Quarterly report pursuant to Section 13 or 15(d)

Revenue and Receivables (Tables)

v3.23.1
Revenue and Receivables (Tables)
3 Months Ended
Mar. 31, 2023
RevenueFromContractWithCustomerAndReceivables [Abstract]  
Summary of Disaggregated of Revenue

The following tables present the Company’s disaggregated revenue by offering and customer type for the periods presented:

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2023

 

 

2022

 

Mission support

 

$

26,591

 

 

$

12,770

 

Launch support

 

 

1,087

 

 

 

36

 

Operations

 

 

194

 

 

 

192

 

Studies, design and other

 

 

326

 

 

 

122

 

Revenue

 

$

28,198

 

 

$

13,120

 

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2023

 

 

2022

 

U.S. Government contracts

 

 

 

 

 

 

Fixed price

 

$

21,552

 

 

$

8,492

 

Cost-plus fee and other

 

 

1,688

 

 

 

2,272

 

 

 

23,240

 

 

 

10,764

 

 

 

 

 

 

 

Foreign government contracts

 

 

 

 

 

 

Fixed price

 

 

1,478

 

 

 

556

 

 

 

 

 

 

 

Commercial contracts

 

 

 

 

 

 

Fixed price, U.S.

 

 

1,276

 

 

 

1,650

 

Fixed price, International

 

 

2,154

 

 

 

150

 

Cost-plus fee and other

 

 

50

 

 

 

-

 

 

 

3,480

 

 

 

1,800

 

 

 

 

 

 

 

Revenue

 

$

28,198

 

 

$

13,120

 

Summary of Contract Assets Net, Recognized in Condensed Consolidated Balance Sheets

The following is a summary of contract assets, net, recognized in the condensed consolidated balance sheets as of the dates presented:

 

(in thousands)

 

March 31, 2023

 

 

December 31, 2022

 

Contract assets, gross

 

$

5,439

 

 

$

6,840

 

Allowance for credit losses

 

 

(56

)

 

 

(77

)

Contract assets, net

 

$

5,383

 

 

$

6,763

 

Summary of Accounts Receivable, Allowance for Credit Loss

The following table presents changes in the allowance for credit losses for the periods presented:

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2023

 

 

2022

 

Beginning balance

 

$

764

 

 

$

945

 

Adoption of CECL

 

 

-

 

 

 

39

 

(Reversal of) provision for credit losses

 

 

(23

)

 

 

26

 

Write-offs

 

 

(700

)

 

 

(127

)

Ending balance

 

$

41

 

 

$

883