Financial Performance - Total revenues for the three months ended September 30, 2025, were $52,437,000, a decrease of 10.5% compared to $58,478,000 for the same period in 2024[18]. - Service revenue for the three months ended September 30, 2025, was $50,987,000, down from $58,478,000 in the prior year, reflecting a decline of 12.7%[18]. - Operating loss for the three months ended September 30, 2025, was $15,419,000, compared to a loss of $13,724,000 for the same period in 2024, indicating a worsening of 12.4%[18]. - Net loss attributable to Class A common shareholders for the three months ended September 30, 2025, was $7,000,000, compared to a loss of $55,543,000 in the same quarter of 2024[18]. - The company reported a net loss of $9,960,000 for the three months ended September 30, 2025, compared to a net loss of $80,411,000 for the same period in 2024, showing a reduction of 87.6%[18]. - For the three months ended September 30, 2024, the net loss attributable to the Company was $134.215 million, compared to a net loss of $181.787 million for the same period in 2023[37]. - The Company reported a net cash used in operating activities of $7.023 million for the three months ended September 30, 2024, a decrease from $55.622 million in the same period of the previous year[37]. - The Company incurred share-based compensation expenses of $6.780 million for the three months ended September 30, 2024[37]. - 2025年第三季度，净亏损为9,960,000美元，2024年同期为80,411,000美元，2025年前九个月净亏损为47,191,000美元，2024年同期为181,787,000美元[153]. Assets and Liabilities - Cash and cash equivalents increased to $621,975,000 as of September 30, 2025, from $207,607,000 as of December 31, 2024, representing a growth of 199.5%[16]. - Total assets as of September 30, 2025, were $753,530,000, significantly higher than $355,404,000 as of December 31, 2024, marking an increase of 112.3%[16]. - Total liabilities increased to $509,701,000 as of September 30, 2025, compared to $351,483,000 as of December 31, 2024, reflecting a rise of 45%[16]. - The total accumulated deficit as of September 30, 2025, was $370,667 million, reflecting a decrease from $483,998 million as of September 30, 2024[30][32]. - The total shareholders' deficit as of September 30, 2025, was $403,282 million, indicating a worsening from $496,809 million as of September 30, 2024[30][32]. Shareholder Information - The weighted average shares outstanding for the three months ended September 30, 2025, were 117,815,856, compared to 67,072,014 for the same period in 2024, indicating an increase of 75.8%[18]. - The balance of Class A common stock increased to 120,074,013 shares as of September 30, 2025, from 81,351,656 shares as of September 30, 2024[30][32]. - The Company had 178,787,197 outstanding shares of Class A Common Stock, with a total authorized capital stock of 725,000,000 shares[114]. - In February 2025, the Company repurchased 941,080 shares of Class A Common Stock for an aggregate price of $20.7 million[115]. Acquisitions and Investments - The company has made acquisitions to grow its business, which may disrupt operations and affect financial condition[13]. - The company plans to acquire Lanteris Space Holdings LLC for $800 million, consisting of $450 million in cash and $350 million in Class A Common Stock[64]. - The acquisition of KinetX, Inc. was completed for approximately $31.1 million, including $16.1 million in cash and 1,434,005 shares of Class A Common Stock valued at $15.0 million[185]. Revenue Composition - Fixed price contracts accounted for 58% of total revenue for the three months ended September 30, 2025, compared to 39% in 2024, indicating a significant shift in revenue composition[72]. - One major customer accounted for 72% and 78% of the company's total revenue for the three and nine months ended September 30, 2025, respectively[55]. - The company recognized grant revenue of $1.5 million during the three months ended September 30, 2025, related to a grant from the Texas Space Commission for the development of an Earth reentry vehicle[82]. Cash Flow and Financing Activities - The Company raised $335.513 million from the issuance of convertible notes during the nine months ended September 30, 2024[37]. - Total cash flows from financing activities for the nine months ended September 30, 2024, amounted to $447.378 million, compared to $147.894 million in the same period of 2023[37]. - The company issued $345.0 million aggregate principal amount of 2.500% convertible senior notes due 2030, with net proceeds of $334.6 million after expenses[62]. - The Company has a secured revolving credit facility of up to $40.0 million with Stifel Bank, with no outstanding debt as of September 30, 2025[101]. Research and Development - The company incurred $4.0 million in research and development costs for the three months ended September 30, 2025, compared to $0.3 million in the same period of 2024[181]. Tax and Legal Matters - For the three months ended September 30, 2025, the Company recognized a U.S. federal and state income tax expense of $5 thousand, with effective tax rates of (0.05)%[108]. - As of September 30, 2025,因法律诉讼而累计的负债约为2.1百万美元[158]. Future Outlook - The company believes its current cash and liquidity will be sufficient to fund short-term needs and execute its business plan for at least the next twelve months[66]. - The Company expects to recognize additional lease liabilities of approximately $7.9 million as expansion phases are completed in 2026[89].
INFLECTION POINT(IPAX) - 2025 Q3 - Quarterly Report