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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss before allocation to noncontrolling interest $ (461,011) $ (526,330) $ (222,677)
Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:      
Depreciation and amortization 51,111 63,340 54,469
Amortization of debt issuance costs 2,728 3,734 1,155
Amortization of debt commitment fee 4,033 0 0
Write off of unamortized debt issuance costs 0 5,483 0
Loss on disposal/sale of property and equipment 4,605 2,221 110
Induced conversion expense on convertible notes 99,681 0 0
Loss (gain) on remeasurement of warrant liabilities 68,154 268,627 (8,986)
Stock-based compensation 47,490 32,039 13,289
Non-cash interest expense 1,361 2,959 0
Non-cash interest income (564) 0 0
Loss from equity method investment 1,205 0 0
Changes in operating assets and liabilities:      
Accounts receivable (36,326) 380 (1,780)
Prepaid expenses and other current assets (27,622) (13,334) 13,862
Inventory (10,945) (1,062) 0
Accounts payable and accrued expenses 32,251 (6,257) (149)
Contract liabilities 161,516 41,968 0
Other assets and liabilities (9,184) 89 1,765
Net cash used in operating activities (71,517) (126,143) (148,942)
Cash flows from investing activities:      
Purchase of property and equipment (1,064,741) (174,127) (118,807)
Capital advances to Ligado (420,000) 0 0
Purchase of spectrum intangibles (56,397) 0 0
Net cash used in investing activities (1,541,138) (174,127) (118,807)
Cash flows from financing activities:      
Proceeds from debt 2,611,523 145,000 63,500
Repayments of debt (5,120) (48,752) (242)
Payment for debt issuance costs (11,588) (9,435) (9,653)
Proceeds from issuance of common stock 1,295,894 551,947 64,639
Payments for third party equity issuance costs (24,320) (12,151) (872)
Proceeds from warrant exercises 0 153,618 0
Issuance of equity under employee stock plan 11,808 4,941 225
Employee taxes paid for stock-based compensation awards (23,018) (5,201) (865)
Purchase of capped call transactions (98,578) 0 0
Proceeds from capped call sales 74,522 0 0
Payments for debt commitment fee (11,000) 0 0
Proceeds from share issuances to repurchase 2032 4.25% Convertible Notes 1,010,887 0 0
Payments for repurchase of 2032 4.25% Convertible Notes (1,003,522) 0 0
Net cash provided by financing activities 3,827,488 779,967 116,732
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,407) (260) (142)
Net increase (decrease) in cash, cash equivalents and restricted cash 2,212,426 479,437 (151,159)
Cash, cash equivalents and restricted cash beginning of period 567,534 88,097 239,256
Cash, cash equivalents and restricted cash end of period 2,779,960 567,534 88,097
Non-cash activities:      
Right-of-use assets obtained in exchange for operating lease liabilities 7,231 2,238 6,739
Purchases of property and equipment in accounts payable and accrued expenses 56,708 9,309 18,409
PIK interest paid through issuance of PIK notes 497 2,959 0
Deferred asset acquisition costs paid by issuance of penny warrants 121,156 0 0
Spectrum intangibles acquisition costs accrued or paid by issuance of shares 67,540 0 0
2034 Convertible Notes settled by issuance of Class A Common Stock 139,620 0 0
Settlement of warrant liabilities by issuing shares 101,930 257,337 0
Acquisition of equity investment in and loan receivable from SatCo by contributing exclusive distribution rights 23,497 0 0
Interest 7,855 11,988 3,243
Income taxes, net $ 6,798 $ 1,669 $ 492