SEGMENTS

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segments

17.SEGMENTS

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company manages its business primarily based upon two operating segments, Launch Services and Space Systems. Each of these operating segments represents a reportable segment. Launch Services provides launch services to customer on a dedicated mission or ride share basis. Space Systems is comprised of space engineering, program management, spacecraft components, spacecraft manufacturing and mission operations. Although many of the Company’s contracts with customers contain elements of Space Systems and Launch Services, each reporting segment is managed separately to better align with customer’s needs and the Company’s growth plans. The chief operating decision maker evaluates the performance of its reportable segments based on gross profit. For contracts with customers that contain both Space Systems and Launch Services elements, revenues for each reporting segment are generally allocated based upon the overall costs incurred for each of the reporting segments in comparison to total overall costs of the contract. The following table shows information by reportable segment for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,
	2022					2021
	Launch Services			Space Systems		Launch Services			Space Systems
Revenues	$	19,109		$	36,365	$	7,618		$	3,662
Cost of revenues		21,421			29,095		7,829			988
Gross profit (loss)	$	(2,312	)	$	7,270	$	(211	)	$	2,674

	Six Months Ended June 30,
	2022					2021
	Launch Services			Space Systems		Launch Services		Space Systems
Revenues	$	25,685		$	70,492	$	24,080	$	5,392
Cost of revenues		28,765			58,719		23,695		1,903
Gross profit (loss)	$	(3,080	)	$	11,773	$	385	$	3,489

Management does not regularly review either reporting segment’s total assets or operating expenses. This is because in general, the Company’s long-lived assets, facilities, and equipment are shared by each reporting segment.