XML 27 R12.htm IDEA: XBRL DOCUMENT
v3.24.1

Revenue | 12 Months Ended
--- | ---
Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
Revenue | NOTE 4 - REVENUE Disaggregated Revenue We disaggregate our revenue from contracts with customers by contract type. The following table provides information about disaggregated revenue for the years ended December 31, 2023 and 2022 (in thousands):
|  |  | Year Ended December 31,
|  |  |  |  | 2023 |  | 2022
Revenue by Contract Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed price |  |  |  |  |  |  |  |  | $ | 58,712 |  |  | 74 | % |  | $ | 80,801 |  |  | 94 | %
Cost reimbursable |  |  |  |  |  |  |  |  | 13,920 |  |  | 18 | % |  | — |  |  | — | %
Time and materials |  |  |  |  |  |  |  |  | 6,889 |  |  | 9 | % |  | 5,145 |  |  | 6 | %
Total |  |  |  |  |  |  |  |  | $ | 79,521 |  |  | 100 | % |  | $ | 85,946 |  |  | 100 | %
Contract Assets and Liabilities Contract assets primarily relate to deferred contract costs for subcontracted launch services, as well as work completed not yet billed for performance obligations that are satisfied over time. Deferred contract costs and unbilled receivables are recorded contract assets on our consolidated balance sheets. Contract assets related to deferred contract costs are amortized straight-line across the life of the long-term service arrangement. Contract assets related to work completed for performance obligations that are satisfied over time are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to billings or consideration received in advance of performance (obligation to transfer goods or services to a customer) under the contract as well as provisions for loss contracts. Contract liabilities are recognized as revenue when the performance obligation has been performed. Current deferred revenue and provisions for loss contracts are recorded in current contract liabilities on our consolidated balance sheets. Long-term deferred revenue and provisions for loss contracts are recorded in long-term contract liabilities on our consolidated balance sheets. The following table presents contract assets as of December 31, 2023 and December 31, 2022 (in thousands):
| December 31, 2023 |  | December 31, 2022
Contract Assets |  |  |
Unbilled receivables | $ | 6,146 |  |  | $ | 346 |
Deferred contract costs | 343 |  |  | 6,633 |
Total | $ | 6,489 |  |  | $ | 6,979 |
Amortization expense associated with deferred contract costs for subcontracted launch services was recorded in cost of revenue and was $31.2 million and $43.3 million, respectively, for the years ended December 31, 2023 and 2022. The following table presents contract liabilities as of December 31, 2023 and December 31, 2022 (in thousands):
| December 31, 2023 |  | December 31, 2022
Contract liabilities – current |  |  |
Deferred revenue | $ | 22,926 |  |  | $ | 39,831 |
Contract loss provision | 9,567 |  |  | 10,120 |
Accrued launch costs | 13,018 |  |  | 6,705 |
Total contract liabilities – current | 45,511 |  |  | 56,656 |
Contract liabilities – long-term |  |  |
Contract loss provision | — |  |  | 2,188 |
Total contract liabilities – long-term | — |  |  | 2,188 |
Total contract liabilities | $ | 45,511 |  |  | $ | 58,844 |
Revenue recognized from amounts included in contract liabilities at the beginning of the period was $38.2 million and $31.4 million during the year ended December 31, 2023 and 2022, respectively. Loss Contracts Contract losses are a result of constraining variable consideration and estimated contract costs exceeding current contract price. The Company experiences favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and modifications that result in changes to contract price. We recorded unfavorable and (favorable) changes in net losses related to contracts with customers of $30.3 million and $(9.3) million, respectively, for the years ended December 31, 2023 and 2022. As of December 31, 2023, the status of these loss contracts was as follows: •The first contract, for lunar payload services, became a loss contract in 2019 due to the constraint of variable consideration. Variable consideration has been constrained to $0 from a total potential amount of $12.3 million. For the years ended December 31, 2023, and 2022, changes in contract price and estimated contract costs resulted in unfavorable and (favorable) changes of $10.2 million and $(11.1) million, respectively. As of December 31, 2023, and 2022, this contract was approximately 99% complete and 96% complete, respectively. The contract was successfully completed in February 2024. As of December 31, 2023 and 2022, the contract loss provision recorded in contract liabilities, current in our consolidated balance sheets was $10 thousand and $0.4 million, respectively. •The second contract, for lunar payload services, became a loss contract in 2021 due to the constraint of variable consideration and estimated contract costs exceeding current contract price. Variable consideration has been constrained to $0 from a total potential amount of $7.8 million. For the years ended December 31, 2023 and 2022, changes in estimated contract costs resulted in an additional $5.8 million and a reduction of $(4.7) million in contract loss, respectively. As of December 31, 2023, and 2022, this contract was approximately 64% complete and 33% complete, respectively. The period of performance for this contract currently runs through June 2024 although we anticipate that the launch and post-launch services will occur after that date. As of December 31, 2023 and 2022, the contract loss provision recorded in contract liabilities, current was $7.4 million and $7.7 million, respectively, and zero and $2.2 million, respectively, in contract liabilities, non-current in our consolidated balance sheets. •The third contract, for lunar payload services, became a loss contract in 2022 due to the constraint of variable consideration and estimated contract costs exceeding current contract price. Variable consideration has been constrained to $0 from a total potential amount of $11.4 million. For the years ended December 31, 2023 and 2022, changes in estimated contract costs resulted in an additional $14.2 million and $6.0 million in contract loss, respectively. As of December 31, 2023 this contract was approximately 89% complete. The period of performance for this contract currently runs through June 2024 although we anticipate that the launch and post-launch services will occur after that date. As of December 31, 2023 and 2022, the contract loss provision recorded in contract liabilities, current in our consolidated balance sheets was $2.1 million and $1.9 million, respectively. •The remaining loss contracts are individually and collectively immaterial. Remaining Performance Obligations Remaining performance obligations represent the remaining transaction price of firm orders for which work has not been performed and excludes unexercised contract options. As of December 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $57.2 million. The Company expects to recognize revenue on approximately 90-95% of the remaining performance obligations over the next 12 months, and the remaining in 2025 and thereafter. Remaining performance obligations do not include variable consideration that was determined to be constrained as of December 31, 2023. For time and materials contracts, we have adopted the practical expedient that allows us to recognize revenue based on our right to invoice; therefore, we do not report unfulfilled performance obligations for time and materials agreements.

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