Annual report [Section 13 and 15(d), not S-K Item 405]

REVENUE RECOGNITION (Tables)

v3.25.1
REVENUE RECOGNITION (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation Revenue
The table below sets forth a summary of revenue by major service line:

For the Year Ended December 31,
(in thousands) 2024 2023
Services:
IoT Connectivity (1)
$ 223,391  $ 200,066 
IoT Solutions 10,856  12,579 
$ 234,247  $ 212,645 
Products:
Hardware (2)(3)
$ 51,840  $ 63,965 
Total $ 286,087  $ 276,610 

(1) Includes connectivity-related revenue from IoT Connectivity and IoT Solutions.
(2) Includes hardware-related revenue from IoT Connectivity and IoT Solutions.
(3) Includes $4.6 million and $6.4 million of bill-and-hold arrangements for the years ended December 31, 2024 and 2023, respectively.

The table below sets forth a summary of revenue by geographic area:

For the Year Ended December 31,
(in thousands) 2024 2023
United States $ 241,718  $ 223,172 
Other countries (1)
44,369  53,438 
Total $ 286,087  $ 276,610 

(1) No single country in “all other countries” exceeded 10% of revenue by geographic area for the years ended December 31, 2024 and 2023.
Schedule of Change in Contract Assets and Liabilities
The following table sets forth the change in contract assets, or unbilled receivables:

December 31,
(in thousands) 2024 2023
Beginning balance $ 2,173  $ — 
Revenue recognized during the period but not billed (1)
3,271  2,173 
Amounts reclassified to accounts receivable (1,931) — 
Ending balance $ 3,513  $ 2,173 

(1) Net of financing component of $0.3 million as of December 31, 2024 and 2023, respectively.
The table below sets forth the change in contract liabilities, or deferred revenue:

December 31,
(in thousands) 2024 2023
Beginning balance $ 9,044  $ 7,817 
Amounts billed but not recognized as revenue 8,492  9,041 
Revenue recognized from balances held at the beginning of the period (9,044) (7,817)
Foreign exchange 17  3 
Ending balance $ 8,509  $ 9,044