Quarterly report [Sections 13 or 15(d)]

REVENUE RECOGNITION (Tables)

v3.25.3
REVENUE RECOGNITION (Tables)
9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation Revenue
The table below sets forth a summary of revenue by major service line and product category:

Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2025 2024 2025 2024
Services:
IoT Connectivity (1)
$ 54,424  $ 55,416  $ 160,830  $ 166,656 
IoT Solutions 2,644  2,788  8,017  8,506 
$ 57,068  $ 58,204  $ 168,847  $ 175,162 
Products:
Hardware (2)(3)
$ 11,624  $ 10,716  $ 43,237  $ 37,601 
Total $ 68,692  $ 68,920  $ 212,084  $ 212,763 

(1) Includes connectivity-related revenue from IoT Connectivity and IoT Solutions.
(2) Includes hardware-related revenue from IoT Connectivity and IoT Solutions.
(3) Includes $0.5 million and $0.9 million of bill-and-hold arrangements for the three months ended September 30, 2025 and 2024, respectively, and $3.4 million and $3.7 million for the nine months ended September 30, 2025 and 2024, respectively.

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

Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2025 2024 2025 2024
United States $ 57,749  $ 58,201  $ 180,031  $ 179,003 
Other countries (1)
10,943  10,719  32,053 33,760
Total $ 68,692  $ 68,920  $ 212,084  $ 212,763 

(1) No single country in “other countries” exceeded 10% of the total revenue for the three and nine months ended September 30, 2025 and 2024.
Schedule of Change in Contract Assets and Liabilities
The following table sets forth the change in contract assets, or unbilled receivables, included in accounts receivable, net and other non-current assets on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024:

(in thousands) September 30, 2025 December 31, 2024
Beginning balance $ 3,513  $ 2,173 
Revenue recognized during the period but not billed (1)
4,049  3,271 
Amounts reclassified to accounts receivable (2,396) (1,931)
Ending balance $ 5,166  $ 3,513 

(1) Net of financing component of $0.6 million and $0.3 million as of September 30, 2025 and December 31, 2024, respectively.
The table below sets forth the change in contract liabilities, or deferred revenue:

(in thousands) September 30, 2025 December 31, 2024
Beginning balance $ 8,509  $ 9,044 
Amounts billed but not recognized as revenue 8,765  8,492 
Revenue recognized from balances held at the beginning of the period (8,509) (9,044)
Foreign exchange 31  17 
Ending balance $ 8,796  $ 8,509