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

REVENUE RECOGNITION

v3.26.1
REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregated Revenue

The table below sets forth a summary of revenue by major service line and product category:

For the Year Ended December 31,
(in thousands) 2025 2024
Services:
IoT Connectivity (1)
$ 216,725  $ 223,391 
IoT Solutions 10,553  10,856 
$ 227,278  $ 234,247 
Products:
Hardware (2)(3)
$ 58,667  $ 51,840 
Total $ 285,945  $ 286,087 

(1) Includes connectivity-related revenue from IoT Connectivity and IoT Solutions.
(2) Includes hardware-related revenue from IoT Connectivity and IoT Solutions.
(3) Includes $3.8 million and $4.6 million of bill-and-hold arrangements for the years ended December 31, 2025 and 2024, respectively.
The table below sets forth a summary of revenue by geographic area:

For the Year Ended December 31,
(in thousands) 2025 2024
United States $ 241,181  $ 241,718 
Other countries (1)
44,764  44,369 
Total $ 285,945  $ 286,087 

(1) No single country in “other countries” exceeded 10% of the total revenue for the years ended December 31, 2025 and 2024.

Contract Assets

The following table sets forth the change in contract assets, which consists of unbilled receivables that are included in accounts receivable, net and other non-current assets on the consolidated balance sheets as of December 31, 2025 and 2024:

December 31,
(in thousands) 2025 2024
Beginning balance $ 3,513  $ 2,173 
Revenue recognized during the period but not billed (1)
5,308  3,271 
Amounts reclassified to accounts receivable (3,360) (1,931)
Ending balance $ 5,461  $ 3,513 

(1) Net of financing component of $0.6 million and $0.3 million as of December 31, 2025 and 2024, respectively.

Contract Liabilities

The table below sets forth the change in contract liabilities, or deferred revenue:

December 31,
(in thousands) 2025 2024
Beginning balance $ 8,509  $ 9,044 
Amounts billed but not recognized as revenue 9,059  8,492 
Revenue recognized from balances held at the beginning of the period (8,509) (9,044)
Foreign exchange 32  17 
Ending balance $ 9,091  $ 8,509 

Remaining Performance Obligations

Remaining performance obligations represent the aggregate amount of the transaction price in contracts allocated to performance obligations that are unsatisfied, or partially unsatisfied, at the end of the reporting period. Remaining performance obligations estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustments for revenue that has not materialized, and adjustments for currency. As of December 31, 2025 the Company had approximately $62.5 million of remaining performance obligations on contracts with an original duration of one year or more. The Company expects to recognize approximately 45% of these remaining performance obligations in 2026, with the remaining balance recognized through 2030.

The Company has variable consideration of approximately $1.8 million and $3.1 million that was constrained revenue and excluded from the transaction price for the years ended December 31, 2025 and 2024, respectively.

Costs to Obtain and Fulfill a Contract

The Company did not have material costs related to obtaining a contract, or fulfilling a contract that are not addressed by other accounting standards, with amortization periods greater than one year for the years ended December 31, 2025 and 2024.
Customer Concentrations

The Company did not have any single customer that accounted for more than 10% of total revenue or related accounts receivable for the years ended, and as of, December 31, 2025 and 2024.