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NET SALES
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
NET SALES NET SALES
Disaggregation of Net Sales
The following tables present the disaggregation of net sales from contracts with our customers:
Three Months Ended March 31, 2026Defense and Space TechnologiesStarlab Space StationsEliminationsTotal
U.S. Government$29,659 $— $— $29,659 
International Government56 — — 56 
Commercial6,442 — (911)5,531 
Total net sales$36,157 $— $(911)$35,246 


Three Months Ended March 31, 2025Defense and Space TechnologiesStarlab Space StationsEliminationsTotal
U.S. Government$29,526 $— $— $29,526 
International Government96 — — 96 
Commercial6,226 — (1,341)4,885 
Total net sales$35,848 $— $(1,341)$34,507 
The revenue based on geographic location of customers is as follows:
Three Months Ended
March 31, 2026March 31, 2025
U.S.$31,979 $30,280 
Europe1,764 3,946 
Other1,503 281 
Total net sales$35,246 $34,507 
Contract Balances
Contract assets arise when revenue has been recognized for amounts which cannot or have not yet been billed under terms of the contract with the customer. Contract liabilities arise when consideration is received from a customer prior to being earned and are recognized as revenue when the Company satisfies the related performance obligation under the terms of the contract. The following table presents the Company’s contract assets and liabilities:
March 31, 2026December 31, 2025
Contract assets (current and non-current)$45,708 $40,208 
Contract liabilities (current and non-current)$24,823 $32,237 
Contract assets increased primarily due to a difference in timing of billing on cost plus programs and revenue recognition. The decrease in contract liabilities was driven primarily by the timing difference of milestone billing and revenue recognition.
The amount of revenue recognized for the three months ended March 31, 2026 that was included in the contract liability balance as of December 31, 2025 was $10.0 million.
The below table summarizes the favorable (unfavorable) impact of the net estimate at completion (“EAC”) adjustments for the following periods:
Three Months Ended
(dollars in thousands, except per share data)March 31, 2026March 31, 2025
Net EAC adjustments(8,166)(2,150)
Net sales(6,963)(1,974)
Basic net loss per share$(0.26)$(0.41)
Diluted net loss per share$(0.26)$(0.41)
Performance Obligations
As of March 31, 2026, the Company had approximately $153.2 million of remaining performance obligations associated with contracts. The Company will recognize net sales as such obligations are satisfied. The Company expects to recognize net sales relating to existing performance obligations of approximately $109.1 million, $31.8 million and $12.4 million for the remaining fiscal year 2026, fiscal year 2027, and thereafter, respectively.