Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

19. Stock-Based Compensation

During the years ended December 31, 2025 and 2024, the Company granted equity awards under the 2021 Equity Incentive Plan and the 2021 Employee Stock Purchase Plan. Stock-based compensation expense is included in the consolidated statements of operations and comprehensive loss as indicated in the table below:

	Years Ended December 31,
	2025		2024
	(in thousands)
Space-based intelligence & AI services costs, excluding depreciation and amortization	$	263	$	173
Mission solutions costs, excluding depreciation and amortization	65		52
Advanced technology programs costs, excluding depreciation and amortization	340		418
Selling, general and administrative	13,564		10,526
Total stock-based compensation expense	$	14,232	$	11,169

The Company recorded stock-based compensation related to capitalized internal labor for software development activities and satellite work in process of $0.7 million and $0.6 million during the years ended December 31, 2025 and 2024, respectively. These amounts were included in property, plant, and equipment - net and satellite work in process in the consolidated balance sheets.

Stock Options

The Black-Scholes option pricing model is used to determine the fair value of stock options granted. The Company utilized assumptions concerning expected term, a risk-free interest rate, and expected volatility to determine such values. The Company granted stock options in the year ended December 31, 2025; no options were granted during 2024. A summary of the weighted-average assumptions used by the Company during the year ended December 31, 2025 is presented below:

	Year Ended December 31, 2025
Fair value per common share	$9.23
Weighted-average risk-free interest rate	4.16%
Volatility	35.40%
Expected term (in years)	8.00
Dividend rate	0%

A summary of the Company’s stock option activity during the year ended December 31, 2025 is presented below:

	Options	Weighted-Average Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Outstanding - January 1, 2025	876	$	13.62
Granted	996	9.23
Exercised	(18)	0.42
Expired	(3)	15.79
Outstanding - December 31, 2025	1,851	11.38		8.04	$	13,643
Exercisable - December 31, 2025	700	13.81		6.62	3,459

For exercised stock options, intrinsic value is calculated as the difference between the estimated fair value on the date of exercise and the exercise price. The total intrinsic value of exercised stock options during the years ended December 31, 2025 and 2024 was $0.2 million for each period. The total fair value of vested stock options during the years ended December 31, 2025 and 2024 was $1.4 million and $2.3 million, respectively.

As of December 31, 2025, there was $4.2 million of total unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of 1.9 years.

Restricted Stock Units

The Company granted an aggregate of 1.3 million RSUs to certain employees and service providers during the year ended December 31, 2025. The Company has two standard vesting provisions: (1) that 25% of the award will vest on the one-year anniversary of the vesting commencement date and 75% will vest ratably over twelve consecutive quarters on specified quarterly vesting dates, with the first of such quarterly vesting dates occurring at least three months after the vesting of the initial 25% of the RSUs or (2) that 33% of the award will vest on the one-year anniversary of the vesting commencement date and 67% will vest ratably over eight consecutive quarters on specified quarterly vesting dates, with the first of such quarterly vesting dates occurring at least three months after the vesting of the initial 33% of the RSUs.

A summary of the Company’s nonvested RSU activity during the year ended December 31, 2025 is presented below:

	Restricted Stock Units	Weighted-Average Grant-Date Fair Value
	(in thousands)
Nonvested - January 1, 2025	2,419	$	9.54
Granted	1,258	13.69
Vested	(1,029)	10.54
Canceled	(97)	10.93
Nonvested - December 31, 2025	2,551	11.13

During the year ended December 31, 2025, 108 thousand of the vested, but not issued, RSUs were withheld to satisfy payroll tax withholding obligations, which was recorded to additional paid-in capital totaling $2.7 million. Unrecognized compensation costs related to nonvested RSUs totaled $25.5 million as of December 31, 2025, which is expected to be recognized over a weighted-average period of 2.3 years.