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

REVENUE RECOGNITION (Tables)

v3.26.1
REVENUE RECOGNITION (Tables)
12 Months Ended
Dec. 31, 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:

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.
Schedule of Change in Contract Assets and Liabilities
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.
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