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Assets Held for Sale | 3 Months Ended
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Mar. 31, 2025
Property, Plant and Equipment Assets Held-for-Sale Disclosure [Abstract] |
Assets Held for Sale | 6. Assets Held for Sale On November 13, 2024, the Company entered into the Purchase Agreement to sell its maritime business to Buyer for $233,500 subject to certain adjustments. The following table summarizes the carrying values of the assets and liabilities classified as held for sale in the Company’s condensed consolidated balance sheets as of March 31, 2025:
|  | March 31, 2025 |  |  | December 31, 2024 |
Assets: |  |  |  |  |  |
Accounts receivable, net |  | $ | 1,958 |  |  | $ | 2,591 |
Contract assets |  |  | 1,132 |  |  |  | 927 |
Other current assets |  |  | 956 |  |  |  | 1,002 |
Property and equipment, net |  |  | 138 |  |  |  | 106 |
Goodwill |  |  | 32,465 |  |  |  | 32,412 |
Customer relationships, net |  |  | 16,307 |  |  |  | 16,281 |
Other non-current assets |  |  | 3,499 |  |  |  | 3,644 |
Total assets classified as held for sale |  | $ | 56,455 |  |  | $ | 56,963 |
Liabilities: |  |  |  |  |  |
Accounts payable |  | $ | 43 |  |  | $ | 787 |
Accrued wages and benefits |  |  | 170 |  |  |  | 402 |
Other accrued expenses |  |  | 856 |  |  |  | 1,014 |
Contract liabilities, current portion |  |  | 5,694 |  |  |  | 5,444 |
Contract liabilities, non-current |  |  | 97 |  |  |  | 20 |
Total liabilities associated with assets classified as held for sale |  | $ | 6,860 |  |  | $ | 7,667 |
Net assets held for sale |  | $ | 49,595 |  |  | $ | 49,296 |
The Company’s satellite and ground station networks, including operations, and maritime contracts associated with the U.S. federal government are not included in the held for sale amounts presented above. On April 25, 2025, the Company completed the sale of its maritime business to Buyer for approximately $233,500, before adjustments. On April 25, 2025, the Company and L3Harris, entered into the Settlement Agreement among the Company, exactEarth and L3Harris, pursuant to which, upon the closing of the Transactions, Buyer paid L3Harris $17,000 for full and complete resolution and release of all disputes asserted in connection with the A&R L3Harris Agreement between the Company and L3Harris. The Company and Buyer further agreed that the Company would contribute $7,000 of the Settlement in the form of a reduction to the cash paid by Buyer to the Company at the closing of the Transactions.

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