Quarterly report pursuant to Section 13 or 15(d)

Revenue and Receivables (Tables)

v3.22.2.2
Revenue and Receivables (Tables)
 9 Months Ended
Sep. 30, 2022
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 September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Mission support

 

$

25,554

 

 

$

9,674

 

 

$

57,945

 

 

$

26,874

 

Launch support

 

 

826

 

 

 

14

 

 

 

1,422

 

 

 

1,030

 

Operations

 

 

865

 

 

 

539

 

 

 

1,598

 

 

 

1,653

 

Studies, design and other

 

 

585

 

 

 

28

 

 

 

1,349

 

 

 

601

 

Revenue

 

$

27,830

 

 

$

10,255

 

 

$

62,314

 

 

$

30,158

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

U.S. Government contracts

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

$

13,505

 

 

$

4,245

 

 

$

34,173

 

 

$

14,377

 

Cost-plus fee

 

 

2,320

 

 

 

1,485

 

 

 

7,408

 

 

 

2,911

 

 

 

 

15,825

 

 

 

5,730

 

 

 

41,581

 

 

 

17,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign government contracts

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

1,420

 

 

 

1,748

 

 

 

3,031

 

 

 

2,745

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial contracts

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price, U.S.

 

 

8,323

 

 

 

1,964

 

 

 

14,400

 

 

 

5,732

 

Fixed price, International

 

 

2,262

 

 

 

749

 

 

 

3,302

 

 

 

4,274

 

Cost-plus fee

 

 

-

 

 

 

64

 

 

 

-

 

 

 

119

 

 

 

 

10,585

 

 

 

2,777

 

 

 

17,702

 

 

 

10,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

27,830

 

 

$

10,255

 

 

$

62,314

 

 

$

30,158

 
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)

 

September 30, 2022

 

 

January 1, 2022(1)

 

Contract assets, gross

 

$

15,117

 

 

$

2,757

 

Allowance for credit losses

 

 

(104

)

 

 

(82

)

Contract assets, net

 

$

15,013

 

 

$

2,675

 

 

(1) Balances reflected are subsequent to the adoption of CECL on January 1, 2022.
Summary of Accounts Receivable, Allowance for Credit Loss

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

 

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2022

 

 

2021

 

Beginning balance

 

$

(945

)

 

$

(635

)

Adoption of CECL

 

 

(39

)

 

 

-

 

Provision for credit losses

 

 

(40

)

 

 

(226

)

Write-offs

 

 

790

 

 

 

4

 

Ending balance

 

$

(234

)

 

$

(857

)