Annual report pursuant to Section 13 and 15(d)

Revenue and Receivables (Tables)

v3.24.1
Revenue and Receivables (Tables)
12 Months Ended
Dec. 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:

 

 

 

Years Ended December 31,

 

(in thousands)

 

2023

 

 

2022

 

Mission support

 

$

130,584

 

 

$

87,542

 

Launch support

 

 

1,332

 

 

 

3,047

 

Operations

 

 

1,102

 

 

 

1,999

 

Studies, design and other

 

 

2,897

 

 

 

1,649

 

Revenue

 

$

135,915

 

 

$

94,237

 

 

 

 

Years Ended December 31,

 

(in thousands)

 

2023

 

 

2022

 

U.S. Government contracts

 

 

 

 

 

 

Fixed price

 

$

107,755

 

 

$

59,716

 

Cost-plus fee and other

 

 

6,709

 

 

 

8,667

 

 

 

114,464

 

 

 

68,383

 

 

 

 

 

 

 

Foreign government contracts

 

 

 

 

 

 

Fixed price

 

 

6,924

 

 

 

4,500

 

 

 

 

 

 

 

Commercial contracts

 

 

 

 

 

 

Fixed price, U.S.

 

 

3,078

 

 

 

12,742

 

Fixed price, International

 

 

4,325

 

 

 

8,435

 

Cost-plus fee and other, U.S.

 

 

187

 

 

 

177

 

Cost-plus fee and other, International

 

 

6,937

 

 

 

-

 

 

 

14,527

 

 

 

21,354

 

 

 

 

 

 

 

Revenue

 

$

135,915

 

 

$

94,237

 

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

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

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Contract assets, gross

 

$

21,444

 

 

$

6,840

 

Allowance for credit losses

 

 

(54

)

 

 

(77

)

Contract assets, net

 

$

21,390

 

 

$

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:

 

 

 

Years Ended December 31,

 

(in thousands)

 

2023

 

 

2022

 

Beginning balance

 

$

764

 

 

$

945

 

Adoption of CECL

 

 

-

 

 

 

39

 

Provision for credit losses

 

 

118

 

 

 

538

 

Write-offs

 

 

(700

)

 

 

(758

)

Ending balance

 

$

182

 

 

$

764