Satellogic Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Satellogic (NASDAQ: SATL) reported second quarter 2026 revenue of $15.9 million, up 259% year-over-year from $4.4 million, driven by Data & Analytics revenue of $7.1 million and Space Systems revenue of $8.8 million. The company achieved its first-ever positive operating income of $0.3 million and positive Adjusted EBITDA of $2.8 million.
GAAP net loss was $20.0 million, impacted by a $19.7 million non-cash fair value charge on financial instruments. Satellogic ended the quarter with $112.8 million in cash and $80.7 million in remaining performance obligations, including an >$18 million one-year defense imagery agreement and a $12 million in-orbit satellite sale. Secured Convertible Note principal declined to $18.0 million after a $12.0 million conversion into 10.0 million shares. The fully funded Merlin constellation remains on track for first launch in Q4 2026 and full operational capability in 1H 2027.
Positive
- Revenue +259% YoY to $15.9 million in Q2 2026
- First-ever positive operating income of $0.3 million
- First quarter of positive Adjusted EBITDA at $2.8 million
- Cash balance of $112.8 million at June 30, 2026
- Remaining performance obligations of $80.7 million
- Secured Convertible Note principal reduced to $18.0 million
- Signed >$18 million one-year international defense imagery deal
- Signed $12 million in-orbit satellite sale to sovereign defense customer
Negative
- GAAP net loss of $20.0 million in Q2 2026
- Non-cash fair value charge of $19.7 million on financial instruments
- Operating cash outflow of $8.6 million in Q2 2026
- Selling, general and administrative expenses up 61% to $8.6 million
- Engineering expenses up 32% to $3.1 million
- Issuance of 10.0 million new shares from note conversion
News Explained
$45.8 million of $80.7 million in remaining performance obligations is expected within one year, while six-month adjusted operating cash flow remained negative.
For the quarter ended
The
Market Reaction – SATL
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | Q1 earnings report | Positive | -13.2% | Revenue growth, improved losses, positive operating cash flow, and new contracts |
| Mar 19 | Q4 earnings report | Positive | +10.8% | Revenue growth, narrowing net loss, contracts, and fully funded Merlin constellation |
| Aug 12 | Q2 earnings report | Positive | +3.7% | Revenue growth, reduced operating costs, contracts, and improved cash flow |
| May 13 | Q1 earnings report | Negative | +1.5% | Increased net loss despite revenue, cash flow, and adjusted EBITDA improvements |
| Mar 24 | Annual earnings report | Negative | -3.2% | Higher net loss despite revenue growth, contracts, and reduced operating cash use |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-matched earnings reactions were mixed, with an average move of -0.08%.
Key Terms
adjusted ebitda financial
remaining performance obligations financial
secured convertible notes financial
fair value of financial instruments financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Revenue Increased
Ended Second Quarter with
Executed on Sovereign Satellite Deliveries, Expanded Persistent Global Intelligence and Earth Observation Monitoring Partnerships, and Advanced International Defense Programs
Management to Host Webcast and Conference Call August 5, 2026 at 4:30 p.m. ET
NEW YORK, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Satellogic Inc. (NASDAQ: SATL), the infrastructure company for Persistent Global Intelligence (PGI), today reported its financial results for the second quarter ended June 30, 2026.
“The second quarter delivered a decisive demonstration of the operating leverage in our vertically-integrated PGI infrastructure model,” said CEO Emiliano Kargieman. “Strong operational execution drove a
“We have already successfully delivered the first satellite to Portugal’s CEiiA program, representing the halfway point in the
Rick Dunn, Satellogic CFO, added, “Our second quarter results mark a milestone in the financial evolution of the Company. Revenue grew
“We continue to strengthen our capital structure: during the quarter the noteholder converted
Second Quarter 2026 and Subsequent Operational Highlights
- Grew total revenue
259% year-over-year to$15.9 million , with Data & Analytics revenue (including Constellation-as-a-Service) of$7.1 million and Space Systems revenue of$8.8 million . Reported a GAAP net loss of$20.0 million in the second quarter, and GAAP operating income of$0.3 million —marking the first quarter of positive operating income in the Company’s history. Reflecting the operating leverage of its vertically integrated model, the Company also generated positive Adjusted EBITDA of$2.8 million . - Announced separate strategic collaborations with SynMax and SpaceKnow to develop and deliver AI-powered geospatial intelligence products for defense, intelligence, and commercial customers, building on the Company’s Persistent Global Intelligence (PGI) infrastructure.
- Appointed retired U.S. Army Lieutenant General Michael E. Williamson as an independent director, bringing more than three decades of leadership experience in defense acquisition, technology integration, and global business development.
- Signed a one-year agreement valued at more than
$18 million with an international defense customer for persistent, high-frequency Earth observation imagery, representing an expansion from an initial trial to full-scale deployment in under six months. - Announced the addition of three senior industry veterans to its global sales organization: Matt Clark, Brett Davis, and Jonathan Lee.
- Signed a
$12 million agreement with a sovereign defense customer for the sale and full transfer of ownership and operations of a commissioned, in-orbit NewSat satellite from the Company’s operational Aleph-1 constellation, together with support to develop independent command and data-processing capabilities. - Converted
$12.0 million of Secured Convertible Note principal into 10.0 million shares of Class A common stock during the quarter, reducing outstanding principal to$18.0 million from$30.0 million at year-end 2025 and continuing the orderly de-risking of the capital structure. - Continued the build-out of the Merlin constellation, the Company’s AI-first satellite system designed to remap the entire planet daily at 1-meter resolution. The first launch is on track for the fourth quarter of 2026 and full operational capability is expected in the first half of 2027. Merlin is fully funded by existing customer contracts and does not require incremental capital to reach those milestones.
- Operated one of the largest high-resolution commercial constellations, delivering the high-frequency revisit rates and continuous coverage required for Persistent Global Intelligence.
Financial Results for the Three Months Ended June 30, 2026
Revenue for the three months ended June 30, 2026 increased by
Cost of Revenue, exclusive of depreciation, increased
Engineering expenses increased
Selling, General and Administrative expenses increased
Operating income for the three months ended June 30, 2026 was
Net loss for the three months ended June 30, 2026 was
Non-GAAP Adjusted EBITDA improved by
Cash and cash equivalents totaled
Remaining performance obligations as of June 30, 2026 totaled
Second Quarter Fiscal Year 2026 Financial Results Conference Call
Satellogic’s Chief Executive Officer Emiliano Kargieman and Chief Financial Officer Rick Dunn will host a conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed following the call via the investor relations section of the Company’s website.
To access the call, please use the following information:
| Date: | Wednesday, August 5, 2026 |
| Time: | 4:30 p.m. Eastern time (1:30 p.m. Pacific time) |
| Dial-in: | 1-877-407-0752 |
| International Dial-in: | 1-201-389-0912 |
| Conference Code: | 13761600 |
| Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1769154&tp_key=112a74add6 |
A telephone replay will be available approximately three hours after the call and will run through August 19, 2026, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13761600. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available in the Company’s investor relations section here.
Use of Non-GAAP Financial Measures
To supplement our Condensed Consolidated Financial Statements, which are prepared and presented in accordance with U.S. GAAP, we use the following non-GAAP measures: EBITDA, Adjusted EBITDA, Free Cash Flow, and Adjusted Operating Cash Flow. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.
We define Non-GAAP EBITDA as net loss excluding interest income, net, income taxes, depreciation and amortization. Interest income, net is interest income less interest expense. We did not incur amortization expense during the three and six months ended June 30, 2026 and 2025.
We define Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA further adjusted for other (expense) income, net, changes in the fair value of financial instruments, and stock-based compensation. Other (expense) income, net consists primarily of foreign currency gains and losses.
We define Non-GAAP Free Cash Flow as net cash used in operating activities, less payments for capital expenditures, plus proceeds from the sale of in-orbit satellites.
We define Non-GAAP Adjusted Operating Cash Flow as net cash used in operating activities plus proceeds from the sale of in-orbit satellites.
As of January 1, 2026, we updated our methodology to exclude interest income from EBITDA and Adjusted EBITDA. This change aligns our reporting with industry peers and better serves our goal of providing useful information regarding our operating performance by ensuring that non-operating income and losses are excluded from our Non-GAAP profitability measures. The prior period has been recast using the updated methodology.
Non-GAAP Financial Measure Reconciliations
The following table presents a reconciliation of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA to our net loss for the periods indicated.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net loss available to stockholders | $ | (20,049 | ) | $ | (6,652 | ) | $ | (138,351 | ) | $ | (39,233 | ) | |||
| Interest income, net | (1,003 | ) | (285 | ) | (1,960 | ) | (462 | ) | |||||||
| Income tax (benefit) expense | 1,939 | (40 | ) | 1,979 | 675 | ||||||||||
| Depreciation | 1,145 | 1,848 | 2,537 | 4,535 | |||||||||||
| Non-GAAP EBITDA | $ | (17,968 | ) | $ | (5,129 | ) | $ | (135,795 | ) | $ | (34,485 | ) | |||
| Change in fair value of financial instruments | 19,679 | 312 | 132,690 | 22,673 | |||||||||||
| Other expense (income), net(1) | (300 | ) | 380 | (453 | ) | 547 | |||||||||
| Stock-based compensation | 1,433 | 576 | 2,168 | 1,171 | |||||||||||
| Non-GAAP Adjusted EBITDA | $ | 2,844 | $ | (3,861 | ) | $ | (1,390 | ) | $ | (10,094 | ) | ||||
(1) Other expense (income), net includes foreign exchange gain or loss and other non-operating income and expenses not considered indicative of our ongoing operational performance.
The following table presents a reconciliation of Non-GAAP Free Cash Flow to cash flows used in operating activities for the periods indicated.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net cash used in operating activities | $ | (8,630 | ) | $ | (4,342 | ) | $ | (8,472 | ) | $ | (9,064 | ) | |||
| Purchases of property and equipment | (5,635 | ) | (776 | ) | (11,185 | ) | (2,689 | ) | |||||||
| Proceeds from sale of in-orbit satellites | 8,335 | — | 8,335 | — | |||||||||||
| Non-GAAP Free Cash Flow | $ | (5,930 | ) | $ | (5,118 | ) | $ | (11,322 | ) | $ | (11,753 | ) | |||
The following table presents a reconciliation of Non-GAAP Adjusted Operating Cash Flow to cash flows used in operating activities for the periods indicated.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands of U.S. dollars) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net cash used in operating activities | $ | (8,630 | ) | $ | (4,342 | ) | $ | (8,472 | ) | $ | (9,064 | ) | |||
| Proceeds from sale of in-orbit satellites | 8,335 | — | 8,335 | — | |||||||||||
| Non-GAAP Adjusted Operating Cash Flow | $ | (295 | ) | $ | (4,342 | ) | $ | (137 | ) | $ | (9,064 | ) | |||
About Satellogic
Founded in 2010, Satellogic (NASDAQ: SATL) is building the infrastructure for Persistent Global Intelligence (PGI): continuous, proactive awareness of the places, assets, and activities that matter. The company combines high-cadence satellite collection, best-in-class technology, AI-accelerated workflows, and sovereign-capable architecture to help customers move from episodic imagery to persistent monitoring programs.
Satellogic serves allied defense and intelligence agencies, civil governments, and commercial markets that need reliable, scalable awareness of change across large portfolios of sites. Customers can begin with discovery, expand into persistent monitoring, and build toward dedicated or sovereign-controlled capacity as their mission requirements grow.
To learn more, please visit: https://www.satellogic.com
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on Satellogic’s current expectations and beliefs concerning future developments and their potential effects on Satellogic. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Satellogic. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to generate revenue as expected, including due to challenges created by macroeconomic concerns, geopolitical uncertainty (e.g., trade relationships), financial market fluctuations and related factors, (ii) our ability to effectively market and sell our PGI services and to convert our pipeline of potential contracts into actual revenues, (iii) market acceptance of our PGI services and our dependence upon our ability to keep pace with the latest technological advances, including those related to artificial intelligence and machine learning, (iv) risks related to the secured convertible notes, (v) the potential loss of one or more of our largest customers, (vi) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vii) risks and uncertainties associated with defense-related contracts, (viii) risks related to our pricing structure, (ix) our ability to scale production of our satellites as planned, (x) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (xi) our dependence on third parties, including SpaceX, to transport and launch our satellites into space, (xii) our reliance on third-party vendors and manufacturers to build and provide certain satellite components, products, or services and the inability of these vendors and manufacturers to meet our needs, (xiii) our dependence on ground station and cloud-based computing infrastructure operated by third parties for value-added services, and any errors, disruption, performance problems, or failure in their or our operational infrastructure, (xiv) risks related to certain minimum service requirements in our customer contracts, (xv) our ability to identify suitable acquisition candidates or consummate acquisitions on acceptable terms, or our ability to successfully integrate acquisitions, (xvi) competition for PGI services, (xvii) risks related to changes in tax laws and regulations, including the “One Big Beautiful Bill Act,” (xviii) risks related to changes in trade policy and the related impact on macroeconomic conditions, including further expansions of U.S. export controls and tariffs, as well as related retaliatory actions, (xix) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xx) unknown defects or errors in our products, (xxi) risks related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xxii) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xxiii) the failure of the market for PGI services to achieve the growth potential we expect, (xxiv) risks related to our satellites and related equipment becoming impaired, (xxv) risks related to the failure of our satellites to operate as intended, (xxvi) production and launch delays, launch failures, and damage or destruction to our satellites during launch, (xxvii) significant risks and uncertainties related to our insurance that may not be covered by insurance, (xxviii) the impact of geopolitical disruptions (including the ongoing conflict in the Middle East), natural disasters, unusual or prolonged unfavorable weather conditions, public health emergencies or other developments outside of our control on our business and satellite launch schedules, (xxix) risks related to our ability to protect our intellectual property critical to the design and function of our satellites and our PGI services, and (xxx) the anticipated benefits of our domestication may not materialize. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Satellogic’s Annual Report on Form 10-K and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations.
Contacts
Investor Relations:
ir@satellogic.com
Media Relations:
pr@satellogic.com
| SATELLOGIC INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands of U.S. dollars, except share and per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Revenue | |||||||||||||||
| Service revenue | $ | 7,584 | $ | 4,440 | $ | 12,955 | $ | 7,827 | |||||||
| Product revenue | 8,335 | — | 9,071 | — | |||||||||||
| Total revenue | 15,919 | 4,440 | 22,026 | 7,827 | |||||||||||
| Costs and expenses, exclusive of depreciation shown separately below | |||||||||||||||
| Cost of service revenue | 1,690 | 1,189 | 3,090 | 2,426 | |||||||||||
| Cost of product revenue | 1,132 | — | 1,183 | — | |||||||||||
| Cost of revenue | 2,822 | 1,189 | 4,273 | 2,426 | |||||||||||
| Engineering | 3,074 | 2,327 | 6,154 | 4,820 | |||||||||||
| Selling, general and administrative | 8,612 | 5,361 | 15,157 | 11,846 | |||||||||||
| Depreciation | 1,145 | 1,848 | 2,537 | 4,535 | |||||||||||
| Total costs and expenses | 15,653 | 10,725 | 28,121 | 23,627 | |||||||||||
| Operating income (loss) | 266 | (6,285 | ) | (6,095 | ) | (15,800 | ) | ||||||||
| Other income (expense), net | |||||||||||||||
| Interest income, net | 1,003 | 285 | 1,960 | 462 | |||||||||||
| Change in fair value of financial instruments | (19,679 | ) | (312 | ) | (132,690 | ) | (22,673 | ) | |||||||
| Other income (expense), net | 300 | (380 | ) | 453 | (547 | ) | |||||||||
| Total other income (expense), net | (18,376 | ) | (407 | ) | (130,277 | ) | (22,758 | ) | |||||||
| Income (loss) before income tax | (18,110 | ) | (6,692 | ) | (136,372 | ) | (38,558 | ) | |||||||
| Income tax benefit (expense) | (1,939 | ) | 40 | (1,979 | ) | (675 | ) | ||||||||
| Net income (loss) available to stockholders | $ | (20,049 | ) | $ | (6,652 | ) | $ | (138,351 | ) | $ | (39,233 | ) | |||
| Other comprehensive (loss) gain | |||||||||||||||
| Foreign currency translation (loss) gain, net of tax | (265 | ) | 749 | (798 | ) | 1,006 | |||||||||
| Comprehensive income (loss) | $ | (20,314 | ) | $ | (5,903 | ) | $ | (139,149 | ) | $ | (38,227 | ) | |||
| Basic and diluted net income (loss) per share for the period attributable to holders of Common Stock | $ | (0.13 | ) | $ | (0.06 | ) | $ | (0.95 | ) | $ | (0.39 | ) | |||
| Basic and diluted weighted-average Common Stock outstanding | 150,594,308 | 103,206,882 | 145,794,960 | 99,949,214 | |||||||||||
| SATELLOGIC INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||||
| June 30, | December 31, | ||||||
| (in thousands of U.S. dollars, except share and par value amounts) | 2026 | 2025 | |||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 112,809 | $ | 94,430 | |||
| Restricted cash | 9,118 | 7,407 | |||||
| Accounts receivable, net of allowance of | 9,519 | 8,548 | |||||
| Inventories | 1,819 | 2,090 | |||||
| Prepaid expenses and other current assets | 6,321 | 2,699 | |||||
| Total current assets | 139,586 | 115,174 | |||||
| Property and equipment, net | 33,666 | 24,650 | |||||
| Operating lease right-of-use assets | 6,482 | 7,048 | |||||
| Investment in equity securities | 14,952 | — | |||||
| Other non-current assets | 1,562 | 4,431 | |||||
| Total assets | $ | 196,248 | $ | 151,303 | |||
| LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 4,433 | $ | 2,432 | |||
| Warrant liabilities | 33,537 | 5,818 | |||||
| Earnout liabilities | 3,663 | 554 | |||||
| Operating lease liabilities | 1,266 | 1,174 | |||||
| Contract liabilities | 14,598 | 10,609 | |||||
| Accrued expenses and other liabilities | 2,257 | 1,918 | |||||
| Total current liabilities | 59,754 | 22,505 | |||||
| Secured Convertible Notes at fair value | 89,730 | 56,110 | |||||
| Operating lease liabilities | 5,490 | 6,099 | |||||
| Contract liabilities | 3,500 | 4,000 | |||||
| Other non-current liabilities | 3,892 | 2,063 | |||||
| Total liabilities | 162,366 | 90,777 | |||||
| Commitments and contingencies (Note 16) | |||||||
| Stockholders' (deficit) equity | |||||||
| Preferred stock, | — | — | |||||
| Class A Common Stock, | — | — | |||||
| Class B Common Stock, | — | — | |||||
| Treasury stock, at cost, 567,823 shares as of June 30, 2026 and December 31, 2025 | (8,603 | ) | (8,603 | ) | |||
| Additional paid-in capital | 585,991 | 473,486 | |||||
| Accumulated other comprehensive income | (267 | ) | 531 | ||||
| Accumulated deficit | (543,239 | ) | (404,888 | ) | |||
| Total stockholders’ (deficit) equity | 33,882 | 60,526 | |||||
| Total liabilities and stockholders' (deficit) equity | $ | 196,248 | $ | 151,303 | |||
| SATELLOGIC INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||
| Six Months Ended June 30, | |||||||
| (in thousands of U.S. dollars) | 2026 | 2025 | |||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (138,351 | ) | $ | (39,233 | ) | |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
| Depreciation expense | 2,537 | 4,535 | |||||
| Operating lease expense | 1,009 | 821 | |||||
| Deferred tax expense | 1,897 | — | |||||
| Stock-based compensation | 2,168 | 1,171 | |||||
| Change in fair value of financial instruments, net of interest paid on Secured Convertible Notes | 131,200 | 21,003 | |||||
| Foreign exchange differences | (173 | ) | (191 | ) | |||
| Loss on disposal of property and equipment | 311 | 168 | |||||
| Release of estimated credit losses on accounts receivable | (34 | ) | (49 | ) | |||
| Non-cash change in contract liabilities | (337 | ) | (249 | ) | |||
| Adjustment for proceeds on sale of in-orbit satellites | (8,335 | ) | — | ||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (1,350 | ) | 1,534 | ||||
| Inventories | 726 | — | |||||
| Prepaid expenses and other current assets | (4,081 | ) | 1,251 | ||||
| Accounts payable | 815 | (536 | ) | ||||
| Contract liabilities | 4,114 | 746 | |||||
| Accrued expenses and other liabilities | 373 | 513 | |||||
| Operating lease liabilities | (961 | ) | (548 | ) | |||
| Net cash used in operating activities | (8,472 | ) | (9,064 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (11,185 | ) | (2,689 | ) | |||
| Proceeds from sale of in-orbit satellites | 8,335 | — | |||||
| Net cash used in investing activities | (2,850 | ) | (2,689 | ) | |||
| Cash flows from financing activities: | |||||||
| Payments for withholding taxes related to the net share settlement of equity awards | (691 | ) | (653 | ) | |||
| Proceeds from issuance of Common Stock under ATM Program, net of transaction costs | — | 2,039 | |||||
| Proceeds from Registered Direct Offerings, net of transaction costs | 32,795 | 18,769 | |||||
| Proceeds from exercise of stock options | 235 | 1,275 | |||||
| Net cash provided by financing activities | 32,339 | 21,430 | |||||
| Net increase in cash, cash equivalents and restricted cash | 21,017 | 9,677 | |||||
| Effect of foreign exchange rate changes on cash and cash equivalents | 32 | 220 | |||||
| Cash, cash equivalents and restricted cash - beginning of period | 102,092 | 23,682 | |||||
| Cash, cash equivalents and restricted cash - end of period | $ | 123,141 | $ | 33,579 | |||
