SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Segment Reporting Information, by Segment

The following table summarizes the operating performance of the Company’s segments:


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net Sales:
Defense and National Security	$	28,508	$	21,772	$	87,244	$	55,501
Space Solutions	11,691		19,786		35,119		56,928
Starlab Space Stations	—		—		—		—
Total Net Sales, reportable segments	40,199		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 Solutions	12,317		18,168		38,272		55,364
Starlab Space Stations	6,150		(3,997)		10,932		6,537
Total Other Segment Expenses, reportable segments	48,931		35,067		136,448		115,771
Intersegment eliminations	(612)		(1,959)		(2,595)		(5,961)
Corporate and other expenses	8,961		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 income	4,313		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, 2025	Defense and National Security		Space Solutions		Starlab Space Stations		Corporate		Total
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, 2024	Defense and National Security		Space Solutions		Starlab Space Stations		Corporate		Total
Capital expenditures:
Property, plant and equipment	$	322	$	419	$	19,692	$	—	$	20,433
Total	$	322	$	419	$	19,692	$	—	$	20,433

Nine Months Ended September 30, 2025	Defense and National Security		Space Solutions		Starlab Space Stations		Corporate		Total
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, 2024	Defense and National Security		Space Solutions		Starlab Space Stations		Corporate		Total
Capital expenditures:
Property, plant and equipment	$	1,131	$	1,328	$	50,299	$	—	$	52,758
Total	$	1,131	$	1,328	$	50,299	$	—	$	52,758