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v3.25.1

Property and Equipment | 3 Months Ended
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Mar. 31, 2025
Property, Plant and Equipment [Abstract] |
Property and Equipment | 4. Property and Equipment Property and equipment, net consisted of the following (in thousands):
|  | As of |
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Land |  | $ | 1,350 |  |  | $ | 1,350 |
Buildings |  |  | 16,440 |  |  |  | 16,012 |
Leasehold improvements |  |  | 9,533 |  |  |  | 9,439 |
Satellite in orbit |  |  | 235,387 |  |  |  | 235,340 |
Lab, assembly, and integration equipment |  |  | 47,339 |  |  |  | 41,693 |
Satellite antenna |  |  | 7,224 |  |  |  | 7,224 |
Computer hardware and software |  |  | 18,607 |  |  |  | 18,244 |
Other |  |  | 1,419 |  |  |  | 1,421 |
Construction in progress |  |  |  |  |  |
Satellite materials and advance payments, satellites under construction, and advance launch payments |  |  | 226,036 |  |  |  | 120,984 |
Other construction in progress and capital advances |  |  | 20,792 |  |  |  | 8,328 |
Total property and equipment, gross |  | $ | 584,127 |  |  | $ | 460,035 |
Accumulated depreciation and amortization |  |  | (133,305 | ) |  |  | (122,366 | )
Total property and equipment, net |  | $ | 450,822 |  |  | $ | 337,669 |
Depreciation expense for the three months ended March 31, 2025 and 2024 was approximately $11.0 million and $19.9 million, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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