Cash and cash equivalents include interest-bearing bank deposits, money market funds and other highly liquid investments with maturities of 90 days or less at the date of purchase.

The Company had restricted cash and cash equivalents balances of $6.1 million and $11.9 million as of January 31, 2026 and 2025, respectively.

The restricted cash and cash equivalents balances as of January 31, 2026 primarily consisted of $4.0 million of collateral money market investments for the Company’s headquarters and other domestic office operating leases. The restricted cash and cash equivalents balances as of January 31, 2025 primarily consisted of $5.0 million of consideration placed in escrow in connection with the Sinergise acquisition and $4.0 million of collateral money market investments for the Company’s headquarters and other domestic office operating leases.

A reconciliation of the Company’s cash and cash equivalents, and restricted cash and cash equivalents in the consolidated balance sheets to total cash and cash equivalents, and restricted cash and cash equivalents in the consolidated statements of cash flows as of January 31, 2026 and 2025 is as follows:


	January 31,
(in thousands)	2026		2025
Cash and cash equivalents	$	229,441	$	118,048
Restricted cash and cash equivalents, current		642		6,598
Restricted cash and cash equivalents, non-current		5,471		5,348
Total cash, cash equivalents, and restricted cash and cash equivalents	$	235,554	$	129,994

Short-term investments consisted of the following as of January 31, 2026 and 2025:


			January 31, 2026
			Gross Unrealized
(in thousands)	Cost or Amortized Cost		Gains		Losses			Fair Value
U.S. Treasury securities	$	212,790	$	110	$	(3	)	$	212,897
Commercial paper		4,598		3		—			4,601
Corporate bonds		192,846		321		(16	)		193,151
Total short-term investments	$	410,234	$	434	$	(19	)	$	410,649


			January 31, 2025
			Gross Unrealized
(in thousands)	Cost or Amortized Cost		Gains		Losses			Fair Value
U.S. Treasury securities	$	13,154	$	—	$	(58	)	$	13,096
Commercial paper		4,285		4		—			4,289
Corporate bonds		84,336		208		(16	)		84,528
Certificates of deposit		2,111		3		—			2,114
Total short-term investments	$	103,886	$	215	$	(74	)	$	104,027

The following table summarizes the contracted maturities of the Company’s short-term investments as of January 31, 2026 and 2025:


	January 31, 2026				January 31, 2025
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in 1 year or less	$	270,349	$	270,567	$	60,974	$	61,174
Due in 1-2 years		139,885		140,082		42,912		42,853
	$	410,234	$	410,649	$	103,886	$	104,027

Inventory, net consists of the following:


	January 31,
(in thousands)	2026		2025
Raw materials	$	1,840	$	—
Work in process		—		—
Finished goods		4,278		—
Total inventories	$	6,118	$	—

Property and equipment, net consists of the following:


	January 31,
(in thousands)	2026			2025
Satellites	$	244,705		$	244,105
Satellites in process and not placed into service		79,114			65,451
Leasehold improvements		17,544			17,271
Ground stations and ground station equipment		22,675			21,270
Office furniture, equipment and fixtures		13,909			10,828
Computer equipment and purchased software		10,605			9,663
Total property and equipment, gross		388,552			368,588
Less: Accumulated depreciation		(237,979	)		(246,839	)
Total property and equipment, net	$	150,573		$	121,749

Property and equipment, net as of January 31, 2025 included $2.8 million of satellite manufacturing costs that were previously classified as prepaid expenses and other current assets as of January 31, 2024.

Total depreciation expense for the fiscal years ended January 31, 2026, 2025, and 2024 was $32.5 million, $37.4 million and $41.2 million, respectively, of which $28.4 million, $34.0 million and $38.6 million, respectively, was depreciation expense specific to satellites.

Amortization expense for capitalized internal-use software for the fiscal years ended January 31, 2026, 2025 and 2024 was $3.4 million, $2.5 million and $1.9 million, respectively.

Goodwill and Intangible assets consists of the following:


	January 31, 2026									January 31, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Foreign Currency Translation		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Foreign Currency Translation			Net Carrying Amount
Developed technology	$	32,530	$	(16,659	)	$	587	$	16,458	$	30,429	$	(13,790	)	$	(634	)	$	16,005
Image library		21,804		(15,098	)		237		6,943		19,978		(13,397	)		497			7,078
Customer relationships		7,143		(4,811	)		124		2,456		7,143		(4,286	)		(147	)		2,710
Trade names and other		6,389		(5,651	)		38		776		6,389		(4,759	)		29			1,659
Total intangible assets	$	67,866	$	(42,219	)	$	986	$	26,633	$	63,939	$	(36,232	)	$	(255	)	$	27,452
Goodwill	$	139,881	$	—		$	3,571	$	143,452	$	135,981	$	—		$	368		$	136,349

No impairment charges were recognized related to intangible assets (including goodwill) in the fiscal years ended January 31, 2026, 2025 and 2024.

Amortization expense for intangible assets for the fiscal years ended January 31, 2026, 2025 and 2024 was $5.9 million, $5.8 million and $4.6 million, respectively.

The change in the carrying amount of goodwill during the years ended January 31, 2026 and 2025 is as follows:


	January 31,
(in thousands)	2026		2025
Beginning of period	$	136,349	$	136,256
Addition		3,900		1,068
Currency translation adjustment		3,203		(975	)
End of period	$	143,452	$	136,349

In April 2024, the Company paid $1.1 million of additional consideration in connection with the finalization of the net working capital adjustment relating to the Company’s acquisition of Sinergise. The additional amount was

accounted for as a measurement period adjustment and resulted in a $1.1 million addition of goodwill during the fiscal year ended January 31, 2025.

Accrued liabilities and other current liabilities consist of the following:


	January 31,
(in thousands)	2026		2025
Deferred R&D service liability (see Note 9)	$	4,723	$	4,723
Payroll and related expenses		13,891		8,059
Deferred hosting costs		4,954		5,190
Withholding taxes and other taxes payable		6,372		2,792
Contingent consideration		—		4,675
Escrow liability		—		5,000
Severance and other employee termination costs		—		250
Litigation contingency accruals (see Note 10)		12,530		—
Other accruals		13,404		11,911
Total accrued and other current liabilities	$	55,874	$	42,600