

 

 

—

 

 

 

12,008

 

 

 

—

 

Issuance of stock warrants

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,399

 

Other segment items (c)

 

 

(248

)

 

 

(4,583

)

 

 

(8,538

)

 

 

(1,650

)

Segment net (loss) income

 

$

(19,676

)

 

$

(12,473

)

 

$

76,399

 

 

$

(54,576

)

(a) Employee expense included stock-based compensation expense of $3,830 and $14,957 for the three and nine months ended September 30, 2025, respectively, and $4,959 and $13,382 for the three and nine months ended September 30, 2024, respectively.

(b) In the second quarter of 2025, the Company reclassified certain expenses from Facilities expense to Equipment and software expenses within its segment reporting to better reflect the nature of the costs. Prior period amounts have been recast to conform to the current year period presentation. This reclassification impacted only the composition of the expense categories regularly provided to the Company’s CODM and had no impact on total segment expenses, the condensed consolidated statements of operations, or (loss) income per share.

(c) Other segment items included in segment net (loss) income include foreign exchange gain (loss), income tax provision, equity investment loss, income tax benefit, travel and meals expenses, and interest income.