Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 07, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39113 | |
Entity Registrant Name | BLACKSKY TECHNOLOGY INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-1949578 | |
Entity Address, Address Line One | 13241 Woodland Park Road | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Herndon | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 20171 | |
City Area Code | 571 | |
Local Phone Number | 267-1571 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 140,824,094 | |
Entity Central Index Key | 0001753539 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Ex Transition Period | false | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | BKSY | |
Security Exchange Name | NYSE | |
Class A common stock warrants | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 | |
Trading Symbol | BKSY.W | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 41,100 | $ 34,181 |
Restricted cash | 1,835 | 2,835 |
Short-term investments | 16,578 | 37,982 |
Accounts receivable, net of allowance of $0 and $0, respectively | 7,375 | 3,112 |
Prepaid expenses and other current assets | 3,618 | 4,713 |
Contract assets | 8,643 | 5,706 |
Total current assets | 79,149 | 88,529 |
Property and equipment - net | 81,606 | 71,584 |
Operating lease right of use assets - net | 2,572 | 3,586 |
Goodwill | 9,393 | 9,393 |
Investment in equity method investees | 5,869 | 5,285 |
Intangible assets - net | 1,637 | 1,918 |
Satellite procurement work in process | 44,587 | 50,954 |
Other assets | 3,272 | 2,841 |
Total assets | 228,085 | 234,090 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 10,790 | 14,368 |
Contract liabilities - current | 3,154 | 6,783 |
Other current liabilities | 1,178 | 2,048 |
Total current liabilities | 17,353 | 26,927 |
Long-term contract liabilities | 247 | 109 |
Operating lease liabilities | 3,108 | 3,132 |
Derivative liabilities | 32,396 | 5,113 |
Long-term debt - net of current portion | 79,414 | 76,219 |
Other liabilities | 7,022 | 716 |
Total liabilities | 139,540 | 112,216 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 140,819 and 121,938 shares; outstanding, 138,409 shares and 119,508 shares as of June 30, 2023 and December 31, 2022, respectively. | 14 | 12 |
Additional paid-in capital | 684,388 | 666,973 |
Accumulated deficit | (595,857) | (545,111) |
Total stockholders’ equity | 88,545 | 121,874 |
Total liabilities and stockholders’ equity | 228,085 | 234,090 |
Operating lease right of use assets - net | 2,572 | 3,586 |
Related Party | ||
Current liabilities: | ||
Accounts payable | $ 2,231 | $ 3,728 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Accounts Receivable, Allowance | $ 0 | $ 0 |
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 140,819,000 | 121,938,000 |
Common stock shares outstanding (in shares) | 138,409,000 | 119,508,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | ||||
Revenue | $ 19,327 | $ 15,102 | $ 37,724 | $ 28,998 |
Costs and expenses | ||||
Selling, general and administrative | 18,768 | 17,743 | 37,717 | 40,283 |
Research and development | 176 | 106 | 392 | 252 |
Depreciation and amortization | 11,776 | 9,177 | 21,431 | 16,568 |
Operating loss | (19,919) | (21,710) | (36,820) | (48,846) |
(Loss) gain on derivatives | (11,098) | (4,646) | (9,567) | 3,494 |
Income on equity method investment | 56 | 1,213 | 585 | 1,470 |
Interest income | 648 | 178 | 1,083 | 178 |
Interest expense | (2,242) | (1,275) | (4,095) | (2,530) |
Other expense, net | (867) | (42) | (1,810) | (40) |
Loss before income taxes | (33,422) | (26,282) | (50,624) | (46,274) |
Income tax expense | (9) | 0 | (122) | 0 |
Net loss | (33,431) | (26,282) | (50,746) | (46,274) |
Other comprehensive income | 0 | 0 | 0 | 0 |
Total comprehensive loss | $ (33,431) | $ (26,282) | $ (50,746) | $ (46,274) |
Basic: | ||||
Net loss per share of common stock (in dollars per share) | $ (0.24) | $ (0.22) | $ (0.39) | $ (0.40) |
Diluted: | ||||
Net loss per share of common stock, diluted (in dollars per share) | $ (0.24) | $ (0.22) | $ (0.39) | $ (0.40) |
Imagery & software analytical services | ||||
Revenue | ||||
Revenue | $ 15,328 | $ 10,172 | $ 31,088 | $ 17,542 |
Costs and expenses | ||||
Costs excluding depreciation and amortization | 3,456 | 3,446 | 7,155 | 7,024 |
Professional & engineering services | ||||
Revenue | ||||
Revenue | 3,999 | 4,930 | 6,636 | 11,456 |
Costs and expenses | ||||
Costs excluding depreciation and amortization | $ 5,070 | $ 6,340 | $ 7,849 | $ 13,717 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 114,452,000 | |||
Balance at beginning of period at Dec. 31, 2021 | $ 179,620 | $ 11 | $ 650,518 | $ (470,909) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 10,862 | 10,862 | ||
Issuance of common stock upon exercise of stock options (in shares) | 404,000 | |||
Issuance of common stock upon exercise of stock options | 17 | 17 | ||
Issuance of common stock upon vesting of restricted stock awards (in shares) | 129,000 | |||
Issuance of common stock upon vesting of restricted stock units (in shares) | 4,816,000 | |||
Issuance of common stock upon vesting of restricted stock units | 1 | $ 1 | ||
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock (in shares) | 1,874,000 | |||
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock | (3,616) | (3,616) | ||
Net loss | (19,992) | (19,992) | ||
Balance at end of period (in shares) at Mar. 31, 2022 | 117,927,000 | |||
Balance at end of period at Mar. 31, 2022 | 166,892 | $ 12 | 657,781 | (490,901) |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 114,452,000 | |||
Balance at beginning of period at Dec. 31, 2021 | 179,620 | $ 11 | 650,518 | (470,909) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | (46,274) | |||
Balance at end of period (in shares) at Jun. 30, 2022 | 118,453,000 | |||
Balance at end of period at Jun. 30, 2022 | 143,539 | $ 12 | 660,710 | (517,183) |
Balance at beginning of period (in shares) at Mar. 31, 2022 | 117,927,000 | |||
Balance at beginning of period at Mar. 31, 2022 | 166,892 | $ 12 | 657,781 | (490,901) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 3,365 | 3,365 | ||
Issuance of common stock upon exercise of stock options (in shares) | 180,000 | |||
Issuance of common stock upon exercise of stock options | 8 | 8 | ||
Issuance of common stock upon vesting of restricted stock awards (in shares) | 27,000 | |||
Issuance of common stock upon vesting of restricted stock units (in shares) | 520,000 | |||
Issuance of common stock upon vesting of restricted stock units | 0 | $ 0 | ||
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock (in shares) | 201,000 | |||
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock | (444) | (444) | ||
Net loss | (26,282) | (26,282) | ||
Balance at end of period (in shares) at Jun. 30, 2022 | 118,453,000 | |||
Balance at end of period at Jun. 30, 2022 | $ 143,539 | $ 12 | 660,710 | (517,183) |
Balance at beginning of period (in shares) at Dec. 31, 2022 | 119,508,000 | 119,508,000 | ||
Balance at beginning of period at Dec. 31, 2022 | $ 121,874 | $ 12 | 666,973 | (545,111) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 3,214 | 3,214 | ||
Issuance of common stock upon exercise of stock options (in shares) | 129,000 | |||
Issuance of common stock upon exercise of stock options | 3 | 3 | ||
Issuance of common stock upon vesting of restricted stock awards (in shares) | 11,000 | |||
Issuance of common stock upon vesting of restricted stock units (in shares) | 787,000 | |||
Issuance of common stock upon vesting of restricted stock units | 0 | $ 0 | ||
Issuance of common stock (in shares) | 16,404,000 | |||
Issuance of common stock | 11,129 | $ 2 | 11,127 | |
Net loss | (17,315) | (17,315) | ||
Balance at end of period (in shares) at Mar. 31, 2023 | 136,839,000 | |||
Balance at end of period at Mar. 31, 2023 | $ 118,905 | $ 14 | 681,317 | (562,426) |
Balance at beginning of period (in shares) at Dec. 31, 2022 | 119,508,000 | 119,508,000 | ||
Balance at beginning of period at Dec. 31, 2022 | $ 121,874 | $ 12 | 666,973 | (545,111) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | $ (50,746) | |||
Balance at end of period (in shares) at Jun. 30, 2023 | 138,409,000 | 138,409,000 | ||
Balance at end of period at Jun. 30, 2023 | $ 88,545 | $ 14 | 684,388 | (595,857) |
Balance at beginning of period (in shares) at Mar. 31, 2023 | 136,839,000 | |||
Balance at beginning of period at Mar. 31, 2023 | 118,905 | $ 14 | 681,317 | (562,426) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock-based compensation | 2,488 | 2,488 | ||
Issuance of common stock upon exercise of stock options (in shares) | 95,000 | |||
Issuance of common stock upon exercise of stock options | 2 | 2 | ||
Issuance of common stock upon vesting of restricted stock awards (in shares) | 8,000 | |||
Issuance of common stock upon vesting of restricted stock units (in shares) | 668,000 | |||
Issuance of common stock (in shares) | 1,039,000 | |||
Issuance of common stock | 995 | 995 | ||
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock (in shares) | 240,000 | |||
Withholding of restricted stock to satisfy tax withholding obligations upon the vesting of the related restricted stock | (414) | (414) | ||
Net loss | $ (33,431) | (33,431) | ||
Balance at end of period (in shares) at Jun. 30, 2023 | 138,409,000 | 138,409,000 | ||
Balance at end of period at Jun. 30, 2023 | $ 88,545 | $ 14 | $ 684,388 | $ (595,857) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (50,746) | $ (46,274) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 21,431 | 16,568 |
Operating lease right of use assets amortization | 613 | 783 |
Bad debt expense (recovery) | 15 | (1) |
Stock-based compensation expense | 5,323 | 13,226 |
Amortization of debt discount and issuance costs | 189 | 1,018 |
Income on equity method investment | (585) | (1,470) |
Gain on disposal of property and equipment | (22) | 0 |
Loss (gain) on derivatives | 9,567 | (3,494) |
Interest income | (337) | 0 |
Other, net | 0 | (16) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,278) | (787) |
Contract assets - current and long-term | (4,101) | (3,824) |
Prepaid expenses and other current assets | 1,142 | 1,914 |
Other assets | 1,117 | (30) |
Accounts payable and accrued liabilities | 1,015 | 389 |
Other current liabilities | (1,097) | (759) |
Contract liabilities - current and long-term | (3,491) | (6,903) |
Other liabilities | 8,620 | 1,839 |
Net cash used in operating activities | (15,625) | (27,789) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (8,446) | (5,289) |
Satellite procurement work in process | (19,925) | (20,208) |
Purchases of short-term investments | (19,416) | (43,774) |
Proceeds from equity method investment | 41,110 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 22 | 0 |
Proceeds from equity method investment | 0 | 313 |
Net cash used in investing activities | (6,655) | (68,958) |
Cash flows from financing activities: | ||
Proceeds from equity issuances, net of equity issuance costs | 30,074 | 0 |
Proceeds from options exercised | 5 | 25 |
Payments of transaction costs for debt modification | 561 | 0 |
Payments of transaction costs related to derivative liabilities | (905) | 0 |
Withholding tax payments on vesting of restricted stock units | (414) | (4,037) |
Net cash provided by (used in) financing activities | 28,199 | (4,012) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 5,919 | (100,759) |
Cash, cash equivalents, and restricted cash – beginning of year | 37,016 | 168,104 |
Cash, cash equivalents, and restricted cash – end of period | 42,935 | 67,345 |
Supplemental Cash Flow Elements [Abstract] | ||
Cash and cash equivalents | 41,100 | 64,827 |
Restricted cash | 1,835 | 2,518 |
Total cash, cash equivalents, and restricted cash | 42,935 | 67,345 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 2 |
Income Taxes Paid | 122 | 0 |
Supplemental disclosures of non-cash financing and investing information: | ||
Capitalized stock-based compensation | 379 | 1,001 |
Capitalized interest for property and equipment placed into service | 220 | 220 |
Accretion of short-term investments' discounts and premiums | 317 | 59 |
Tax Withholding For Share-Based Compensation Upon Exercise of Shares | 0 | 23 |
Equity issuance costs accrued but not paid | 203 | 0 |
Debt modification costs accrued but not paid | 756 | 0 |
Satellite procurement costs included in settlement with LeoStella | 36 | 0 |
Credits from LeoStella applied to satellite procurement costs | 81 | 0 |
Property, Plant and Equipment | ||
Supplemental disclosures of non-cash financing and investing information: | ||
Property and equipment additions accrued but not paid | $ 2,334 | $ 3,798 |
Organization and Business
Organization and Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | 1. Organization and Business BlackSky Technology Inc. (“BlackSky” or the “Company”), headquartered in Herndon, Virginia, is a leading provider of real-time geospatial intelligence. The Company owns and operates one of the industry's leading high-performance low earth orbit (“LEO”) small satellite constellations. The constellation is optimized to cost-efficiently capture imagery at high revisit rates where and when customers need it. BlackSky’s Spectra AI software platform processes millions of observations a day from our proprietary satellite constellation and from multiple external data sources including imaging, radar and radio frequency satellites, environmental sensors, asset tracking sensors, Internet of Things (“IoT”) connected devices, internet-enabled narrative sources, and a variety of geotemporal data feeds. Spectra AI employs advanced, proprietary artificial intelligence ("AI") and machine learning (“ML”) techniques to process, analyze, and transform these data feeds into alerts, information, and insights. Customers can access Spectra AI’s data and analytics through easy-to-use web services or through platform application programming interfaces. BlackSky has two primary operating subsidiaries, BlackSky Global LLC and BlackSky Geospatial Solutions, Inc. The Company also owns fifty percent of LeoStella LLC (“LeoStella”), its joint venture with Thales Alenia Space US Investment LLC (“Thales”). LeoStella is a vertically-integrated small satellite design and manufacturer based in Tukwila, Washington, from which the Company procures satellites to operate its business. The Company accounts for LeoStella and X-Bow Launch Systems Inc. (“X-Bow”), a space technology company specializing in additive manufacturing of solid rocket motors of which BlackSky owns less than 20%, as equity method investments (see Note 6). Our equity issuances in the six months ended June 30, 2023 included a private placement and an at-the-market (“ATM”) offering. In March 2023, the Company completed a private placement of 16.4 million of the Company’s Class A common stock and an equal number of corresponding warrants, for a purchase price of $1.79 per share and associated warrant. The Company received $29.4 million in gross proceeds from the private placement. The Company also sold 1.0 million common shares in its June ATM offering, at an average purchase price per share of $1.82, resulting in gross proceeds of $1.9 million. The transaction costs for these equity issuances consisted of legal fees, accounting fees, placement agent fees, and other third-party costs directly related to the equity issuances. During the six months ended June 30, 2023, $1.5 million of transaction costs that had been incurred were recorded as a reduction to additional paid-in capital in the unaudited condensed consolidated statements of changes in stockholders’ equity and unaudited condensed consolidated balance sheets, and as a reduction to the proceeds from the transaction in the unaudited condensed consolidated statements of cash flows. On May 9, 2023, BlackSky and its subsidiaries entered into the Second Amendment (the “Amendment”) to its Amended and Restated Loan and Security Agreement with Intelsat Jackson Holdings SA (“Intelsat”) and Seahawk SPV Investment LLC (“Seahawk”), dated October 31, 2019 and previously amended on September 9, 2021. The Amendment amends the secured loan facility to, among other things, extend the maturity date of the loan, roll the cash interest payment due on May 1, 2023 into the outstanding principal to be paid on the maturity date, and increase the interest rate. See Note 8 for more information regarding the Amendment. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Preparation The Company has prepared its unaudited condensed consolidated financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) and the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. In addition, the unaudited condensed consolidated financial statements include the Company’s proportionate share of the earnings or losses of its equity method investments and a corresponding increase or decrease to its investment, with recorded losses limited to the carrying value of the Company’s investment. All intercompany transactions and balances have been eliminated upon consolidation. Effective January 1, 2022, the Company reorganized its captions in the unaudited condensed consolidated statements of operations and comprehensive loss to better align the Company’s broad portfolio. As a result, for the six months ended June 30, 2022, the amounts presented to reflect the impact of the reorganization have been recasted. This resulted in a $5.6 million reclassification between imagery & software analytical services revenue and professional & engineering services revenue and a $4.2 million reclassification between imagery & software analytical service costs, excluding depreciation and amortization and professional & engineering service costs, excluding depreciation and amortization in the Company's unaudited condensed consolidated statements of operations and comprehensive loss. As previously disclosed in the Company's Form 10-K for the year ended December 31, 2022, effective January 1, 2022, the Company adopted Accounting Standards Codification ("ASC") Topic 842, Leases , using the modified retrospective method, with the cumulative effect of initially applying these updates recognized at the date of initial application. The adoption of this standard is reflected in the amounts and disclosures set forth in this Form 10-Q. In accordance with the adoption on a modified retrospective basis, comparative periods prior to the effective date were adjusted, resulting in an $8 thousand change to selling, general and administrative for the six months ended June 30, 2022 in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company made one disclosure related to 2022 that was previously undisclosed. The disclosure relates to payments made to Thales Alenia Space in Note 14 – Related Party Transactions. The Company believes the disclosure is immaterial to the 2022 consolidated financial statements. The Company’s unaudited condensed consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities, including derivative financial instruments, which are stated at fair value. Unless otherwise indicated, amounts presented in the Notes pertain to the Company’s continuing operations. Use of Estimates The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingencies at the reporting date, and the reported amounts of revenue and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results could materially differ from these estimates. Significant estimates made by the Company include, but are not limited to, revenue and associated cost recognition, the collectability of accounts receivable, the recoverability and useful lives of property and equipment, the valuation of equity warrants and warrant liabilities, fair value estimates, the recoverability of goodwill and intangible assets, the provision for income taxes, and stock-based compensation. Investments The Company invests in short-term investments, which generally consist of A-1, or higher, rated corporate debt and governmental securities. The investments are classified as held-to-maturity and have a stated maturity date of one year or less from the balance sheet date. Any investments with original maturities less than three months are considered cash equivalents. As of June 30, 2023 and December 31, 2022, the Company’s short-term investments had a carrying value of $16.6 million and $38.0 million, respectively, which represents amortized cost, and an aggregate fair value of $16.6 million and $37.9 million, respectively, which represents a Level 1 measurement based off of the fair value hierarchy. The gross unrecognized holding losses as of June 30, 2023 and December 31, 2022 were $0 Fair Value of Financial Instruments The Company accounts for certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The process for analyzing the fair value measurement of certain financial instruments on a recurring, or non-recurring, basis includes significant judgment and estimates of inputs including, but not limited to, share price, volatility, discount for lack of marketability, application of an appropriate discount rate, and probability of liquidating events. The Company utilizes the market valuation methodology and specific option pricing methodology, such as the Monte Carlo simulation, method to value the more complex financial instruments and the Black-Scholes option-pricing model to value standard common stock warrants and common stock options. The framework for measuring fair value specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 Inputs. Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 Inputs. Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 Inputs. Inputs are unobservable inputs which reflect the Company’s own assumptions on what assumptions market participants would use in pricing the asset or liability based on the best available information. Revenue Recognition The Company generates revenue from the sale of imagery and software analytical services and professional and engineering services. Imagery and software analytical services revenue includes imagery, data, software, and analytics. This revenue is recognized from services rendered under non-cancellable subscription order agreements or variable not-to-exceed purchase orders. Professional and engineering services revenue is generated from both time and materials basis contracts and firm fixed price service solutions contracts and firm fixed price long-term engineering and construction contracts. The Company generates revenue primarily through contracts with government agencies. Some of the fixed price contracts include multiple promises, which are generally separated as distinct performance obligations. The Company allocates the transaction price to each performance obligation based on the relative standalone selling prices using observable sales transactions where applicable. In accordance with Accounting Standards Update No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) ” (“ASC 606”), the Company uses the five-step model of identifying the contract with a customer, identifying the performance obligations contained in a contract, determining transaction price, allocating transaction price, and determining when performance obligations are satisfied, which can require the application of significant judgment, as further discussed below. Revenue is measured at the fair value of consideration received or receivable and net of discounts. The Company applies a policy election to exclude transaction taxes collected from customer sales when the tax is both imposed on and concurrent with a specific revenue-producing transaction. The Company estimates any Imagery & Software Analytical Services Revenue Imagery Imagery services include imagery delivered from the Company’s satellites in orbit via our Spectra AI platform and in limited cases directly uploaded to certain customers. Customers can directly task our proprietary satellite constellation to collect and deliver imagery over specific locations, sites and regions that are critical to their operations. We offer customers several service level options that include basic plans for on-demand tasking or multi-year assured access programs, where customers can secure priority access and imaging capacity at a premium over a region of interest on a take or pay basis. Imagery revenue is recognized ratably over the subscription period or at the point in time the customer receives access to the imagery. Data, Software, and Analytics The Company leverages proprietary AI and ML algorithms to analyze data coming from both the Company’s proprietary sensor network and third-party space and terrestrial sources to provide hard-to-get data, insights, and analytics for customers. The Company continues to integrate and enhance its offerings by performing contract development, while retaining the intellectual property rights. The Company also offers services related to object, change and anomaly detection, site monitoring, and enhanced analytics, through which the Company can detect key pattern of life changes in critical locations such as ports, airports, and construction sites; retail activity; commodities stockpiles; and other sites that contain critical commodities and supply chain inventory . Our analytics services are also offered on a subscription or consumption basis and provide customers with access to our site monitoring, event monitoring and global data services. Software analytical services revenue derived from data, software, and analytics is recognized from the rendering of analytical and monitoring services over time on a firm fixed price basis, or at the point in time the customer receives access to an analytic product. Professional and Engineering Services Revenue The Company performs various professional and engineering services, including providing technology enabled professional service solutions to support customer-specific software development requests, integration, testing, and training, as well as developing and delivering advanced satellite and payload systems for a limited number of customers that leverage the Company’s capabilities in mission systems engineering and operations, ground station operations, and software and systems development. For firm fixed price professional and engineering service contracts, the Company recognizes revenue over time using the cost-to-cost method to measure progress to complete the performance obligation, ("Estimate at Completion" or "EAC"). A performance obligation's EAC includes all direct costs such as labor and fringe, materials, subcontract costs and overhead. We recognize changes in estimated contract sales or costs and the resulting changes in contract profit on a cumulative basis. If it is determined that a loss is expected to result in an individual performance obligation, the entire amount of the estimable future loss is charged against income in the period the loss is identified. The following table presents the effect of aggregate net EAC adjustments on two of our professional and engineering services contracts: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Revenue $ (1,145) $ (1,360) $ (1,500) $ (2,163) During the three and six months ended June 30, 2023 and 2022, there was no revenue recognized from performance obligations satisfied in previous period s . For contracts structured as cost-plus-fixed-fee or on a time and materials basis, the Company generally recognizes revenue based on the right-to-invoice when practically expedient, as the Company is contractually able to invoice the customer based on the control transferred to the customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date. Imagery and Software Analytical Service and Professional and Engineering Service Costs Imagery and software analytical service costs primarily include internal labor to support the ground station network and space operations, third-party data and imagery, and cloud computing and hosting services. The Company recognizes stock-based compensation expense for those employees whose work supports the imagery and software analytical service costs we provide to customers, under imagery and software analytical service costs, excluding depreciation and amortization. For those employees who provide these services to support customer-based programs, the stock-based compensation expense is classified under imagery and software analytical services costs. Professional and engineering service costs primarily include the cost of internal labor for design and engineering in support of long-term development contracts for satellites and payload systems, as well as subcontract direct materials and external labor costs to build and test specific components, such as the communications system, payload demands, and sensor integration. In addition, we also recognize internal labor costs and external subcontract labor costs for our customer-centric software service solutions. We recognize stock-based compensation expense for those employees who provide professional and engineering services support to customers, under professional and engineering service costs, excluding depreciation and amortization. Sponsor Shares On September 9, 2021, BlackSky's predecessor company, Osprey Technology Acquisition Corp. (“Osprey”), completed its merger (the "Merger") with Osprey Technology Merger Sub, Inc., a wholly owned subsidiary of Osprey, and BlackSky Holdings, Inc. (“Legacy BlackSky”). Osprey pre-Merger class B common shares were exchanged for shares of the Company’s class A common stock (the "Sponsor Shares") upon completion of the Merger. The Company accounted for the Sponsor Shares in accordance with the guidance contained in ASC 815-40, under which the Sponsor Shares did not meet the criteria for equity treatment and were recorded as derivative liabilities in the Company’s unaudited condensed consolidated balance sheets as of June 30, 2023. The Sponsor Shares are adjusted to fair value at each reporting period and the change in fair value is recognized in (loss) gain on derivatives in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss. Stock-Based Compensation Restricted Stock Awards and Restricted Stock Units The Company has granted restricted stock awards ("RSAs") and grants restricted stock units ("RSUs") to certain employees, for which the grant date fair value is equal to the trading price fair value of the Class A common stock on the date of grant. In order to determine the fair value of its Class A common stock on the date of grant and prior to the Merger, Legacy BlackSky historically performed a valuation analysis using a combination of market and income approaches. Subsequent to the Merger, the Company uses the New York Stock Exchange (“NYSE”) trading price as the fair value of the Class A common stock for valuation purposes. For all awards for which vesting is only subject to a service condition, including those subject to graded vesting, the Company has elected to use the straight-line method to recognize the fair value as compensation cost over the requisite service period. Certain of the Company’s outstanding RSUs had performance vesting conditions that were triggered upon the consummation of the Merger. Therefore, since the performance conditions attributable to these RSUs had been met, the Company commenced recording the associated compensation expense, inclusive of a catch-up amount for the service period between their grant date and satisfaction of the performance condition, as of the closing of the Merger. The fair value of the RSUs that include a performance condition is recognized as compensation expense over the requisite service period using the accelerated attribution method, which accounts for RSUs with discrete vesting dates as if they were a separate award. Expense related to stock-based payments is classified in the unaudited condensed consolidated statements of operations and comprehensive loss based upon the classification of each employees’ cash compensation. Stock Options The Company uses the Black-Scholes option pricing model to value all options and the straight-line method to recognize the fair value as compensation cost over the requisite service period. The fair value of each option granted was estimated as of the date of grant. The Company did not grant options in the six months ended June 30, 2023. The Company uses the following inputs when applying the Black-Scholes option pricing model: Expected Dividend Yield . The Black-Scholes valuation model requires an expected dividend yield as an input. The dividend yield is based on historical experience and expected future changes. The Company currently has no plans to pay dividends on its Class A common stock. Expected Volatility . The Company does not have enough historical share price history; therefore, the expected volatility was estimated based upon the historical share price volatility of guideline comparable companies. Risk-free Interest Rate . The yield on actively traded non-inflation indexed U.S. Treasury notes was used to extrapolate an average risk-free interest rate based on the expected term of the underlying grants. Expected Term . For options granted in 2021 and 2022, since there was not a history of option exercises as a public company, the Company considered the option vesting terms and contractual period, as well as the demographics of the holders, in estimating the expected term. For options granted prior to 2021, the expected term was the estimated duration to a liquidation event based on a weighted average consideration of the most likely exit prospects for that stage of development. Legacy BlackSky was privately funded and, accordingly, the lack of marketability was factored into the expected term of options granted. The Company will review its estimate in the future and adjust it, if necessary, due to changes in the Company’s historical exercises. The most significant assumption used to determine the fair value of the Legacy BlackSky equity-based awards was the estimated fair value of the Class A common stock on the grant date. In order to determine the fair value of its Class A common stock on the date of grant and prior to the Merger, Legacy BlackSky historically performed a valuation analysis using a combination of market and income approaches. Subsequent to the Merger, the Company uses the NYSE trading price as the fair value of the Class A common stock for valuation purposes. Legacy BlackSky historically adjusted the exercise price of certain outstanding stock options. For each award with an adjusted exercise price, Legacy BlackSky calculated the incremental fair value, which was the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. The incremental fair value was recognized as stock-based compensation expense immediately to the extent that the modified stock option already had vested, and for stock options that were not yet vested, the incremental fair value has been recognized as stock-based compensation expense over the remaining vesting period. Transaction Costs Transaction costs consist of legal fees, accounting fees, placement agent fees, commissions, and other third-party costs related directly to our equity issuances and debt restructuring. Transaction costs incurred on equity issuances are allocated to the components of the transaction based on their relative fair market value, including common equity and equity warrants classified as derivatives and, as such, based on our allocation, are either expensed in the unaudited condensed consolidated statements of operations and comprehensive loss or recorded as a reduction to additional paid-in capital in the unaudited condensed consolidated statements of changes in stockholders’ equity and unaudited condensed consolidated balance sheets. The Company also incurred lender fees and other incremental third-party costs associated with our debt Amendment, as described in Note 8 below. Lender fees were capitalized and included in long-term debt - net of current portion in the unaudited condensed consolidated balance sheets. Third-party costs associated with the debt modification were expensed in the unaudited condensed consolidated statements of operations and comprehensive loss. |
Accounting Standards Update ("A
Accounting Standards Update ("ASU") | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Standards Update ("ASU") | 3. Accounting Standards Updates (“ASU”) Accounting Standards Recently Adopted Effective January 1, 2023, the Company adopted ASU No. 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ”. The amendments in this update are primarily for entities holding financial assets and net investment leases measured under an incurred loss impairment methodology. The new methodology reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates, which includes losses on trade accounts receivable. This ASU was applied on a modified retrospective basis. There were no material impacts to the consolidated financial statements upon adoption. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 4. Revenue Disaggregation of Revenue The Company earns revenue through the sale of imagery and software analytical services and professional and engineering services. The Company’s management primarily disaggregates revenue as follows: (i) imagery; (ii) data, software and analytics; (iii) professional services; and (iv) engineering services. This disaggregation allows the Company to evaluate market trends in certain imagery and software analytical services and professional and engineering services. The following table disaggregates revenue by type for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Imagery $ 12,778 $ 6,833 $ 25,690 $ 10,443 Data, software and analytics 2,550 3,339 5,398 7,099 Professional services 3,707 3,178 6,335 5,580 Engineering services 292 1,752 301 5,876 Total revenue $ 19,327 $ 15,102 $ 37,724 $ 28,998 The approximate revenue based on geographic location of customers is as follows for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) North America $ 14,492 $ 12,437 $ 28,511 $ 23,584 Middle East 1,370 782 2,895 1,376 Asia 3,177 1,584 5,802 3,578 Other 288 299 516 460 Total revenue $ 19,327 $ 15,102 $ 37,724 $ 28,998 Revenue from categories of customers for the three and six months ended June 30, 2023 and 2022 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) U.S. federal government and agencies $ 14,069 $ 12,162 $ 27,739 $ 23,225 International governments 4,871 2,742 9,254 5,487 Commercial and other 387 198 731 286 Total revenue $ 19,327 $ 15,102 $ 37,724 $ 28,998 As of June 30, 2023 and December 31, 2022, accounts receivable consisted of the following: June 30, December 31, 2023 2022 (in thousands) U.S. federal government and agencies $ 1,669 $ 2,540 International governments 5,619 261 Commercial and other 87 311 Total accounts receivable $ 7,375 $ 3,112 Backlog Backlog represents the future sales the Company expects to recognize on firm orders it receives and is equivalent to the Company’s remaining performance obligations at the end of each period. It comprises both funded backlog (firm orders for which funding is authorized and appropriated) and unfunded backlog. The Company's backlog excludes unexercised contract options. As of June 30, 2023, the Company had $262.5 million of backlog, which represents the transaction price of executed contracts less inception to date revenue recognized. The Company expects to recognize revenue relating to its backlog, of which a portion is recorded in deferred revenue in the unaudited condensed consolidated balance sheets, of $40.1 million, $43.9 million, and $178.5 million in the six months ending December 31, 2023, fiscal year 2024, and thereafter, respectively. |
Contract Assets and Liabilities
Contract Assets and Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Contract Assets and Liabilities | 5. Contract Assets and Liabilities The components of contract assets and contract liabilities consisted of the following: June 30, December 31, 2023 2022 (in thousands) Contract assets - current: Unbilled revenue $ 8,643 $ 5,706 Total contract assets - current $ 8,643 $ 5,706 Contract assets - long-term: Unbilled revenue - long-term $ 2,335 $ 1,287 Contract assets - long-term 797 681 Total contract assets - long-term (1) $ 3,132 $ 1,968 Contract liabilities - current: Deferred revenue - short-term $ 3,154 $ 6,783 Total contract liabilities - current $ 3,154 $ 6,783 Contract liabilities - long-term: Other contract liabilities - long-term $ 247 $ 109 Total contract liabilities - long-term $ 247 $ 109 (1) Total contract assets - long term is included in other assets in the unaudited condensed consolidated balance sheets. Deferred revenue and other contract liabilities are reported as contract liabilities in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities include payments received and billings made in advance of the satisfaction of performance obligations under the contract and are realized when the associated revenue is recognized under the contract. Contract assets include (i) unbilled revenue, which is the amount of revenue recognized in excess of the amount billed to customers, where the rights to payment are not just subject to the passage of time; and (ii) costs incurred to fulfill contract obligations. Other contract assets and other contract liabilities primarily relate to contract commissions on customer contracts. Changes in short-term and long-term contract assets and contract liabilities for the six months ended June 30, 2023 were as follows: Contract Assets Contract Liabilities (in thousands) Balance on January 1, 2023 $ 7,674 $ 6,892 Billings or revenue recognized that was included in the beginning balance (2,892) (5,616) Changes in contract assets or contract liabilities, net of reclassification to receivables 8,150 1,761 Cumulative catch-up adjustment arising from changes in estimates to complete (1,068) 226 Cumulative catch-up adjustment arising from contract modifications (205) — Changes in costs to fulfill and amortization of commission costs 116 — Changes in contract commission costs — 138 Balance on June 30, 2023 $ 11,775 $ 3,401 |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | 6. Equity Method Investments LeoStella The Company accounts for its investment in LeoStella as an equity method investment. The Company did not make any additional capital investments in LeoStella during the three and six months ended June 30, 2023 or 2022. LeoStella's revenue from related parties was $1.6 million and $12.3 million for the three months ended June 30, 2023 and 2022, respectively, and $14.6 million and $17.2 million for the six months ended June 30, 2023 and 2022, respectively. The Company had differences between the carrying value of its equity method investments and the underlying equity in the net assets of the investees of $2.6 million as of June 30, 2023 and December 31, 2022, respectively. The difference is the result of the elimination of upstream intra-entity profits from the sale of satellites. The following table presents summarized financial information for the Company’s investments in LeoStella and X-Bow for the three and six months ended June 30, 2023 and 2022. Three Months Ended June 30, Six Months Ended June 30, Summarized statements of operations 2023 2022 2023 2022 (in thousands) Revenue $ 8,566 $ 14,526 $ 23,746 $ 31,259 Net (loss) income (1,397) 965 (3,800) 1,066 |
Property And Equipment_net
Property And Equipment—net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment—net | 7. Property and Equipment - net The following summarizes property and equipment - net as of: June 30, December 31, 2023 2022 (in thousands) Satellites $ 138,617 $ 116,219 Software 12,296 8,503 Software development in process 4,626 2,942 Computer equipment 2,048 1,996 Office furniture and fixtures 3,308 674 Other equipment 631 631 Site equipment 2,717 2,558 Total 164,243 133,523 Less: accumulated depreciation (82,637) (61,939) Property and equipment — net $ 81,606 $ 71,584 |
Debt and Other Financing
Debt and Other Financing | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Other Financing | 8. Debt and Other Financing The carrying value of the Company’s outstanding debt consisted of the following amounts: June 30, December 31, 2023 2022 (in thousands) Current portion of long-term debt $ — $ — Non-current portion of long-term debt 80,622 77,132 Total long-term debt 80,622 77,132 Unamortized debt issuance cost (1,208) (913) Outstanding balance $ 79,414 $ 76,219 The outstanding debt was solely comprised of loans from related parties with effective interest rates of 11.32% to 11.56% and a maturity date of October 31, 2026. On May 9, 2023, BlackSky and its subsidiaries entered into an Amendment to its Amended and Restated Loan and Security Agreement with Intelsat and Seahawk, dated October 31, 2019 and previously amended on September 9, 2021. The Amendment amends the secured loan facility to, among other things: (i) extend the maturity date of the loan from October 31, 2024 to October 31, 2026, (ii) roll the cash interest payment due on May 1, 2023 into the outstanding principal to be paid on the maturity date; (iii) increase the interest rate on the loan as of the Amendment date from 9% to 12%, of which (x) 9.6% will be paid in kind as principal due on the maturity date, with the remainder paid as cash interest on a semi-annual basis, until May 1, 2025 and (y) after May 1, 2025, up to 4% can be paid in kind as principal due on the maturity date, with the remainder to be paid as cash interest on a semi-annual basis, and (iv) add certain financial covenants. This facility is secured by substantially all of the Company’s assets, is guaranteed by the Company’s subsidiaries, and contains customary covenants and events of default. The Amendment was accounted for as a debt modification and related transaction costs of $1.3 million were recorded during the six months ended June 30, 2023. Fair Value of Debt The estimated fair value of the Company’s outstanding long-term debt was $78.8 million and $73.2 million as of June 30, 2023 and December 31, 2022, respectively, which is different than the historical costs of such Compliance with Debt Covenants As part of the Amendment, the Company is required to maintain a minimum cash and cash equivalents balance of not less than $10.0 million, measured quarterly as of the last day of each fiscal quarter. In addition, the Company is required to maintain Adjusted EBITDA, measured quarterly as of the last day of each fiscal quarter, of not less than: • $5.0 million for the trailing four quarter period ending as of December 31, 2024 through September 30, 2025 and • $10.0 million for the trailing four quarter period ending as of December 31, 2025 and as of the end of each fiscal quarter thereafter. The section entitled "Non-GAAP Financial Measures" has additional information on the Company's definition of Adjusted EBITDA. As of June 30, 2023, all debt instruments contain customary covenants and events of default. The Company was in compliance with all covenants as of June 30, 2023. |
Equity Warrants Classified as D
Equity Warrants Classified as Derivative Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity Warrants Classified as Derivative Liabilities | 9. Equity Warrants Classified as Derivative Liabilities Warrant Issuances In March 2023, the Company completed the closing of a private placement whereby the Company issued warrants to purchase up to 16.4 million shares of Class A common stock. The purchase price of each share and associated warrant was $1.79. Including the issuance of Company’s Class A common stock (see Note 11), the aggregate gross proceeds to the Company from the private placement were $29.4 million, before deducting the placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the private placement for general corporate purposes, including working capital. The warrants have an exercise price of $2.20 per share of Class A common stock, and are exercisable beginning on September 8, 2023 until September 8, 2028. The March 2023 private placement warrants provide that a holder of warrants will not have the right to exercise any portion of its warrants if such holder, together with its affiliates, would beneficially own in excess of 4.99% of the number of shares of common stock outstanding immediately after giving effect to such exercise; provided, however, that each holder may increase or decrease the beneficial ownership limitation by giving notice to the Company; but not to any percentage in excess of 9.99%. The Company incurred transaction costs which consisted of legal fees, accounting fees, placement agent fees, and other third-party costs directly related to the March 2023 private placement. The transaction costs of $0.9 million related to the 2023 private placement warrants were included in other expense, net in the unaudited condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2023. The Company also has approximately 24.1 million additional outstanding warrants, including 15.8 million public warrants and 8.3 million private placement warrants, issued by Osprey, our predecessor company, in 2019 in connection with its initial public offering as a special purpose acquisition company. The 2019 warrants are each exercisable for one share of the Company's Class A common stock. Company's unaudited condensed consolidated balance sheets. Any change in fair value between the respective reporting dates is recognized as an unrealized gain or loss in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss (see Note 15). The Company's derivative liabilities were made up of only equity warrants and the Sponsor Shares as of June 30, 2023 and December 31, 2022. The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants at June 30, 2023: Number of Shares Exercise Price Redemption Price Expiration Date Classification Loss in value for the Six Months Ended June 30, Fair Value at June 30, 2023 (in thousands) (in thousands) Public Warrants 15,813 $ 11.50 $ 18.00 9/9/2026 Liability $ (1,224) $ 3,321 Private Placement Warrants - Issued October 2019 4,163 11.50 18.00 9/9/2026 Liability (666) 1,540 Private Placement Warrants - Issued October 2019 4,163 20.00 18.00 9/9/2026 Liability (375) 833 Private Placement Warrants - Issued March 2023 16,404 2.20 N/A 9/8/2028 Liability (6,069) 23,785 In addition, the Company has 1.8 million Class A common stock warrants outstanding which have an exercise price of $0.11 and expiration dates from June 27, 2028 to October 31, 2029. These warrants are equity classified and are included in additional paid-in capital in the Company’s unaudited condensed consolidated balance sheets. |
Other (Expense)_Income
Other (Expense)/Income | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other (Expense)/Income | 10. Other Expense Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Transaction costs associated with debt and equity financings $ 833 $ — $ 1,738 $ — Other 34 42 72 40 $ 867 $ 42 $ 1,810 $ 40 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity In March 2023, the Company completed a private placement of 16.4 million shares of the Company’s Class A common stock and an equal number of corresponding warrants, for a purchase price of $1.79 per share and associated warrant. The Company received $29.4 million in gross proceeds from the private placement. The Company sold 1.0 million common shares in its June ATM offering, at an average purchase price per share of $1.82, resulting in gross proceeds of $1.9 million. The transaction costs for these equity issuances consisted of legal fees, accounting fees, placement agent fees, and other third-party costs related directly to the equity issuances. During the six months ended June 30, 2023, $1.5 million of transaction costs that had been incurred were recorded as a reduction to additional paid-in capital in the unaudited condensed consolidated statements of changes in stockholders’ equity and unaudited condensed consolidated balance sheets, and as a reduction to the proceeds from the transaction in the unaudited condensed consolidated statements of cash flows. |
Net Loss Per Share of Class A C
Net Loss Per Share of Class A Common Stock | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net (Loss)/Income Per Share of Class A Common Stock | 12. Net Loss Per Share of Class A Common Stock The following table includes the calculation of basic and diluted net (loss) income per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands except per share information) Net loss available to common stockholders $ (33,431) $ (26,282) $ (50,746) $ (46,274) Basic and diluted net loss per share $ (0.24) $ (0.22) $ (0.39) $ (0.40) Shares used in the computation of basic and diluted net loss per share 137,208 118,112 130,712 116,803 The potentially dilutive securities listed below were not included in the calculation of diluted weighted average common shares outstanding, as their effect would have been anti-dilutive during the three and six months ended June 30, 2023 and 2022. Three and Six Months Ended June 30, 2023 2022 (in thousands) Restricted Class A common stock 38 100 Class A common stock warrants 1,770 1,770 Stock options 7,705 4,690 Restricted stock units 6,187 6,848 Public Warrants (exercisable for Class A common stock) treated as liability 15,813 15,813 Private Placement Warrants (exercisable for Class A common stock) treated as liability 24,729 8,325 Sponsor Shares 2,372 2,372 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 13. Stock-Based Compensation The stock-based compensation expense attributable to continuing operations is included in the unaudited condensed consolidated statements of operations and comprehensive loss as indicated in the table below. Effective January 1, 2022, the Company reorganized its captions in the unaudited condensed consolidated statements of operations and comprehensive loss to better align the Company’s broad portfolio. As a result, for the three and six months ended June 30, 2022, the amounts presented to reflect the impact of the reorganization have been recasted. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Imagery & software analytical service costs, excluding depreciation and amortization $ 52 $ 103 $ 145 $ 359 Professional & engineering service costs, excluding depreciation and amortization 112 245 294 911 Selling, general and administrative 2,147 2,638 4,884 11,956 Total stock-based compensation expense $ 2,311 $ 2,986 $ 5,323 $ 13,226 The Company recorded stock-based compensation related to capitalized internal labor for software development activities of $0.2 million and $0.4 million during the three months ended June 30, 2023 and 2022, |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions A summary of the Company’s related party transactions during the six months ended June 30, 2023 is presented below: Amount Due to Related Party as of June 30, December 31, 2023 2022 Name Nature of Relationship Description of the Transactions (in thousands) Seahawk Debt Issuer and subsidiary of Thales Alenia Space In 2019, the Company raised and converted $18.4 million from prior debt into new, outstanding debt and issued 13.5 million warrants to purchase Legacy BlackSky common stock. $ 21,727 $ 20,787 Intelsat Debt Issuer In 2019, the Company entered into a term loan facility for $50.0 million and issued 20.2 million warrants to purchase Legacy BlackSky common stock. 58,895 56,345 Amount Due to Related Party as of Total Payments in the Six Months Ended June 30, June 30, December 31, Nature of Relationship 2023 2022 2023 2022 Name Description of the Transactions (in thousands) LeoStella Joint Venture with Thales Alenia Space The Company owns 50% of LeoStella, its joint venture with Thales. The Company contracts with LeoStella for the design, development and manufacture of satellites to operate its business. $ 11,325 $ 17,149 $ 2,231 $ 3,728 X-Bow Equity Method Investee In 2017, the Company received stock in X-Bow. As of June 30, 2023, the Company had a less than 20% investment in X-Bow and had one Board seat. The Company has engaged X-Bow to develop a rocket for the Company. — — — — Ursa Space Systems Strategic Partner The chairman of the Company’s board of directors, Will Porteous, is also an investor and member of the board of directors of Ursa Space Systems. The Company has a non-cancelable operational commitment with Ursa Space Systems. 250 333 — — Thales Alenia Space Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) Design, development and manufacture of telescopes. 3,464 5,163 658 693 On May 9, 2023, BlackSky and its subsidiaries entered into an Amendment to its Amended and Restated Loan and Security Agreement with Intelsat and Seahawk, dated October 31, 2019 and previously amended on September 9, 2021. The Company incurred $0.4 million of offering costs to related parties in relation to the Amendment. See Note 8 for information regarding the Amendment. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 15. Fair Value of Financial Instruments The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 and indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value: June 30, 2023 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs (Level 1) (Level 2) (Level 3) (in thousands) Liabilities Public Warrants $ 3,321 $ — $ — Private Placement Warrants - Issued October 2019 — — 2,373 Private Placement Warrants - Issued March 2023 — — 23,785 Sponsor Shares — — 2,917 $ 3,321 $ — $ 29,075 December 31, 2022 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs (Level 1) (Level 2) (Level 3) (in thousands) Liabilities Public Warrants $ 2,097 $ — $ — Private Placement Warrants - Issued October 2019 — — 1,332 Sponsor Shares — — 1,684 $ 2,097 $ — $ 3,016 The carrying values of the following financial instruments approximated their fair values as of June 30, 2023 and December 31, 2022 based on their maturities: cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, and other current liabilities. There were no transfers into or out of any of the levels of the fair value hierarchy during the six months ended June 30, 2023 or 2022. Changes in the fair value of the Level 3 liabilities during the six months ended June 30, 2022 of $1.3 million included the Sponsor Shares and private placement warrants. The following is a summary of changes in the fair value of the Level 3 liabilities during the six months ended June 30, 2023: Sponsor Shares Private Placement Warrants - Issued October 2019 Private Placement Warrants - Issued March 2023 (in thousands) Balance, January 1, 2023 $ 1,684 $ 1,332 $ — Liability recorded at fair value — — 17,716 Loss from changes in fair value 1,233 1,041 6,069 Balance, June 30, 2023 $ 2,917 $ 2,373 $ 23,785 |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and ContingenciesFrom time to time, the Company may become involved in various claims and legal proceedings arising in the ordinary course of business, which, by their nature, are inherently unpredictable. The Company is not currently a party to any material claims or legal proceedings the outcome of which, if determined adversely to the Company, would individually or in the aggregate, have a material adverse effect on the Company's business, financial condition or results of operations. Regardless of outcome, litigation and other legal proceedings can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. |
Concentrations, Risks, and Unce
Concentrations, Risks, and Uncertainties | 6 Months Ended |
Jun. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations, Risks, and Uncertainties | 17. Concentrations, Risks, and Uncertainties For the three months ended June 30, 2023 and 2022, revenue from customers representing 10% or more of the consolidated revenue from continuing operations was $14.6 million and $7.1 million, respectively, and $28.2 million and $15.1 million, respectively, for the six months ended June 30, 2023 and 2022. Accounts receivable related to these customers as of June 30, 2023 and December 31, 2022 was $5.8 million and $0, respectively. Revenue from the U.S. federal government and agencies was $14.0 million and $12.1 million for the three months ended June 30, 2023 and 2022, respectively, and $27.7 million and $23.2 million, respectively, for the six months ended June 30, 2023 and 2022. Accounts receivable related to U.S. federal government and agencies was $1.7 million and $2.5 million as of June 30, 2023 and December 31, 2022, respectively. The Company generally extends credit on account, without collateral. Outstanding accounts receivable balances are evaluated by management, and accounts are reserved when it is determined collection is not probable. As of June 30, 2023 and 2022, the Company evaluated the realizability of the aged accounts receivable, giving consideration to each customer’s financial history and liquidity position, credit rating and the facts and circumstances of collectability on each outstanding account, and did not have a significant reserve for uncollectible account. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events The Company evaluated subsequent events through August 9, 2023 and determined that there have been no events that have occurred that would require adjustments to our disclosures or the consolidated financial statements. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Preparation The Company has prepared its unaudited condensed consolidated financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) and the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. In addition, the unaudited condensed consolidated financial statements include the Company’s proportionate share of the earnings or losses of its equity method investments and a corresponding increase or decrease to its investment, with recorded losses limited to the carrying value of the Company’s investment. All intercompany transactions and balances have been eliminated upon consolidation. Effective January 1, 2022, the Company reorganized its captions in the unaudited condensed consolidated statements of operations and comprehensive loss to better align the Company’s broad portfolio. As a result, for the six months ended June 30, 2022, the amounts presented to reflect the impact of the reorganization have been recasted. This resulted in a $5.6 million reclassification between imagery & software analytical services revenue and professional & engineering services revenue and a $4.2 million reclassification between imagery & software analytical service costs, excluding depreciation and amortization and professional & engineering service costs, excluding depreciation and amortization in the Company's unaudited condensed consolidated statements of operations and comprehensive loss. As previously disclosed in the Company's Form 10-K for the year ended December 31, 2022, effective January 1, 2022, the Company adopted Accounting Standards Codification ("ASC") Topic 842, Leases , using the modified retrospective method, with the cumulative effect of initially applying these updates recognized at the date of initial application. The adoption of this standard is reflected in the amounts and disclosures set forth in this Form 10-Q. In accordance with the adoption on a modified retrospective basis, comparative periods prior to the effective date were adjusted, resulting in an $8 thousand change to selling, general and administrative for the six months ended June 30, 2022 in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company made one disclosure related to 2022 that was previously undisclosed. The disclosure relates to payments made to Thales Alenia Space in Note 14 – Related Party Transactions. The Company believes the disclosure is immaterial to the 2022 consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingencies at the reporting date, and the reported amounts of revenue and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results could materially differ from these estimates. Significant estimates made by the Company include, but are not limited to, revenue and associated cost recognition, the collectability of accounts receivable, the recoverability and useful lives of property and equipment, the valuation of equity warrants and warrant liabilities, fair value estimates, the recoverability of goodwill and intangible assets, the provision for income taxes, and stock-based compensation. |
Investments | Investments The Company invests in short-term investments, which generally consist of A-1, or higher, rated corporate debt and governmental securities. The investments are classified as held-to-maturity and have a stated maturity date of one year or less from the balance sheet date. Any investments with original maturities less than three months are considered cash equivalents. As of June 30, 2023 and December 31, 2022, the Company’s short-term investments had a carrying value of $16.6 million and $38.0 million, respectively, which represents amortized cost, and an aggregate fair value of $16.6 million and $37.9 million, respectively, which represents a Level 1 measurement based off of the fair value hierarchy. The gross unrecognized holding losses as of June 30, 2023 and December 31, 2022 were $0 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company accounts for certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The process for analyzing the fair value measurement of certain financial instruments on a recurring, or non-recurring, basis includes significant judgment and estimates of inputs including, but not limited to, share price, volatility, discount for lack of marketability, application of an appropriate discount rate, and probability of liquidating events. The Company utilizes the market valuation methodology and specific option pricing methodology, such as the Monte Carlo simulation, method to value the more complex financial instruments and the Black-Scholes option-pricing model to value standard common stock warrants and common stock options. The framework for measuring fair value specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 Inputs. Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 Inputs. Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 Inputs. Inputs are unobservable inputs which reflect the Company’s own assumptions on what assumptions market participants would use in pricing the asset or liability based on the best available information. |
Revenue Recognition | Revenue Recognition The Company generates revenue from the sale of imagery and software analytical services and professional and engineering services. Imagery and software analytical services revenue includes imagery, data, software, and analytics. This revenue is recognized from services rendered under non-cancellable subscription order agreements or variable not-to-exceed purchase orders. Professional and engineering services revenue is generated from both time and materials basis contracts and firm fixed price service solutions contracts and firm fixed price long-term engineering and construction contracts. The Company generates revenue primarily through contracts with government agencies. Some of the fixed price contracts include multiple promises, which are generally separated as distinct performance obligations. The Company allocates the transaction price to each performance obligation based on the relative standalone selling prices using observable sales transactions where applicable. In accordance with Accounting Standards Update No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) ” (“ASC 606”), the Company uses the five-step model of identifying the contract with a customer, identifying the performance obligations contained in a contract, determining transaction price, allocating transaction price, and determining when performance obligations are satisfied, which can require the application of significant judgment, as further discussed below. Revenue is measured at the fair value of consideration received or receivable and net of discounts. The Company applies a policy election to exclude transaction taxes collected from customer sales when the tax is both imposed on and concurrent with a specific revenue-producing transaction. The Company estimates any Imagery & Software Analytical Services Revenue Imagery Imagery services include imagery delivered from the Company’s satellites in orbit via our Spectra AI platform and in limited cases directly uploaded to certain customers. Customers can directly task our proprietary satellite constellation to collect and deliver imagery over specific locations, sites and regions that are critical to their operations. We offer customers several service level options that include basic plans for on-demand tasking or multi-year assured access programs, where customers can secure priority access and imaging capacity at a premium over a region of interest on a take or pay basis. Imagery revenue is recognized ratably over the subscription period or at the point in time the customer receives access to the imagery. Data, Software, and Analytics The Company leverages proprietary AI and ML algorithms to analyze data coming from both the Company’s proprietary sensor network and third-party space and terrestrial sources to provide hard-to-get data, insights, and analytics for customers. The Company continues to integrate and enhance its offerings by performing contract development, while retaining the intellectual property rights. The Company also offers services related to object, change and anomaly detection, site monitoring, and enhanced analytics, through which the Company can detect key pattern of life changes in critical locations such as ports, airports, and construction sites; retail activity; commodities stockpiles; and other sites that contain critical commodities and supply chain inventory . Our analytics services are also offered on a subscription or consumption basis and provide customers with access to our site monitoring, event monitoring and global data services. Software analytical services revenue derived from data, software, and analytics is recognized from the rendering of analytical and monitoring services over time on a firm fixed price basis, or at the point in time the customer receives access to an analytic product. Professional and Engineering Services Revenue The Company performs various professional and engineering services, including providing technology enabled professional service solutions to support customer-specific software development requests, integration, testing, and training, as well as developing and delivering advanced satellite and payload systems for a limited number of customers that leverage the Company’s capabilities in mission systems engineering and operations, ground station operations, and software and systems development. For firm fixed price professional and engineering service contracts, the Company recognizes revenue over time using the cost-to-cost method to measure progress to complete the performance obligation, ("Estimate at Completion" or "EAC"). A performance obligation's EAC includes all direct costs such as labor and fringe, materials, subcontract costs and overhead. We recognize changes in estimated contract sales or costs and the resulting changes in contract profit on a cumulative basis. If it is determined that a loss is expected to result in an individual performance obligation, the entire amount of the estimable future loss is charged against income in the period the loss is identified. The following table presents the effect of aggregate net EAC adjustments on two of our professional and engineering services contracts: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Revenue $ (1,145) $ (1,360) $ (1,500) $ (2,163) During the three and six months ended June 30, 2023 and 2022, there was no revenue recognized from performance obligations satisfied in previous period s . For contracts structured as cost-plus-fixed-fee or on a time and materials basis, the Company generally recognizes revenue based on the right-to-invoice when practically expedient, as the Company is contractually able to invoice the customer based on the control transferred to the customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date. Imagery and Software Analytical Service and Professional and Engineering Service Costs Imagery and software analytical service costs primarily include internal labor to support the ground station network and space operations, third-party data and imagery, and cloud computing and hosting services. The Company recognizes stock-based compensation expense for those employees whose work supports the imagery and software analytical service costs we provide to customers, under imagery and software analytical service costs, excluding depreciation and amortization. For those employees who provide these services to support customer-based programs, the stock-based compensation expense is classified under imagery and software analytical services costs. Professional and engineering service costs primarily include the cost of internal labor for design and engineering in support of long-term development contracts for satellites and payload systems, as well as subcontract direct materials and external labor costs to build and test specific components, such as the communications system, payload demands, and sensor integration. In addition, we also recognize internal labor costs and external subcontract labor costs for our customer-centric software service solutions. We recognize stock-based compensation expense for those employees who provide professional and engineering services support to customers, under professional and engineering service costs, excluding depreciation and amortization. |
Stock-Based Compensation | Stock-Based Compensation Restricted Stock Awards and Restricted Stock Units The Company has granted restricted stock awards ("RSAs") and grants restricted stock units ("RSUs") to certain employees, for which the grant date fair value is equal to the trading price fair value of the Class A common stock on the date of grant. In order to determine the fair value of its Class A common stock on the date of grant and prior to the Merger, Legacy BlackSky historically performed a valuation analysis using a combination of market and income approaches. Subsequent to the Merger, the Company uses the New York Stock Exchange (“NYSE”) trading price as the fair value of the Class A common stock for valuation purposes. For all awards for which vesting is only subject to a service condition, including those subject to graded vesting, the Company has elected to use the straight-line method to recognize the fair value as compensation cost over the requisite service period. Certain of the Company’s outstanding RSUs had performance vesting conditions that were triggered upon the consummation of the Merger. Therefore, since the performance conditions attributable to these RSUs had been met, the Company commenced recording the associated compensation expense, inclusive of a catch-up amount for the service period between their grant date and satisfaction of the performance condition, as of the closing of the Merger. The fair value of the RSUs that include a performance condition is recognized as compensation expense over the requisite service period using the accelerated attribution method, which accounts for RSUs with discrete vesting dates as if they were a separate award. Expense related to stock-based payments is classified in the unaudited condensed consolidated statements of operations and comprehensive loss based upon the classification of each employees’ cash compensation. Stock Options The Company uses the Black-Scholes option pricing model to value all options and the straight-line method to recognize the fair value as compensation cost over the requisite service period. The fair value of each option granted was estimated as of the date of grant. The Company did not grant options in the six months ended June 30, 2023. The Company uses the following inputs when applying the Black-Scholes option pricing model: Expected Dividend Yield . The Black-Scholes valuation model requires an expected dividend yield as an input. The dividend yield is based on historical experience and expected future changes. The Company currently has no plans to pay dividends on its Class A common stock. Expected Volatility . The Company does not have enough historical share price history; therefore, the expected volatility was estimated based upon the historical share price volatility of guideline comparable companies. Risk-free Interest Rate . The yield on actively traded non-inflation indexed U.S. Treasury notes was used to extrapolate an average risk-free interest rate based on the expected term of the underlying grants. Expected Term . For options granted in 2021 and 2022, since there was not a history of option exercises as a public company, the Company considered the option vesting terms and contractual period, as well as the demographics of the holders, in estimating the expected term. For options granted prior to 2021, the expected term was the estimated duration to a liquidation event based on a weighted average consideration of the most likely exit prospects for that stage of development. Legacy BlackSky was privately funded and, accordingly, the lack of marketability was factored into the expected term of options granted. The Company will review its estimate in the future and adjust it, if necessary, due to changes in the Company’s historical exercises. The most significant assumption used to determine the fair value of the Legacy BlackSky equity-based awards was the estimated fair value of the Class A common stock on the grant date. In order to determine the fair value of its Class A common stock on the date of grant and prior to the Merger, Legacy BlackSky historically performed a valuation analysis using a combination of market and income approaches. Subsequent to the Merger, the Company uses the NYSE trading price as the fair value of the Class A common stock for valuation purposes. Legacy BlackSky historically adjusted the exercise price of certain outstanding stock options. For each award with an adjusted exercise price, Legacy BlackSky calculated the incremental fair value, which was the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. The incremental fair value was recognized as stock-based compensation expense immediately to the extent that the modified stock option already had vested, and for stock options that were not yet vested, the incremental fair value has been recognized as stock-based compensation expense over the remaining vesting period. |
Sponsor Shares | Sponsor SharesOn September 9, 2021, BlackSky's predecessor company, Osprey Technology Acquisition Corp. (“Osprey”), completed its merger (the "Merger") with Osprey Technology Merger Sub, Inc., a wholly owned subsidiary of Osprey, and BlackSky Holdings, Inc. (“Legacy BlackSky”). Osprey pre-Merger class B common shares were exchanged for shares of the Company’s class A common stock (the "Sponsor Shares") upon completion of the Merger. The Company accounted for the Sponsor Shares in accordance with the guidance contained in ASC 815-40, under which the Sponsor Shares did not meet the criteria for equity treatment and were recorded as derivative liabilities in the Company’s unaudited condensed consolidated balance sheets as of June 30, 2023. The Sponsor Shares are adjusted to fair value at each reporting period and the change in fair value is recognized in (loss) gain on derivatives in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss. |
Warrant Liability | Warrant Liability In October 2019, Osprey, BlackSky's predecessor company and special purpose acquisition company, issued 15.8 million public warrants and 8.3 million private placement warrants in connection with its public offering. In March 2023, the Company issued 16.4 million private placement warrants in connection with a private placement of shares of Class A common stock and accompanying warrants (see Note 9 and Note 11). The Company accounts for its warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, “ Distinguishing Liabilities from Equity ” (“ASC 480”) and ASC 815, “ Derivatives and Hedging ” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments that would require classification as a liability under ASC 480, as well as whether the warrants qualify for equity classification or require liability classification after consideration of the guidance and criteria outlined in ASC 815, including whether the warrants are indexed to the Company’s own common shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions that impact classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance. The Company accounted for the warrants issued in October 2019 and March 2023 in accordance with the guidance contained in ASC 815-40-55-2, as liabilities at their fair value. As of June 30, 2023, the Company’s unaudited condensed consolidated balance sheets included liability classified warrants, reported as derivative liabilities. The fair value of the public warrants was estimated as of June 30, 2023 using the public warrants’ quoted market price. The October 2019 and March 2023 private placement warrants were valued using a Black-Scholes option pricing model for initial and subsequent measurements. The liabilities associated with the public warrants and the private placement warrants are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in (loss) gain on derivatives in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss. |
Transaction Costs | Transaction Costs Transaction costs consist of legal fees, accounting fees, placement agent fees, commissions, and other third-party costs related directly to our equity issuances and debt restructuring. Transaction costs incurred on equity issuances are allocated to the components of the transaction based on their relative fair market value, including common equity and equity warrants classified as derivatives and, as such, based on our allocation, are either expensed in the unaudited condensed consolidated statements of operations and comprehensive loss or recorded as a reduction to additional paid-in capital in the unaudited condensed consolidated statements of changes in stockholders’ equity and unaudited condensed consolidated balance sheets. The Company also incurred lender fees and other incremental third-party costs associated with our debt Amendment, as described in Note 8 below. Lender fees were capitalized and included in long-term debt - net of current portion in the unaudited condensed consolidated balance sheets. Third-party costs associated with the debt modification were expensed in the unaudited condensed consolidated statements of operations and comprehensive loss. |
Accounting Standards Recently Adopted | Accounting Standards Recently Adopted Effective January 1, 2023, the Company adopted ASU No. 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ”. The amendments in this update are primarily for entities holding financial assets and net investment leases measured under an incurred loss impairment methodology. The new methodology reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates, which includes losses on trade accounts receivable. This ASU was applied on a modified retrospective basis. There were no material impacts to the consolidated financial statements upon adoption. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Professional Engineering Services Contracts | The following table presents the effect of aggregate net EAC adjustments on two of our professional and engineering services contracts: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Revenue $ (1,145) $ (1,360) $ (1,500) $ (2,163) |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table disaggregates revenue by type for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Imagery $ 12,778 $ 6,833 $ 25,690 $ 10,443 Data, software and analytics 2,550 3,339 5,398 7,099 Professional services 3,707 3,178 6,335 5,580 Engineering services 292 1,752 301 5,876 Total revenue $ 19,327 $ 15,102 $ 37,724 $ 28,998 The approximate revenue based on geographic location of customers is as follows for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) North America $ 14,492 $ 12,437 $ 28,511 $ 23,584 Middle East 1,370 782 2,895 1,376 Asia 3,177 1,584 5,802 3,578 Other 288 299 516 460 Total revenue $ 19,327 $ 15,102 $ 37,724 $ 28,998 Backlog Backlog represents the future sales the Company expects to recognize on firm orders it receives and is equivalent to the Company’s remaining performance obligations at the end of each period. It comprises both funded backlog (firm orders for which funding is authorized and appropriated) and unfunded backlog. The Company's backlog excludes unexercised contract options. As of June 30, 2023, the Company had $262.5 million of backlog, which represents the transaction price of executed contracts less inception to date revenue recognized. The Company expects to recognize revenue relating to its backlog, of which a portion is recorded in deferred revenue in the unaudited condensed consolidated balance sheets, of $40.1 million, $43.9 million, and $178.5 million in the six months ending December 31, 2023, fiscal year 2024, and thereafter, respectively. |
Schedules of Concentration of Risk, by Risk Factor | Revenue from categories of customers for the three and six months ended June 30, 2023 and 2022 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) U.S. federal government and agencies $ 14,069 $ 12,162 $ 27,739 $ 23,225 International governments 4,871 2,742 9,254 5,487 Commercial and other 387 198 731 286 Total revenue $ 19,327 $ 15,102 $ 37,724 $ 28,998 As of June 30, 2023 and December 31, 2022, accounts receivable consisted of the following: June 30, December 31, 2023 2022 (in thousands) U.S. federal government and agencies $ 1,669 $ 2,540 International governments 5,619 261 Commercial and other 87 311 Total accounts receivable $ 7,375 $ 3,112 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Components of contract assets and contract liabilities | The components of contract assets and contract liabilities consisted of the following: June 30, December 31, 2023 2022 (in thousands) Contract assets - current: Unbilled revenue $ 8,643 $ 5,706 Total contract assets - current $ 8,643 $ 5,706 Contract assets - long-term: Unbilled revenue - long-term $ 2,335 $ 1,287 Contract assets - long-term 797 681 Total contract assets - long-term (1) $ 3,132 $ 1,968 Contract liabilities - current: Deferred revenue - short-term $ 3,154 $ 6,783 Total contract liabilities - current $ 3,154 $ 6,783 Contract liabilities - long-term: Other contract liabilities - long-term $ 247 $ 109 Total contract liabilities - long-term $ 247 $ 109 Changes in short-term and long-term contract assets and contract liabilities for the six months ended June 30, 2023 were as follows: Contract Assets Contract Liabilities (in thousands) Balance on January 1, 2023 $ 7,674 $ 6,892 Billings or revenue recognized that was included in the beginning balance (2,892) (5,616) Changes in contract assets or contract liabilities, net of reclassification to receivables 8,150 1,761 Cumulative catch-up adjustment arising from changes in estimates to complete (1,068) 226 Cumulative catch-up adjustment arising from contract modifications (205) — Changes in costs to fulfill and amortization of commission costs 116 — Changes in contract commission costs — 138 Balance on June 30, 2023 $ 11,775 $ 3,401 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The following table presents summarized financial information for the Company’s investments in LeoStella and X-Bow for the three and six months ended June 30, 2023 and 2022. Three Months Ended June 30, Six Months Ended June 30, Summarized statements of operations 2023 2022 2023 2022 (in thousands) Revenue $ 8,566 $ 14,526 $ 23,746 $ 31,259 Net (loss) income (1,397) 965 (3,800) 1,066 |
Property And Equipment_net (Tab
Property And Equipment—net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | The following summarizes property and equipment - net as of: June 30, December 31, 2023 2022 (in thousands) Satellites $ 138,617 $ 116,219 Software 12,296 8,503 Software development in process 4,626 2,942 Computer equipment 2,048 1,996 Office furniture and fixtures 3,308 674 Other equipment 631 631 Site equipment 2,717 2,558 Total 164,243 133,523 Less: accumulated depreciation (82,637) (61,939) Property and equipment — net $ 81,606 $ 71,584 |
Debt and Other Financing (Table
Debt and Other Financing (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The carrying value of the Company’s outstanding debt consisted of the following amounts: June 30, December 31, 2023 2022 (in thousands) Current portion of long-term debt $ — $ — Non-current portion of long-term debt 80,622 77,132 Total long-term debt 80,622 77,132 Unamortized debt issuance cost (1,208) (913) Outstanding balance $ 79,414 $ 76,219 |
Equity Warrants Classified as_2
Equity Warrants Classified as Derivative Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights | The following table is a summary of the number of shares of the Company’s Class A common stock issuable upon exercise of warrants at June 30, 2023: Number of Shares Exercise Price Redemption Price Expiration Date Classification Loss in value for the Six Months Ended June 30, Fair Value at June 30, 2023 (in thousands) (in thousands) Public Warrants 15,813 $ 11.50 $ 18.00 9/9/2026 Liability $ (1,224) $ 3,321 Private Placement Warrants - Issued October 2019 4,163 11.50 18.00 9/9/2026 Liability (666) 1,540 Private Placement Warrants - Issued October 2019 4,163 20.00 18.00 9/9/2026 Liability (375) 833 Private Placement Warrants - Issued March 2023 16,404 2.20 N/A 9/8/2028 Liability (6,069) 23,785 |
Other (Expense)_Income (Tables)
Other (Expense)/Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Transaction costs associated with debt and equity financings $ 833 $ — $ 1,738 $ — Other 34 42 72 40 $ 867 $ 42 $ 1,810 $ 40 |
Net Loss Per Share of Class A_2
Net Loss Per Share of Class A Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table includes the calculation of basic and diluted net (loss) income per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands except per share information) Net loss available to common stockholders $ (33,431) $ (26,282) $ (50,746) $ (46,274) Basic and diluted net loss per share $ (0.24) $ (0.22) $ (0.39) $ (0.40) Shares used in the computation of basic and diluted net loss per share 137,208 118,112 130,712 116,803 |
Schedule of Potentially Dilutive Securities | Three and Six Months Ended June 30, 2023 2022 (in thousands) Restricted Class A common stock 38 100 Class A common stock warrants 1,770 1,770 Stock options 7,705 4,690 Restricted stock units 6,187 6,848 Public Warrants (exercisable for Class A common stock) treated as liability 15,813 15,813 Private Placement Warrants (exercisable for Class A common stock) treated as liability 24,729 8,325 Sponsor Shares 2,372 2,372 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation Expense | The stock-based compensation expense attributable to continuing operations is included in the unaudited condensed consolidated statements of operations and comprehensive loss as indicated in the table below. Effective January 1, 2022, the Company reorganized its captions in the unaudited condensed consolidated statements of operations and comprehensive loss to better align the Company’s broad portfolio. As a result, for the three and six months ended June 30, 2022, the amounts presented to reflect the impact of the reorganization have been recasted. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Imagery & software analytical service costs, excluding depreciation and amortization $ 52 $ 103 $ 145 $ 359 Professional & engineering service costs, excluding depreciation and amortization 112 245 294 911 Selling, general and administrative 2,147 2,638 4,884 11,956 Total stock-based compensation expense $ 2,311 $ 2,986 $ 5,323 $ 13,226 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Amount Due to Related Party as of June 30, December 31, 2023 2022 Name Nature of Relationship Description of the Transactions (in thousands) Seahawk Debt Issuer and subsidiary of Thales Alenia Space In 2019, the Company raised and converted $18.4 million from prior debt into new, outstanding debt and issued 13.5 million warrants to purchase Legacy BlackSky common stock. $ 21,727 $ 20,787 Intelsat Debt Issuer In 2019, the Company entered into a term loan facility for $50.0 million and issued 20.2 million warrants to purchase Legacy BlackSky common stock. 58,895 56,345 Amount Due to Related Party as of Total Payments in the Six Months Ended June 30, June 30, December 31, Nature of Relationship 2023 2022 2023 2022 Name Description of the Transactions (in thousands) LeoStella Joint Venture with Thales Alenia Space The Company owns 50% of LeoStella, its joint venture with Thales. The Company contracts with LeoStella for the design, development and manufacture of satellites to operate its business. $ 11,325 $ 17,149 $ 2,231 $ 3,728 X-Bow Equity Method Investee In 2017, the Company received stock in X-Bow. As of June 30, 2023, the Company had a less than 20% investment in X-Bow and had one Board seat. The Company has engaged X-Bow to develop a rocket for the Company. — — — — Ursa Space Systems Strategic Partner The chairman of the Company’s board of directors, Will Porteous, is also an investor and member of the board of directors of Ursa Space Systems. The Company has a non-cancelable operational commitment with Ursa Space Systems. 250 333 — — Thales Alenia Space Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) Design, development and manufacture of telescopes. 3,464 5,163 658 693 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of liabilities at fair value on a recurring basis | The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 and indicate the fair value hierarchy level of the valuation techniques and inputs that the Company utilized to determine such fair value: June 30, 2023 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs (Level 1) (Level 2) (Level 3) (in thousands) Liabilities Public Warrants $ 3,321 $ — $ — Private Placement Warrants - Issued October 2019 — — 2,373 Private Placement Warrants - Issued March 2023 — — 23,785 Sponsor Shares — — 2,917 $ 3,321 $ — $ 29,075 December 31, 2022 Quoted Prices in Active Markets Significant Other Observable Input Significant Other Unobservable Inputs (Level 1) (Level 2) (Level 3) (in thousands) Liabilities Public Warrants $ 2,097 $ — $ — Private Placement Warrants - Issued October 2019 — — 1,332 Sponsor Shares — — 1,684 $ 2,097 $ — $ 3,016 |
Schedule of change sin the fair value of Level 3 liabilities | The following is a summary of changes in the fair value of the Level 3 liabilities during the six months ended June 30, 2023: Sponsor Shares Private Placement Warrants - Issued October 2019 Private Placement Warrants - Issued March 2023 (in thousands) Balance, January 1, 2023 $ 1,684 $ 1,332 $ — Liability recorded at fair value — — 17,716 Loss from changes in fair value 1,233 1,041 6,069 Balance, June 30, 2023 $ 2,917 $ 2,373 $ 23,785 |
Organization and Business (Deta
Organization and Business (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 08, 2023 USD ($) $ / shares shares | Jun. 30, 2023 subsidiary shares | Mar. 31, 2023 shares | Jun. 30, 2023 USD ($) subsidiary $ / shares | |
Subsidiary or Equity Method Investee [Line Items] | ||||
Number of subsidiaries | subsidiary | 2 | 2 | ||
Proceeds from issuance of private placement | $ | $ 29.4 | |||
Common Stock | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Issuance of common stock (in shares) | shares | 1,039,000 | 16,404,000 | ||
Common Class A | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Proceeds from equity issuances, net of equity issuance costs | $ | $ 1.9 | |||
Common Class A | Common Stock | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Price per share (in usd per share) | $ / shares | $ 1.79 | |||
Stock Issued During Period, Value, New Issues, Price Per Share, ATM | $ / shares | $ 1.82 | |||
Common Class A | Common Stock | At-The-Market Offering | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Issuance of common stock (in shares) | shares | 1,000,000 | |||
LeoStella | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Ownership percentage | 50% | 50% | ||
X-Bow | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Ownership percentage | 20% | 20% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stockholders' equity | $ 88,545 | $ 118,905 | $ 143,539 | $ 166,892 | $ 88,545 | $ 143,539 | $ 121,874 | $ 179,620 |
Accounts Receivable, Allowance | 0 | 0 | 0 | |||||
Stock-based compensation | 2,488 | $ 3,214 | $ 3,365 | $ 10,862 | ||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Current | 16,600 | 16,600 | 38,000 | |||||
Debt Securities, Held-to-Maturity, Fair Value | 16,600 | 16,600 | 37,900 | |||||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss | 0 | 0 | $ 100 | |||||
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain | $ 0 | 0 | ||||||
Deferred Revenue, Revenue Recognized | 0 | $ 0 | ||||||
Reclassification Of Imagery & Software Analytical Services Revenue To Professional & Engineering Services Revenue | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Prior Period Reclassification Adjustment | (5,600) | |||||||
Reclassification Of Imagery & Software Analytical Service Costs, Excluding Depreciation and Amortization to Professional & Engineering Service Costs, Excluding Depreciation and Amortization | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Prior Period Reclassification Adjustment | 4,200 | |||||||
Reclassification to Selling, General, and Administrative | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Prior Period Reclassification Adjustment | $ (8) |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Professional Engineering Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Professional Engineering Services Contracts | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Revenue | $ (1,145) | $ (1,360) | $ (1,500) | $ (2,163) |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation | $ 262.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation | $ 40.1 |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation | $ 43.9 |
Expected timing of satisfaction | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligation | $ 178.5 |
Expected timing of satisfaction |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 19,327 | $ 15,102 | $ 37,724 | $ 28,998 |
U.S. federal government and agencies | Customer Concentration Risk | Revenue Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 14,069 | 12,162 | 27,739 | 23,225 |
International governments | Customer Concentration Risk | Revenue Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,871 | 2,742 | 9,254 | 5,487 |
Commercial and other | Customer Concentration Risk | Revenue Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 387 | 198 | 731 | 286 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 14,492 | 12,437 | 28,511 | 23,584 |
Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,370 | 782 | 2,895 | 1,376 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,177 | 1,584 | 5,802 | 3,578 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 288 | 299 | 516 | 460 |
Imagery | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,778 | 6,833 | 25,690 | 10,443 |
Data, Software and Analytics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,550 | 3,339 | 5,398 | 7,099 |
Engineering Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 292 | 1,752 | 301 | 5,876 |
Professional Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 3,707 | $ 3,178 | $ 6,335 | $ 5,580 |
Revenue - Disaggregation of Acc
Revenue - Disaggregation of Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 0 | $ 0 |
Accounts receivable, net of allowance of $0 and $0, respectively | 7,375 | 3,112 |
Commercial and other | Customer Concentration Risk | Accounts Receivable | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable before allowance for credit loss | 87 | 311 |
International governments | Customer Concentration Risk | Accounts Receivable | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable before allowance for credit loss | 5,619 | 261 |
U.S. federal government and agencies | Customer Concentration Risk | Accounts Receivable | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable before allowance for credit loss | $ 1,669 | $ 2,540 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities - Components of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Unbilled revenue | $ 8,643 | $ 5,706 |
Total contract assets - current | 8,643 | 5,706 |
Unbilled revenue - long-term | 2,335 | 1,287 |
Contract assets - long-term | 797 | 681 |
Total contract assets - long term | 3,132 | 1,968 |
Total contract liabilities - current | 3,154 | 6,783 |
Long-term contract liabilities | 247 | 109 |
Contract Comission | ||
Disaggregation of Revenue [Line Items] | ||
Long-term contract liabilities | 247 | 109 |
Services Minus Contract Commissions | ||
Disaggregation of Revenue [Line Items] | ||
Total contract liabilities - current | $ 3,154 | $ 6,783 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities - Changes in Short-term and Long-term Contracts (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Contract Assets | ||
Billings or revenue recognized that was included in the beginning balance | $ (2,892) | |
Changes in contract assets or contract liabilities, net of reclassification to receivables | 8,150 | |
Cumulative catch-up adjustment arising from changes in estimates to complete | (1,068) | |
Cumulative catch-up adjustment arising from contract modifications | (205) | |
Changes in costs to fulfill and amortization of commission costs | 116 | |
Contract Liabilities | ||
Contract Liability, Beginning balance | 6,892 | |
Billings or revenue recognized that was included in the beginning balance | (5,616) | |
Changes in contract assets or contract liabilities, net of reclassification to receivables | 1,761 | |
Cumulative catch-up adjustment arising from changes in estimates to complete | 226 | |
Cumulative catch-up adjustment arising from contract modifications | 0 | |
Changes in contract commission costs | 138 | |
Contract assets | 11,775 | $ 7,674 |
Contract Liability, Ending balance | $ 3,401 |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||||
Revenue | $ 19,327 | $ 15,102 | $ 37,724 | $ 28,998 | ||
Net (loss) income | (33,431) | $ (17,315) | (26,282) | $ (19,992) | (50,746) | (46,274) |
LeoStella and X-Bow | ||||||
Income Statement [Abstract] | ||||||
Revenue | 8,566 | 14,526 | 23,746 | 31,259 | ||
Net (loss) income | $ (1,397) | $ 965 | $ (3,800) | $ 1,066 |
Equity Method Investments - Nar
Equity Method Investments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 1.6 | $ 12.3 | $ 14.6 | $ 17.2 |
LeoStella and X-Bow | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Difference between carrying amount and underlying equity | $ 2.6 | $ 2.6 |
Property And Equipment_net - Su
Property And Equipment—net - Summary of Property and Equipment—net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 164,243 | $ 133,523 |
Less accumulated depreciation | (82,637) | (61,939) |
Property and equipment - net | 81,606 | 71,584 |
Satellites | ||
Property, Plant and Equipment [Line Items] | ||
Total | 138,617 | 116,219 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Total | 12,296 | 8,503 |
Software development in process | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,626 | 2,942 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,048 | 1,996 |
Office furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total | 3,308 | 674 |
Other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 631 | 631 |
Site equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 2,717 | $ 2,558 |
Debt and Other Financing - Outs
Debt and Other Financing - Outstanding Debt Schedule (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Current portion of long-term debt | $ 0 | $ 0 |
Non-current portion of long-term debt | 80,622 | 77,132 |
Total long-term debt | 80,622 | 77,132 |
Unamortized debt issuance cost | (1,208) | (913) |
Outstanding balance | $ 79,414 | $ 76,219 |
Debt and Other Financing - Narr
Debt and Other Financing - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||||
Jun. 30, 2023 | Dec. 31, 2025 | Dec. 31, 2024 | May 09, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Oct. 31, 2019 | |
Debt Instrument [Line Items] | |||||||
Long-term debt, fair value | $ 78,800 | $ 73,200 | |||||
Cash and cash equivalents | 41,100 | $ 34,181 | $ 64,827 | ||||
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | 1,300 | ||||||
Intelsat Jackson Holdings SA | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 12% | 9% | |||||
Intelsat Jackson Holdings SA | Debt Instrument, Interest Rate Period Two | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 9.60% | ||||||
Intelsat Jackson Holdings SA | Debt Instrument, Interest Rate Period Three | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4% | ||||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Cash and cash equivalents | $ 10,000 | ||||||
Minimum | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Cash and cash equivalents | $ 10,000 | $ 5,000 | |||||
Loans Payable | Minimum | Affiliated Entity | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 11.32% | ||||||
Loans Payable | Maximum | Affiliated Entity | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 11.56% |
Equity Warrants Classified as_3
Equity Warrants Classified as Derivative Liabilities - Narrative (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Mar. 08, 2023 USD ($) $ / shares | Jun. 30, 2023 USD ($) $ / shares shares | Oct. 31, 2019 shares | |
Class of Warrant or Right [Line Items] | |||
Proceeds from issuance of private placement | $ | $ 29,400 | ||
Warrants Issued During Period, Strike Price | $ 2.20 | ||
Private placement transaction costs | $ | $ 1,500 | ||
Class A common stock warrants | |||
Class of Warrant or Right [Line Items] | |||
Price per share (in usd per share) | $ 1.79 | ||
Private Placement Warrants - Issued March 2023 | |||
Class of Warrant or Right [Line Items] | |||
Number of shares (in shares) | shares | 16,404,000 | ||
Exercise price of warrants (in dollars per share) | $ 2.20 | ||
Private placement transaction costs | $ | $ 900 | ||
Class Of Warrant Or Right, Ownership Percentage | 0.0499 | ||
Private Placement Warrants - Issued March 2023 | Maximum | |||
Class of Warrant or Right [Line Items] | |||
Class Of Warrant Or Right, Ownership Percentage | 0.0999 | ||
Public Warrants (exercisable for Class A common stock) treated as liability | |||
Class of Warrant or Right [Line Items] | |||
Number of shares (in shares) | shares | 15,813,000 | 15,800,000 | |
Exercise price of warrants (in dollars per share) | $ 11.50 | ||
Private Placement Warrants - Issued October 2019 | |||
Class of Warrant or Right [Line Items] | |||
Number of shares (in shares) | shares | 8,300,000 | 8,300,000 | |
Public and Private Placement Warrants | |||
Class of Warrant or Right [Line Items] | |||
Number of shares (in shares) | shares | 24,100,000 | ||
Common Class A | |||
Class of Warrant or Right [Line Items] | |||
Number of shares (in shares) | shares | 1,800,000 | ||
Exercise price of warrants (in dollars per share) | $ 0.11 | ||
Common Class A | Common Stock | |||
Class of Warrant or Right [Line Items] | |||
Price per share (in usd per share) | $ 1.79 |
Equity Warrants Classified as_4
Equity Warrants Classified as Derivative Liabilities - Summary Schedule (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 4 Months Ended | ||
Dec. 31, 2021 | Jun. 30, 2023 | Oct. 31, 2019 | |
Public Warrants | |||
Class of Warrant or Right [Line Items] | |||
Number of shares (in shares) | 15,813 | 15,800 | |
Exercise Price (in dollars per share) | $ 11.50 | ||
Redemption Price (in dollars per share) | $ 18 | ||
Loss in value for the Six Months Ended June 30, | $ (1,224) | ||
Fair Value at June 30, 2023 | $ 3,321 | ||
Private Placement Warrants - Issued October 2019 | |||
Class of Warrant or Right [Line Items] | |||
Number of shares (in shares) | 4,163 | ||
Exercise Price (in dollars per share) | $ 11.50 | ||
Redemption Price (in dollars per share) | $ 18 | ||
Loss in value for the Six Months Ended June 30, | (666) | ||
Fair Value at June 30, 2023 | $ 1,540 | ||
Private Placement Warrants - Issued October 2019 | |||
Class of Warrant or Right [Line Items] | |||
Number of shares (in shares) | 4,163 | ||
Exercise Price (in dollars per share) | $ 20 | ||
Redemption Price (in dollars per share) | $ 18 | ||
Loss in value for the Six Months Ended June 30, | (375) | ||
Fair Value at June 30, 2023 | $ 833 | ||
Private Placement Warrants - Issued March 2023 | |||
Class of Warrant or Right [Line Items] | |||
Number of shares (in shares) | 16,404 | ||
Exercise Price (in dollars per share) | $ 2.20 | ||
Loss in value for the Six Months Ended June 30, | $ (6,069) | ||
Fair Value at June 30, 2023 | $ 23,785 | ||
Private Placement Warrants - Issued March 2023 | |||
Class of Warrant or Right [Line Items] | |||
Number of shares (in shares) | 16,400 |
Other (Expense)_Income - Schedu
Other (Expense)/Income - Schedule of Other (Expense)/Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Transaction costs associated with debt and equity financings | $ 833 | $ 0 | $ 1,738 | $ 0 |
Other | (34) | (42) | (72) | (40) |
Other expense, net | $ (867) | $ (42) | $ (1,810) | $ (40) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 08, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | |
Class of Stock [Line Items] | ||||
Proceeds from issuance of private placement | $ 29,400 | |||
Private placement transaction costs | $ 1,500 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Issuance of common stock (in shares) | 1,039,000 | 16,404,000 | ||
Common Class A | ||||
Class of Stock [Line Items] | ||||
Number of shares (in shares) | 1,800,000 | 1,800,000 | ||
Common Class A | Common Stock | ||||
Class of Stock [Line Items] | ||||
Price per share (in usd per share) | $ 1.79 | |||
Common Class A | Common Stock | Private Placement | ||||
Class of Stock [Line Items] | ||||
Issuance of common stock (in shares) | 16,400,000 |
Net Loss Per Share of Class A_3
Net Loss Per Share of Class A Common Stock - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||
Net loss | $ (33,431) | $ (17,315) | $ (26,282) | $ (19,992) | $ (50,746) | $ (46,274) |
Basic: | ||||||
Net loss per share of common stock (in dollars per share) | $ (0.24) | $ (0.22) | $ (0.39) | $ (0.40) | ||
Diluted: | ||||||
Net loss per share of common stock, diluted (in dollars per share) | $ (0.24) | $ (0.22) | $ (0.39) | $ (0.40) | ||
Weighted average number of shares outstanding - diluted (in shares) | 137,208 | 118,112 | 130,712 | 116,803 | ||
Weighted average number of shares outstanding - basic (in shares) | 137,208 | 118,112 | 130,712 | 116,803 |
Net Loss Per Share of Class A_4
Net Loss Per Share of Class A Common Stock - Potentially Dilutive Shares (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Restricted Class A common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 38 | 100 |
Class A common stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,770 | 1,770 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 7,705 | 4,690 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 6,187 | 6,848 |
Public Warrants (exercisable for Class A common stock) treated as liability | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 15,813 | 15,813 |
Private Placement Warrants (exercisable for Class A common stock) treated as liability | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 24,729 | 8,325 |
Sponsor Shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2,372 | 2,372 |
Stock-Based Compensation - Allo
Stock-Based Compensation - Allocated Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 2,311 | $ 2,986 | $ 5,323 | $ 13,226 |
Cost of Sales | Imagery & software analytical services | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 52 | 103 | 145 | 359 |
Cost of Sales | Professional & engineering services | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 112 | 245 | 294 | 911 |
Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 2,147 | $ 2,638 | $ 4,884 | $ 11,956 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Capitalized stock-based compensation | $ 200 | $ 400 | $ 379 | $ 1,001 |
Related Party Transactions - Re
Related Party Transactions - Related Party Transactions (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2020 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||||
Capitalized stock-based compensation | $ 200 | $ 400 | $ 379 | $ 1,001 | ||
X-Bow | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 20% | 20% | ||||
Affiliated Entity | X-Bow | ||||||
Related Party Transaction [Line Items] | ||||||
Other Liabilities | $ 0 | $ 0 | $ 0 | |||
Affiliated Entity | Ursa Space Systems | ||||||
Related Party Transaction [Line Items] | ||||||
Total payments | 250 | 333 | ||||
Investor | Seahawk | ||||||
Related Party Transaction [Line Items] | ||||||
Amount of debt extinguishment | $ 18,400 | |||||
Other Liabilities | 21,727 | 21,727 | 20,787 | |||
Investor | Intelsat | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument, face amount | $ 50,000 | |||||
Other Liabilities | 58,895 | 58,895 | 56,345 | |||
Investor | Class A common stock warrants | Seahawk | ||||||
Related Party Transaction [Line Items] | ||||||
Warrants issued (in shares) | 13.5 | |||||
Investor | Class A common stock warrants | Intelsat | ||||||
Related Party Transaction [Line Items] | ||||||
Warrants issued (in shares) | 20.2 | |||||
Equity Method Investee | LeoStella | ||||||
Related Party Transaction [Line Items] | ||||||
Total payments | 11,325 | 17,149 | ||||
Other Liabilities | 2,231 | 2,231 | 3,728 | |||
Equity Method Investee | X-Bow | ||||||
Related Party Transaction [Line Items] | ||||||
Total payments | 0 | 0 | ||||
Equity Method Investee | Ursa Space Systems | ||||||
Related Party Transaction [Line Items] | ||||||
Other Liabilities | 0 | 0 | 0 | |||
Equity Method Investee | Thales Alenia Space | ||||||
Related Party Transaction [Line Items] | ||||||
Total payments | 3,464 | $ 5,163 | ||||
Other Liabilities | $ 658 | $ 658 | $ 693 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Accrued interest | $ 0.3 | $ 1.2 |
Payments of Debt Issuance Costs | $ 0.4 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of liabilities at fair value on a recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 78,800 | $ 73,200 |
Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 3,321 | 2,097 |
Level 1 | Fair Value, Recurring | Public Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 3,321 | 2,097 |
Level 1 | Fair Value, Recurring | Private Placement Warrants - Issued October 2019 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Level 1 | Fair Value, Recurring | Private Placement Warrants - Issued March 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | |
Level 1 | Fair Value, Recurring | Sponsor Shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0 | 0 |
Level 2 | Fair Value, Recurring | Public Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Level 2 | Fair Value, Recurring | Private Placement Warrants - Issued October 2019 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Level 2 | Fair Value, Recurring | Private Placement Warrants - Issued March 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | |
Level 2 | Fair Value, Recurring | Sponsor Shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Level 3 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 29,075 | 3,016 |
Level 3 | Fair Value, Recurring | Public Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Level 3 | Fair Value, Recurring | Private Placement Warrants - Issued October 2019 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 2,373 | 1,332 |
Level 3 | Fair Value, Recurring | Private Placement Warrants - Issued March 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 23,785 | |
Level 3 | Fair Value, Recurring | Sponsor Shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | $ 2,917 | $ 1,684 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of changes in the fair value of Level 3 liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Private Placement Warrants, Sponsor Shares, Legacy Preferred Stock Warrants and Consent Fees | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Change in fair value | $ 1,300 | |
Sponsor Shares | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 1,684 | |
Liability recorded at fair value | 0 | |
Loss from changes in fair value | 1,233 | |
Ending balance | 2,917 | |
Private Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,332 | |
Liability recorded at fair value | 0 | |
Loss from changes in fair value | 1,041 | |
Ending balance | 2,373 | |
Private Placement Warrants - Issued March 2023 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | |
Liability recorded at fair value | 17,716 | |
Loss from changes in fair value | 6,069 | |
Ending balance | $ 23,785 |
Concentrations, Risks, and Un_2
Concentrations, Risks, and Uncertainties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Concentration Risk [Line Items] | |||||
Revenue | $ 19,327 | $ 15,102 | $ 37,724 | $ 28,998 | |
Accounts receivable | 7,375 | 7,375 | $ 3,112 | ||
Customer Concentration Risk | Continuing Operations | Revenue Benchmark | |||||
Concentration Risk [Line Items] | |||||
Revenue | 28,200 | 7,100 | 14,600 | 15,100 | |
Customer Concentration Risk | Continuing Operations | Accounts Receivable | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | 5,800 | 5,800 | 0 | ||
Government Contracts Concentration Risk | Continuing Operations | Revenue Benchmark | |||||
Concentration Risk [Line Items] | |||||
Revenue | 27,700 | $ 12,100 | 14,000 | $ 23,200 | |
Government Contracts Concentration Risk | Continuing Operations | Accounts Receivable | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | $ 1,700 | $ 1,700 | $ 2,500 |