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Revenue from Contract with Customers - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2021	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue		$ 3,633	$ 2,817	$ 11,460	$ 9,646
Noncancelable agreement, term	5 years
Noncancelable agreement, amount	$ 4,000
Revenue from noncash agreement		1,000	1,400	3,300	4,300
Contract with customer, liability, revenue recognized				3,000	3,400
Unused credits amounts		1,100		$ 1,100		$ 1,400
Expiration period for unused credits				1 year
Over time
Disaggregation of Revenue [Line Items]
Total revenue		900	400	$ 2,500	2,100
Point-in time
Disaggregation of Revenue [Line Items]
Total revenue		$ 2,700	$ 2,400	$ 9,000	$ 7,500

Income Tax

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Tax

As of March 26, 2025, we are incorporated in the U.S. Our operations are conducted through various subsidiaries in a number of countries throughout the world with significant operations in Uruguay, where we operate in a free trade zone. Consequently, income tax has been provided based on the laws and tax rates in effect in the countries in which operations

are conducted or in which our subsidiaries are considered resident for corporate income tax purposes, including Argentina, China, Israel, the Netherlands, Spain, Uruguay, and the United States.

The calculation of our effective tax rate is as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Total loss before income tax	$	4,086		$	(11,809)		$	(34,472)		$	(43,300)
Income tax expense	$	119		$	281		$	794		$	2,069
Effective tax provision rate	2.9		%	(2.4		%)	(2.3		%)	(4.8		%)

The difference between the U.S. federal statutory income tax rate of 21% and the Company’s effective income tax rate for the nine months ended September 30, 2025 and 2024 was primarily impacted by a variety of factors including the location in which income was earned, the recognition of a full valuation allowance in various jurisdictions, and interest and penalties related to uncertain tax positions.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted. The OBBBA makes significant tax law changes and modifications, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and the restoration of favorable tax treatment for certain business provisions, including allowing accelerated tax deductions for qualified property and equipment expenditures and the business interest expense limitation. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company continues to assess the potential impacts on its consolidated financial position, results of operations and cash flows.

- Definition

The entire disclosure for income tax.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 3,633	$ 2,817	$ 11,460	$ 9,646
Costs and expenses
Cost of sales, exclusive of depreciation shown separately below	1,171	1,228	3,597	3,782
Selling, general and administrative	6,413	6,660	18,259	25,590
Engineering	2,629	2,848	7,449	11,522
Depreciation expense	1,502	3,577	6,037	9,523
Total costs and expenses	11,715	14,313	35,342	50,417
Operating loss	(8,082)	(11,496)	(23,882)	(40,771)
Other income (expense), net
Interest income, net	272	271	734	782
Change in fair value of financial instruments	11,882	63	(10,791)	(4,961)
Other income (expense), net	14	(647)	(533)	1,650
Total other income (expense), net	12,168	(313)	(10,590)	(2,529)
Income (loss) before income tax	4,086	(11,809)	(34,472)	(43,300)
Income tax expense	(119)	(281)	(794)	(2,069)
Net income (loss) available to stockholders	3,967	(12,090)	(35,266)	(45,369)
Other comprehensive gain (loss)
Foreign currency translation gain (loss), net of tax	107	304	1,113	(44)
Comprehensive income (loss)	$ 4,074	$ (11,786)	$ (34,153)	$ (45,413)
Basic and diluted earnings per share
Basic net income (loss) per share for the period attributable to holders of Common Stock (in dollars per share)	$ 0.04	$ (0.13)	$ (0.35)	$ (0.50)
Basic weighted-average Common Stock outstanding (in shares)	105,984,243	91,200,564	101,982,971	90,738,440
Diluted net income (loss) per share for the period attributable to holders of Common Stock (in dollars per share)	$ (0.02)	$ (0.13)	$ (0.35)	$ (0.50)
Diluted weighted-average Common Stock outstanding (in shares)	130,984,243	91,200,564	101,982,971	90,738,440

Revenue from Contract with Customers - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 7,567
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 6,227
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 8,400
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 24,600
Revenue, remaining performance obligation, expected timing of satisfaction, period

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 28,288	$ 22,493
Restricted cash	807	0
Accounts receivable, net of allowance of $22 and $148, respectively	2,586	1,464
Prepaid expenses and other current assets	3,831	3,907
Total current assets	35,512	27,864
Property and equipment, net	24,812	27,228
Operating lease right-of-use assets	6,126	877
Other non-current assets	4,424	5,722
Total assets	70,874	61,691
Current liabilities
Accounts payable	2,405	3,754
Warrant liabilities	10,100	11,511
Earnout liabilities	1,319	1,501
Operating lease liabilities	927	363
Contract liabilities	8,109	5,871
Accrued expenses and other liabilities	10,043	11,621
Total current liabilities	32,903	34,621
Secured Convertible Notes at fair value	88,970	79,070
Operating lease liabilities	5,381	516
Other non-current liabilities	506	516
Total liabilities	127,760	114,723
Commitments and contingencies (Note 16)
Stockholders' (deficit) equity
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024	0	0
Treasury stock, at cost, $567,823 shares as of September 30, 2025 and December 31, 2024	(8,603)	(8,603)
Additional paid-in capital	386,546	356,247
Accumulated other comprehensive income (loss)	542	(571)
Accumulated deficit	(435,371)	(400,105)
Total stockholders’ (deficit) equity	(56,886)	(53,032)
Total liabilities and stockholders' (deficit) equity	70,874	61,691
Class A ordinary shares
Stockholders' (deficit) equity
Common stock	0	0
Class B ordinary shares
Stockholders' (deficit) equity
Common stock	$ 0	$ 0

Additional Financial Statement Information - Interest Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest expense	$ (9)	$ (65)	$ (12)	$ (76)
Other finance costs	0	55	0	0
Interest income	281	281	746	858
Total	$ 272	$ 271	$ 734	$ 782

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References

+ Details

Revenue from Contract with Customers (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Information about our revenue by business line is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue by business line
Asset Monitoring	$	2,742	$	2,405	$	8,907	$	7,553
Constellation as a Service ("CaaS")	412		412		1,236		1,236
Space Systems	479		—		1,317		857
Total revenue	$	3,633	$	2,817	$	11,460	$	9,646

Information about our revenue by timing is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue by timing
Over time	$	879	$	412	$	2,512	$	2,092
Point-in time	2,754		2,405		8,948		7,554
Total revenue	$	3,633	$	2,817	$	11,460	$	9,646

Information about our revenue by geography is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue by geography (1)
North America	$	2,441	$	1,975	$	8,422	$	6,154
Europe	630		501		1,564		1,582
Asia Pacific	447		338		1,214		1,903
South America	115		3		260		7
Total revenue	$	3,633	$	2,817	$	11,460	$	9,646

(1) Revenue by geography is based on the geographical location of the customer.

Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable

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:


	September 30,		December 31,
	2025		2024
Current	$	8,109	$	5,871

Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The following table represents the total transaction price for the remaining performance obligations as of September 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	$	7,567	$	6,227	$	8,400	$	24,600

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Total loss before income tax	$ 4,086	$ (11,809)	$ (34,472)	$ (43,300)
Income tax expense	$ 119	$ 281	$ 794	$ 2,069
Effective tax provision rate	2.90%	(2.40%)	(2.30%)	(4.80%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Net Income (Loss) Per Share - Schedule of diluted shares outstanding because the effect would have been anti-dilutive (Details)) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	55,588,832	83,308,811	80,588,832	83,308,811
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	49,184,815	49,184,915	49,184,815	49,184,915
Sponsor earnout shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,775,962	1,775,962	1,775,962	1,775,962
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,342,578	4,138,636	1,342,578	4,138,636
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,285,477	3,209,298	3,285,477	3,209,298
Shares convertible from Secured Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	25,000,000	25,000,000	25,000,000

Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities at Fair Value

The following tables provide the fair value measurement hierarchy of our assets and liabilities:


As of September 30, 2025	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
OS Warrants	$	—	$	—	$	1,243
Liabilities
$8.63 Warrants liability	$	2,889	$	—	$	—
PIPE Warrant liability	—		—		337
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		6,874
Total Warrant Liabilities	$	2,889	$	—	$	7,211
Sponsor Earnout liability	$	—	$	—	$	1,319
Secured Convertible Notes	$	—	$	—	$	88,970


As of December 31, 2024	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
OS Warrants	$	—	$	—	$	322
Liabilities
$8.63 Warrants liability	$	3,028	$	—	$	—
PIPE Warrant liability	—		—		471
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		8,012
Total Warrant Liabilities	$	3,028	$	—	$	8,483
Sponsor Earnout Liability	$	—	$	—	$	1,501
Secured Convertible Notes	$	—	$	—	$	79,070

Summary of Changes in the Fair Value of Level 3 Assets

Changes in the fair value of Level 3 assets during the three months ended September 30, 2025 were as follows:


	OS warrants
At December 31, 2024	$	322
Remeasurement gain/(loss)(1)	828
Foreign currency translation adjustment	93
At September 30, 2025	$	1,243

(1) Recognized in the Condensed Consolidated Statements of Operations and Comprehensive Loss as change in fair value of financial instruments for the nine months ended September 30, 2025.

Summary of Changes in the Fair Value of Level 3 Liabilities

Changes in the fair value of Level 3 liabilities during the nine months ended September 30, 2025 and 2024 were as follows:


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		Sponsor Earnout		Secured Convertible Notes
At December 31, 2023	$	2,017	$	97	$	419	$	—
Issues	—		—		—		30,000
Interest payments	—		—		—		(1,525)
Remeasurement (gain)/loss(1)	(1,242)		(61)		(266)		6,875


At September 30, 2024	$	775	$	36	$	153	35,350

At December 31, 2024	$	8,012	$	471	$	1,501	$	79,070

Interest payments	—		—		—		(3,312)
Remeasurement (gain)/loss(1)	(1,138)		(134)		(182)		13,212


At September 30, 2025	$	6,874	$	337	$	1,319	$	88,970

(1) Recognized in Change in fair value of financial instruments of the Condensed Consolidated Statements of Operations and Comprehensive Loss as change in fair value of financial instruments for the nine months ended September 30, 2025 and 2024, respectively.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Property and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 53,792	$ 52,334
Less: Accumulated depreciation	(28,980)	(25,106)
Property and equipment, net	24,812	27,228
Satellites and other equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 29,945	30,668
Satellites and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Satellites and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Satellites under construction
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 16,677	14,458
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,010	2,901
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	10 years
Other property and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,160	$ 4,307
Other property and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Other property and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	10 years

Segment Information - Narrative (Details) $ in Millions	9 Months Ended
Segment Information - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Right of use assets obtained during period \| $	$ 6.5	$ 0.0
Carrying value of investment in equity method investee \| $	$ 3.8		$ 3.7

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

The Company is organized as one operating segment, which is its reportable segment. Generally, its segment metrics are equal to the Company’s consolidated totals. The Company’s segment information is evaluated regularly by the Chief Executive Officer, who is the chief operating decision maker (“CODM”) for purposes of decisions on how to allocate resources and to assess performance. The Company determined its reportable segment using the management approach based on how the CODM evaluates the business. The CODM uses the Company’s net income (loss) to assess the performance of the Company’s operating segment and evaluates the Company’s results against forecasted results.

The Company’s operating segment derives its revenues from the sale of images via asset monitoring and Constellation as a Service (“CaaS”) and the sale or licensing of satellites via the Company’s Space Systems product line. The Company evaluates its operations based on net income (loss). Required segment disclosures that are equal to the Company’s consolidated totals and disclosed elsewhere in the Condensed Consolidated Financial Statements include: net income (loss), total assets, total revenue, interest income, net, depreciation expense, equity in net income (loss) of affiliate accounted for by the equity method, and income tax expense. In addition to depreciation expense, other non-cash expenses include stock-based compensation disclosed on the statement of cash flows and a non-cash sales agreement described in Note 5 (Revenue from Contracts with Customers). Purchases of long lived assets include purchases of property and equipment disclosed in the condensed consolidated statement of cash flows and the acquisition of new operating lease right of use assets for the nine months ended September 30, 2025 and 2024 of $6.5 million and $0, respectively. Total non-current assets also include an investment in equity method investee at September 30, 2025 and December 31, 2024 of $3.8 million and $3.7 million, respectively. Other segment items are primarily made up of the following items not considered to be significant expenses: depreciation expense, change in fair value of financial instruments, income tax expense, partially offset by foreign currency income adjustments and interest income, net.

Operations for the Company’s segment were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue	$	3,633	$	2,817	$	11,460	$	9,646
Cost of sales excluding depreciation	(1,171)		(1,228)		(3,597)		(3,782)
Selling, general and administrative expenses	(6,413)		(6,660)		(18,259)		(25,590)
Engineering	(2,629)		(2,848)		(7,449)		(11,522)
Other segment items	10,547		(4,171)		(17,421)		(14,121)
Net income (loss)	$	3,967	$	(12,090)	$	(35,266)	$	(45,369)

Revenue by geographic area is as follows(a):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
U.S.	$	2,369	$	1,726	$	8,289	$	5,713
Albania	412		412		1,236		1,236
India	4		—		27		856
All Other	848		679		1,908		1,841
Total	$	3,633	$	2,817	$	11,460	$	9,646

(a) Revenues are attributed to individual countries based on the location of the customer generating the revenue.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Income Tax (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The calculation of our effective tax rate is as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Total loss before income tax	$	4,086		$	(11,809)		$	(34,472)		$	(43,300)
Income tax expense	$	119		$	281		$	794		$	2,069
Effective tax provision rate	2.9		%	(2.4		%)	(2.3		%)	(4.8		%)

Fair Value Measurements and Financial Instruments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

The following tables provide the fair value measurement hierarchy of our assets and liabilities:


As of September 30, 2025	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
OS Warrants	$	—	$	—	$	1,243
Liabilities
$8.63 Warrants liability	$	2,889	$	—	$	—
PIPE Warrant liability	—		—		337
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		6,874
Total Warrant Liabilities	$	2,889	$	—	$	7,211
Sponsor Earnout liability	$	—	$	—	$	1,319
Secured Convertible Notes	$	—	$	—	$	88,970


As of December 31, 2024	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
OS Warrants	$	—	$	—	$	322
Liabilities
$8.63 Warrants liability	$	3,028	$	—	$	—
PIPE Warrant liability	—		—		471
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		8,012
Total Warrant Liabilities	$	3,028	$	—	$	8,483
Sponsor Earnout Liability	$	—	$	—	$	1,501
Secured Convertible Notes	$	—	$	—	$	79,070

The following methods and assumptions were used to estimate the fair values at September 30, 2025:

•The carrying values of cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses and other liabilities are considered to approximate their fair values due to the short-term nature of these items.

•The volatility assumption is based on the historical volatility of the Company’s and OS’s stock prices, implied volatility of the Company’s and guideline public companies’ stock prices and the risk free rate of return assumption is based on market rates. An increase in volatility and or the risk free rate of return would result in higher values for the Company’s stock warrants, the OS stock warrants.

•The fair values of the OS stock warrant investment assets have been estimated using the Black-Scholes model. Significant unobservable inputs include:

◦Time to expiry: 0.25 years

◦Volatility: 33.4%

◦Risk free rate of return: 4.0%

•The fair values of the $8.63 Warrants were determined using the quoted prices in the active warrant market.

•The fair values of the PIPE Warrant have been estimated using the Black-Scholes model. Significant unobservable inputs include:

◦Time to expiry: 1.3 years

◦Volatility: 90%

◦Risk free rate of return: 3.6%

•The fair values of the Liberty Warrants and Liberty Advisory Fee Warrant have been estimated using the Black-Scholes model. Significant unobservable inputs include:

◦Time to expiry: 1.4 years

◦Volatility: 90.0%

◦Risk free rate of return: 3.6%

•The fair value of the Sponsor Earnout has been estimated using the Monte Carlo model. Significant unobservable inputs include:

◦Time to expiry: 1.3 years

◦Volatility: 90%

◦Risk free rate of return: 3.6%

•The fair values of the Secured Convertible Notes is determined by using the “with” method. At each measurement date we valued the Secured Convertible Notes with the conversion option. The difference between the aggregate fair value of the Secured Convertible Notes and the unpaid principal balance was $59.0 million at September 30, 2025. Inputs used for the fair value measurement include:

◦Credit spread: 24.21% to 36.71%

◦Volatility: 60%

◦Risk free rate of return: 3.6%

Changes in the fair value of Level 3 assets during the three months ended September 30, 2025 were as follows:


	OS warrants
At December 31, 2024	$	322
Remeasurement gain/(loss)(1)	828
Foreign currency translation adjustment	93
At September 30, 2025	$	1,243

(1) Recognized in the Condensed Consolidated Statements of Operations and Comprehensive Loss as change in fair value of financial instruments for the nine months ended September 30, 2025.

Changes in the fair value of Level 3 liabilities during the nine months ended September 30, 2025 and 2024 were as follows:


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		Sponsor Earnout		Secured Convertible Notes
At December 31, 2023	$	2,017	$	97	$	419	$	—
Issues	—		—		—		30,000
Interest payments	—		—		—		(1,525)
Remeasurement (gain)/loss(1)	(1,242)		(61)		(266)		6,875


At September 30, 2024	$	775	$	36	$	153	35,350

At December 31, 2024	$	8,012	$	471	$	1,501	$	79,070

Interest payments	—		—		—		(3,312)
Remeasurement (gain)/loss(1)	(1,138)		(134)		(182)		13,212


At September 30, 2025	$	6,874	$	337	$	1,319	$	88,970

There were no transfers between Level 1 and Level 2 during the nine months ended September 30, 2025 or 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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+ Details

Stock-based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

A summary of stock option activity for the nine months ended September 30, 2025 is as follows:


	Number of Options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (years)
Outstanding at December 31, 2024	3,234,296	$1.50	4.55
Granted	—	—
Forfeited	(1,178)	8.55
Exercised	(1,888,515)	0.92
Expired	(2,025)	8.22
Outstanding at September 30, 2025	1,342,578	$2.27	5.01
Exercisable at September 30, 2025	1,342,096	$2.27	5.01

A summary of RSU activity for the nine months ended September 30, 2025 is as follows:


	Number of RSUs	Weighted Average Grant-Date Value
Outstanding unvested RSUs at December 31, 2024	2,893,396	$	1.40
Granted during the year	2,059,382	3.54
Forfeited during the year	(302,284)	2.12
Vested during the year (1)	(1,365,017)	1.44
Outstanding unvested RSUs at September 30, 2025	3,285,477	$	2.66

(1) The issuance of Class A common stock was deferred, as elected by the grantees, for 410,000 and 264,516 RSUs that vested during the nine months ended September 30, 2025 and 2024, respectively.

Earnout Liabilities - Earnout Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Earnout Liability [Roll Forward]
Earnout liability, beginning balance	$ 1,501
Earnout liability, ending balance	1,319
Sponsor Earnout
Earnout Liability [Roll Forward]
Earnout liability, beginning balance	1,501
Change in fair value of financial instruments	(182)
Earnout liability, ending balance	$ 1,319

Revenue from Contract with Customers - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract liabilities, current	$ 8,109	$ 5,871

Fair Value Measurements and Financial Instruments - Reconciliation of Level 3 Fair Value Measurements of Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Warrant Liability \| Liberty Warrants and Liberty Advisory Fee Warrant
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 8,012	$ 2,017
Issues		0
Interest payments	0	0
Remeasurement (gain)/loss	(1,138)	(1,242)
Ending balance	6,874	775
Warrant Liability \| PIPE Warrant
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	471	97
Issues		0
Interest payments	0	0
Remeasurement (gain)/loss	(134)	(61)
Ending balance	337	36
Sponsor Earnout
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,501	419
Issues		0
Interest payments	0	0
Remeasurement (gain)/loss	(182)	(266)
Ending balance	1,319	153
Secured Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	79,070	0
Issues		30,000
Interest payments	(3,312)	(1,525)
Remeasurement (gain)/loss	13,212	6,875
Ending balance	$ 88,970	$ 35,350

Subsequent Events (Details) $ / shares in Units, $ in Thousands					3 Months Ended
	Oct. 23, 2025 USD ($)	Oct. 17, 2025 USD ($)	Oct. 16, 2025 USD ($)	Oct. 15, 2025 day $ / shares shares	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)
ATM Program
Subsequent Event [Line Items]
Sale of stock, gross proceeds					$ 5,357	$ 1,456	$ 1,128
Subsequent Event
Subsequent Event [Line Items]
Sale of stock, shares issued in transaction (in shares) \| shares				27,692,308
Par value (in dollars per share) \| $ / shares				$ 0.0001
Sale of stock, offering price (in dollars per share) \| $ / shares				$ 3.25
Number of days to purchase shares \| day				30
Sale of stock, additional shares issuable, maximum \| shares				4,153,846
Sale of stock, gross proceeds		$ 90,000
Payment for advisory services	$ 7,500
Subsequent Event \| ATM Program
Subsequent Event [Line Items]
Aggregate offering amount			$ 15,000

Nature of the Business and Basis of Presentation (Details) $ in Millions		9 Months Ended
	Oct. 17, 2025 USD ($)	Sep. 30, 2025 segment	Mar. 26, 2025 shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion of stock, conversion basis (in shares) \| shares			1
Number of operating segments \| segment		1
Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of stock, gross proceeds	$ 90.0
Sale of stock, net proceeds	$ 84.9

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenue	$ 3,633			$ 2,817			$ 11,460	$ 9,646
Cost of sales excluding depreciation	(1,171)			(1,228)			(3,597)	(3,782)
Selling, general and administrative expenses	(6,413)			(6,660)			(18,259)	(25,590)
Engineering	(2,629)			(2,848)			(7,449)	(11,522)
Net income (loss) available to stockholders	3,967	$ (6,652)	$ (32,581)	(12,090)	$ (18,101)	$ (15,178)	(35,266)	(45,369)
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	3,633			2,817			11,460	9,646
Cost of sales excluding depreciation	(1,171)			(1,228)			(3,597)	(3,782)
Selling, general and administrative expenses	(6,413)			(6,660)			(18,259)	(25,590)
Engineering	(2,629)			(2,848)			(7,449)	(11,522)
Other segment items	10,547			(4,171)			(17,421)	(14,121)
Net income (loss) available to stockholders	$ 3,967			$ (12,090)			$ (35,266)	$ (45,369)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Secured Convertible Notes (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Convertible Debt

Secured Convertible Notes as of September 30, 2025 and December 31, 2024 were as follows:


	September 30,		December 31,
	2025		2024
Secured Convertible Notes	$	88,970	$	79,070

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment, net consists of the following:


	Estimated Useful Life (in years)	September 30,		December 31,
		2025		2024
Satellites and other equipment	3-5	$	29,945	$	30,668
Satellites under construction	Not applicable	16,677		14,458
Leasehold improvements	5-10	3,010		2,901
Other property and equipment	3-10	4,160		4,307
Total property and equipment		53,792		52,334
Less: Accumulated depreciation		(28,980)		(25,106)
Property and equipment, net		$	24,812	$	27,228

Information related to our property and equipment and operating lease ROU assets by geography is as follows:


	September 30,		December 31,
	2025		2024
Uruguay	$	30,576	$	26,833
Argentina	334		392
Spain	21		746

Other countries	7		134
Total (1)	$	30,938	$	28,105

(1) The presentation in the table above is based on the geographic location of the entity that holds the assets.

Warrant Liabilities - Schedule of Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2025	Jan. 25, 2022	Jan. 24, 2022
Warrant Liability [Roll Forward]
Beginning balance	$ 11,511
Change in fair value of financial instruments	(1,411)
Ending balance	10,100
Liberty Warrants and Liberty Advisory Fee Warrant
Warrant Liability [Roll Forward]
Beginning balance	8,012
Change in fair value of financial instruments	(1,138)
Ending balance	6,874
PIPE Warrant
Warrant Liability [Roll Forward]
Beginning balance	471
Change in fair value of financial instruments	(134)
Ending balance	$ 337
$8.63 Warrants
Class of Warrant or Right [Line Items]
Warrant price (in dollars per share)	$ 8.63	$ 8.63	$ 11.50
Warrant Liability [Roll Forward]
Beginning balance	$ 3,028
Change in fair value of financial instruments	(139)
Ending balance	$ 2,889

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ (35,266)	$ (45,369)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	6,037	9,523
Debt issuance costs	0	2,397
Operating lease expense	1,234	1,605
Stock-based compensation	2,824	1,765
Change in fair value of financial instruments, net of interest paid on Secured Convertible Notes	7,479	3,436
Foreign exchange differences	(102)	(2,566)
Loss (gain) on disposal of property and equipment	471	(398)
Expense for estimated credit losses on accounts receivable, net of recoveries	(60)	64
Equity in net (income) loss of affiliate	(21)	1
Non-cash change in contract liabilities	(262)	(1,300)
Other, net	0	120
Changes in operating assets and liabilities:
Accounts receivable	(20)	(304)
Prepaid expenses and other current assets	2,008	(2,080)
Accounts payable	(1,475)	(4,574)
Contract liabilities	2,397	767
Accrued expenses and other liabilities	(1,626)	6,369
Operating lease liabilities	(1,053)	(1,711)
Net cash used in operating activities	(17,435)	(32,255)
Cash flows from investing activities:
Purchases of property and equipment	(4,027)	(4,335)
Other	0	14
Net cash used in investing activities	(4,027)	(4,321)
Cash flows from financing activities:
Proceeds from Secured Convertible Notes	0	30,000
Payments of debt issuance costs	0	(2,397)
Payments for withholding taxes related to the net share settlement of equity awards	(980)	(398)
Proceeds from exercise of stock options	1,745	140
Net cash provided by financing activities	26,982	27,345
Net increase (decrease) in cash, cash equivalents and restricted cash	5,520	(9,231)
Effect of foreign exchange rate changes on cash and cash equivalents	148	2,354
Cash, cash equivalents and restricted cash - beginning of period	23,682	24,603
Cash, cash equivalents and restricted cash - end of period	29,350	17,726
ATM Program
Cash flows from financing activities:
Proceeds from issuance stock	7,448	0
Registered Direct Offering
Cash flows from financing activities:
Proceeds from issuance stock	$ 18,769	$ 0

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Credit risk management

Credit risk is the risk that a counterparty fails to discharge an obligation to us. We are exposed to credit risk from financial assets including cash, cash equivalents and restricted cash held at banks, accounts receivable and other receivables.

The credit risk is managed based on our credit risk management policies and procedures. Credit risk of any entity doing business with us is systematically analyzed, including aspects of a qualitative nature. The measurement and assessment of our total exposure to credit risk covers all financial instruments involving any counterparty risk.

The credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits and are only with major reputable financial institutions.

As our risk exposure is mainly influenced by the individual characteristics of each customer, we continuously analyze the creditworthiness of significant customers. Accounts receivable are non-interest bearing and generally on terms of 30 to 90 days. As of September 30, 2025, three customers accounted for 45% of accounts receivable. As of December 31, 2024, two customers accounted for 70% of our accounts receivable.

We had four customers that each accounted for more than 10% of our revenue totaling $2.5 million for the three months ended September 30, 2025 and two customers that each accounted for more than 10% of our revenue totaling $1.8 million for the three months ended September 30, 2024.

We had four customers that each accounted for more than 10% of our revenue totaling $8.6 million for the nine months ended September 30, 2025 and two customers that each accounted for more than 10% of our revenue totaling $5.5 million for the nine months ended September 30, 2024.

Impairment of Assets

We assess potential impairments to long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets or asset group. We performed an impairment test as of September 30, 2025 due to our operating losses for the three months then ended and concluded that the asset group is not impaired.

Estimates of future cash flows are highly subjective judgments based on management’s experience and knowledge of the Company's operations. These estimates can be significantly impacted by many factors, including changes in global economic conditions, operating costs, obsolescence of technology and competition.

If estimates or underlying assumptions change in the future, we may be required to record impairment charges. If the fair value of an asset group is less than its carrying amount, then the carrying amount of the asset group would be reduced to its fair value. That reduction is an impairment loss that would be recognized in the Consolidated Statements of Operations and Comprehensive Loss.

Foreign Currencies

Aggregate foreign currency gains and losses, such as those resulting from the settlement of receivables or payables, contracts denominated in foreign currencies and short-term intercompany advances in a currency other than the relevant subsidiary’s functional currency, are recorded currently in the Consolidated Statements of Operations and Comprehensive Loss (included in other (expense) income, net) and resulted in gains of $44 thousand and losses of $0.4 million during the three months ended September 30, 2025 and 2024, respectively and losses of $0.4 million and gains of $1.8 million during the nine months ended September 30, 2025 and 2024, respectively.

Leases

For the three months ended September 30, 2025 and 2024, lease expense was $0.4 million and $0.5 million, respectively and for the nine months ended September 30, 2025 and 2024, lease expense was $1.2 million and $1.6 million, respectively. The decrease in lease expense was due primarily to the 2024 termination of a facility lease in the Netherlands. Lease obligations and right of use assets increased as of September 30, 2025 compared to December 31, 2024 due primarily to new ground station antenna leases in the nine months ended September 30, 2025.

Accounts Receivable and Allowance for Credit Losses

Accounts are written off against the allowance for credit losses account when they are determined to be no longer collectible. The following table shows the activity in the allowance for credit losses for the nine months ended September 30, 2025 and 2024:


	September 30,
	2025		2024
Allowance for credit losses as of beginning of year	$	148	$	126
Provision	(13)		123
Write offs	(66)		—
Recoveries collected	(47)		(59)

Allowance for credit losses as of end of period	$	22	$	190

Cash, Cash Equivalents and Restricted Cash

Restricted cash, including amounts in Other non-current assets, represents amounts pledged as guarantees for sales and lease agreements as contractually required.


	September 30,		December 31,
	2025		2024
Cash and cash equivalents	$	28,288	$	22,493
Restricted cash	807		—
Restricted cash included in Other non-current assets	255		1,189
Total cash, cash equivalents and restricted cash	$	29,350	$	23,682

Cash Flow Information


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cash paid during the period for:
Income tax, net of refunds	$	28	$	—	$	330	$	1,974
Interest	$	1,650	$	1,590	$	3,323	$	1,601


	September 30,
	2025		2024
Supplemental cash flow information
Unpaid property and equipment included in accounts payable	$	550	$	1,446

Research and Development

For the three months ended September 30, 2025 and 2024 research and development expenses were $1.2 million and $1.3 million, respectively and for the nine months ended September 30, 2025, and 2024 were $3.8 million and $5.8 million, respectively. Research and development expenses are included in Engineering on the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss).

Warrant Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Warrant Liability


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		$8.63 Warrants		Total Warrant Liabilities


As of December 31, 2024	$	8,012	$	471	$	3,028	$	11,511
Change in fair value of financial instruments	(1,138)		(134)		(139)		(1,411)
As of September 30, 2025	$	6,874	$	337	$	2,889	$	10,100

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Option, Activity

A summary of stock option activity for the nine months ended September 30, 2025 is as follows:


	Number of Options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (years)
Outstanding at December 31, 2024	3,234,296	$1.50	4.55
Granted	—	—
Forfeited	(1,178)	8.55
Exercised	(1,888,515)	0.92
Expired	(2,025)	8.22
Outstanding at September 30, 2025	1,342,578	$2.27	5.01
Exercisable at September 30, 2025	1,342,096	$2.27	5.01

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

A summary of RSU activity for the nine months ended September 30, 2025 is as follows:


	Number of RSUs	Weighted Average Grant-Date Value
Outstanding unvested RSUs at December 31, 2024	2,893,396	$	1.40
Granted during the year	2,059,382	3.54
Forfeited during the year	(302,284)	2.12
Vested during the year (1)	(1,365,017)	1.44
Outstanding unvested RSUs at September 30, 2025	3,285,477	$	2.66

(1) The issuance of Class A common stock was deferred, as elected by the grantees, for 410,000 and 264,516 RSUs that vested during the nine months ended September 30, 2025 and 2024, respectively.

Secured Convertible Notes

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Secured Convertible Notes

Secured Convertible Notes as of September 30, 2025 and December 31, 2024 were as follows:


	September 30,		December 31,
	2025		2024
Secured Convertible Notes	$	88,970	$	79,070

On April 12, 2024, the Company, Nettar and Acquiom Agency Services LLC (the “Holder Representative”) entered into that certain Note Purchase Agreement (the “Note Purchase Agreement”) with the Purchaser, pursuant to which Nettar agreed to issue $30.0 million in aggregate principal amount of floating rate secured convertible promissory notes (the “Secured Convertible Notes”) to the Purchaser. The net proceeds from the issuance of the Secured Convertible Notes, after deducting transaction fees and other debt issuance costs, was approximately $27.6 million. The Secured Convertible Notes initially bear interest at a rate of SOFR plus 6.50% per annum (10.36% as of September 30, 2025), subject to an additional 4.0% per annum if certain events of default occur and are continuing (“Contingent Interest Feature”). The Secured Convertible Notes are guaranteed by the Company and each of the Company’s material subsidiaries (other than Nettar), and are secured by substantially all of the Company’s and its subsidiaries’ assets (including all of its intellectual property). Nettar may issue additional Secured Convertible Notes under the terms thereof, provided the aggregate principal outstanding amount does not exceed $50.0 million.

The Secured Convertible Notes are convertible into shares of the Company’s Class A common stock at an initial conversion price of $1.20 (or 833.33 shares of Class A common stock per $1,000 principal amount of Secured Convertible Notes) (“Conversion Feature”), subject to customary anti-dilution adjustments.

Unless this Note has been previously settled or converted in accordance with the other features mentioned within agreement, the entire outstanding principal balance and all unpaid accrued interest shall become fully due and payable on the Maturity Date of April 12, 2028.

In the event of an asset sale by the Company (outside the ordinary course of business) or an insurance or condemnation event that results in net proceeds to the Company in excess of $2.0 million Nettar will be required to offer to prepay the Secured Convertible Notes up to the amount of such proceeds at par (unless such proceeds are used to purchase comparable assets within six months). In the event the Secured Convertible Notes are accelerated as a result of an event of default, Nettar must pay a pre-payment penalty equal to 5% of the greater of (i) the outstanding principal amount and (ii) the then-prevailing conversion value. In connection with a change of control of the Company (including delisting of the Company’s Class A common stock), the holder has the right to require the Company to repurchase the Secured Convertible Notes for cash at a price equal to the greater of (i) 105% of the redemption value of the Secured Convertible Notes or (ii) 105% of the then-prevailing conversion value, plus accrued but unpaid interest thereon, as well as any other amounts owed (the “Put Price”). Nettar also has the right to repurchase or force-convert the Secured Convertible Notes in connection with a full acquisition of the Company at the Put Price.

The Secured Convertible Notes contain certain restrictive covenants, including restrictions on (i) incurring indebtedness, subject to certain exceptions, (including the ability to issue additional Secured Convertible Notes; provided the aggregate principal outstanding amount does not exceed $50.0 million), (ii) creating certain liens, subject to certain exceptions, (iii) the payment of dividends or other restricted payments, (iv) the sale, transfer or otherwise conveyance of certain assets, subject to asset sale pre-payment described above, and (v) affiliate transactions.

In connection with the offering of the Secured Convertible Notes, the Company also entered into a registration rights agreement with the Purchaser, pursuant to which the Company agreed to register for resale the Class A common stock issuable upon conversion of the Secured Convertible Notes.

Fair value option

The Company chose to record the Secured Convertible Notes using the fair value option whereby the Secured Convertible Notes are valued as one instrument. If this election had not been made, the Company would have been required to bifurcate the Conversion Feature and the Contingent Interest Feature of the notes as separate derivatives. The Company elected the fair value option in order to account for the Notes as one instrument to better reflect the way that the Company views the

financial instrument. As a result of electing the fair value option, interest on the Secured Convertible Notes is included in the Change in fair value of financial instruments on the statement of operations and comprehensive loss and debt issuance costs were recorded as expense in the current period rather than being deferred and recorded as expense over the life of the Secured Convertible Notes. The carrying value of Secured Convertible notes at September 30, 2025 and December 31, 2024 includes accrued interest of $0.1 million and $1.0 million, respectively.

Additional Financial Statement Information - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Prepaid expenses and other current assets
Prepaid expenses	$ 1,852	$ 2,892
Officina Stellare S.p.A. (“OS”) Warrants	1,243	322
Advances to suppliers	96	138
Other current assets	640	555
Total	$ 3,831	$ 3,907

Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net income (loss) attributable to holders of Common Stock	$ 3,967	$ (12,090)	$ (35,266)	$ (45,369)
Basic weighted-average shares of Common Stock outstanding (in shares)	105,984,243	91,200,564	101,982,971	90,738,440
Basic net income (loss) per share for the period attributable to holders of Common Stock (in dollars per share)	$ 0.04	$ (0.13)	$ (0.35)	$ (0.50)
Effect of dilutive securities:
Adjustment to numerator - Change in fair value of Secured Convertible Notes	$ (7,099)	$ 0	$ 0	$ 0
Dilutive numerator	$ (3,132)	$ (12,090)	$ (35,266)	$ (45,369)
Diluted weighted-average Common Stock outstanding (in shares)	130,984,243	91,200,564	101,982,971	90,738,440
Diluted net income (loss) per share for the period attributable to holders of Common Stock (in dollars per share)	$ (0.02)	$ (0.13)	$ (0.35)	$ (0.50)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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-Subparagraph (c)(2)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

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-Section 65
-Paragraph 9
-Subparagraph (e)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Additional Financial Statement Information

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Financial Statement Information

Prepaid Expenses and Other Current Assets


	September 30,		December 31,
	2025		2024
Prepaid expenses and other current assets
Prepaid expenses	$	1,852	$	2,892
Officina Stellare S.p.A. (“OS”) Warrants	1,243		322
Advances to suppliers	96		138
Other current assets	640		555
Total	$	3,831	$	3,907

Accrued Expenses and Other Liabilities


	September 30,		December 31,
	2025		2024
Accrued expenses and other liabilities

Payroll and benefits payable	$	902	$	2,286
Advisory Fee payable	7,500		7,500
Other taxes payable	1,641		1,835
Other	506		516
Total	$	10,549	$	12,137

Total current	$	10,043	$	11,621
Total non-current	$	506	$	516

Interest Income, Net


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest income, net
Interest expense (1)	$	(9)	$	(65)	$	(12)	$	(76)

Other finance costs	—		55		—		—
Interest income	281		281		746		858
Total	$	272	$	271	$	734	$	782

(1) Excludes interest on the Company’s Secured Convertible Notes, which is included in Change in Fair Value of Financial Instruments.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and September 30, 2024 (the “Condensed Consolidated Financial Statements”) have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and are presented in accordance with the applicable requirements of Regulation S-X and other rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, these financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”). The significant accounting policies followed by the Company are set forth in Note 2 within the Company’s audited consolidated financial statements included in the 2024 Annual Report. There were no material changes in the Company’s significant accounting policies during the three and nine months ended September 30, 2025. The Company conducts business through one operating segment.
Consolidation	The accompanying Condensed Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries. All intercompany accounts and transactions, including the intercompany portion of transactions with equity method investees, have been eliminated in consolidation. The Condensed Consolidated Financial Statements are presented in United States dollars (hereinafter “U.S. dollars” or “$”).
Credit risk management	Credit risk management Credit risk is the risk that a counterparty fails to discharge an obligation to us. We are exposed to credit risk from financial assets including cash, cash equivalents and restricted cash held at banks, accounts receivable and other receivables. The credit risk is managed based on our credit risk management policies and procedures. Credit risk of any entity doing business with us is systematically analyzed, including aspects of a qualitative nature. The measurement and assessment of our total exposure to credit risk covers all financial instruments involving any counterparty risk. The credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits and are only with major reputable financial institutions.
Impairments of Assets	Impairment of Assets We assess potential impairments to long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets or asset group. We performed an impairment test as of September 30, 2025 due to our operating losses for the three months then ended and concluded that the asset group is not impaired. Estimates of future cash flows are highly subjective judgments based on management’s experience and knowledge of the Company's operations. These estimates can be significantly impacted by many factors, including changes in global economic conditions, operating costs, obsolescence of technology and competition. If estimates or underlying assumptions change in the future, we may be required to record impairment charges. If the fair value of an asset group is less than its carrying amount, then the carrying amount of the asset group would be reduced to its fair value. That reduction is an impairment loss that would be recognized in the Consolidated Statements of Operations and Comprehensive Loss.
Foreign Currencies	Foreign Currencies Aggregate foreign currency gains and losses, such as those resulting from the settlement of receivables or payables, contracts denominated in foreign currencies and short-term intercompany advances in a currency other than the relevant subsidiary’s functional currency, are recorded currently in the Consolidated Statements of Operations and Comprehensive Loss (included in other (expense) income, net)
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts are written off against the allowance for credit losses account when they are determined to be no longer collectible.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Restricted cash, including amounts in Other non-current assets, represents amounts pledged as guarantees for sales and lease agreements as contractually required.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which include improvements to income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to better align disclosures with Regulation S-X and to remove disclosures no longer considered cost beneficial or relevant. This ASU is effective for public entities for annual periods beginning after December 15, 2024, with earlier or retrospective application permitted. The amendments in this ASU should be applied prospectively for annual financial statements not yet issued or made available for issuance. The Company is currently evaluating the impact of this guidance on its related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures – Disaggregation of Income Statement Expenses – Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures – Disaggregation of Income Statement Expenses, which requires a new footnote disclosure for public entities to disaggregate, in a tabular format, certain relevant expense captions on the face of the income statement that include any of the following natural expenses: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and certain depletion expenses. The guidance is effective for annual periods beginning after December 15, 2026. The ASU only affects disclosure location and format, as it does not change or remove existing expense disclosure requirements. The Company is currently evaluating the impact of this new guidance on its disclosures. In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20), which provides guidance on applying induced conversion or extinguishment accounting to certain settlements of convertible debt that do not occur in accordance with the instrument’s preexisting terms. The ASU requires a preexisting contract approach and clarifies how to assess the form and amount of consideration for induced conversion accounting. The guidance is effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets which provides a practical expedient that allows an entity to assume that current economic conditions at the balance sheet date will remain unchanged for the remaining life of the asset when measuring expected credit losses (“ECL”) on accounts receivable and certain contract assets recognized under Topic 606. The practical expedient is intended to reduce complexity for short-duration trade receivables. An entity electing this expedient is required to disclose that election. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2025, including interim periods within those annual periods, with earlier adoption permitted. The Company is currently evaluating the effect of the guidance on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends the guidance for capitalizing costs related to internal-use software. The ASU removes the prescriptive, sequential project stages (preliminary project stage, application development stage, and post-implementation/operation stage) and replaces them with a "probable-to-complete recognition threshold." The ASU also clarifies that the disclosure requirements for Property, Plant, and Equipment (Topic 360) apply to all capitalized internal-use software costs, and the specific intangibles disclosures in Topic 350 are not required. The amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods, with earlier adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Clarifying the Scope of Derivatives and Noncash Consideration Received from a Customer. This ASU provides clarification in two main areas: (1) it creates a scope exception within Topic 815 for contracts with underlyings based on operational variables specific to one of the contracting parties (e.g., sales, earnings measures, or production volumes), and (2) it clarifies that the guidance in Topic 606 must be applied before the derivative or equity accounting guidance for share-based noncash consideration received from a customer. The amendments are effective for public business entities for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.

Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Accounting Policies [Abstract]
Income tax, net of refunds	$ 28	$ 0	$ 330	$ 1,974
Interest	$ 1,650	$ 1,590	3,323	1,601
Unpaid property and equipment included in accounts payable			$ 550	$ 1,446

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Allowance for Credit Losses

The following table shows the activity in the allowance for credit losses for the nine months ended September 30, 2025 and 2024:


	September 30,
	2025		2024
Allowance for credit losses as of beginning of year	$	148	$	126
Provision	(13)		123
Write offs	(66)		—
Recoveries collected	(47)		(59)

Allowance for credit losses as of end of period	$	22	$	190

Schedule of Cash and Cash Equivalents


	September 30,		December 31,
	2025		2024
Cash and cash equivalents	$	28,288	$	22,493
Restricted cash	807		—
Restricted cash included in Other non-current assets	255		1,189
Total cash, cash equivalents and restricted cash	$	29,350	$	23,682

Schedule of Restrictions on Cash and Cash Equivalents


	September 30,		December 31,
	2025		2024
Cash and cash equivalents	$	28,288	$	22,493
Restricted cash	807		—
Restricted cash included in Other non-current assets	255		1,189
Total cash, cash equivalents and restricted cash	$	29,350	$	23,682

Schedule of Cash Flow, Supplemental Disclosures

Cash Flow Information


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cash paid during the period for:
Income tax, net of refunds	$	28	$	—	$	330	$	1,974
Interest	$	1,650	$	1,590	$	3,323	$	1,601


	September 30,
	2025		2024
Supplemental cash flow information
Unpaid property and equipment included in accounts payable	$	550	$	1,446

Fair Value Measurements and Financial Instruments - Fair Value Measurement Hierarchy (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Jan. 25, 2022	Jan. 24, 2022	Jan. 22, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 10,100	$ 11,511
$8.63 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 2,889	$ 3,028
Warrant price (in dollars per share)	$ 8.63		$ 8.63	$ 11.50
$8.63 Warrants \| Warrant Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant price (in dollars per share)	$ 8.63	$ 8,630
PIPE Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 337	$ 471			$ 1,300
Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OS Warrants	0	0
Warrant liability	2,889	3,028
Sponsor Earnout liability	0	0
Secured Convertible Notes	0	0
Quoted prices in active markets (Level 1) \| $8.63 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	2,889	3,028
Quoted prices in active markets (Level 1) \| PIPE Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Quoted prices in active markets (Level 1) \| Liberty Warrants and Liberty Advisory Fee Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OS Warrants	0	0
Warrant liability	0	0
Sponsor Earnout liability	0	0
Secured Convertible Notes	0	0
Significant observable inputs (Level 2) \| $8.63 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant observable inputs (Level 2) \| PIPE Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant observable inputs (Level 2) \| Liberty Warrants and Liberty Advisory Fee Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
OS Warrants	1,243	322
Warrant liability	7,211	8,483
Sponsor Earnout liability	1,319	1,501
Secured Convertible Notes	88,970	79,070
Significant unobservable inputs (Level 3) \| $8.63 Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0	0
Significant unobservable inputs (Level 3) \| PIPE Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	337	471
Significant unobservable inputs (Level 3) \| Liberty Warrants and Liberty Advisory Fee Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	$ 6,874	$ 8,012

Revenue from Contract with Customers - Revenue by Business Line (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,633	$ 2,817	$ 11,460	$ 9,646
Asset Monitoring
Disaggregation of Revenue [Line Items]
Total revenue	2,742	2,405	8,907	7,553
Constellation as a Service ("CaaS")
Disaggregation of Revenue [Line Items]
Total revenue	412	412	1,236	1,236
Space Systems
Disaggregation of Revenue [Line Items]
Total revenue	$ 479	$ 0	$ 1,317	$ 857

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Earnout Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Earnout Liability [Abstract]

Schedule of Earnout Liability


	Sponsor Earnout
As of December 31, 2024	$	1,501

Change in fair value of financial instruments	(182)

As of September 30, 2025	$	1,319

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies We may be named from time to time as a party to lawsuits arising in the ordinary course of business related to its sales, marketing, and the provision of its services and equipment. Litigation and contingency accruals are based on our assessment, including advice of legal counsel, regarding the expected outcome of litigation or other dispute resolution proceedings. If we determine that an unfavorable outcome is probable and can be reasonably assessed, we establish the necessary accruals. As of September 30, 2025 and December 31, 2024, we are not aware of any contingent liabilities that should be reflected in the Condensed Consolidated Financial Statements. Launch Services The Company has purchased commitments for future satellite launch services to be performed by third parties subsequent to December 31, 2024. Future purchase commitments under noncancelable launch service contracts as of September 30, 2025 for the year ending December 31, 2025 consisted of approximately $0.2 million and total commitments are $10.4 million through 2028.

Warrant Liabilities - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 25, 2022	Jan. 18, 2022	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2022	Jan. 24, 2022	Jan. 22, 2022
Derivative [Line Items]
Warrant liability			$ 10,100	$ 11,511
Class A ordinary shares
Derivative [Line Items]
Sale of stock, shares issued in transaction (in shares)	5,816,770
CF V Sponsor
Derivative [Line Items]
Proceeds from issuance or sale of equity		$ 150,000
CF V Sponsor \| Class A ordinary shares \| Private Placement
Derivative [Line Items]
Sale of stock, shares issued in transaction (in shares)		20,000,000
Liberty Subscription Agreement - $10 \| CF V Sponsor
Derivative [Line Items]
Warrant price (in dollars per share)		$ 10.00
Liberty Subscription Agreement - $10 \| CF V Sponsor \| Class A ordinary shares
Derivative [Line Items]
Number of securities called by warrants or rights (in shares)		5,000,000
Liberty Subscription Agreement - $15 \| CF V Sponsor
Derivative [Line Items]
Warrant price (in dollars per share)		$ 15.00
Liberty Subscription Agreement - $15 \| CF V Sponsor \| Class A ordinary shares
Derivative [Line Items]
Number of securities called by warrants or rights (in shares)		15,000,000
Liberty Warrants \| Liberty Manager
Derivative [Line Items]
Warrant price (in dollars per share)		$ 10.00
Liberty Warrants \| Liberty Manager \| Class A ordinary shares
Derivative [Line Items]
Number of securities called by warrants or rights (in shares)		2,500,000
Liberty Warrants and Liberty Advisory Fee Warrant
Derivative [Line Items]
Warrant liability			6,874	8,012	$ 30,900
PIPE Warrant
Derivative [Line Items]
Warrant liability			$ 337	471			$ 1,300
PIPE Warrant \| Class A ordinary shares
Derivative [Line Items]
Number of securities called by warrants or rights (in shares)	2,500,000
Warrant price (in dollars per share)	$ 20.00
Proceeds from issuance or sale of equity	$ 58,200
$8.63 Warrants
Derivative [Line Items]
Warrant price (in dollars per share)	$ 8.63		$ 8.63			$ 11.50
Warrant liability			$ 2,889	$ 3,028
Warrant liability, new issuance	$ 4,900
Warrant redemption (in dollars per share)	$ 13.50					$ 18.00
$8.63 Warrants \| CF V Sponsor
Derivative [Line Items]
Class of warrant or right, exercisable period after closing date	30 days
SPAC Public Warrants \| CF V Sponsor
Derivative [Line Items]
Class of warrant or right, outstanding (in shares)	8,333,333
SPAC Private Placement Warrants \| CF V Sponsor
Derivative [Line Items]
Class of warrant or right, outstanding (in shares)	200,000
Forward Purchase Contract Warrant \| Class A ordinary shares
Derivative [Line Items]
Warrant price (in dollars per share)	$ 11.50
Forward Purchase Contract Warrant \| CF V Sponsor
Derivative [Line Items]
Warrants, unissued (in shares)	333,333

Revenue from Contract with Customers

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customers

Revenue from Contracts with Customers

During the three months ended September 30, 2025, we recognized revenue of $3.6 million, of which $0.9 million was recognized over time and $2.7 million was recognized at a point in time. During the three months ended September 30, 2024, we recognized revenue of $2.8 million, of which $0.4 million was recognized over time and $2.4 million was recognized at a point in time.

During the nine months ended September 30, 2025, we recognized revenue of $11.5 million, of which $2.5 million was recognized over time and $9.0 million was recognized at a point in time. During the nine months ended September 30, 2024, we recognized revenue of $9.6 million, of which $2.1 million was recognized over time and $7.5 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 September 30, 2025 and 2024, we recognized $1.0 million and $1.4 million of revenue from this customer, respectively. For the nine months ended September 30, 2025 and 2024, we recognized $3.3 million and $4.3 million of revenue from this customer, respectively.

Disaggregation of revenue

Information about our revenue by business line is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue by business line
Asset Monitoring	$	2,742	$	2,405	$	8,907	$	7,553
Constellation as a Service ("CaaS")	412		412		1,236		1,236
Space Systems	479		—		1,317		857
Total revenue	$	3,633	$	2,817	$	11,460	$	9,646

Information about our revenue by timing is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue by timing
Over time	$	879	$	412	$	2,512	$	2,092
Point-in time	2,754		2,405		8,948		7,554
Total revenue	$	3,633	$	2,817	$	11,460	$	9,646

Information about our revenue by geography is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue by geography (1)
North America	$	2,441	$	1,975	$	8,422	$	6,154
Europe	630		501		1,564		1,582
Asia Pacific	447		338		1,214		1,903
South America	115		3		260		7
Total revenue	$	3,633	$	2,817	$	11,460	$	9,646

(1) Revenue by geography is based on the geographical location of the customer.

Contract Liabilities and Remaining Performance Obligations


	September 30,		December 31,
	2025		2024
Current	$	8,109	$	5,871

During the nine months ended September 30, 2025, we recognized revenue of $3.0 million that was included as a contract liability as of December 31, 2024. During the nine months ended September 30, 2024, we recognized revenue of $3.4 million that was included as a contract liability as of December 31, 2023. The increase in contract liabilities in the nine months ended September 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 September 30, 2025, and December 31, 2024 were $1.1 million and $1.4 million, respectively. Unused credits expire one year after issuance. There were no credits that expired in the nine months ended September 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 September 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	$	7,567	$	6,227	$	8,400	$	24,600

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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+ Details

Property and Equipment - Geographic Location (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Non-current assets by geography
Property and equipment and operating lease ROU assets	$ 30,938	$ 28,105
Uruguay
Non-current assets by geography
Property and equipment and operating lease ROU assets	30,576	26,833
Argentina
Non-current assets by geography
Property and equipment and operating lease ROU assets	334	392
Spain
Non-current assets by geography
Property and equipment and operating lease ROU assets	21	746
Other countries
Non-current assets by geography
Property and equipment and operating lease ROU assets	$ 7	$ 134

Commitment and Contingencies (Details) $ in Millions	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total purchase commitments	$ 0.2
Total commitments	$ 10.4

Stock-based Compensation - Stock Option Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Number of Options
Beginning balance (in shares)	3,234,296
Granted (in shares)	0
Forfeited (in shares)	(1,178)
Exercised (in shares)	(1,888,515)
Expired (in shares)	(2,025)
Ending balance (in shares)	1,342,578	3,234,296
Exercisable (in shares)	1,342,096
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 1.50
Granted (in usd per share)	0
Forfeited (in usd per share)	8.55
Exercised (in usd per share)	0.92
Expired (in usd per share)	8.22
Ending balance (in usd per share)	2.27	$ 1.50
Exercisable, weighted average exercise price (in usd per share)	$ 2.27
Weighted-Average Remaining Contractual Term (years)
Weighted average remaining contractual life of outstanding options (years)	5 years 3 days	4 years 6 months 18 days
Exercisable, weighted average remaining contractual life of outstanding options (years)	5 years 3 days

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 28,288	$ 22,493
Restricted cash	807	0
Restricted cash included in Other non-current assets	255	1,189
Total cash, cash equivalents and restricted cash	$ 29,350	$ 23,682	$ 17,726	$ 24,603

Earnout Liabilities

9 Months Ended

Sep. 30, 2025

Earnout Liability [Abstract]

Earnout Liabilities


	Sponsor Earnout
As of December 31, 2024	$	1,501

Change in fair value of financial instruments	(182)

As of September 30, 2025	$	1,319

Sponsor Earnout

Pursuant to that certain Sponsor Support Agreement, dated as of July 5, 2021, by and among us, the Sponsor and Nettar (the “Sponsor Support Agreement”), the Sponsor has agreed that during the period between the Closing and the five-year anniversary of the Closing, the Sponsor shall not sell, transfer or otherwise dispose of Class A common stock equal to 1,869,000 less 30% of the Forfeiture Escrow Shares (as defined in the Sponsor Support Agreement) retired and canceled (“Sponsor Earnout”). The Sponsor Earnout is subject to potential forfeiture to us for no consideration until the occurrence of each tranche’s respective earnout triggering event. The earnout triggering events related to achieving a closing price at or above $12.50, $15.00 and $20.00 per share, respectively, for any 10 trading days over a 20 trading day period were not satisfied during the nine months ended September 30, 2025. As a result, the Sponsor Earnout of 1,775,962 shares of Class A common stock were not vested and are subject to transfer restrictions and contingent forfeiture provisions.

Summary of Significant Accounting Policies - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	$ 148	$ 126
Provision	(13)	123
Write offs	(66)	0
Recoveries collected	(47)	(59)
Allowance for doubtful accounts, ending balance	$ 22	$ 190

Revenue from Contract with Customers - Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,633	$ 2,817	$ 11,460	$ 9,646
North America
Disaggregation of Revenue [Line Items]
Total revenue	2,441	1,975	8,422	6,154
Europe
Disaggregation of Revenue [Line Items]
Total revenue	630	501	1,564	1,582
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	447	338	1,214	1,903
South America
Disaggregation of Revenue [Line Items]
Total revenue	$ 115	$ 3	$ 260	$ 7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurements and Financial Instruments - Reconciliation of Level 3 Fair Value Measurements of Financial Instruments (Details) - Significant unobservable inputs (Level 3) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 322
Remeasurement gain/(loss)	828
Foreign currency translation adjustment	93
Ending balance	$ 1,243

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Product Information [Line Items]
Total revenue	$ 3,633	$ 2,817	$ 11,460	$ 9,646
Foreign currency transaction gains (losses)	44	(400)	(400)	1,800
Operating lease expense	400	500	1,234	1,605
Research and development expense	1,200	1,300	$ 3,800	5,800
Three Customers \| Accounts Receivable \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk, percentage			45.00%
Two Customers
Product Information [Line Items]
Total revenue		$ 1,800		$ 5,500
Two Customers \| Accounts Receivable \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk, percentage					70.00%
Four Customers
Product Information [Line Items]
Total revenue	$ 2,500		$ 8,600

Segment Information - Schedule of Revenue and Long Lived Assets by Geographical Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 3,633	$ 2,817	$ 11,460	$ 9,646
Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,633	2,817	11,460	9,646
U.S. \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,369	1,726	8,289	5,713
Albania \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	412	412	1,236	1,236
India \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	4	0	27	856
All Other \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 848	$ 679	$ 1,908	$ 1,841

- Definition

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+ Details

Earnout Liabilities - Narrative (Details)	9 Months Ended
Earnout Liabilities - Narrative (Details)	Sep. 30, 2025 trading_day day $ / shares shares
Earnout Liability [Line Items]
Expected number of shares (in shares) \| shares	1,775,962
CF V Sponsor \| Sponsor Earnout
Earnout Liability [Line Items]
Contingent consideration, threshold trading days \| trading_day	10
Contingent consideration, threshold consecutive trading days \| day	20
CF V Sponsor \| Sponsor Earnout \| Trigger Price One
Earnout Liability [Line Items]
Earnout period, trigger price (in usd per share)	$ 12.50
CF V Sponsor \| Sponsor Earnout \| Trigger Price Two
Earnout Liability [Line Items]
Earnout period, trigger price (in usd per share)	15.00
CF V Sponsor \| Sponsor Earnout \| Trigger Price Three
Earnout Liability [Line Items]
Earnout period, trigger price (in usd per share)	$ 20.00
CF V Sponsor \| Sponsor Earnout \| Class A ordinary shares
Earnout Liability [Line Items]
Earnout period	5 years
Contingent consideration (in shares) \| shares	1,869,000
Contingent consideration, forfeiture escrow shares retired and cancelled, percent	0.30

Stock-based Compensation - RSU Activity (Details) - Restricted stock units - $ / shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Number of RSUs
Beginning balance (shares)	2,893,396
Granted (shares)	2,059,382
Forfeited (shares)	(302,284)
Vested (in shares)	(1,365,017)
Ending balance (shares)	3,285,477
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 1.40
Granted (in usd per share)	3.54
Forfeited (in usd per share)	2.12
Vested (in usd per share)	1.44
Ending balance (in usd per share)	$ 2.66
Class A ordinary shares
Weighted-Average Exercise Price
Shares vested and deferred	410,000	264,516

Revenue from Contract with Customers - Information Services Revenue by Timing of Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,633	$ 2,817	$ 11,460	$ 9,646
Over time
Disaggregation of Revenue [Line Items]
Total revenue	900	400	2,500	2,100
Point-in time
Disaggregation of Revenue [Line Items]
Total revenue	2,700	2,400	9,000	7,500
Information Services
Disaggregation of Revenue [Line Items]
Total revenue	3,633	2,817	11,460	9,646
Information Services \| Over time
Disaggregation of Revenue [Line Items]
Total revenue	879	412	2,512	2,092
Information Services \| Point-in time
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,754	$ 2,405	$ 8,948	$ 7,554

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2025
Related Party Transactions [Abstract]
Related Parties	Related Parties See description of transactions with CF&Co. and Liberty Investment as part of the Merger Transaction described in Note 4. (Reverse Recapitalization) of our 2024 Annual Report. Also see the description of the transactions involving CF&Co. described in Note 1 (Nature of the Business and Basis of Presentation) of this Report. We made purchases totaling $0.7 million and $0.8 million from our equity method investee, OS, in the nine months ended September 30, 2025 and 2024, respectively and there was $0.4 million owed to OS and included in Accounts payable at September 30, 2025. Pursuant to the ATM Program, when designated as sales agent for a particular sale, CF&Co. is to be paid a commission, in cash, at a fixed rate of 3.0% of the gross sales price per share sold under the Second A&R Sales Agreement. CF&Co. is also entitled to reimbursement for certain specified expenses, including the fees and disbursements of CF&Co.’s legal counsel. CF&Co. acted as the exclusive placement agent for the Registered Direct Offering issued in April 2025, pursuant to the Placement Agent Agreement by and between the Company and CF&Co. Pursuant to the Placement Agent Agreement, the Company agreed to pay CF&Co. a cash fee equal to 4.0% of the aggregate gross proceeds raised in the Registered Direct Offering.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($)
$ in Thousands

Total

Registered Direct Offering

ATM Program

Common Stock

Registered Direct Offering

Common Stock

ATM Program

Common Stock

Restricted stock units

Additional paid-in capital

Registered Direct Offering

Additional paid-in capital

ATM Program

Treasury stock

Accumulated other comprehensive loss

Accumulated deficit

Beginning balance (in shares) at Dec. 31, 2023

90,303,985

Beginning balance at Dec. 31, 2023

$ 51,675

$ 344,144

$ (8,603)

$ (33)

^[1]

$ (283,833)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(15,178)

Other comprehensive loss

(137)

^[1]

Exercise of stock options and RSUs vested (in shares)

227,622

Payments for withholding taxes related to the net share settlement of equity awards

(184)

Stock-based compensation

1,446

Ending balance (in shares) at Mar. 31, 2024

90,531,607

Ending balance at Mar. 31, 2024

37,622

345,406

(8,603)

(170)

^[1]

(299,011)

Beginning balance (in shares) at Dec. 31, 2023

90,303,985

Beginning balance at Dec. 31, 2023

51,675

344,144

(8,603)

(33)

^[1]

(283,833)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(45,369)

Ending balance (in shares) at Sep. 30, 2024

91,404,866

Ending balance at Sep. 30, 2024

7,769

345,651

(8,603)

(77)

^[1]

(329,202)

Beginning balance (in shares) at Mar. 31, 2024

90,531,607

Beginning balance at Mar. 31, 2024

37,622

345,406

(8,603)

(170)

^[1]

(299,011)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(18,101)

Other comprehensive loss

(211)

^[1]

Exercise of stock options and RSUs vested (in shares)

572,480

Exercise of stock options and RSUs vested

Payments for withholding taxes related to the net share settlement of equity awards

(111)

Stock-based compensation

(188)

Ending balance (in shares) at Jun. 30, 2024

91,104,087

Ending balance at Jun. 30, 2024

19,064

345,160

(8,603)

(381)

^[1]

(317,112)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(12,090)

Other comprehensive loss

304

^[1]

Exercise of stock options and RSUs vested (in shares)

300,779

Exercise of stock options and RSUs vested

Payments for withholding taxes related to the net share settlement of equity awards

(103)

Stock-based compensation

507

Ending balance (in shares) at Sep. 30, 2024

91,404,866

Ending balance at Sep. 30, 2024

7,769

345,651

(8,603)

(77)

^[1]

(329,202)

Beginning balance (in shares) at Dec. 31, 2024

96,015,320

Beginning balance at Dec. 31, 2024

(53,032)

356,247

(8,603)

(571)

^[2]

(400,105)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(32,581)

Issuance of Common Stock (in shares)

275,587

Issuance of Common Stock

$ 1,128

Other comprehensive loss

257

^[2]

Exercise of stock options and RSUs vested (in shares)

1,175,349

Exercise of stock options and RSUs vested

916

Payments for withholding taxes related to the net share settlement of equity awards

(375)

Stock-based compensation

595

Ending balance (in shares) at Mar. 31, 2025

97,466,256

Ending balance at Mar. 31, 2025

(83,092)

358,511

(8,603)

(314)

^[2]

(432,686)

Beginning balance (in shares) at Dec. 31, 2024

96,015,320

Beginning balance at Dec. 31, 2024

(53,032)

356,247

(8,603)

(571)

^[2]

(400,105)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(35,266)

Ending balance (in shares) at Sep. 30, 2025

107,548,880

Ending balance at Sep. 30, 2025

(56,886)

386,546

(8,603)

542

^[2]

(435,371)

Beginning balance (in shares) at Mar. 31, 2025

97,466,256

Beginning balance at Mar. 31, 2025

(83,092)

358,511

(8,603)

(314)

^[2]

(432,686)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(6,652)

Issuance of Common Stock (in shares)

6,451,612

496,940

Issuance of Common Stock

$ 18,769

1,456

$ 18,769

1,456

Other comprehensive loss

749

^[2]

Exercise of stock options and RSUs vested (in shares)

829,740

Exercise of stock options and RSUs vested

359

Payments for withholding taxes related to the net share settlement of equity awards

(278)

Stock-based compensation

576

Ending balance (in shares) at Jun. 30, 2025

105,244,548

Ending balance at Jun. 30, 2025

(68,113)

379,393

(8,603)

435

^[2]

(439,338)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

3,967

Issuance of Common Stock (in shares)

1,465,889

Issuance of Common Stock

$ 5,357

Other comprehensive loss

107

^[2]

Exercise of stock options and RSUs vested (in shares)

838,443

Exercise of stock options and RSUs vested

470

Payments for withholding taxes related to the net share settlement of equity awards

(327)

Stock-based compensation

1,653

Ending balance (in shares) at Sep. 30, 2025

107,548,880

Ending balance at Sep. 30, 2025

$ (56,886)

$ 386,546

$ (8,603)

$ 542

^[2]

$ (435,371)

[1]	Accumulated other Comprehensive loss consists of cumulative translation adjustments resulting from translating non-U.S. dollar denominated functional currency entities.
[2]	Accumulated other Comprehensive loss consists of cumulative translation adjustments resulting from translating non-U.S. dollar denominated functional currency entities.

Additional Financial Statement Information (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid and Other Current Assets

Prepaid Expenses and Other Current Assets


	September 30,		December 31,
	2025		2024
Prepaid expenses and other current assets
Prepaid expenses	$	1,852	$	2,892
Officina Stellare S.p.A. (“OS”) Warrants	1,243		322
Advances to suppliers	96		138
Other current assets	640		555
Total	$	3,831	$	3,907

Schedule of Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities


	September 30,		December 31,
	2025		2024
Accrued expenses and other liabilities

Payroll and benefits payable	$	902	$	2,286
Advisory Fee payable	7,500		7,500
Other taxes payable	1,641		1,835
Other	506		516
Total	$	10,549	$	12,137

Total current	$	10,043	$	11,621
Total non-current	$	506	$	516

Schedule of Interest Income (Expense), Net

Interest Income, Net


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest income, net
Interest expense (1)	$	(9)	$	(65)	$	(12)	$	(76)

Other finance costs	—		55		—		—
Interest income	281		281		746		858
Total	$	272	$	271	$	734	$	782

(1) Excludes interest on the Company’s Secured Convertible Notes, which is included in Change in Fair Value of Financial Instruments.

Nature of the Business and Basis of Presentation	9 Months Ended
Nature of the Business and Basis of Presentation	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	Nature of the Business and Basis of Presentation Nature of the Business On January 25, 2022 (the “Closing Date”), Satellogic Inc. (“Satellogic” or the “Company”), a British Virgin Islands (“BVI”) business company incorporated in the BVI as a company limited by shares, consummated the transactions contemplated by the Agreement and Plan of Merger dated as of July 5, 2021 (the “Merger Agreement,” and the transactions consummated pursuant thereto, the “Merger”), by and among the Company, CF Acquisition Corp. V, a Delaware corporation (“CF V” and now known as “Satellogic V Inc.”), Ganymede Merger Sub 1 Inc., a BVI business company incorporated in the BVI as a company limited by shares and a direct wholly owned subsidiary of the Company, Ganymede Merger Sub 2 Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company, and Nettar Group Inc., a BVI business company incorporated in the BVI as a company limited by shares and a direct wholly-owned subsidiary of the Company (“Nettar” or the “Borrower”). Nettar was, prior to the Merger, the holding company of the Satellogic group and was incorporated on October 7, 2014, under the laws of the BVI as a company limited by shares. On March 26, 2025, we filed with the Secretary of State of the State of Delaware a certificate of corporate domestication and a certificate of incorporation of a Delaware corporation with the name “Satellogic Inc.,” as well as filed with the Registrar of Corporate Affairs in the BVI a notice of the Company’s continuance out of the BVI, pursuant to which we domesticated and are continuing as a Delaware corporation (the “Domestication”). On the effective date of the Domestication, each of our BVI Ordinary Shares and BVI Warrants automatically converted by operation of law, on a one-for-one basis, into shares of Class A common stock, Class B common stock and warrants to purchase Class A common stock, respectively. References to “Nettar” contained herein refer to Nettar Group Inc. prior to the Merger, and references to “the Company,” “we,” “our,” “us” or “Satellogic” refer to Satellogic Inc. prior to the Merger and to the combined company following the Merger. Through our subsidiaries, we invest in the software, hardware, and optics of the aerospace industry focusing on satellite and image analytics technologies. Our strategy is to build a planetary scale analytics platform based on a proprietary satellite constellation with the capability to generate insights from images and information, with focus on multi-temporal analysis and high frequency of revisits. We also intend to continue to leverage our ability to quickly build and launch high quality, sub-meter satellites at a low cost by selling satellites to certain key customers. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and September 30, 2024 (the “Condensed Consolidated Financial Statements”) have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and are presented in accordance with the applicable requirements of Regulation S-X and other rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, these financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”). The significant accounting policies followed by the Company are set forth in Note 2 within the Company’s audited consolidated financial statements included in the 2024 Annual Report. There were no material changes in the Company’s significant accounting policies during the three and nine months ended September 30, 2025. The Company conducts business through one operating segment. The accompanying Condensed Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries. All intercompany accounts and transactions, including the intercompany portion of transactions with equity method investees, have been eliminated in consolidation. The Condensed Consolidated Financial Statements are presented in United States dollars (hereinafter “U.S. dollars” or “$”). The accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The results of operations for these interim periods are not necessarily indicative of the results of operations to be expected for any future period or the full fiscal year. Emerging Growth Company We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (“the Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “Jobs Act”). The Jobs Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The Jobs Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised that has different application dates for public or private companies, we can adopt the new or revised standard at the time required for private companies to adopt such standard. The foregoing may make comparison of our financial statements with those of another public company difficult or impossible if such other public company is (i) not an emerging growth company or (ii) is an emerging growth company that has opted out of using the extended transition period, due to the potential differences in accounting standards used. Going Concern and Liquidity In accordance with the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, we evaluate whether there are conditions or events that, when considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making our assessment, we considered the Company’s current financial condition and liquidity sources including current funds available, forecasted future cash flows and conditional and unconditional obligations due over the next twelve months. We previously disclosed circumstances that gave rise to substantial doubt about the Company's ability to continue as a going concern. We believe those conditions were resolved as a result of the Company's $90 million underwritten public offering (“Public Offering”), which closed on October 17, 2025 and resulted in net proceeds to the Company of approximately $84.9 million. See Note 17, Subsequent Events, for further detail on this public offering. Accordingly, we believe our cash on hand following the consummation of the Public Offering will be sufficient to meet our working capital expenditure requirements for a period of at least twelve months from the end of the reporting period.

Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Diluted loss per share considers the impact of potentially dilutive securities. We identified financial instruments that qualify as potential common shares: (i) the share-based options awards described in Note 11 (Stock-based Compensation), (ii) the warrants described in Note 6 (Warrant Liabilities), and (iii) the earnout liabilities described in Note 7 (Earnout Liabilities). Each of these potential common shares are antidilutive since their conversion to common shares would decrease loss per share from continuing operations.

Basic and diluted net income (loss) per share attributable to common stockholders is calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss) attributable to holders of Common Stock	$	3,967	$	(12,090)	$	(35,266)	$	(45,369)
Basic weighted-average shares of Common Stock outstanding	105,984,243		91,200,564		101,982,971		90,738,440
Basic net income (loss) per share for the period attributable to holders of Common Stock	$	0.04	$	(0.13)	$	(0.35)	$	(0.50)
Effect of dilutive securities:
Adjustment to numerator - Change in fair value of Secured Convertible Notes	$	(7,099)	$	—	—		—
Dilutive numerator	$	(3,132)	$	(12,090)	$	(35,266)	$	(45,369)

Diluted weighted-average Common Stock outstanding	130,984,243		91,200,564		101,982,971		90,738,440
Diluted net income (loss) per share for the period attributable to holders of Common Stock	$	(0.02)	$	(0.13)	$	(0.35)	$	(0.50)

Additionally, the following securities were not included in the quarter-to-date or year-to-date computation of diluted shares outstanding because the effect would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Warrants	49,184,815	49,184,915	49,184,815	49,184,915
Sponsor earnout shares	1,775,962	1,775,962	1,775,962	1,775,962
Stock options	1,342,578	4,138,636	1,342,578	4,138,636
Restricted stock units	3,285,477	3,209,298	3,285,477	3,209,298
Shares convertible from Secured Convertible Notes	—	25,000,000	25,000,000	25,000,000
Total	55,588,832	83,308,811	80,588,832	83,308,811

Secured Convertible Notes - Narrative (Details)		9 Months Ended
Secured Convertible Notes - Narrative (Details)	Apr. 12, 2024 USD ($) $ / shares	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Fixed prepayment penalty percentage		5.00%
Debt instrument, redemption price, percentage	105.00%
Secured Convertible Notes
Debt Instrument [Line Items]
Principal outstanding amount	$ 50,000,000
Convertible Debt \| Secured Convertible Notes
Debt Instrument [Line Items]
Debt, aggregate principal amount	30,000,000
Proceeds from issuance of secured notes	$ 27,600,000
Variable rate	6.50%
Effective interest rate		10.36%
Variable rate, event of default	4.00%
Principal outstanding amount		$ 50,000,000
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 1.20
Convertible debt prepayment, business sale proceeds threshold		2,000,000
Debt instrument, redemption price, percentage	105.00%
Accrued interest		$ 100,000	$ 1,000,000.0
Convertible Debt \| Class A ordinary shares \| Secured Convertible Notes
Debt Instrument [Line Items]
Debt conversion ratio	0.8333

Secured Convertible Notes - Schedule of Convertible Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Secured Convertible Notes	$ 88,970	$ 79,070

Additional Financial Statement Information - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accrued expenses and other liabilities
Payroll and benefits payable	$ 902	$ 2,286
Advisory Fee payable	7,500	7,500
Other taxes payable	1,641	1,835
Other	506	516
Total	10,549	12,137
Total current	10,043	11,621
Total non-current	$ 506	$ 516

Accounting Standards Updates	9 Months Ended
Accounting Standards Updates	Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standards Updates	Accounting Standards Updates Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which include improvements to income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to better align disclosures with Regulation S-X and to remove disclosures no longer considered cost beneficial or relevant. This ASU is effective for public entities for annual periods beginning after December 15, 2024, with earlier or retrospective application permitted. The amendments in this ASU should be applied prospectively for annual financial statements not yet issued or made available for issuance. The Company is currently evaluating the impact of this guidance on its related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures – Disaggregation of Income Statement Expenses – Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures – Disaggregation of Income Statement Expenses, which requires a new footnote disclosure for public entities to disaggregate, in a tabular format, certain relevant expense captions on the face of the income statement that include any of the following natural expenses: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and certain depletion expenses. The guidance is effective for annual periods beginning after December 15, 2026. The ASU only affects disclosure location and format, as it does not change or remove existing expense disclosure requirements. The Company is currently evaluating the impact of this new guidance on its disclosures. In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20), which provides guidance on applying induced conversion or extinguishment accounting to certain settlements of convertible debt that do not occur in accordance with the instrument’s preexisting terms. The ASU requires a preexisting contract approach and clarifies how to assess the form and amount of consideration for induced conversion accounting. The guidance is effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of this new guidance on its consolidated financial statements and related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets which provides a practical expedient that allows an entity to assume that current economic conditions at the balance sheet date will remain unchanged for the remaining life of the asset when measuring expected credit losses (“ECL”) on accounts receivable and certain contract assets recognized under Topic 606. The practical expedient is intended to reduce complexity for short-duration trade receivables. An entity electing this expedient is required to disclose that election. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2025, including interim periods within those annual periods, with earlier adoption permitted. The Company is currently evaluating the effect of the guidance on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends the guidance for capitalizing costs related to internal-use software. The ASU removes the prescriptive, sequential project stages (preliminary project stage, application development stage, and post-implementation/operation stage) and replaces them with a "probable-to-complete recognition threshold." The ASU also clarifies that the disclosure requirements for Property, Plant, and Equipment (Topic 360) apply to all capitalized internal-use software costs, and the specific intangibles disclosures in Topic 350 are not required. The amendments are effective for public business entities for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods, with earlier adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Clarifying the Scope of Derivatives and Noncash Consideration Received from a Customer. This ASU provides clarification in two main areas: (1) it creates a scope exception within Topic 815 for contracts with underlyings based on operational variables specific to one of the contracting parties (e.g., sales, earnings measures, or production volumes), and (2) it clarifies that the guidance in Topic 606 must be applied before the derivative or equity accounting guidance for share-based noncash consideration received from a customer. The amendments are effective for public business entities for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
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-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 65
-Paragraph 4
-Subparagraph (f)(1)
-Publisher FASB
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (e)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Fair Value Measurements and Financial Instruments - Narrative (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares	Dec. 31, 2024 $ / shares	Jan. 25, 2022 $ / shares	Jan. 24, 2022 $ / shares
Sponsor Earnout
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, term	1 year 3 months 18 days
Sponsor Earnout \| Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.90
Sponsor Earnout \| Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.036
Secured Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt, difference between fair value and unpaid principal balance \| $	$ 59.0
Secured Convertible Notes \| Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.60
Secured Convertible Notes \| Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.036
Secured Convertible Notes \| Credit Spread \| Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Credit spread	24.21%
Secured Convertible Notes \| Credit Spread \| Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Credit spread	36.71%
Warrant Assets
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, term	3 months
Warrant Assets \| Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.334
Warrant Assets \| Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.040
$8.63 Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant price (in dollars per share)	$ 8.63		$ 8.63	$ 11.50
$8.63 Warrants \| Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant price (in dollars per share)	$ 8.63	$ 8,630
PIPE Warrant \| Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, term	1 year 3 months 18 days
PIPE Warrant \| Warrant Liability \| Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.90
PIPE Warrant \| Warrant Liability \| Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.036
Liberty Warrants and Liberty Advisory Fee Warrant liability \| Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, term	1 year 4 months 24 days
Liberty Warrants and Liberty Advisory Fee Warrant liability \| Warrant Liability \| Volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.900
Liberty Warrants and Liberty Advisory Fee Warrant liability \| Warrant Liability \| Risk Free Interest Rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.036

Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net income (loss) per share attributable to common stockholders is calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss) attributable to holders of Common Stock	$	3,967	$	(12,090)	$	(35,266)	$	(45,369)
Basic weighted-average shares of Common Stock outstanding	105,984,243		91,200,564		101,982,971		90,738,440
Basic net income (loss) per share for the period attributable to holders of Common Stock	$	0.04	$	(0.13)	$	(0.35)	$	(0.50)
Effect of dilutive securities:
Adjustment to numerator - Change in fair value of Secured Convertible Notes	$	(7,099)	$	—	—		—
Dilutive numerator	$	(3,132)	$	(12,090)	$	(35,266)	$	(45,369)

Diluted weighted-average Common Stock outstanding	130,984,243		91,200,564		101,982,971		90,738,440
Diluted net income (loss) per share for the period attributable to holders of Common Stock	$	(0.02)	$	(0.13)	$	(0.35)	$	(0.50)

Schedule of Diluted Shares Outstanding, Anti-dilutive

Additionally, the following securities were not included in the quarter-to-date or year-to-date computation of diluted shares outstanding because the effect would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Warrants	49,184,815	49,184,915	49,184,815	49,184,915
Sponsor earnout shares	1,775,962	1,775,962	1,775,962	1,775,962
Stock options	1,342,578	4,138,636	1,342,578	4,138,636
Restricted stock units	3,285,477	3,209,298	3,285,477	3,209,298
Shares convertible from Secured Convertible Notes	—	25,000,000	25,000,000	25,000,000
Total	55,588,832	83,308,811	80,588,832	83,308,811

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts receivable, allowance	$ 22	$ 148
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preference shares issued (in shares)	0	0
Preference shares outstanding (in shares)	0	0
Treasury stock (in shares)	567,823	567,823
Class A ordinary shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	385,000,000	385,000,000
Common stock, shares, issued (in shares)	97,534,062	83,000,501
Common stock, shares, outstanding (in shares)	96,966,239	82,432,678
Class B ordinary shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares, issued (in shares)	10,582,641	13,582,642
Common stock, shares, outstanding (in shares)	10,582,641	13,582,642

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Underwritten Offering On October 15, 2025, the Company entered into an Underwriting Agreement (the “Underwriting Agreement”) with CF&Co., as representative of the underwriters named therein, in connection with an underwritten public offering of 27,692,308 shares of the Company’s Class A common stock, par value $0.0001 per share, at a public offering price of $3.25 per share. Under the terms of the Underwriting Agreement, the Company granted the underwriters a 30-day option to purchase up to 4,153,846 additional shares. The gross proceeds to the Company from the offering were approximately $90 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. All of the shares were sold by the Company. The offering closed on October 17, 2025. ATM Program Update On October 16, 2025, the Company decreased the amount of Class A Common Stock issuable pursuant to the ATM Program to a maximum of up to an aggregate of $15 million of shares of Class A Common Stock (exclusive of shares previously sold under the program). Liberty Advisory Fee Payment On October 23, 2025, the Company paid a $7.5 million advisory fee to the Liberty Investor in accordance with the Liberty Subscription Agreement. The $7.5 million advisory fee is included in accrued expenses and other liabilities in the Condensed Consolidated Financial Statements. For more information, see the description of the Liberty Investment as part of the Merger Transaction described in Note 4. (Reverse Recapitalization) of our 2024 Annual Report.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 31, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-41247
Entity Registrant Name	Satellogic Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1845974
Entity Address, Address Line One	210 Delburg Street
Entity Address, City or Town	Davidson,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28036
City Area Code	(704)
Local Phone Number	894-4482
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001874315
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	SATL
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		124,884,514
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	SATLW
Security Exchange Name	NASDAQ
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,582,641

Warrant Liabilities

9 Months Ended

Sep. 30, 2025

Other Liabilities Disclosure [Abstract]

Warrant Liabilities


	Liberty Warrants and Liberty Advisory Fee Warrant		PIPE Warrant		$8.63 Warrants		Total Warrant Liabilities


As of December 31, 2024	$	8,012	$	471	$	3,028	$	11,511
Change in fair value of financial instruments	(1,138)		(134)		(139)		(1,411)
As of September 30, 2025	$	6,874	$	337	$	2,889	$	10,100

Liberty Warrants and Liberty Advisory Fee Warrant

On January 18, 2022, the Company and CF V entered into the Liberty Subscription Agreement with an investor (the “Liberty Investor”). The Company agreed to issue and sell to the Liberty Investor (i) 20,000,000 shares of Class A common stock (the “Liberty Shares”), (ii) a warrant to purchase up to 5,000,000 shares of Class A common stock at an exercise price of $10.00 per share (the “$10.00 Liberty Warrant”), and (iii) a warrant to purchase up to 15,000,000 shares of Class A common stock at an exercise price of $15.00 per share (the “$15.00 Liberty Warrant”, and together with the $10.00 Liberty Warrant, the “Liberty Warrants”), in a private placement for an aggregate purchase price of $150.0 million. The transaction closed on February 10, 2022 (the transaction collectively, the “Liberty Investment”).

An advisory fee is payable by the Company in exchange for advisory services to be provided to the Company from time to time until a Cessation Event (as defined in that certain Subscription Agreement, dated as of January 18, 2022, by and among the Company, the Liberty Investor and CF V, pursuant to which the Liberty Investment was made, the “Liberty Subscription Agreement”). The advisory fee includes a warrant to purchase 2,500,000 of Satellogic’s Class A ordinary shares at an exercise price of $10.00 per share (the “Liberty Advisory Fee Warrant”).

In 2022, the Liberty Warrants and the Liberty Advisory Fee Warrant were initially recognized as a liability with a fair value of $30.9 million. The Liberty Warrants and the Liberty Advisory Fee Warrant remain unexercised and were remeasured to a fair value of $6.9 million as of September 30, 2025. The Liberty Warrants and Liberty Advisory Fee Warrant will expire on February 10, 2027 or earlier upon redemption or liquidation.

PIPE Warrant

In 2022, Pursuant to the relevant subscription agreement, the Company issued 5,816,770 shares of Class A common stock and a non-redeemable warrant (the “PIPE Warrant”) to purchase 2,500,000 shares of Class A common stock to a PIPE investor at an exercise price of $20.00 per share, for an aggregate purchase price of $58.2 million.

In 2022, the PIPE Warrant was initially recognized as a liability with a fair value of $1.3 million. The PIPE Warrant remains unexercised and was remeasured to fair value of $0.3 million as of September 30, 2025. The PIPE Warrant will expire on January 25, 2027, or earlier upon redemption or liquidation.

$8.63 Warrants

In connection with the Merger, we entered into that certain Assignment, Assumption and Amendment Agreement, dated January 25, 2022, by and among the Company, CF V and Continental Stock (the “PIPE Warrant Agreement”), which amended that certain Warrant Agreement, dated January 28, 2021, by and between the Company and Continental Stock Transfer & Trust Company (the “Public Warrant Agreement”).

Pursuant to the Public Warrant Agreement, we issued warrants to purchase 8,333,333 shares of Class A common stock (the “Public Warrants”) and 200,000 private placement warrants. Additionally, pursuant to that certain Amended and Restated Forward Purchase Contract, dated as of January 28, 2021, by and between CF V and CFAC Holdings V, LLC (the “Sponsor”), we agreed to issue warrants to purchase an additional 333,333 shares of Class A common stock at an exercise price of $11.50 per share (the “Forward Purchase Warrant”) (together, with the Public Warrants and the private placement Warrants, the “$8.63 Warrants”).

All of the $8.63 Warrants are governed by the Public Warrant Agreement. The $8.63 Warrants became exercisable 30 days after the Closing Date, or February 25, 2022, and will expire on January 25, 2027, or earlier upon redemption or liquidation.

The $8.63 Warrants were initially recognized as a liability with a fair value of $4.9 million. On April 1, 2022, we determined pursuant to the Public Warrant Agreement, as modified and assumed by the PIPE Warrant Agreement, that the warrant price with respect to the warrants issued and outstanding was adjusted from $11.50 to $8.63 and the redemption price was adjusted from $18.00 to $13.50. The $8.63 Warrants had a fair value of $2.9 million as of September 30, 2025.

Related Parties (Details) - USD ($) $ in Thousands		9 Months Ended
Related Parties (Details) - USD ($) $ in Thousands	Apr. 15, 2025	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Accounts payable		$ 2,405		$ 3,754
Commission rate		3.00%
Registered Direct Offering
Schedule of Equity Method Investments [Line Items]
Sale of stock, placement agent fee, percent of gross proceeds	4.00%
Related Party
Schedule of Equity Method Investments [Line Items]
Purchases from related party		$ 700	$ 800
Accounts payable		$ 400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Operations for the Company’s segment were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue	$	3,633	$	2,817	$	11,460	$	9,646
Cost of sales excluding depreciation	(1,171)		(1,228)		(3,597)		(3,782)
Selling, general and administrative expenses	(6,413)		(6,660)		(18,259)		(25,590)
Engineering	(2,629)		(2,848)		(7,449)		(11,522)
Other segment items	10,547		(4,171)		(17,421)		(14,121)
Net income (loss)	$	3,967	$	(12,090)	$	(35,266)	$	(45,369)

Schedule of Revenue and Long Lived Assets by Geographical Location

Revenue by geographic area is as follows(a):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
U.S.	$	2,369	$	1,726	$	8,289	$	5,713
Albania	412		412		1,236		1,236
India	4		—		27		856
All Other	848		679		1,908		1,841
Total	$	3,633	$	2,817	$	11,460	$	9,646

(a) Revenues are attributed to individual countries based on the location of the customer generating the revenue.

Property and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consists of the following:


	Estimated Useful Life (in years)	September 30,		December 31,
		2025		2024
Satellites and other equipment	3-5	$	29,945	$	30,668
Satellites under construction	Not applicable	16,677		14,458
Leasehold improvements	5-10	3,010		2,901
Other property and equipment	3-10	4,160		4,307
Total property and equipment		53,792		52,334
Less: Accumulated depreciation		(28,980)		(25,106)
Property and equipment, net		$	24,812	$	27,228

Provisions for depreciation are based on estimated useful lives of the assets using the straight-line method.

Information related to our property and equipment and operating lease ROU assets by geography is as follows:


	September 30,		December 31,
	2025		2024
Uruguay	$	30,576	$	26,833
Argentina	334		392
Spain	21		746

Other countries	7		134
Total (1)	$	30,938	$	28,105

(1) The presentation in the table above is based on the geographic location of the entity that holds the assets.