| Schedule of Selected Financial Data by Business Segment |
The following tables provide a reconciliation of Segment Adjusted EBITDA to consolidated income (loss) before taxes:
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| Three Months Ended March 31, 2026 |
Space |
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Defense Tech |
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Total |
Revenues |
$ |
52,669 |
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$ |
44,303 |
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$ |
96,972 |
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| Less: |
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Cost of sales |
47,766 |
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|
23,398 |
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|
71,164 |
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Selling, general and administrative |
4,398 |
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|
59,902 |
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|
64,300 |
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Research and development |
4,508 |
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|
7,905 |
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|
12,413 |
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| Reportable segment income (loss) from operations |
$ |
(4,003) |
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$ |
(46,902) |
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$ |
(50,905) |
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Less: |
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Other (income) expense, net |
102 |
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|
127 |
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|
229 |
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| Add: |
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Depreciation and amortization expense |
1,622 |
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|
8,840 |
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|
10,462 |
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Severance costs |
168 |
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|
87 |
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|
255 |
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Equity-based compensation expense |
670 |
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|
43,240 |
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|
43,910 |
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| Acquisition integration cost |
— |
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|
225 |
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|
225 |
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Reportable Segment Adjusted EBITDA |
$ |
(1,645) |
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|
$ |
5,363 |
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$ |
3,718 |
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Reconciliation of reportable segment results to consolidated income (loss) before taxes: |
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| Interest expense, net |
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(2,467) |
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| Depreciation and amortization expense |
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(11,250) |
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Severance costs |
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(262) |
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| Equity-based compensation expense |
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(46,735) |
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Transaction expenses |
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(40) |
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All other corporate charges(1)
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(15,675) |
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Debt financing costs and extinguishment losses |
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(2,925) |
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| Acquisition integration cost |
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(225) |
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Income (loss) before income taxes |
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$ |
(75,861) |
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(1) All other corporate charges mainly consists of corporate overhead costs maintained at the corporate level, including gains and losses related to financial instruments measured at fair value. These expenses include costs relating to treasury, accounting, consulting, advisory, legal, tax and audit, insurance, financial reporting services and various administrative expenses related to the corporate headquarters.
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| Three Months Ended March 31, 2025 |
Space |
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Defense Tech |
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Total |
Revenues |
$ |
52,133 |
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|
$ |
9,262 |
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$ |
61,395 |
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| Less: |
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| Cost of sales |
45,155 |
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|
7,199 |
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|
52,354 |
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| Selling, general and administrative |
3,086 |
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|
295 |
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|
3,381 |
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| Research and development |
684 |
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|
47 |
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|
731 |
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Reportable segment income (loss) from operations |
$ |
3,208 |
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$ |
1,721 |
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$ |
4,929 |
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Less: |
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| Other (income) expense, net |
(1,200) |
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|
— |
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(1,200) |
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| Add: |
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| Depreciation and amortization expense |
1,998 |
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|
624 |
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|
2,622 |
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Severance costs |
177 |
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— |
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|
177 |
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| Equity-based compensation expense |
918 |
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|
150 |
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1,068 |
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Reportable Segment Adjusted EBITDA |
$ |
7,501 |
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$ |
2,495 |
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$ |
9,996 |
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Reconciliation of reportable segment results to consolidated income (loss) before taxes: |
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| Interest expense, net |
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(3,594) |
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| Depreciation and amortization expense |
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(3,046) |
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Severance costs |
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(177) |
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| Equity-based compensation expense |
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(2,912) |
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Transaction expenses |
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(3,799) |
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All other corporate charges(1)
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|
402 |
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Income (loss) before income taxes |
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$ |
(3,130) |
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(1) All other corporate charges mainly consists of corporate overhead costs maintained at the corporate level, including gains and losses related to financial instruments measured at fair value. These expenses include costs relating to treasury, accounting, consulting, advisory, legal, tax and audit, insurance, financial reporting services and various administrative expenses related to the corporate headquarters.
The following table provides capital expenditures by segment:
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March 31, 2026 |
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March 31, 2025 |
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Capital expenditures |
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Space |
$ |
597 |
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$ |
1,864 |
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Defense Tech |
3,953 |
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|
100 |
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Total segment capital expenditures |
$ |
4,550 |
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$ |
1,964 |
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Corporate activities |
1,486 |
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|
2,091 |
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Total capital expenditures |
$ |
6,036 |
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$ |
4,055 |
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