Quarterly report [Sections 13 or 15(d)]

Segment Reporting (Tables)

v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Selected Financial Data by Business Segment
The following tables provide a reconciliation of Segment Adjusted EBITDA to consolidated income (loss) before taxes:
Three Months Ended June 30, 2026
Space
Defense Tech
Total
Revenues
 $ 55,192  $ 61,882  $ 117,074 
Less:
Cost of sales
 51,559  32,971  84,530 
Selling, general and administrative
 4,197  17,723  21,920 
Research and development
 5,110  7,320  12,430 
Reportable segment income (loss) from operations $ (5,674) $ 3,868  $ (1,806)
Less:
Other (income) expense, net
 635  94  729 
Add:
Depreciation and amortization expense
 1,636  8,971  10,607 
Severance costs
 132  147  279 
Equity-based compensation expense
 338  723  1,061 
Acquisition integration cost —  259  259 
Disposal of long-lived assets
 —  209  209 
Reportable Segment Adjusted EBITDA
 $ (4,203) $ 14,083  $ 9,880 
Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest expense, net (796)
Depreciation and amortization expense (11,460)
Severance costs
 (294)
Equity-based compensation expense (3,900)
Transaction expenses
 (11)
All other corporate charges (30,800)
Debt financing costs and extinguishment losses
 (1,260)
Acquisition integration cost (259)
Disposal of long-lived assets
 (209)
Income (loss) before income taxes
 $ (39,109)
Three Months Ended June 30, 2025 Space
Defense Tech
 Total
Revenues
 $ 56,682  $ 5,078  $ 61,760 
Less:
Cost of sales 59,033  21,791  80,824 
Selling, general and administrative 4,245  31,765  36,010 
Transaction expenses —  57  57 
Research and development 354  1,193  1,547 
Reportable segment income (loss) from operations
 $ (6,950) $ (49,728) $ (56,678)
Less:
Other (income) expense, net (2,654) 278  (2,376)
Add:
Depreciation and amortization expense 2,051  2,556  4,607 
Severance costs
 1,950  5  1,955 
Equity-based compensation expense 1,038  29,769  30,807 
Transaction expenses
 —  57  57 
Acquisition integration cost 297  160  457 
Purchase accounting fair value adjustment related to inventory —  2,418  2,418 
Reportable Segment Adjusted EBITDA
 $ 1,040  $ (15,041) $ (14,001)
Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest expense, net (23,755)
Depreciation and amortization expense (5,060)
Severance costs
 (1,999)
Equity-based compensation expense (32,686)
Transaction expenses
 (16,643)
All other corporate charges (32,459)
Debt financing costs and extinguishment losses (105)
Acquisition integration cost (457)
Purchase accounting fair value adjustment related to inventory (2,418)
Income (loss) before income taxes
 $ (129,583)
Six Months Ended June 30, 2026
Space
Defense Tech
Total
Revenues
 $ 107,859  $ 106,187  $ 214,046 
Less:
Cost of sales
 99,324  56,370  155,694 
Selling, general and administrative
 8,479  77,591  86,070 
Research and development
 9,618  15,225  24,843 
Reportable segment income (loss) from operations $ (9,562) $ (42,999) $ (52,561)
Less:
Other (income) expense, net
 737  221  958 
Add:
Depreciation and amortization expense
 3,259  17,811  21,070 
Severance costs
 300  234  534 
Equity-based compensation expense
 1,008  43,963  44,971 
Acquisition integration cost —  484  484 
Disposal of long-lived assets
 —  209  209 
Reportable Segment Adjusted EBITDA
 $ (5,732) $ 19,481  $ 13,749 
Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest expense, net (3,263)
Depreciation and amortization expense (22,710)
Severance costs
 (556)
Equity-based compensation expense (50,635)
Transaction expenses
 (51)
All other corporate charges (46,626)
Debt financing costs and extinguishment losses
 (4,185)
Acquisition integration cost (484)
Disposal of long-lived assets
 (209)
Income (loss) before income taxes
 $ (114,970)
Six Months Ended June 30, 2025 Space
Defense Tech
 Total
Revenues
 $ 108,815  $ 14,340  $ 123,155 
Less:
Cost of sales 104,187  28,991  133,178 
Selling, general and administrative 7,389  32,128  39,517 
Transaction expenses —  57  57 
Research and development 1,038  1,240  2,278 
Reportable segment income (loss) from operations
 $ (3,799) $ (48,076) $ (51,875)
Less:
Other (income) expense, net (3,854) 278  (3,576)
Add:
Depreciation and amortization expense 4,049  3,181  7,230 
Severance costs
 2,127  5  2,132 
Equity-based compensation expense 1,956  29,919  31,875 
Transaction expenses
 —  57  57 
Acquisition integration cost 297  160  457 
Purchase accounting fair value adjustment related to inventory —  2,418  2,418 
Reportable Segment Adjusted EBITDA
 $ 8,484  $ (12,614) $ (4,130)
Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest expense, net (27,349)
Depreciation and amortization expense (8,106)
Severance costs
 (2,176)
Equity-based compensation expense (35,598)
Transaction expenses
 (20,442)
All other corporate charges (31,932)
Debt financing costs and extinguishment losses (105)
Acquisition integration cost (457)
Purchase accounting fair value adjustment related to inventory (2,418)
Income (loss) before income taxes
 $ (132,713)
The following table provides capital expenditures by segment for the six months ended June 30, 2026 and 2025.
June 30, 2026 June 30, 2025
Capital expenditures
Space
 $ 1,477  $ 4,102 
Defense Tech
 11,344  812 
Total segment capital expenditures
 $ 12,821  $ 4,914 
Corporate activities
 3,620  5,024 
Total capital expenditures
 $ 16,441  $ 9,938