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

Information on Segment Reporting

v3.26.1
Information on Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Information on Segment Reporting
15.
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 Company’s chief operating decision maker ("CODM") who is the Company's chief executive officer, regularly reviews consolidated net income (loss) as reported in 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 income (loss), 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 in the consolidated balance sheets and total capital expenditures for additions to long-lived assets, which were $32.8 million and $26.6 million for the years ended December 31, 2025 and 2024, respectively.

The following table includes segment revenue and significant segment expenses (in thousands):

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Revenue

 

$

71,553

 

 

$

110,451

 

Less:

 

 

 

 

 

 

Employee expense (a)

 

 

80,275

 

 

 

80,184

 

Equipment and software expenses (b)

 

 

27,454

 

 

 

38,650

 

Depreciation and amortization

 

 

12,405

 

 

 

21,729

 

Professional services

 

 

24,232

 

 

 

17,558

 

Facilities expense (b)

 

 

4,732

 

 

 

4,008

 

Contractor expense

 

 

1,899

 

 

 

2,602

 

Other operating and marketing expenses

 

 

5,629

 

 

 

5,767

 

Loss on decommissioned satellites and disposal of assets

 

 

9,281

 

 

 

4,023

 

Allowance for current credit loss on notes receivable

 

 

—

 

 

 

4,026

 

Interest expense

 

 

7,418

 

 

 

20,358

 

Change in fair value of contingent liability and warrant liabilities

 

 

(4,647

)

 

 

6,489

 

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)

 

 

(6,133

)

 

 

6,017

 

Segment net income (loss)

 

$

51,305

 

 

$

(103,359

)

(a) Employee expense included stock-based compensation expense of $18.7 million and $20.0 million for the years ended December 31, 2025 and 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 consolidated statements of operations, or income (loss) per share.

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