SEGMENTS

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segments

18.SEGMENTS

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. The Company manages its business primarily based upon two operating segments, Launch Services and Space Systems. Each of these operating segments represents a reportable segment. Launch Services provides launch and launch related services to customers on a dedicated mission or ride share basis. Space Systems is comprised of spacecraft engineering and design services, spacecraft components, spacecraft manufacturing and on-orbit mission operations. Although many of the Company’s contracts with customers contain elements of Space Systems and Launch Services, each reporting segment is managed separately to better align with customer’s needs and the Company’s growth plans. The chief operating decision maker evaluates the performance of its reportable segments based on gross profit. For contracts with customers that contain both Space Systems and Launch Services elements, revenues for each reporting segment are generally allocated based upon the overall costs incurred for each of the reporting segments in comparison to total overall costs of the contract. The following table shows information by reportable segment for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,
	2024				2023
	Launch Services		Space Systems		Launch Services		Space Systems
Revenues	$	20,950	$	83,858	$	21,316	$	46,345
Cost of revenues		14,988		61,824		15,531		37,163
Gross profit	$	5,962	$	22,034	$	5,785	$	9,182

	Nine Months Ended September 30,
	2024				2023
	Launch Services		Space Systems		Launch Services		Space Systems
Revenues	$	83,026	$	220,800	$	63,432	$	121,169
Cost of revenues		60,886		163,608		53,364		95,320
Gross profit	$	22,140	$	57,192	$	10,068	$	25,849

Management does not regularly review either reporting segment’s total assets or operating expenses. This is because in general, the Company’s long-lived assets, facilities, and equipment are shared by each reporting segment.