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NET SALES | 6 Months Ended
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Jun. 30, 2026
Revenue from Contract with Customer [Abstract] |
NET SALES | NET SALES Disaggregation of Net Sales The following tables present the disaggregation of net sales from contracts with the Company's customers for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026 | Defense and Space Technologies |  | Starlab Space Stations |  | Eliminations |  | Total
U.S. Government | $ | 49,148 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,148 |
International Government | (3) |  |  | — |  |  | — |  |  | (3) |
Commercial | 4,066 |  |  | — |  |  | (465) |  |  | 3,601 |
Total net sales | $ | 53,211 |  |  | $ | — |  |  | $ | (465) |  |  | $ | 52,746 |
Three Months Ended June 30, 2025 | Defense and Space Technologies |  | Starlab Space Stations |  | Eliminations |  | Total
U.S. Government | $ | 42,070 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,070 |
International Government | 40 |  |  | — |  |  | — |  |  | 40 |
Commercial | 3,954 |  |  | — |  |  | (390) |  |  | 3,564 |
Total net sales | $ | 46,064 |  |  | $ | — |  |  | $ | (390) |  |  | $ | 45,674 |
Six Months Ended June 30, 2026 | Defense and Space Technologies |  | Starlab Space Stations |  | Eliminations |  | Total
U.S. Government | $ | 78,863 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,863 |
International Government | 53 |  |  | — |  |  | — |  |  | 53 |
Commercial | 10,421 |  |  | — |  |  | (1,345) |  |  | 9,076 |
Total net sales | $ | 89,337 |  |  | $ | — |  |  | $ | (1,345) |  |  | $ | 87,992 |
Six Months Ended June 30, 2025 | Defense and Space Technologies |  | Starlab Space Stations |  | Eliminations |  | Total
U.S. Government | $ | 70,956 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,956 |
International Government | 136 |  |  | — |  |  | — |  |  | 136 |
Commercial | 10,445 |  |  | — |  |  | (1,356) |  |  | 9,089 |
Total net sales | $ | 81,537 |  |  | $ | — |  |  | $ | (1,356) |  |  | $ | 80,181 |
The revenue based on geographic location of customers is as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2026 |  | June 30, 2025 |  | June 30, 2026 |  | June 30, 2025
U.S. | $ | 51,530 |  |  | $ | 42,909 |  |  | $ | 83,565 |  |  | $ | 73,189 |
International | 1,216 |  |  | 2,765 |  |  | 4,427 |  |  | 6,992 |
Total net sales | $ | 52,746 |  |  | $ | 45,674 |  |  | $ | 87,992 |  |  | $ | 80,181 |
Contract Balances Contract assets arise when revenue has been recognized for amounts which cannot or have not yet been billed under terms of the contract with the customer. Contract liabilities arise when consideration is received from a customer prior to being earned and are recognized as revenue when the Company satisfies the related performance obligation under the terms of the contract. The following table presents the Company’s contract assets and liabilities:
| June 30, 2026 |  | December 31, 2025
Contract assets (current and non-current) | $ | 41,948 |  |  | $ | 40,208 |
Contract liabilities (current and non-current) | $ | 30,426 |  |  | $ | 32,237 |
Contract assets increased primarily due to a difference in timing of billing on cost plus programs and revenue recognition. The decrease in contract liabilities was driven primarily by the timing difference of milestone billing and revenue recognition. As of June 30, 2026, the Company had approximately $6.9 million of government grants earned, but not yet billed within the contract assets balance within the table above. The amount of revenue recognized for the six months ended June 30, 2026 that was included in the contract liability balance as of December 31, 2025 was $11.8 million. The below table summarizes the favorable (unfavorable) impact of the net estimate at completion (“EAC”) adjustments for the following periods:
| Three Months Ended |  | Six Months Ended
(dollars in thousands, except per share data) | June 30, 2026 |  | June 30, 2025 |  | June 30, 2026 |  | June 30, 2025
Net EAC adjustments | $ | (4,220) |  |  | $ | (3,005) |  |  | $ | (11,651) |  |  | $ | (5,301) |
Net sales | $ | (1,912) |  |  | $ | (2,824) |  |  | $ | (8,963) |  |  | $ | (4,794) |
Basic net loss per share | $ | (0.10) |  |  | $ | (0.20) |  |  | $ | (0.35) |  |  | $ | (0.46) |
Diluted net loss per share | $ | (0.10) |  |  | $ | (0.20) |  |  | $ | (0.35) |  |  | $ | (0.46) |
Performance Obligations As of June 30, 2026, the Company had approximately $189.0 million of remaining performance obligations associated with contracts. The Company will recognize net sales as such obligations are satisfied. The Company expects to recognize net sales relating to existing performance obligations of approximately $117.4 million, $59.8 million and $11.9 million for the remaining fiscal year 2026, fiscal year 2027, and thereafter, respectively.

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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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