Quarterly report [Sections 13 or 15(d)]

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

v3.26.3
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
The Company recognizes revenue for certain long-term contracts using the percentage-of-completion method, measured on a cost-to-cost basis. From time to time, the Company revises its estimates of total
costs for these contracts. Changes in estimated total costs for contracts using the percentage-of-completion method resulted in a reduction in revenue of $0.3 million and $1.0 million for the three and nine months ended September 30, 2026, respectively.
Disaggregation of Revenue
Subscription revenue consists of recurring fees earned under customer contracts that provide ongoing access to the Company’s data products, software platforms, and the operational phase of Space Services contracts. Revenue is generally recognized ratably over the contractual service period. Non-subscription revenue consists of non-recurring services and deliverable-based arrangements, including funded research and development projects, project-based services, historical data sales, and professional services. Revenue is recognized either over time or at a point in time, depending on the nature of the performance obligation.
The following shows revenue from subscription and non-subscription contracts (dollars in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Subscription revenue $ 12,793  71 % $ 8,913  70 % $ 38,586  74 % $ 42,995  77 %
Non-subscription revenue 5,205  29 % 3,757  30 % 13,294  26 % 12,733  23 %
$ 17,998  100 % $ 12,670  100 % $ 51,880  100 % $ 55,728  100 %
The following revenue disaggregated by geography was recognized (dollars in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Americas
U.S. $ 9,070  50 % $ 6,613  53 % $ 25,839  50 % $ 28,974  52 %
Canada 1,235  7 % 1,153  9 % 6,714  13 % 4,826  9 %
Other(1)
24  0 % 40  0 % 92  0 % 170  0 %
Total Americas 10,329  57 % 7,806  62 % 32,645  63 % 33,970  61 %
EMEA
United Kingdom 1,145  6 % 808  6 % 3,197  6 % 5,912  11 %
Belgium —  — % 1,398  11 % 3,183  6 % 2,402  4 %
Other(1)
5,646  32 % 1,793  14 % 11,045  22 % 9,889  18 %
Total EMEA 6,791  38 % 3,999  31 % 17,425  34 % 18,203  33 %
Asia Pacific
Other(1)
878  5 % 865  7 % 1,810  3 % 3,555  6 %
878  5 % 865  7 % 1,810  3 % 3,555  6 %
Total $ 17,998  100 % $ 12,670  100 % $ 51,880  100 % $ 55,728  100 %
(1)Revenue from individual geographic regions that represent less than 10% of total revenue for the periods presented are not separately disclosed.
Contract Assets
Contract assets reported on the Company's condensed consolidated balance sheets were $6.2 million and $1.8 million as of September 30, 2026 and December 31, 2025, respectively.
Changes in contract assets were as follows (in thousands):
2026 2025
Balance as of January 1, $ 1,778  $ 785 
Contract assets recorded during the period 6,093  4,667 
Reclassified to accounts receivable (1,600) (1,573)
Other (26) 71 
Balance as of September 30, $ 6,245  $ 3,950 
Contract Liabilities
Contract liabilities were reported on the Company's condensed consolidated balance sheets as follows (in thousands):
September 30,
2026		 December 31,
2025
Contract liabilities, current portion $ 32,042  $ 35,160 
Contract liabilities, non-current 12,893  14,207 
Contract liabilities $ 44,935  $ 49,367 
Changes in contract liabilities were as follows (in thousands):
2026 2025
Balance as of January 1, $ 49,367  $ 45,526 
Contract liabilities recorded during the period 18,686  21,508 
Revenue recognized during the period (22,793) (18,398)
Other (325) 1,010 
Balance as of September 30, $ 44,935  $ 49,646 
Remaining Performance Obligations
The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. Revenue from subscription-based services is recognized over time, generally on a straight-line basis over the subscription period, while revenue from milestone-based services is recognized at the point in time when control of the deliverable transfers to the customer. Management believes this method provides a faithful depiction of the pattern in which services are delivered to customers. Management applies judgment in determining the timing of recognition. For contracts with multiple performance obligations, management allocates the transaction price to each obligation based on its relative standalone selling price. These commitments for future services exclude cancellable contracts. As of September 30, 2026, the amount not yet recognized as revenue from these commitments was $175.4 million. There were no significant changes in these judgments during the three and nine months ended September 30, 2026.
The Company expects to recognize its remaining performance obligations as of September 30, 2026, over the following periods (dollars in thousands):
September 30, 2026
1 to 12 months $ 85,944  49 %
13 to 24 months 51,753  30 %
25 to 36 months 26,021  15 %
37 to 48 months 9,126  5 %
Remaining 2,571  1 %
Total $ 175,415  100 %