Quarterly report pursuant to Section 13 or 15(d)

REVENUE RECOGNITION

v3.23.3
REVENUE RECOGNITION
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Contract Balances
Deferred revenue as set forth on the Company’s condensed consolidated balance sheets as of September 30, 2023, and December 31, 2022, primarily relates to revenue that is recognized over time for IoT connectivity monthly recurring charges, with reductions in the balance related to the satisfaction or partial satisfaction of these contracts. The balance also contains a deferral for goods that are in transit at the period end for which control transfers to the customer upon delivery.
Disaggregated Revenue Information
The Company has presented the disaggregated disclosures below which are useful to understand the composition of the Company’s revenue during the respective reporting periods shown below:
Three Months Ended Nine Months Ended
($ in thousands) September 30, September 30,
2023 2022 2023 2022
IoT Connectivity*
 $ 54,217  $ 42,949  $ 145,161  $ 129,816 
Hardware Sales 9,541  16,266  42,484  56,747 
Hardware Sales—bill-and-hold 2,088  3,423  6,558  7,493 
Deployment services, professional services, referral services and other 2,787  3,499  9,941  11,980 
Total $ 68,633  $ 66,137  $ 204,144  $ 206,036 
*Includes connectivity-related revenues from IoT Connectivity services and IoT Solutions services
Customer Concentrations
The Company did not have any customer concentrations in revenue for the three and nine months ended September 30, 2023.
The Company did not have any customer concentrations in revenue for the three months ended September 30, 2022. For the nine months ended September 30, 2022, one customer, a large multinational medical device and healthcare company, represented approximately 11.9% of the Company’s total revenue.

Geographic Concentrations
For the three months ended September 30, 2023, and 2022, approximately 82% and 83%, respectively, of the Company’s revenue was generated in the United States. For the nine months ended September 30, 2023, and 2022, approximately 80% and 79%, respectively, of the Company’s revenue was generated in the United States.
Three Months Ended Nine Months Ended
($ in thousands) September 30, September 30,
2023 2022 2023 2022
United States $ 56,163  $ 54,935  $ 162,924  $ 163,768 
Other countries 12,470  11,202  41,220  42,268 
Total $ 68,633  $ 66,137  $ 204,144  $ 206,036