Annual report pursuant to Section 13 and 15(d)

Revenue and Receivables (Tables)

v3.23.1
Revenue and Receivables (Tables)
12 Months Ended
Dec. 31, 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:

 

 

 

Years Ended December 31,

 

(in thousands)

 

2022

 

 

2021

 

Mission support

 

$

87,542

 

 

$

37,109

 

Launch support

 

 

3,047

 

 

 

1,144

 

Operations

 

 

1,999

 

 

 

2,039

 

Studies, design and other

 

 

1,649

 

 

 

614

 

Revenue

 

$

94,237

 

 

$

40,906

 

 

 

 

Years Ended December 31,

 

(in thousands)

 

2022

 

 

2021

 

U.S. Government contracts

 

 

 

 

 

 

Fixed price

 

$

59,716

 

 

$

17,036

 

Cost-plus fee

 

 

8,667

 

 

 

4,912

 

 

 

 

68,383

 

 

 

21,948

 

 

 

 

 

 

 

 

Foreign government contracts

 

 

 

 

 

 

Fixed price

 

 

4,500

 

 

 

4,623

 

 

 

 

 

 

 

 

Commercial contracts

 

 

 

 

 

 

Fixed price, U.S.

 

 

12,742

 

 

 

9,005

 

Fixed price, International

 

 

8,435

 

 

 

5,210

 

Cost-plus fee

 

 

177

 

 

 

120

 

 

 

 

21,354

 

 

 

14,335

 

 

 

 

 

 

 

 

Revenue

 

$

94,237

 

 

$

40,906

 

 

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:

(in thousands)

 

December 31, 2022

 

 

January 1, 2022(1)

 

Contract assets, gross

 

$

6,840

 

 

$

2,757

 

Allowance for credit losses

 

 

(77

)

 

 

(82

)

Contract assets, net

 

$

6,763

 

 

$

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:

 

 

 

Years Ended December 31,

 

(in thousands)

 

2022

 

 

2021

 

Beginning balance

 

 

(945

)

 

$

(635

)

Adoption of CECL

 

 

(39

)

 

 

-

 

Provision for credit losses

 

 

(538

)

 

 

(407

)

Write-offs

 

 

758

 

 

 

97

 

Ending balance

 

 

(764

)

 

$

(945

)