| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction |
The table below presents revenue percentage by recognition method for the following periods:
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Three Months Ended |
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Six Months Ended |
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June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
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Over time |
87.9% |
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98.4% |
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93.5% |
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98.5% |
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Point in time |
12.1 |
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1.6 |
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6.5 |
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1.5 |
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Total revenues |
100.0% |
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100.0% |
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100.0% |
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100.0% |
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| Schedule of Revenues by Customer Grouping |
The table below presents revenues by customer grouping for the following periods:
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Three Months Ended |
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Six Months Ended |
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| |
June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
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Civil space |
$ |
15,600 |
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$ |
25,052 |
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$ |
33,735 |
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$ |
47,978 |
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National security |
14,821 |
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16,247 |
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34,289 |
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30,169 |
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Commercial and other |
31,339 |
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36,812 |
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55,131 |
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|
87,756 |
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Total revenues |
$ |
61,760 |
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$ |
78,111 |
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$ |
123,155 |
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$ |
165,903 |
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The table below presents revenues based on the geographic location of the Company’s customers for the following periods:
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Three Months Ended |
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Six Months Ended |
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June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
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U.S. |
$ |
32,038 |
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$ |
31,319 |
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$ |
69,025 |
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$ |
63,841 |
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| Europe |
29,016 |
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46,783 |
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53,317 |
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101,991 |
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| Other |
706 |
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9 |
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|
813 |
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71 |
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Total revenues |
$ |
61,760 |
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$ |
78,111 |
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$ |
123,155 |
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$ |
165,903 |
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Customers comprising 10% or more of revenues are presented below for the following periods:
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Three Months Ended |
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Six Months Ended |
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| |
June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
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Customer A(1)
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$ |
6,488 |
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$ |
— |
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$ |
— |
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$ |
— |
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Customer B(1)
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— |
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9,639 |
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— |
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17,499 |
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Customer C(1)
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6,711 |
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— |
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— |
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— |
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Customer D(1)
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21,341 |
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33,499 |
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35,423 |
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|
77,229 |
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(1) While revenue may have been generated during each of the periods presented, amounts are only disclosed for the periods in which revenues represented 10% or more of total revenue.
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| Schedule of Contract Assets and Contract Liabilities |
The table below presents the contract assets and contract liabilities included on the condensed consolidated balance sheets for the following periods:
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June 30, 2025 |
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December 31, 2024 |
Contract assets |
$ |
51,044 |
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$ |
43,044 |
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| Contract liabilities |
$ |
65,343 |
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$ |
67,201 |
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| Schedule of EAC Adjustments |
Net EAC adjustments can have a significant effect on reported revenues and gross profit. The below table summarizes the favorable (unfavorable) impact on gross profit from the net EAC adjustments for the following periods:
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Three Months Ended |
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Six Months Ended |
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June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
| Net EAC adjustments, before income taxes |
$ |
(25,201) |
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$ |
(3,096) |
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$ |
(28,299) |
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$ |
(7,027) |
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| Net EAC adjustments, net of income taxes |
(18,850) |
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|
(3,099) |
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|
(21,309) |
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|
(7,062) |
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| Net EAC adjustments, net of income taxes, per diluted share |
(0.21) |
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|
(0.05) |
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|
(0.26) |
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|
(0.11) |
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