Total Revenue Q1 2024

Increased from $0 in Q1 2023 to $500,000 in Q1 2024 " "

The revenue jump is due to recognizing revenue for the first time from completing performance obligations under a U.S. government contract, whereas there were no such agreements in Q1 2023. " "

Total Revenue Q1 2025

Increased by $0.2 million (44%) from $0.5 million in Q1 2024 to $0.7 million in Q1 2025 "

The increase is driven by a $0.4 million rise from the resale of gateway equipment to a mobile network operator, which offset a $0.2 million decline in revenue from government contract agreements, reflecting a shift in revenue mix compared to the prior period. "

Cash Flow Q1 2024

Operating cash outflow increased by $10.4 million (from $37.7M to $48.1M), investing outflow increased by $24.2 million (from $15.4M to $39.6M), and financing provided $212.2 million, resulting in a net cash increase of $124.3 million compared to a $53.6 million decrease in Q1 2023 " " "

The change in cash flow is attributable to an increased working capital requirement ($26.7M) and higher investments in property and equipment, offset by significant financing activities including proceeds from Convertible Notes ($104.8M) and a Common Stock offering ($107.7M), marking a strategic emphasis on funding satellite development and infrastructure. " " "

Cash Flow Q1 2025

Operating cash outflow decreased by $19.6 million (from $48.1M to $28.5M), investing outflow increased by $80.9 million (from $39.6M to $120.5M), and financing inflows increased by $243.7 million (from $212.2M to $455.9M), resulting in a cash position of $874.5M at Q1 2025 compared to Q1 2024 " "

The Q1 2025 cash flow reflects improved operational efficiency via a $28.2M decrease in working capital requirements, yet significantly higher capital expenditures (including advance payments for satellite materials) and robust financing through debt ($338.0M increase) and minor stock-based proceeds, illustrating an aggressive push to scale satellite network capabilities. " "

Balance Sheet Q1 2024

Cash and cash equivalents increased from $85.6M to $209.9M; long-term debt increased from $59.3M to $160.8M; Additional Paid-In Capital grew from $288.4M to $373.8M " " "

The balance sheet changes were driven by strong financing activities—proceeds from Convertible Notes ($104.8M) and a Common Stock offering ($107.7M)—which boosted cash while increasing long-term debt, and the raised capital supported asset investments and satellite infrastructure improvements. " " "

Balance Sheet Q1 2025

Cash increased from $567.5M to $874.5M; Property & Equipment, net increased from $337.7M to $450.8M; Long-Term Debt rose from $155.6M to $462.2M; Additional Paid-In Capital increased from $969.0M to $1,103.9M " " " " "

The Q1 2025 balance sheet improvements are linked to major capital infusions from a convertible notes offering ($403M) and ATM facility proceeds ($55M), along with stock issuance (raising $40.5M and settling convertible notes for $115.6M), which resulted in higher asset values and increased debt levels to finance ongoing satellite development and network commercialization. " " " " "

Income Statement Q1 2024

Revenue of $0.5M (up from $0); Engineering expenses increased by $3.0M (18%), General & Administrative costs increased by $2.4M (25%), R&D costs declined by $12.1M (74%), while Depreciation and Amortization surged by $18.2M (1051%); Net loss increased by $3.4M (21%) " " "

The income statement in Q1 2024 reflects the initiation of revenue from a U.S. government contract, while operational costs such as engineering and G&A increased to support mission operations; significant reductions in R&D expenses follow major project completions and the sharp rise in depreciation is due to commencing depreciation on the BW3 test satellite. " " "

Income Statement Q1 2025

Revenue increased by $0.2M (44% growth to $0.7M); Engineering expenses up by $7.7M (39% increase), G&A increased by $6.1M (50%), R&D costs grew by $2.9M (68%), Depreciation decreased by $9.0M (45% drop); Net loss increased by $23.8M (60%) to $63.6M total loss "

The Q1 2025 income statement shows further revenue improvement driven by gateway equipment resale, yet operating expenses escalated sharply due to higher headcount and increased satellite development costs. Additionally, an unfavorable $21.4M swing in warrant liabilities (from a gain to a loss) and lower depreciation expenses contributed to a substantially higher net loss compared to Q1 2024. "