Quarterly report [Sections 13 or 15(d)]

Segment Reporting (Tables)

v3.26.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 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
September 30, 2026 September 30, 2025
Space
Defense Tech
Total
 Space Defense Tech Total
Revenues
 $ 61,266  $ 47,769  $ 109,035  $ 46,548  $ 56,884  $ 103,432 
Less:
Cost of sales
 50,268  23,545  73,813  44,675  41,947  86,622 
Selling, general and administrative
 5,630  18,999  24,629  6,931  30,395  37,326 
Transaction expenses —  —  —  —  58  58 
Research and development 4,992  9,078  14,070  644  6,842  7,486 
Reportable segment income (loss) from operations $ 376  $ (3,853) $ (3,477) $ (5,702) $ (22,358) $ (28,060)
Less:
Other (income) expense, net
 223  553  776  15  218  233 
Add:
Depreciation and amortization expense
 1,579  8,612  10,191  2,165  9,437  11,602 
Purchase accounting fair value adjustment related to inventory
 —  —  —  —  11,227  11,227 
Severance costs
 93  23  116  315  33  348 
Equity-based compensation expense
 889  1,446  2,335  1,189  7,916  9,105 
Transaction expenses
 —  —  —  —  58  58 
Acquisition integration cost —  213  213  148  199  347 
Disposal of long-lived assets
 20  27  47  —  165  165 
Litigation-related expenses —  1,325  1,325  —  —  — 
Capital market and advisory fees 72  —  72  —  —  — 
Reportable Segment Adjusted EBITDA
 $ 2,806  $ 7,240  $ 10,046  $ (1,900) $ 6,459  $ 4,559 
Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest income (expense), net 2,653  (6,282)
Depreciation and amortization expense (11,214) (12,121)
Severance costs
 (155) (353)
Equity-based compensation expense (6,310) (11,993)
Transaction expenses
 (934) (684)
All other corporate charges (14,695) 7,070 
Purchase accounting fair value adjustment related to inventory
 —  (11,227)
Acquisition integration cost (551) (1,041)
Disposal of long-lived assets
 (218) (165)
Litigation-related expenses (862) (1,216)
Capital market and advisory fees (1,355) (837)
Income (loss) before income taxes
 $ (23,595) $ (34,290)
Nine Months Ended
September 30, 2026 September 30, 2025
Space
Defense Tech
Total
 Space Defense Tech Total
Revenues
 $ 169,127  $ 153,954  $ 323,081  $ 155,363  $ 71,224  $ 226,587 
Less:
Cost of sales
 149,592  79,915  229,507  148,862  70,938  219,800 
Selling, general and administrative
 14,109  96,590  110,699  14,320  62,523  76,843 
Transaction expenses —  —  —  —  115  115 
Research and development 14,611  24,304  38,915  1,682  8,082  9,764 
Reportable segment income (loss) from operations $ (9,185) $ (46,855) $ (56,040) $ (9,501) $ (70,434) $ (79,935)
Less:
Other (income) expense, net
 961  319  1,280  (3,840) 496  (3,344)
Add:
Depreciation and amortization expense
 4,838  26,423  31,261  6,214  12,618  18,832 
Purchase accounting fair value adjustment related to inventory
 —  —  —  —  13,645  13,645 
Severance costs
 393  257  650  2,442  38  2,480 
Equity-based compensation expense
 1,897  45,409  47,306  3,145  37,835  40,980 
Transaction expenses
 —  —  —  —  115  115 
Acquisition integration cost —  697  697  445  359  804 
Disposal of long-lived assets
 20  236  256  —  165  165 
Litigation-related expenses —  1,325  1,325  —  —  — 
Capital market and advisory fees 72  —  72  —  —  — 
Reportable Segment Adjusted EBITDA
 $ (2,926) $ 27,173  $ 24,247  $ 6,585  $ (6,155) $ 430 
Reconciliation of reportable segment results to consolidated income (loss) before taxes:
Interest income (expense), net (610) (33,631)
Depreciation and amortization expense (33,924) (20,227)
Severance costs
 (711) (2,529)
Equity-based compensation expense (56,945) (47,591)
Transaction expenses
 (985) (21,126)
All other corporate charges (56,113) (21,260)
Debt financing costs and extinguishment losses
 (4,185) — 
Purchase accounting fair value adjustment related to inventory
 —  (13,645)
Acquisition integration cost (1,035) (1,498)
Disposal of long-lived assets (427) (165)
Litigation-related expenses (1,765) (1,216)
Capital market and advisory fees (6,112) (4,545)
Income (loss) before income taxes
 $ (138,565) $ (167,003)
The following table provides capital expenditures by segment for the nine months ended September 30, 2026 and 2025.
September 30, 2026 September 30, 2025
Capital expenditures
Space
 $ 3,155  $ 5,306 
Defense Tech
 11,539  6,033 
Total segment capital expenditures
 $ 14,694  $ 11,339 
Corporate activities
 4,511  6,088 
Total capital expenditures
 $ 19,205  $ 17,427