Quarterly report pursuant to Section 13 or 15(d)

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

v3.21.2
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
4.
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations
Disaggregation of Revenue
For the three an
d
 nine months ended September 30, 2021, revenue from Data Solutions contracts was $4,926 and $13,000 or 51% and 46% of total revenue, respectively. Revenue from Space Services solution contracts was $4,640 and $15,395 or 49% and 54% of total revenue for the three and nine months ended September 30, 2021, respectively. For the three and nine months ended September 30, 2020, revenue from Data Solutions contracts was $1,535 and $5,737, or 21% and 27% of total revenue, respectively and revenue from Space Services so
l
ution contracts was $5,649 and $15,484, 79% or 73% of total revenue for the three and nine months ended September 30, 2020, respectively.
The following revenue disaggregated by geography was recognized:
 
 
  
Three Months Ended
September 30, 2021
 
 
Nine Months Ended
September 30, 2021
 
EMEA
(1)
    $ 3,514        37 %    $ 13,426        47 % 
Americas
(2)
      4,805        50 %      10,561        37 % 
Asia Pacific
(3)
      1,242        13 %      4,403        16 % 
    
 
 
     
 
 
    
 
 
     
 
 
  
Total
    $ 9,561        100 %    $ 28,390        100 % 
    
 
 
     
 
 
    
 
 
     
 
 
  

    
Three Months Ended
September 30, 2020
    
Nine Months Ended
September 30, 2020
  
EMEA
(1)
    $ 2,909        41 %    $ 10,149        48 % 
Americas
(2)
      2,823        39 %      8,038        38 % 
Asia Pacific
(3)
      1,452        20 %      3,034        14 % 
    
 
 
     
 
 
    
 
 
     
 
 
  
Total
    $ 7,184        100 %    $ 21,221        100 % 
    
 
 
     
 
 
    
 
 
     
 
 
  
 
 
(1)
The Netherlands represented 18% and 26% for the three and nine months ended September 30, 2021, respectively, and 25% and 36% for the three and nine months ended September 30, 2020, respectively.
 
(2)
U.S. represented 50% and 37% for the three and nine months ended September 30, 2021, respectively, and 39% and 38% for the three and nine months ended September 30, 2020, respectively.
 
(3)
Australia represented 11% for the nine months ended September 30, 2021, and 17% and 10% for the three and nine months ended September 30, 2020, respectively.
Contract Assets
At September 30, 2021 and December 31, 2020, Contract assets were
$1,089 and $853, respectively, on the Condensed Consolidated Balance Sheets.
Changes in Contract assets for the nine months ended September 30, 2021 were as follows:
 
Balance at January 1, 2021
    $ 853  
Contract assets recorded
      900  
Reclassified to Accounts receivable
      (652 ) 
Other
      (12 ) 
    
 
 
  
Balance at September 30, 2021
    $ 1,089  
    
 
 
  
Contract Liabilities
At September 30, 2021 and December 31, 2020, Contract liabilities were $10,331 and $8,110, respectively, and were reported in the current portion of Contract liabilities on the Company’s Condensed Consolidated Balance Sheets.    
Changes in Contract liabilities for the nine months ended September 30, 2021 and 2020 were as follows: 
 
 
  
September 30,
2021
 
  
September 30,
2020
 
Balance at the beginning of the year
  
$
8,110
 
  
$
4,550
 
Contract liabilities recorded during the period
  
 
9,037
 
  
 
4,645
 
Revenue recognized during the period
  
 
(6,624
) 
  
 
(1,208
) 
Other
  
 
(192
) 
  
 
—  
 
  
 
 
 
  
 
 
 
Balance at the end of the period
  
$
10,331
 
  
$
7,987
 
  
 
 
 
  
 
 
 
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. These commitments for future services exclude (i) contracts with an original term of one year or less, and (ii) cancellable contracts. As of September 30, 2021, the amount not yet recognized as revenue from these commitments is $49,506. The Company expects to recognize 70% of these future commitments over the next 12 months and the remaining 30% thereafter as revenue when the performance obligations are met.