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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 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 and the economic characteristics of its operating businesses.
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 Chief Operating Decision Maker (“CODM”) is the 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:
Years Ended December 31,
202520242023
Net Sales:
Defense and National Security$122,954 $77,470 $63,154 
Space Solutions47,583 74,593 76,771 
Starlab Space Stations— — — 
Total Net Sales, reportable segments170,537 152,063 139,925 
Intersegment eliminations(4,118)(7,883)(3,863)
Total Net Sales$166,419 $144,180 $136,062 
Other Segment Expenses(1):
Defense and National Security$127,496 $75,290 $63,544 
Space Solutions48,369 71,873 71,994 
Starlab Space Stations18,724 14,065 (12,569)
Total Other Segment Expenses, reportable segments194,589 161,228 122,969 
Intersegment eliminations(4,118)(7,883)(3,863)
Corporate and other expenses45,887 20,886 15,535 
Total Other Segment Expenses$236,358 $174,231 $134,641 
Adjusted EBITDA:
Defense and National Security$(4,542)$2,180 $(390)
Space Solutions(786)2,720 4,777 
Starlab Space Stations(18,724)(14,065)12,569 
Total Adjusted EBITDA, reportable segments(24,052)(9,165)16,956 
Intersegment eliminations— 67 — 
Corporate and other expenses(45,887)(20,886)(15,535)
Depreciation and amortization(13,415)(13,595)(10,294)
Stock-based compensation(18,917)(3,761)(2,707)
Impairment— (3,594)— 
Finance and interest expense, net(6,821)(12,016)(10,590)
Net (loss) income attributable to noncontrolling interests(7,518)(3,556)240 
Interest income11,590 1,875 75 
Other(2)
(7,752)(2,705)(3,002)
Loss before taxes$(112,772)$(67,336)$(24,857)
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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. For the year ended December 31, 2025, it was broken out due to materiality.
The Company’s capital expenditures and depreciation and amortization expense are as follows:
Year Ended December 31, 2025Defense and National SecuritySpace SolutionsStarlab Space StationsCorporateTotal
Capital expenditures:
Property and equipment$5,753 $1,220 $137,505 $196 $144,674 
Total capital expenditures$5,753 $1,220 $137,505 $196 $144,674 
Depreciation and amortization expense$8,065 $5,287 $10 $53 $13,415 
Year Ended December 31, 2024Defense and National SecuritySpace SolutionsStarlab Space StationsCorporateTotal
Capital expenditures:
Property and equipment$1,547 $1,775 $79,381 $— $82,703 
Total capital expenditures$1,547 $1,775 $79,381 $— $82,703 
Depreciation and amortization expense$6,207 $7,307 $— $81 $13,595 
Year Ended December 31, 2023Defense and National SecuritySpace SolutionsStarlab Space StationsCorporateTotal
Capital expenditures:
Property and equipment$881 $578 $15,691 $60 $17,210 
Total capital expenditures$881 $578 $15,691 $60 $17,210 
Depreciation and amortization expense$4,773 $5,445 $— $76 $10,294 
Substantially all of the Company’s long-lived tangible assets were in the United States as of December 31, 2025, 2024 and 2023.