Quarterly report pursuant to Section 13 or 15(d)

Revenue and Receivables (Tables)

v3.24.1.1.u2
Revenue and Receivables (Tables)
3 Months Ended
Mar. 31, 2024
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)

 

2024

 

 

2023

 

Mission support

 

$

24,171

 

 

$

26,591

 

Launch support

 

 

487

 

 

 

1,087

 

Operations

 

 

1,034

 

 

 

194

 

Studies, design and other

 

 

1,543

 

 

 

326

 

Revenue

 

$

27,235

 

 

$

28,198

 

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2024

 

 

2023

 

U.S. Government contracts

 

 

 

 

 

 

Fixed price

 

$

19,800

 

 

$

21,552

 

Cost-plus fee and other

 

 

173

 

 

 

1,688

 

 

 

19,973

 

 

 

23,240

 

 

 

 

 

 

 

Foreign government contracts

 

 

 

 

 

 

Fixed price

 

 

2,293

 

 

 

1,478

 

 

 

 

 

 

 

Commercial contracts

 

 

 

 

 

 

Fixed price, U.S.

 

 

930

 

 

 

1,276

 

Fixed price, International

 

 

1,633

 

 

 

2,154

 

Cost-plus fee and other, U.S.

 

 

732

 

 

 

50

 

Cost-plus fee and other, International

 

 

1,674

 

 

 

-

 

 

 

4,969

 

 

 

3,480

 

 

 

 

 

 

 

Revenue

 

$

27,235

 

 

$

28,198

 

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, 2024

 

 

December 31, 2023

 

Contract assets, gross

 

$

26,433

 

 

$

21,444

 

Allowance for credit losses

 

 

(63

)

 

 

(54

)

Contract assets, net

 

$

26,370

 

 

$

21,390

 

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)

 

2024

 

 

2023

 

Beginning balance

 

$

182

 

 

$

764

 

Provision for credit losses

 

 

9

 

 

 

(23

)

Write-offs

 

 

-

 

 

 

(700

)

Ending balance

 

$

191

 

 

$

41