Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 438

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 438
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 were returned to the Company following the lease termination, resulting in a $5.9 million reduction in direct costs of revenue. In September 2022, the Company signed a sales-type lease that commenced in November 2023, with an expiration date of December 31, 2026, and two two-yearrenewal options. The lease was modified in the fourth quarter of 2023 with no changes to the expiration date or the two two-yearrenewal options. We evaluated the lease and determined that it contains lease and non-leasecomponents. No net investment is recorded in the sales-type lease and no interest income will be recorded under the lease as consideration was received upfront. For the year ended December 31, 2023, the Company recorded revenue and direct costs of revenue of $2.9 million and $4.0 million, respectively, resulting in net loss at commencement of the sales-type lease of approximately $1.1 million. In the first quarter of 2024, the lease was subsequently modified and the Company recorded additional revenue and direct costs of revenue of $0.9 million and $2.4 million, respectively, resulting in an additional net loss of approximately $1.5 million. In March 2019, the Company commenced a sales-type lease with an expiration date of March 31, 2030, with an option to extend the term, provided that the extension is reasonably feasible from a regulatory and technical standpoint. We evaluated the lease and determined that it contains lease and non-leasecomponents. In October 2023, the Company entered into a new sales-type lease commencing in March 2024 to account for the replacement of an asset required to provide services under the original lease. In the first quarter of 2024, the Company recorded revenue and direct costs of revenue of $7.3 million and $9.3 million, respectively, resulting in a net loss at commencement of the new sales-type lease of approximately $2.0 million. The following table sets forth the net investments in sales-type leases recorded on our balance sheets (in thousands):

|                               |     |                                | Classification |   | As of December 31, 
               2023 |     |   | As of December 31, 
               2024 |
|:------------------------------|:----|:-------------------------------|:---------------|:--|-------------------:|:----|:--|-------------------:|
| Lease receivables (current)   |     | Receivables,