Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Concentration Risk [Line Items] |
|
| Summary of cash, cash equivalents, and restricted cash |
The following table shows components of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets and in the consolidated statements of cash flows as of the years then ended (in thousands):
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December 31, |
|
|
|
2025 |
|
|
2024 |
|
Cash and cash equivalents |
|
$ |
24,813 |
|
|
$ |
19,206 |
|
Restricted cash included in other long-term assets |
|
|
579 |
|
|
|
478 |
|
|
|
$ |
25,392 |
|
|
$ |
19,684 |
|
|
| Schedule of Company's Assets and Operations by Region |
The Company also operates globally, and a substantial portion of its assets are located in certain geographic regions. As of December 31, 2025 and 2024, the allocation of the Company's assets by region was as follows:
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December 31, |
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|
2025 |
|
|
2024 |
|
EMEA |
|
|
|
|
|
|
United Kingdom |
|
|
33 |
% |
|
|
43 |
% |
Germany |
|
|
23 |
% |
|
|
9 |
% |
Luxembourg |
|
|
17 |
% |
|
|
10 |
% |
|
|
|
73 |
% |
|
|
62 |
% |
Americas |
|
|
|
|
|
|
U.S. |
|
|
27 |
% |
|
|
27 |
% |
Canada |
|
|
0 |
% |
|
|
11 |
% |
|
|
|
27 |
% |
|
|
38 |
% |
Total |
|
|
100 |
% |
|
|
100 |
% |
|
| Schedule of estimated useful lives of depreciable assets |
Depreciation and amortization are computed utilizing the straight-line method over the estimated useful lives of depreciable assets in the table below. Leasehold improvements are amortized using the straight-line method over the lesser of the life of the asset or the remaining life of the lease.
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|
|
Years |
Furniture and fixtures |
|
7 |
Machinery and equipment |
|
5 |
In-service ground stations |
|
3-10 |
Computer software and website development |
|
3 |
Computer equipment |
|
3 |
Capitalized satellite launch costs and in-service satellites |
|
3-4 |
|
| Schedule of Consolidated Balance Sheets |
The tables below provide information about the adjustments as of and for the year ended December 31, 2024.
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December 31, 2024 |
|
Consolidated Balance Sheet |
|
As Previously Reported |
|
|
Adjustments |
|
|
Revised |
|
Additional paid-in capital |
|
$ |
536,184 |
|
|
$ |
541 |
|
|
$ |
536,725 |
|
Accumulated deficit |
|
$ |
(538,104 |
) |
|
$ |
(541 |
) |
|
$ |
(538,645 |
) |
Total stockholders’ equity |
|
$ |
(11,687 |
) |
|
$ |
— |
|
|
$ |
(11,687 |
) |
Total liabilities and stockholders’ equity |
|
$ |
193,575 |
|
|
$ |
— |
|
|
$ |
193,575 |
|
The tables below provide information about the adjustments as of and for the three months ended March 31, 2025.
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March 31, 2025 |
|
Unaudited Condensed Consolidated Balance Sheet |
|
As Previously Reported |
|
|
Adjustments |
|
|
Revised |
|
Other accrued expenses |
|
$ |
21,985 |
|
|
$ |
1,840 |
|
|
$ |
23,825 |
|
Total current liabilities |
|
$ |
161,730 |
|
|
$ |
1,840 |
|
|
$ |
163,570 |
|
Total liabilities |
|
$ |
203,291 |
|
|
$ |
1,840 |
|
|
$ |
205,131 |
|
Additional paid-in capital |
|
$ |
576,758 |
|
|
$ |
1,559 |
|
|
$ |
578,317 |
|
Accumulated deficit |
|
$ |
(558,761 |
) |
|
$ |
(3,399 |
) |
|
$ |
(562,160 |
) |
Total stockholders’ equity |
|
$ |
5,555 |
|
|
$ |
(1,840 |
) |
|
$ |
3,715 |
|
Total liabilities and stockholders’ equity |
|
$ |
208,846 |
|
|
$ |
— |
|
|
$ |
208,846 |
|
|
| Schedule of Consolidated Statements of Operations |
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|
Year Ended December 31, 2024 |
|
Consolidated Statements of Operations |
|
As Previously Reported |
|
|
Adjustments |
|
|
Revised |
|
Cost of revenue |
|
$ |
70,560 |
|
|
$ |
16 |
|
|
$ |
70,576 |
|
Gross profit |
|
$ |
39,891 |
|
|
$ |
(16 |
) |
|
$ |
39,875 |
|
Research and development |
|
$ |
29,188 |
|
|
$ |
49 |
|
|
$ |
29,237 |
|
Sales and marketing |
|
$ |
22,220 |
|
|
$ |
476 |
|
|
$ |
22,696 |
|
Total operating expenses |
|
$ |
108,625 |
|
|
$ |
525 |
|
|
$ |
109,150 |
|
Loss from operations |
|
$ |
(68,734 |
) |
|
$ |
(541 |
) |
|
$ |
(69,275 |
) |
Loss before income taxes |
|
$ |
(102,659 |
) |
|
$ |
(541 |
) |
|
$ |
(103,200 |
) |
Net loss |
|
$ |
(102,818 |
) |
|
$ |
(541 |
) |
|
$ |
(103,359 |
) |
Basic and diluted net loss per share |
|
$ |
(4.26 |
) |
|
$ |
(0.02 |
) |
|
$ |
(4.28 |
) |
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|
Three Months Ended March 31, 2025 |
|
Unaudited Condensed Consolidated Statements of Operations |
|
As Previously Reported |
|
|
Adjustments |
|
|
Revised |
|
Cost of revenue |
|
$ |
15,092 |
|
|
$ |
72 |
|
|
$ |
15,164 |
|
Gross profit |
|
$ |
8,784 |
|
|
$ |
(72 |
) |
|
$ |
8,712 |
|
Research and development |
|
$ |
8,509 |
|
|
$ |
150 |
|
|
$ |
8,659 |
|
Sales and marketing |
|
$ |
4,735 |
|
|
$ |
796 |
|
|
$ |
5,531 |
|
General and administrative |
|
$ |
15,810 |
|
|
$ |
1,840 |
|
|
$ |
17,650 |
|
Total operating expenses |
|
$ |
34,214 |
|
|
$ |
2,786 |
|
|
$ |
37,000 |
|
Loss from operations |
|
$ |
(25,430 |
) |
|
$ |
(2,858 |
) |
|
$ |
(28,288 |
) |
Loss before income taxes |
|
$ |
(20,663 |
) |
|
$ |
(2,858 |
) |
|
$ |
(23,521 |
) |
Net loss |
|
$ |
(20,657 |
) |
|
$ |
(2,858 |
) |
|
$ |
(23,515 |
) |
Loss per share: |
|
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|
|
|
|
|
|
|
Basic |
|
$ |
(0.77 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.88 |
) |
Diluted |
|
$ |
(0.77 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.88 |
) |
|
| Accounts Receivable |
|
| Concentration Risk [Line Items] |
|
| Summary of customers whose revenue and accounts receivable balances |
The following table represents 10% or more of the Company’s total accounts receivable:
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|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Customer A |
|
|
34 |
% |
|
* |
|
Customer B |
|
|
11 |
% |
|
* |
|
Customer C |
|
* |
|
|
|
13 |
% |
Customer D |
|
* |
|
|
|
13 |
% |
* No one customer accounted for more than 10% of the Company's total accounts receivable.
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