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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s business is organized into market sectors based on its products and services and has two reportable segments: (i) Defense and Space Technologies and (ii) Starlab Space Stations. The Company organizes its reportable segments based on the nature of the products and services offered and the economic characteristics of its operating businesses. Effective the first fiscal quarter of 2026, the Company combined its Defense and National Security and Space Solutions segments into a single Defense and Space Technologies segment in order to align with how the Company's Chief Operating Decision Maker ("CODM") views results. This will enable the Company to generate internal synergies within the Defense and Space Technologies segment and to more effectively manage its resources and facilities in order to support operations across the product and service offerings. The Company's CODM allocates resources and assesses segment performance using regularly provided segment net sales and segment Adjusted Earnings before interest, taxes, depreciation and amortization ("EBITDA") under this updated segment structure. Within the segment change, there has been no change to the Company's reporting units. The segment data for the comparable period presented has been recast to conform to the current period presentation for all activities of the reorganized segments. Recasting this historical information did not have an impact on the condensed consolidated financial performance of the Company for the periods presented. Transactions between segments are generally negotiated and accounted for under terms and conditions similar to other government and commercial contracts. The reconciling item “corporate expense” includes the portion of corporate costs not considered allocable to the segments, such as legal, management and administration, and other corporate unallocable costs. The Company’s CODM is the Chief Executive Officer. The CODM uses net sales and Adjusted EBITDA to assess segment performance and make decisions regarding the allocation of capital and other investments. During the second quarter of 2025, the Adjusted EBITDA metric used within the business by the CODM was modified to remove non-cash services as an add back. In alignment with ASC 280-10-50-36, the Company has recast its prior period Adjusted EBITDA measures to align with the new composition of the metric and the current financial benchmark used to monitor operations of the segments. These costs were historically only prevalent within the Starlab Space Stations segment and at the Corporate level. Adjusted EBITDA is used to monitor budget versus actual results. The CODM also uses Adjusted EBITDA in analysis of the operational performance of each reporting segment. The CODM considers budget-to-actual variances on a quarterly basis for both profit measures when making decisions about allocating capital and personnel to the segments. The monitoring of budgeted versus actual results is used in assessing performance of the segments and in establishing management’s compensation. The CODM does not review segment expense items pursuant to ASC 280-10-50-26A. Therefore, the Company does not disclose these expense items by segment. The CODM does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose assets by segment. The following table summarizes the operating performance of the Company’s segments:
| Three Months Ended |  | Six Months Ended
| June 30, 2026 |  | June 30, 2025 |  | June 30, 2026 |  | June 30, 2025
Net Sales: |  |  |  |  |  |  |
Defense and Space Technologies | $ | 53,211 |  |  | $ | 46,064 |  |  | $ | 89,337 |  |  | $ | 81,537 |
Starlab Space Stations | — |  |  | — |  |  | — |  |  | — |
Total net sales, reportable segments | 53,211 |  |  | 46,064 |  |  | 89,337 |  |  | 81,537 |
Intersegment eliminations(1) | (465) |  |  | (390) |  |  | (1,345) |  |  | (1,356) |
Total net sales | $ | 52,746 |  |  | $ | 45,674 |  |  | $ | 87,992 |  |  | $ | 80,181 |
Other Segment Expenses(2): |  |  |  |  |  |  |
Defense and Space Technologies | $ | 63,196 |  |  | $ | 45,817 |  |  | $ | 110,307 |  |  | $ | 82,732 |
Starlab Space Stations | 6,624 |  |  | 1,969 |  |  | 12,044 |  |  | 4,783 |
Total other segment expenses, reportable segments | 69,820 |  |  | 47,786 |  |  | 122,351 |  |  | 87,515 |
Intersegment eliminations(1) | (465) |  |  | (390) |  |  | (1,345) |  |  | (1,356) |
Corporate and other expenses | 21,017 |  |  | 7,595 |  |  | 37,944 |  |  | 25,071 |
Total other segment expenses | $ | 90,372 |  |  | $ | 54,991 |  |  | $ | 158,950 |  |  | $ | 111,230 |
Adjusted EBITDA: |  |  |  |  |  |  |
Defense and Space Technologies | $ | (9,985) |  |  | $ | 498 |  |  | $ | (20,970) |  |  | $ | (568) |
Starlab Space Stations | (6,624) |  |  | (1,969) |  |  | (12,044) |  |  | (4,783) |
Total Adjusted EBITDA, reportable segments | (16,609) |  |  | (1,471) |  |  | (33,014) |  |  | (5,351) |
Intersegment eliminations | 126 |  |  | — |  |  | 127 |  |  | — |
Corporate and other expenses | (21,017) |  |  | (7,595) |  |  | (37,944) |  |  | (25,071) |
Depreciation and amortization | (7,170) |  |  | (2,708) |  |  | (13,203) |  |  | (5,310) |
Stock-based compensation | (3,762) |  |  | (11,547) |  |  | (7,891) |  |  | (13,270) |
Finance and interest expense, net | (1,905) |  |  | (2,523) |  |  | (4,019) |  |  | (5,252) |
Net loss attributable to noncontrolling interests | (2,256) |  |  | (1,683) |  |  | (4,217) |  |  | (2,674) |
Interest income | 3,279 |  |  | 2,429 |  |  | 7,098 |  |  | 3,513 |
Other(3) | (1,627) |  |  | (7,886) |  |  | (596) |  |  | (7,450) |
Loss before taxes | $ | (50,941) |  |  | $ | (32,984) |  |  | $ | (93,659) |  |  | $ | (60,865) |
__________________ (1)As a result of the Segment change during the first quarter of fiscal 2026, intersegment eliminations for comparative periods have been recast. (2)Other Segment Expenses consist of cost of sales, research and development, selling, general, and administrative and other income or expense items which are not deducted when calculating Adjusted EBITDA. (3)Other consists of acquisition costs, restructuring, impairment, and other income or expense items which are deducted when calculating Adjusted EBITDA. In prior period filings, ‘Interest income’ was grouped into this line item. During the third quarter of 2025, it was broken out due to materiality and prior periods have been recast to break out 'Interest income'. The Company’s total capital expenditures were as follows:
Three Months Ended June 30, 2026 | Defense and Space Technologies |  | Starlab Space Stations |  | Corporate |  | Total
Capital expenditures: |  |  |  |  |  |  |
Property and equipment | $ | 16,443 |  |  | $ | 18,760 |  |  | $ | 333 |  |  | $ | 35,536 |
Total capital expenditures | $ | 16,443 |  |  | $ | 18,760 |  |  | $ | 333 |  |  | $ | 35,536 |
Three Months Ended June 30, 2025 | Defense and Space Technologies |  | Starlab Space Stations |  | Corporate |  | Total
Capital expenditures: |  |  |  |  |  |  |
Property and equipment | $ | 662 |  |  | $ | 30,214 |  |  | $ | 18 |  |  | $ | 30,894 |
Total capital expenditures | $ | 662 |  |  | $ | 30,214 |  |  | $ | 18 |  |  | $ | 30,894 |
Six Months Ended June 30, 2026 | Defense and Space Technologies |  | Starlab Space Stations |  | Corporate |  | Total
Capital expenditures: |  |  |  |  |  |  |
Property and equipment | $ | 29,242 |  |  | $ | 56,588 |  |  | $ | 822 |  |  | $ | 86,652 |
Total capital expenditures | $ | 29,242 |  |  | $ | 56,588 |  |  | $ | 822 |  |  | $ | 86,652 |
Six Months Ended June 30, 2025 | Defense and Space Technologies |  | Starlab Space Stations |  | Corporate |  | Total
Capital expenditures: |  |  |  |  |  |  |
Property and equipment | $ | 1,704 |  |  | $ | 56,108 |  |  | $ | 53 |  |  | $ | 57,865 |
Total capital expenditures | $ | 1,704 |  |  | $ | 56,108 |  |  | $ | 53 |  |  | $ | 57,865 |
Substantially all of the Company’s long-lived tangible assets were in the United States as of June 30, 2026 and December 31, 2025

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