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Revenue from Contract with Customers | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customers | Revenue from Contracts with Customers During the three months ended June 30, 2025, we recognized revenue of $4.4 million, of which $0.9 million was recognized over time and $3.6 million was recognized at a point in time. During the three months ended June 30, 2024, we recognized revenue of $3.5 million, of which $0.5 million was recognized over time and $3.0 million was recognized at a point in time. During the six months ended June 30, 2025, we recognized revenue of $7.8 million, of which $1.6 million was recognized over time and $6.2 million was recognized at a point in time. During the six months ended June 30, 2024, we recognized revenue of $6.8 million, of which $1.7 million was recognized over time and $5.1 million was recognized at a point in time. In November 2021, the Company entered a 5-year noncancellable agreement with a technology company by which the customer receives $4.0 million in credits to purchase imagery each year. The Company recognizes revenue as images are delivered to the customer. The customer pays the Company in non-cash consideration in the form of a license to a proprietary software platform, which the Company uses in its internal operations. For the three months ended June 30, 2025 and 2024, we recognized $1.2 million and $1.4 million of revenue from this customer, respectively. For the six months ended June 30, 2025 and 2024, we recognized $2.2 million and $3.0 million of revenue from this customer, respectively. Disaggregation of revenue Information about our revenue by business line is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Revenue by business line |  |  |  |  |  |  |  |  |
Asset Monitoring | $ | 3,544 |  |  | $ | 2,964 |  |  | $ | 6,165 |  |  | $ | 5,148 |  |  |
Constellation as a Service ("CaaS") | 412 |  |  | 412 |  |  | 824 |  |  | 824 |  |  |
Space Systems | 484 |  |  | 125 |  |  | 838 |  |  | 857 |  |  |
Total revenue | $ | 4,440 |  |  | $ | 3,501 |  |  | $ | 7,827 |  |  | $ | 6,829 |  |  |
Information about our revenue by timing is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Revenue by timing |  |  |  |  |  |  |  |  |
Over time | $ | 878 |  |  | $ | 536 |  |  | $ | 1,633 |  |  | $ | 1,680 |  |  |
Point-in time | 3,562 |  |  | 2,965 |  |  | 6,194 |  |  | 5,149 |  |  |
Total revenue | $ | 4,440 |  |  | $ | 3,501 |  |  | $ | 7,827 |  |  | $ | 6,829 |  |  |
Information about our revenue by geography is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Revenue by geography (1) |  |  |  |  |  |  |  |  |
North America | $ | 3,407 |  |  | $ | 2,544 |  |  | $ | 5,981 |  |  | $ | 4,179 |  |  |
Europe | 480 |  |  | 569 |  |  | 934 |  |  | 1,081 |  |  |
Asia Pacific | 415 |  |  | 385 |  |  | 767 |  |  | 1,565 |  |  |
South America | 138 |  |  | 3 |  |  | 145 |  |  | 4 |  |  |
Total revenue | $ | 4,440 |  |  | $ | 3,501 |  |  | $ | 7,827 |  |  | $ | 6,829 |  |  |
(1) Revenue by geography is based on the geographical location of the customer. Contract Liabilities and Remaining Performance Obligations Our contract liabilities consist of payments received from customers, or such consideration contractually due, in advance of providing the relevant satellite imagery or related service. Amounts included in Contract liabilities are as follows:
| June 30, |  | December 31,
| 2025 |  | 2024
Current | $ | 6,471 |  |  | $ | 5,871 |
Total | $ | 6,471 |  |  | $ | 5,871 |
During the six months ended June 30, 2025, we recognized revenue of $3.0 million that was included as a contract liability as of December 31, 2024. During the six months ended June 30, 2024, we recognized revenue of $3.3 million that was included as a contract liability as of December 31, 2023. The increase in contract liabilities in the six months ended June 30, 2025 was primarily due to collections from a new customer for performance obligations that will be satisfied during 2025. Total unused credits related to the non-cash agreement described above included in contract liabilities at June 30, 2025, and December 31, 2024 were $1.2 million and $1.4 million, respectively. Unused credits expire one year after issuance. There were no credits that expired in the six months ended June 30, 2025 or 2024. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of June 30, 2025 related to non-cancellable contracts longer than 12 months in duration that is expected to be recognized over future periods.
| Within 1 Year |  | Years 1-2 |  | Years 2-3 |  | Thereafter
Remaining performance obligations | $ | 8,478 |  |  | $ | 3,165 |  |  | $ | 7,000 |  |  | $ | 24,000 |

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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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