Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net Income (Loss) $ 51,305 $ (103,359)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 12,405 21,729
Stock-based compensation 18,702 19,990
Amortization of operating lease right-of-use assets 3,084 4,843
Change in fair value of warrant liabilities (3,193) 5,254
Change in fair value of contingent earnout liability (1,455) 1,235
Issuance of stock warrants 0 2,399
Loss on decommissioned satellites and disposal of assets 9,281 4,023
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 2,349 4,199
Changes in operating assets and liabilities:    
Accounts receivable, net 8,915 (5,034)
Contract assets (846) 3,119
Other current assets (2,936) 12,445
Other long-term assets 1,361 1,954
Accounts payable 1,607 2,649
Contract liabilities 2,899 2,748
Other accrued expenses 5,117 8,073
Operating lease liabilities (2,375) (4,720)
Other long-term liabilities (8) 0
Net cash used in operating activities (59,829) (18,453)
Cash flows from investing activities    
Purchases of short-term investments (120,479) (30,147)
Maturities of short-term investments 65,500 42,497
Purchase of property and equipment (32,776) (26,581)
Proceeds from sale of a business, net of cash 238,948 0
Net cash provided by (used in) investing activities 151,193 (14,231)
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 1,827 335
Proceeds from employee stock purchase plan 807 895
Net cash (used in) provided by financing activities (74,902) 18,998
Effect of foreign currency translation on cash, cash equivalent and restricted cash (10,754) 3,737
Net increase (decrease) in cash, cash equivalents and restricted cash 5,708 (9,949)
Cash, cash equivalents and restricted cash    
Beginning balance 19,684 29,633
Ending balance 25,392 19,684
Supplemental disclosure of cash flow information    
Cash paid for interest 6,919 14,149
Income Taxes Paid 997 210
Non-cash operating, investing and financing activities    
Property and equipment purchased but not yet paid 2,959 2,264
Right-of-use assets obtained in exchange for lease liabilities $ 2,510 $ 490