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Debt and Other Financing (Tables)

3 Months Ended

Mar. 31, 2026

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


	March 31,		December 31,
	2026		2025
	(in thousands)
Current portion of long-term debt	$	9,283	$	7,971
Non-current portion of long-term debt	199,917		199,917
Total long-term debt	209,200		207,888
Unamortized debt issuance costs	(6,541)		(6,771)
Outstanding balance	$	202,659	$	201,117


	Effective Interest Rate	March 31,		December 31,
Name of Loan		2026		2025
		(in thousands)
Convertible Senior Notes	8.73%	$	185,000	$	185,000
Satellite launch vendor financing	6.32% - 11.62%	24,200		22,888
Total		$	209,200	$	207,888

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

Fair Value of Debt

The following tables present the fair value hierarchy of the Company’s outstanding long-term debt as of March 31, 2026 and December 31, 2025:


March 31, 2026	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	$	235,181	$	—	$	—
Satellite launch vendor financing	—		—		23,043
	$	235,181	$	—	$	23,043


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 three months ended March 31, 2026:


	Three Months Ended March 31,
		2026
		(in thousands)

Coupon interest		$	3,816
Amortization of debt issuance costs		222
Total interest expense		$	4,038

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	$	6,892
2027	9,567
2028	6,754
2029	987
2030	—
Thereafter	185,000
Total outstanding	$	209,200

- 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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