| Balance Sheet Components |
4.Other Balance Sheet Components
Other current assets consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Technology and other prepaid contracts |
|
$ |
1,141 |
|
|
$ |
1,618 |
|
Other receivables |
|
|
3,411 |
|
|
|
2,554 |
|
Prepaid insurance |
|
|
529 |
|
|
|
872 |
|
Deferred contract costs |
|
|
112 |
|
|
|
121 |
|
Other |
|
|
810 |
|
|
|
871 |
|
Other current assets |
|
$ |
6,003 |
|
|
$ |
6,036 |
|
Property and equipment, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Satellites in-service |
|
$ |
32,466 |
|
|
$ |
29,009 |
|
Internally developed software |
|
|
2,377 |
|
|
|
2,377 |
|
Ground stations in-service |
|
|
5,505 |
|
|
|
5,372 |
|
Leasehold improvements |
|
|
6,629 |
|
|
|
6,077 |
|
Machinery and equipment |
|
|
8,787 |
|
|
|
7,841 |
|
Computer equipment |
|
|
1,432 |
|
|
|
1,411 |
|
Computer software and website development |
|
|
99 |
|
|
|
99 |
|
Furniture and fixtures |
|
|
1,574 |
|
|
|
1,542 |
|
|
|
|
58,869 |
|
|
|
53,728 |
|
Less: Accumulated depreciation and amortization |
|
|
(26,517 |
) |
|
|
(24,290 |
) |
|
|
|
32,352 |
|
|
|
29,438 |
|
Satellite, launch, and ground station work in progress |
|
|
34,183 |
|
|
|
30,692 |
|
Finished satellites not yet placed in-service |
|
|
17,434 |
|
|
|
20,676 |
|
Property and equipment, net |
|
$ |
83,969 |
|
|
$ |
80,806 |
|
Depreciation and amortization expense related to property and equipment was $2.6 million and $4.0 million for the three months ended March 31, 2026 and 2025, respectively. The Company recorded $0.9 million and $5.2 million of losses on decommissioned satellites and other assets write-offs for the three months ended March 31, 2026 and 2025, respectively. These losses are recorded in a separate line item within operating expenses on the condensed consolidated statement of operations. The loss recorded during the three months ended March 31, 2026 was primarily due to the deorbiting of one satellite. The loss recorded during the three months ended March 31, 2025 was primarily due to the Company’s decision to stop supporting three underperforming satellites. These satellites were written off at their net book value as no recoverable value was expected upon disposal.
Other accrued expenses consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Operating lease liabilities, current |
|
$ |
3,932 |
|
|
$ |
4,642 |
|
Professional services |
|
|
3,161 |
|
|
|
4,394 |
|
Accrued operating costs |
|
|
193 |
|
|
|
967 |
|
Accrued wages and benefits |
|
|
6,006 |
|
|
|
4,556 |
|
Software |
|
|
792 |
|
|
|
791 |
|
Corporate and sales tax |
|
|
83 |
|
|
|
1,281 |
|
Termination fees |
|
|
— |
|
|
|
3,335 |
|
Other |
|
|
2,395 |
|
|
|
2,300 |
|
Other accrued expenses |
|
$ |
16,562 |
|
|
$ |
22,266 |
|
Accumulated other comprehensive loss consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2026 |
|
|
|
Foreign Currency Translation Adjustment |
|
|
Unrealized Gains (Losses) on Available-for-sale Debt Securities, net |
|
|
Total |
|
Beginning balance |
|
$ |
(5,467 |
) |
|
$ |
32 |
|
|
$ |
(5,435 |
) |
Other comprehensive income (loss) before reclassifications |
|
|
166 |
|
|
|
(30 |
) |
|
|
136 |
|
Ending balance |
|
$ |
(5,301 |
) |
|
$ |
2 |
|
|
$ |
(5,299 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2025 |
|
|
|
Foreign Currency Translation Adjustment |
|
|
Unrealized Gains (Losses) on Available-for-sale Debt Securities, net |
|
|
Total |
|
Beginning balance |
|
$ |
(9,770 |
) |
|
$ |
— |
|
|
$ |
(9,770 |
) |
Other comprehensive loss before reclassifications |
|
|
(2,675 |
) |
|
|
— |
|
|
|
(2,675 |
) |
Ending balance |
|
$ |
(12,445 |
) |
|
$ |
— |
|
|
$ |
(12,445 |
) |
The components of accumulated other comprehensive loss, which are included in stockholders' equity, consist of foreign currency translation adjustments and unrealized gains (losses) on available-for-sale securities.
|