Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

10.Revenue

Disaggregation of Revenue

The Company’s subsidiary, Nano, recognizes revenue related to sales of manufactured small satellites and their components, as well as launch-related services. Currently, this is the Company’s only source of revenue. Revenue recognized over time versus revenue recognized upon transfer during the three and six months ended June 30, 2022 and 2021 was as follows (in thousands):

	Three months ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue from performance obligations recognized over time	$	6,411	$	2,059	$	8,494	$	2,580
Revenue from performance obligations recognized at point-in-time transfer		853		714		1,164		1,155
Total	$	7,264	$	2,773	$	9,658	$	3,735

Contract Balances

Contract assets relate to the Company’s unconditional right to consideration for its completed performance under the contract. As of June 30, 2022 and December 31, 2021, the Company had no material contract assets. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities (i.e., deferred revenue) are recognized as revenue as (or when) the Company performs under the contract. The following table reflects the change in contract liabilities for the period indicated (in thousands):

	Six Months Ended June 30, 2022
Beginning balance	$	6,636
Revenue recognized that was included in the contract liability at the beginning of the year		(1,565	)
Increase, excluding amounts recognized as revenue during the period		2,419
Ending balance	$	7,490

As of June 30, 2022, the Company had deferred revenue of $7.5 million classified in current liabilities related to performance obligations that have not yet been satisfied. The Company expects to recognize the revenue associated with satisfying these performance obligations within the next 12 months.