Quarterly report [Sections 13 or 15(d)]

Information on Segment Reporting

v3.26.1
Information on Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Information on Segment Reporting
13.
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 (loss) income as reported in the condensed 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 $8.0 million and $8.9 million, for the three months ended March 31, 2026 and 2025, respectively.

The following table includes segment revenue and significant segment expenses:

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Revenue

 

$

15,834

 

 

$

23,876

 

Less:

 

 

 

 

 

 

Employee expense (a)

 

 

18,929

 

 

 

20,296

 

Equipment and software expenses (b)

 

 

4,906

 

 

 

10,319

 

Depreciation and amortization

 

 

3,018

 

 

 

4,413

 

Professional services

 

 

8,974

 

 

 

8,872

 

Facilities expense (b)

 

 

1,188

 

 

 

1,049

 

Contractor expense

 

 

562

 

 

 

378

 

Other operating and marketing expenses

 

 

1,291

 

 

 

1,279

 

Loss on decommissioned satellites and disposal of assets

 

 

909

 

 

 

5,129

 

Interest expense

 

 

—

 

 

 

5,730

 

Change in fair value of contingent liability and warrant liabilities

 

 

120

 

 

 

(6,874

)

Other segment items (c)

 

 

1,780

 

 

 

(3,200

)

Segment net loss

 

$

(25,843

)

 

$

(23,515

)

(a) Employee expense included stock-based compensation expense of $4.0 million and $4.9 million for the three months ended March 31, 2026 and 2025, 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 per share.

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