Quarterly report [Sections 13 or 15(d)]

REVENUE RECOGNITION (Tables)

v3.26.1
REVENUE RECOGNITION (Tables)
3 Months Ended
Mar. 31, 2026
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 March 31,
(in thousands) 2026 2025
Services:
IoT Connectivity (1)
$ 54,454  $ 52,797 
IoT Solutions 1,403  2,634 
$ 55,857  $ 55,431 
Products:
Hardware (2)(3)
$ 9,962  $ 16,711 
Total $ 65,819  $ 72,142 

(1) Includes connectivity-related revenue from IoT Connectivity and IoT Solutions.
(2) Includes hardware-related revenue from IoT Connectivity and IoT Solutions.
(3) Includes nil and $2.0 million of bill-and-hold arrangements for the three months ended March 31, 2026 and 2025, respectively.

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

Three Months Ended March 31,
(in thousands) 2026 2025
United States $ 55,415  $ 62,309 
Other countries (1)
10,404  9,833 
Total $ 65,819  $ 72,142 

(1) No single country in “other countries” exceeded 10% of the total revenue for the three months ended March 31, 2026 and 2025.
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 condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025:
(in thousands) March 31, 2026 December 31, 2025
Beginning balance $ 5,461  $ 3,513 
Revenue recognized during the period but not billed (1)
1,029  5,308 
Amounts reclassified to accounts receivable (982) (3,360)
Ending balance $ 5,508  $ 5,461 

(1) Net of financing component of $0.6 million as of March 31, 2026 and December 31, 2025.
The table below sets forth the change in contract liabilities, or deferred revenue:

(in thousands) March 31, 2026 December 31, 2025
Beginning balance $ 9,091  $ 8,509 
Amounts billed but not recognized as revenue 8,686  9,059 
Revenue recognized from balances held at the beginning of the period (9,091) (8,509)
Foreign exchange (4) 32 
Ending balance $ 8,682  $ 9,091