XML 40 R24.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Revenues | 12 Months Ended
--- | ---
Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenues | Note Q – Revenues The table below presents revenues by customer grouping for the following periods:
|  |  | Year Ended |  |  |
|  |  |  |  | December 31, 2024 |  | December 31, 2023 |  |  |
Civil space |  |  |  |  | $ | 88,814 |  |  | $ | 102,594 |  |  |  |
National security |  |  |  |  | 76,831 |  |  | 59,053 |  |  |  |
Commercial and other |  |  |  |  | 138,456 |  |  | 82,153 |  |  |  |
Total revenues |  |  |  |  | $ | 304,101 |  |  | $ | 243,800 |  |  |  |
The table below presents revenues based on the geographic location of the Company’s customers for the following periods:
|  |  | Year Ended |  |  |
|  |  |  |  | December 31, 2024 |  | December 31, 2023 |  |  |
U.S. |  |  |  |  | $ | 150,131 |  |  | $ | 172,903 |  |  |  |
Europe |  |  |  |  | 153,759 |  |  | 70,814 |  |  |  |
Other |  |  |  |  | 211 |  |  | 83 |  |  |  |
Total revenues |  |  |  |  | $ | 304,101 |  |  | $ | 243,800 |  |  |  |
Customers comprising 10% or more of revenues are presented below for the following periods:
|  |  | Year Ended |  |  |
|  |  |  |  | December 31, 2024 |  | December 31, 2023 |  |  |
Customer A(1) |  |  |  |  | $ | 31,055 |  |  | $ | 39,314 |  |  |  |
Customer B(1) |  |  |  |  | — |  |  | 33,621 |  |  |  |
Customer D(1) |  |  |  |  | 107,605 |  |  | — |  |  |  |
(1) While revenue may have been generated during each of the periods presented, amounts are only disclosed for the periods in which revenues represented 10% or more of total revenue. Contract Balances The table below presents the contract assets and contract liabilities included on the consolidated balance sheets for the following periods:
| December 31, 2024 |  | December 31, 2023
Contract assets | $ | 43,044 |  |  | $ | 36,961 |
Contract liabilities | $ | 67,201 |  |  | $ | 52,645 |
The increase in contract assets was primarily driven by revenue growth and the timing of billable milestones occurring during the year ended December 31, 2024. The increase in contract liabilities during 2024 was primarily driven by the timing of large billable milestones occurring during the year ended December 31, 2024. Revenue recognized in the year ended December 31, 2024 that was included in the contract liability balance as of December 31, 2023 was $49.4 million. Revenue recognized in the year ended December 31, 2023 that was included in the contract liability balance as of December 31, 2022 was $28.4 million. The Company evaluates the contract value and cost estimates at completion (“EAC”) for performance obligations at least quarterly and more frequently when circumstances significantly change. Due to the nature of the work required to be performed on many of the Company’s performance obligations, the estimate of total revenue and cost at completion is complex, subject to many variables and requires significant judgment by management on a contract-by-contract basis. As part of this process, management reviews information including, but not limited to, labor productivity, the nature and technical complexity of the work to be performed, availability and cost volatility of materials, subcontractor and vendor performance, volume assumptions, inflationary trends, and schedule and performance delays. When the Company’s estimate of total costs to be incurred to satisfy a performance obligation exceeds the expected revenue, the Company recognizes the loss immediately. When the Company determines that a change in estimate has an impact on the associated profit of a performance obligation, the Company records the cumulative positive or negative adjustment to the statement of operations and comprehensive income (loss). Changes in estimates and assumptions related to the status of certain long-term contracts may have a material effect on the Company’s operating results. The below table summarizes the favorable (unfavorable) impact of the net EAC adjustments for the following periods:
|  |  | Year Ended
|  |  |  |  | December 31, 2024 |  | December 31, 2023
Net EAC adjustments, before income taxes |  |  |  |  | $ | (17,696) |  |  | $ | (3,522) |
Net EAC adjustments, net of income taxes |  |  |  |  | (17,395) |  |  | (3,459) |
Net EAC adjustments, net of income taxes, per diluted share |  |  |  |  | (0.26) |  |  | (0.05) |
The net unfavorable EAC adjustments in 2024 were primarily due to additional unplanned labor, design and test cycles required to meet customer requirements in the Company’s spacecraft platforms and missions, structures and mechanisms, avionics, sensors and payloads, and power generation space infrastructure offerings. These net unfavorable EAC adjustments were partially offset by favorable contract adjustments resulting from contract close-outs and modifications in RF systems. The net unfavorable EAC adjustments in 2023 were primarily due to increased production costs as it relates to the development of new technologies within the Mission Solutions reporting unit, which were partially offset by the release of contract reserves and favorable contract adjustments resulting from contract modifications. Remaining Performance Obligations As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $279.9 million. The Company expects to recognize approximately 80% of its remaining performance obligations as revenue within the next 12 months and the balance thereafter.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration