| Schedule of Segment Reporting Information, by Segment |
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 three months ended March 31, 2026 and 2025:
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Three Months Ended March 31, |
| (in thousands) |
2026 |
|
2025 |
| Services revenue |
$ |
55,857 |
|
|
$ |
55,431 |
|
| Products revenue |
9,962 |
|
|
16,711 |
|
| Total revenue |
$ |
65,819
|
|
|
$ |
72,142
|
|
| Less: expenses |
|
|
|
| Cost of revenue, Services, excluding depreciation and amortization |
$ |
21,139 |
|
|
$ |
23,326 |
|
| Cost of revenue, Products, excluding depreciation and amortization |
5,564 |
|
|
9,696 |
|
| Salaries and benefits |
16,651 |
|
|
18,502 |
|
| Interest expense |
13,428 |
|
|
12,977 |
|
| Depreciation and amortization |
13,151 |
|
|
13,911 |
|
| Change in fair value of warrant liabilities to affiliates |
11,544 |
|
|
(1,804) |
|
| Professional services |
5,231 |
|
|
2,689 |
|
Other selling, general, and administrative expenses (1)
|
2,687 |
|
|
1,074 |
|
| License, memberships & subscriptions |
1,848 |
|
|
1,961 |
|
| Facilities and office |
1,269 |
|
|
1,845 |
|
| Foreign exchange |
1,253 |
|
|
(1,482) |
|
| Network services |
744 |
|
|
1,072 |
|
| Channel partner commissions |
437 |
|
|
2,042 |
|
| Income tax expense |
74 |
|
|
1,109 |
|
| Interest income |
(258) |
|
|
(144) |
|
| Other |
(487) |
|
|
276 |
|
| Segment net loss |
$ |
(28,456) |
|
|
$ |
(14,908) |
|
(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.
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