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REVENUES | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUES | REVENUES The following table provides information about revenue by recognition model during the three and six months ended June 30, 2025 and 2024:
|  | Three Months Ended June 30,
|  | 2025 |  | 2024
Revenues by recognition model |  | Launch Services |  | Space Systems |  | Total |  | Launch Services |  | Space Systems |  | Total
Point-in-time |  | $ | 39,256 |  |  | $ | 31,070 |  |  | $ | 70,326 |  |  | $ | 29,319 |  |  | $ | 16,534 |  |  | $ | 45,853 |
Over-time |  | 7,390 |  |  | 66,782 |  |  | 74,172 |  |  | 38 |  |  | 60,360 |  |  | 60,398 |
Total revenue by recognition model |  | $ | 46,646 |  |  | $ | 97,852 |  |  | $ | 144,498 |  |  | $ | 29,357 |  |  | $ | 76,894 |  |  | $ | 106,251 |
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
Revenues by recognition model |  | Launch Services |  | Space Systems |  | Total |  | Launch Services |  | Space Systems |  | Total
Point-in-time |  | $ | 74,731 |  |  | $ | 50,334 |  |  | $ | 125,065 |  |  | $ | 62,038 |  |  | $ | 27,924 |  |  | $ | 89,962 |
Over-time |  | 7,507 |  |  | 134,495 |  |  | 142,002 |  |  | 38 |  |  | 109,018 |  |  | 109,056 |
Total revenue by recognition model |  | $ | 82,238 |  |  | $ | 184,829 |  |  | $ | 267,067 |  |  | $ | 62,076 |  |  | $ | 136,942 |  |  | $ | 199,018 |
The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (presented within contract assets) and customer advances and deposits (presented within contract liabilities) on the condensed consolidated balance sheets, where applicable. Amounts are generally billed as work progresses in accordance with agreed-upon milestones. These individual contract assets and liabilities are reported in a net position on a contract-by-contract basis on the condensed consolidated balance sheets at the end of each reporting period. The following table presents the balances related to enforceable contracts as of June 30, 2025 and December 31, 2024:
| June 30, 2025 |  | December 31, 2024
Contract balances |  |  |
Accounts receivable, net | $ | 61,783 |  |  | $ | 36,440 |
Contract assets | 51,922 |  |  | 63,108 |
Contract liabilities | (223,432) |  |  | (216,160) |
Changes in contract liabilities for the three months ended June 30, 2025 were as follows:
Contract liabilities, at March 31, 2025 | $ | 206,867 |
Customer advances received or billed, net | 105,777 |
Recognition of unearned revenue | (89,212) |
Contract liabilities, at June 30, 2025 | $ | 223,432 |
Changes in contract liabilities for the six months ended June 30, 2025 were as follows:
Contract liabilities, at December 31, 2024 | $ | 216,160 |
Customer advances received or billed, net | 138,865 |
Recognition of unearned revenue | (131,593) |
Contract liabilities, at June 30, 2025 | $ | 223,432 |
The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business. The net amount of revenue recognized in the aggregate from changes in the transaction price or estimated costs to complete associated with performance obligations satisfied in prior years during the three and six months ended June 30, 2025 and 2024 was not material. However, during the three months ended June 30, 2025, the Company recorded a downward adjustment to revenue of $6,421 related to an individual contract. This cumulative catch-up adjustment resulted from a change in the estimated costs to complete the contract. Backlog The Company’s backlog represents the estimated transaction prices on performance obligations to the Company’s customers for which work remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in the amount of backlog when an enforceable agreement has been reached. Remaining backlog totaled $995,410 as of June 30, 2025, of which approximately 58% is expected to be recognized within 12 months, with the remaining 42% to be recognized beyond 12 months. Concentration of Credit Risk and Significant Customers As of June 30, 2025, the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were as follows:
| June 30, 2025
Commercial customer | 12 | %
Dynetics, Inc. | 11 | %
For the six months ended June 30, 2025, the Company’s customer that accounted for 10% or more of the total revenue, was:
| Six Months Ended June 30, 2025
Government customer | 27 | %
Customer Financing In connection with the signing of two separate multi-launch agreements with commercial customers, the Company entered into subordinated loan and security agreements. The commercial customers may choose to have certain milestone payments financed under the terms of the subordinated loan and security agreements. The receivables will bear no interest until the initial launch dates passes, after which interest will accrue at a fixed rate of 10.8% or 12.6%, based on the commercial customer. Principal and interest payments will be made over 12 quarterly payments from the launch date. As of June 30, 2025 and December 31, 2024, the Company had $8,700 and $4,200 customer financing receivable in prepaids and other currents assets, respectively and $14,704 and $15,567 customer financing receivable in other non-current assets, respectively, on the condensed consolidated balance sheets. Customer financing interest income for the three and six months ended June 30, 2025 was $497 and $877, respectively. Customer financing interest income for the three and six months ended June 30, 2024 was $229 and $481, respectively. On July 11, 2025, the Company received a full payoff of $7,489 and terminated the subordinated loan and security agreement with one of the commercial customers.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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