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 (loss) income 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 Data & Analytics including 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 (loss) income. Required segment disclosures that are equal to the Company’s consolidated totals and disclosed elsewhere in the financial statements include: net (loss), total assets, total revenue, interest income, interest (expense), depreciation expense, equity in net income (loss) of affiliate, income tax (expense), and equity in net income of affiliates accounted for by the equity method. 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 6 (Revenue from Contracts with Customers). Total purchases of long lived assets include purchases of property and equipment disclosed in the statement of cash flows and the acquisition of operating lease right of use assets disclosed in Note 18 (Leases).
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), interest and financing costs, partially offset by foreign currency income adjustments and interest income.
Operations for the Company’s segment were as follows:
| | | | | | | | | | | | | |
| Years Ended December 31, |
| 2025 | | 2024 | | |
| Revenue | $ | 17,707 | | | $ | 12,870 | | | |
| Cost of sales excluding depreciation | (4,876) | | | (5,024) | | | |
| Engineering | (10,375) | | | (14,405) | | | |
| Selling, general and administrative expenses | (25,735) | | | (32,992) | | | |
| Other segment items | 18,496 | | | (76,721) | | | |
| Net loss | $ | (4,783) | | | $ | (116,272) | | | |
Revenue by geographic area is as follows(a):
| | | | | | | | | | | |
| Revenues |
| Years ended December 31, |
| 2025 | | 2024 |
| U.S. | $ | 12,039 | | | $ | 7,318 | |
| Albania | 2,241 | | | 1,648 | |
| | | |
| | | |
| All Other | 3,427 | | | 3,904 | |
| Total | $ | 17,707 | | | $ | 12,870 | |
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(a) Revenues are attributed to individual countries based on the location of the customer generating the revenue.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.