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SEGMENTS
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segments
18.
SEGMENTS

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company manages its business primarily based upon two operating segments, Launch Services and Space Systems. Each of these operating segments represents a reportable segment. Launch Services provides launch and launch related services to customers on a dedicated mission or ride share basis. Space Systems is comprised of spacecraft engineering and design services, spacecraft components, spacecraft manufacturing and on-orbit mission operations. Although many of the Company’s contracts with customers contain elements of Space Systems and Launch Services, each reporting segment is managed separately to better align with customer’s needs and the Company’s growth plans. The chief operating decision maker evaluates the performance of its reportable segments based on gross profit. For contracts with customers that contain both Space Systems and Launch Services elements, revenues for each reporting segment are generally allocated based upon the overall costs incurred for each of the reporting segments in comparison to total overall costs of the contract. The following table shows information by reportable segment for the three and six months ended June 30, 2024 and 2023:

 

Three Months Ended June 30,

 

 

2024

 

 

2023

 

 

Launch
Services

 

 

Space
Systems

 

 

Launch
Services

 

 

Space
Systems

 

Revenues

 

$

29,357

 

 

$

76,894

 

 

$

22,495

 

 

$

39,550

 

Cost of revenues

 

 

21,586

 

 

 

57,503

 

 

 

17,454

 

 

 

29,998

 

Gross profit

 

$

7,771

 

 

$

19,391

 

 

$

5,041

 

 

$

9,552

 

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

Launch
Services

 

 

Space
Systems

 

 

Launch
Services

 

 

Space
Systems

 

Revenues

 

$

62,076

 

 

$

136,942

 

 

$

42,116

 

 

$

74,824

 

Cost of revenues

 

 

45,898

 

 

 

101,784

 

 

 

37,833

 

 

 

58,157

 

Gross profit

 

$

16,178

 

 

$

35,158

 

 

$

4,283

 

 

$

16,667

 

Management does not regularly review either reporting segment’s total assets or operating expenses. This is because in general, the Company’s long-lived assets, facilities, and equipment are shared by each reporting segment.