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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company’s business is organized into market sectors based on its products and services and has three reportable segments: (i) Defense and National Security; (ii) Space Solutions; and (iii) Starlab Space Stations. The Company organizes its reportable segments based on the nature of the products and services offered.
Transactions between segments are generally negotiated and accounted for under terms and conditions similar to other government and commercial contracts. The reconciling item “corporate expense” includes the portion of corporate costs not considered allocable to the segments, such as legal, management and administration, and other corporate unallocable costs.
The Company’s CODM is our CEO and Chairman. The CODM uses net sales and adjusted EBITDA to assess segment performance and make decisions regarding the allocation of capital and other investments. Adjusted EBITDA is defined as EBITDA (earnings before interest, taxes, depreciation, and amortization) adjusted for certain items affecting comparability as specified in the calculation. During the second quarter of 2025, the Adjusted EBITDA metric used within the business by the CODM was modified to remove non-cash services as an add back. In alignment with ASC 280-10-50-36, the Company has recast its prior period Adjusted EBITDA measures to align with the new composition of the metric and the current financial benchmark used to monitor operations of the segments. These costs were historically only prevalent within the Starlab Space Stations segment and at the Corporate level.
Adjusted EBITDA is used to monitor budget versus actual results. The CODM also uses Adjusted EBITDA in analysis of the operational performance of each reporting segment. The CODM considers budget-to-actual variances on a quarterly basis for both profit measures when making decisions about allocating capital and personnel to the segments. The monitoring of budgeted versus actual results is used in assessing performance of the segments and in establishing management’s compensation. The CODM does not review segment expense items pursuant to ASC 280-10-50-26A. Therefore, the Company does not disclose these expense items by segment. The CODM does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose assets by segment.
The following table summarizes the operating performance of the Company’s segments:
Three Months EndedNine Months Ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Net Sales:
Defense and National Security$28,508 $21,772 $87,244 $55,501 
Space Solutions11,691 19,786 35,119 56,928 
Starlab Space Stations— — — — 
Total Net Sales, reportable segments40,199 41,558 122,363 112,429 
Intersegment eliminations(612)(1,959)(2,595)(5,961)
Total Net Sales$39,587 $39,599 $119,768 $106,468 
Other Segment Expenses(1):
Defense and National Security$30,464 $20,896 $87,244 $53,870 
Space Solutions12,317 18,168 38,272 55,364 
Starlab Space Stations6,150 (3,997)10,932 6,537 
Total Other Segment Expenses, reportable segments48,931 35,067 136,448 115,771 
Intersegment eliminations(612)(1,959)(2,595)(5,961)
Corporate and other expenses8,961 15,320 34,030 20,336 
Total Other Segment Expenses
$57,280 $48,428 $167,883 $130,146 
Adjusted EBITDA:
Defense and National Security$(1,956)$876 $— $1,631 
Space Solutions(626)1,618 (3,153)1,564 
Starlab Space Stations(6,150)3,997 (10,932)(6,537)
Total Adjusted EBITDA, reportable segments(8,732)6,491 (14,085)(3,342)
Intersegment eliminations— — — (24)
Corporate and other expenses(8,961)(15,320)(34,030)(20,336)
Depreciation & amortization(3,130)(4,124)(8,440)(9,595)
Stock-based compensation(2,120)(845)(15,390)(2,688)
Impairment— (3,594)— (3,594)
Finance and interest expense, net(200)(2,940)(5,452)(9,029)
Net loss attributable to noncontrolling interests(2,063)(280)(4,737)(3,138)
Interest income4,313 1,386 7,826 1,386 
Other(2)
795 4,071 (6,655)(5,672)
Loss before taxes$(20,098)$(15,155)$(80,963)$(56,032)
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(1)Other Segment Expenses consist of cost of sales, research and development, selling, general, and administrative and other income or expense items which are not deducted when calculating Adjusted EBITDA.
(2)Other consists of acquisition costs, restructuring, impairment, and other income or expense items which are deducted when calculating Adjusted EBITDA. In prior period filings, 'Interest income' was grouped into this line item. During the third quarter of 2025, it was broken out due to materiality.
The Company’s capital expenditures are as follows:
Three Months Ended September 30, 2025Defense and National SecuritySpace SolutionsStarlab Space StationsCorporateTotal
Capital expenditures:
Property, plant and equipment$1,554 $171 $37,184 $126 $39,035 
Total$1,554 $171 $37,184 $126 $39,035 
Three Months Ended September 30, 2024Defense and National SecuritySpace SolutionsStarlab Space StationsCorporateTotal
Capital expenditures:
Property, plant and equipment$322 $419 $19,692 $— $20,433 
Total$322 $419 $19,692 $— $20,433 
Nine Months Ended September 30, 2025Defense and National SecuritySpace SolutionsStarlab Space StationsCorporateTotal
Capital expenditures:
Property, plant and equipment$2,769 $919 $92,434 $178 $96,300 
Total$2,769 $919 $92,434 $178 $96,300 
Nine Months Ended September 30, 2024Defense and National SecuritySpace SolutionsStarlab Space StationsCorporateTotal
Capital expenditures:
Property, plant and equipment$1,131 $1,328 $50,299 $— $52,758 
Total$1,131 $1,328 $50,299 $— $52,758 
Substantially all of the Company’s long-lived tangible assets were in the United States as of September 30, 2025 and December 31, 2024, respectively.