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Debt and Other Financing (Tables)

12 Months Ended

Dec. 31, 2025

The carrying value of the Company’s outstanding debt consisted of the following amounts:


	December 31,		December 31,
	2025		2024
	(in thousands)
Current portion of long-term debt	$	7,971	$	2,000
Non-current portion of long-term debt	199,917		107,034
Total long-term debt	207,888		109,034
Unamortized debt issuance costs	(6,771)		(1,371)
Outstanding balance	$	201,117	$	107,663


	Effective Interest Rate	December 31,		December 31,
Name of Loan		2025		2024
		(in thousands)
Convertible Senior Notes	8.73%	$	185,000	$	—
Satellite launch vendor financing	7.30% - 11.62%	22,888		6,000
Loans from related parties	12.23% - 12.57%	—		93,034
Commercial bank line	10.98%	—		10,000
Total		$	207,888	$	109,034

Contractual Obligation, Fiscal Year Maturity

Future minimum lease payments under non-cancellable office leases as of December 31, 2025 are as follows:


	(in thousands)

For the years ending December 31,
2026	$	1,764
2027	1,469
2028	1,209
2029	1,242
2030	1,276
Thereafter	6,041
Total lease payments	13,001
Less Imputed Interest	(4,653)
Present value of lease liabilities	$	8,348

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Fair Value of Debt

The following table presents the fair value hierarchy of the Company’s outstanding long-term debt as of December 31, 2025:


December 31, 2025	Quoted Prices in Active Markets		Significant Other Observable Input		Significant Other Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)
	(in thousands)
Liabilities
Convertible Senior Notes	$	204,135	$	—	$	—
Satellite launch vendor financing	—		—		21,822
	$	204,135	$	—	$	21,822

Interest Income and Interest Expense Disclosure

The following table summarizes the interest expense for the Convertible Senior Notes for the year ended December 31, 2025:


	Year Ended December 31,
		2025
		(in thousands)

Coupon interest		$	6,741
Amortization of debt issuance costs		392
Total interest expense		$	7,133

Schedule of Maturities of Long-Term Debt

Debt Maturities

Under the Company’s loan agreements, minimum required maturities are as follows:


For the years ending December 31,	(in thousands)

2026	$	7,971
2027	8,567
2028	5,754
2029	596
2030	—
Thereafter	185,000
Total outstanding	$	207,888

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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