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

SEGMENT DISCLOSURES

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SEGMENT DISCLOSURES
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT DISCLOSURES SEGMENT DISCLOSURES
The Company has one reportable operating segment, IoT services. This segment sells IoT services that are grouped into two primary categories: IoT Connectivity services and IoT Solutions services (collectively, the “Services”) as well as products including IoT Connectivity (consisting of SIM cards) and IoT devices (within a comprehensive IoT solution) together referred to as “Products”.

The Company’s Chief Operating Decision Maker (“CODM”) is its President and Chief Executive Officer. The CODM uses Net Income (Loss), as reported on the consolidated statements of operations and comprehensive loss, for the purposes of making operating decisions, allocating resources, and evaluating financial performance. The Company derives approximately 84% and 84% of its revenues from the United States for the years ended December 31, 2025 and 2024, respectively. No single customer of the Company generated 10% or more of the Company’s total net sales for the years ended December 31, 2025 and 2024, respectively. See Note 22 — Geographic Location of Long-Lived Assets for information regarding the geographic location of the Company’s assets. The measure of segment assets is reported on the Company’s consolidated balance sheets as total consolidated assets. The segment’s accounting policies are the same as the accounting policies for the Company, as described in Note 2 — Summary of Significant Accounting Policies.

The following table sets forth the operating financial results of the Company’s singular operating segment that are regularly reviewed by the Company’s CODM for the years ended December 31, 2025 and 2024:
For the Year Ended December 31,
(in thousands) 2025 2024
Services revenue $ 227,278  $ 234,247 
Products revenue 58,667  51,840 
Total revenue $ 285,945  $ 286,087 
Less: expenses
Cost of revenue, Services, excluding depreciation and amortization $ 90,262  $ 93,663 
Cost of revenue, Products, excluding depreciation and amortization 37,750  32,498 
Salaries and benefits 74,242  91,577 
Goodwill impairment —  65,861 
Depreciation and amortization 54,891  56,218 
Interest expense 53,377  52,516 
Professional services 10,481  10,164 
Facilities and office 8,850  8,588 
Channel partner commissions 7,881  7,003 
License, memberships and subscriptions 7,729  8,164 
Network services 5,860  2,464 
Other selling, general, and administrative expenses (1)
5,480  6,906 
Change in fair value of warrant liabilities to affiliates 2,405  (4,040)
Loss on sale of assets 1,115  — 
Interest income (649) (1,120)
Income tax benefit (1,579) (5,937)
Foreign exchange (4,997) 5,207 
Others (2)
(4,177) 2,431 
Segment net loss $ (62,976) $ (146,076)

(1) Certain expense line items which the Company deemed immaterial, both individually and in the aggregate, primarily comprised of travel and expense, sales and use tax, and bad debt expense.
(2) Included in "Other" for the year ended December 31, 2025 is $3.4 million related to a tax credit recovery, as described in Note 18 — Consolidated Financial Statement Details.
GEOGRAPHIC LOCATION OF LONG-LIVED ASSETS
The following table sets forth the geographic location of the Company’s long-lived assets, by major asset category, as of December 31, 2025, and 2024:
December 31,
($ in thousands) 2025 2024
Goodwill:
United States $ 116,642  51  % $ 116,642  51  %
Switzerland 112,202  49  % 112,202  49  %
Total goodwill $ 228,844  100  % $ 228,844  100  %
Intangible assets, net:
United States $ 63,074  76  % $ 91,498  73  %
Switzerland (1)
3,217  4  % 14,247  11  %
All other countries (2)
16,714  20  % 19,312  16  %
Total intangible assets, net $ 83,005  100  % $ 125,057  100  %
Property and equipment, net:
United States $ 4,947  73  % $ 6,127  68  %
Netherlands 1,125  17  % 1,807  20  %
All other countries (2)
672  10  % 1,118  12  %
Total property and equipment, net $ 6,744  100  % $ 9,052  100  %
Operating lease right-of-use assets:
United States $ 766  51  % $ 6,850  81  %
Netherlands 346  23  % 1,056  13  %
Malta 171  11  % 12  —  %
All other countries (2)
230  15  % 494  6  %
Total operating lease right-of-use assets $ 1,513  100  % $ 8,412  100  %

(1) Switzerland accounts for 4% of the total intangible assets as of December 31, 2025, and it was separately disclosed as it represented 11% as of December 31, 2024.
(2) No single country in “all other countries” exceeded 10% of the total balance as of December 31, 2025, and 2024.