Revenue from Contracts with Customers
During the year ended December 31, 2025, we recognized revenue of $17.7 million, of which $3.9 million was recognized over time and $13.8 million was recognized at a point in time. During the year ended December 31, 2024, we recognized revenue of $12.9 million, of which $3.1 million was recognized over time and $9.8 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. We recognized $4.4 million of revenue from this customer during the year ended December 31, 2025. We recognized $5.3 million of revenue from this customer during the year ended December 31, 2024.
Disaggregation of revenue
Information about our revenue by business line is as follows:
| | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | |
| Revenue by business line | | | | | |
| Data & Analytics including CaaS | $ | 15,996 | | | $ | 11,113 | | | |
| | | | | |
| Space Systems | 1,711 | | | 1,757 | | | |
| Total revenue | $ | 17,707 | | | $ | 12,870 | | | |
Information about our revenue by timing is as follows:
| | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | |
| Revenue by timing | | | | | |
| Over time | $ | 3,912 | | | $ | 3,122 | | | |
| Point-in time | 13,795 | | | 9,748 | | | |
| Total revenue | $ | 17,707 | | | $ | 12,870 | | | |
Information about our revenue by geography is as follows:
| | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | |
Revenue by geography (1) | | | | | |
| North America | $ | 12,068 | | | $ | 7,904 | | | |
| Europe | 2,780 | | | 2,631 | | | |
| Asia & Asia Pacific | 2,500 | | | 2,322 | | | |
| South America | 359 | | | 13 | | | |
| Total revenue | $ | 17,707 | | | $ | 12,870 | | | |
(1)Revenue by geography is based on the geographical location of the customer.
Contract Liabilities and Remaining Performance Obligations
Our contract liabilities consist of payments received from customers, or such consideration contractually due, in advance of providing the relevant product or service. Amounts included in Contract liabilities are as follows:
| | | | | | | | | | | |
| December 31, |
| 2025 | | 2024 |
| Current | $ | 10,609 | | | $ | 5,871 | |
| Non-current | 4,000 | | | — | |
| Total | $ | 14,609 | | | $ | 5,871 | |
During the year ended December 31, 2025, we recognized revenue of $3.1 million that was included as a Contract liability as of December 31, 2024. During the year ended December 31, 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 as of December 31, 2025 primarily reflects upfront consideration received from three customers for which the associated performance obligations are expected to be satisfied over the next 12 to 24 months. Total unused credits related to the non-cash agreement described above included in contract liabilities at December 31, 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 years ended December 31, 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. As discussed in Note 2 Summary of Significant Accounting Policies, the Company changed its disclosure methodology in 2025 to include contracts in its calculation of RPO that have an original duration of one year or less. As of December 31, 2025, the total RPO was $65.1 million. Excluding the impact of this methodology change, remaining performance obligations would have been $44.1 million.
The following table represents the total transaction price for the remaining performance obligations as of December 31, 2025 related to noncancellable contracts that is expected to be recognized over future periods.
| | | | | | | | | | | | | | | | | | | | | | | |
| Within 1 Year | | Years 1-2 | | Years 2-3 | | Thereafter |
| Remaining performance obligations | $ | 28,624 | | | $ | 6,654 | | | $ | 8,017 | | | $ | 21,833 | |