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Composition of Certain Balance Sheet Accounts | 6 Months Ended
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Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Composition of Certain Balance Sheet Accounts | 5. Composition of Certain Balance Sheet Accounts Inventories consist primarily of telecommunications systems and parts and are recorded at the lower of average cost or net realizable value. We evaluate the need for write-downs associated with obsolete, slow-moving and nonsalable inventory by reviewing net realizable inventory values on a periodic basis. Inventories as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Work-in-process component parts |  | $ | 49,562 |  |  | $ | 41,713 |
Finished goods |  |  | 75,583 |  |  |  | 57,140 |
Total inventory(1) |  | $ | 125,145 |  |  | $ | 98,853 |
(1) See Note 4, “Government Assistance,” for additional information. Prepaid expenses and other current assets as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Interest rate caps and receivable |  | $ | 3,215 |  |  | $ | 3,365 |
FCC reimbursement receivable(1) |  |  | 39,322 |  |  |  | 27,769 |
Contract assets(1) |  |  | 11,347 |  |  |  | 10,092 |
Prepaid inventories |  |  | 2,232 |  |  |  | 2,545 |
Other |  |  | 25,351 |  |  |  | 25,268 |
Total prepaid expenses and other current assets |  | $ | 81,467 |  |  | $ | 69,039 |
(1) See Note 4, “Government Assistance,” for additional information. Property and equipment as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Office equipment, furniture, fixtures and other(1) |  | $ | 59,811 |  |  | $ | 56,973 |
Leasehold improvements |  |  | 16,969 |  |  |  | 16,855 |
Network equipment(1)(2) |  |  | 197,030 |  |  |  | 195,640 |
|  |  | 273,810 |  |  |  | 269,468 |
Accumulated depreciation |  |  | (161,135 | ) |  |  | (152,194 | )
Total property and equipment, net |  | $ | 112,675 |  |  | $ | 117,274 |
(1) To conform with current-period classification, as of December 31, 2025, $2.4 million has been reclassified from Office equipment, furniture, fixtures and other to Network equipment. (2) See Note 4, “Government Assistance,” for additional information. In addition to the above, the Company classified $26.4 million and $26.3 million of property and equipment as Assets held for sale on our Unaudited Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively. Assets held for sale represent the main corporate facility and data center of Satcom Direct and associated land in Melbourne, Florida. The Company expects to sell the assets within the next twelve months. Other non-current assets as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Interest rate caps |  | $ | 843 |  |  | $ | 1,108 |
Contract assets, net of allowances of $714 and $538, respectively(1) |  |  | 38,386 |  |  |  | 29,500 |
Revolving credit facility deferred financing costs |  |  | 1,207 |  |  |  | 1,584 |
Other |  |  | 13,851 |  |  |  | 12,736 |
Total other non-current assets |  | $ | 54,287 |  |  | $ | 44,928 |
(1) See Note 4, “Government Assistance,” for additional information. Accrued liabilities as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Earnout Liability |  | $ | 23,100 |  |  | $ | 38,900 |
Employee compensation and benefits |  |  | 13,726 |  |  |  | 28,174 |
Operating leases |  |  | 14,022 |  |  |  | 13,850 |
Customer credit reserve |  |  | 13,667 |  |  |  | 14,647 |
Accrued inventory |  |  | 2,699 |  |  |  | 8,845 |
Warranty reserve |  |  | 5,190 |  |  |  | 5,720 |
Taxes |  |  | 6,789 |  |  |  | 5,437 |
Accrued interest |  |  | 121 |  |  |  | 132 |
Other |  |  | 21,422 |  |  |  | 23,315 |
Total accrued liabilities |  | $ | 100,736 |  |  | $ | 139,020 |
Other non-current liabilities as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
Earnout Liability |  | $ | 11,100 |  |  | $ | 33,000 |
Other |  |  | 10,949 |  |  |  | 11,064 |
Total other non-current liabilities |  | $ | 22,049 |  |  | $ | 44,064 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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