Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.22.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
NOTE 3 - REVENUE RECOGNITION
Contract Balances
Deferred revenue as of March 31, 2022 and December 31, 2021, was $7.0 million and $6.9 
million, respectively, and primarily relates to revenue that is recognized over time for connectivity monthly recurring charges, the changes in balance of which are related to the satisfaction or partial satisfaction of these contracts. The balance also contains a deferral for goods that are in-transit at period end for which control transfers to the customer upon delivery. The deferred revenue balance as of December 31, 2021 was recognized as revenue during the three months ended March 30, 2022.
Disaggregated Revenue Information
In order to understand the composition of the Company’s revenues, the Company has presented the disaggregated disclosures below which are useful to understand the composition of the Company’s revenue during the respective reporting periods shown below:
 
(in ‘000 USD)
  
For the three months ended
March 31,
 
 
  
2022
 
  
2021
 
 
 
 
 
 
 
 
 
 
Connectivity*
    $ 43,016      $ 40,591  
Hardware Sales
      19,012        7,796  
Hardware
Sales—bill-and-hold
      2,422        2,439  
Deployment services, professional services, and other
      4,491        4,471  
    
 
 
     
 
 
  
Total
   
$
68,941
 
   
$
55,297
 
    
 
 
     
 
 
  
 
*
Includes connectivity-related revenues from Connectivity services and IoT Solutions services
Significant Customer
The Company has one customer representing 17.8% and 15.2% of the Company’s total revenue for the three months ending March 31, 2022 and March 31, 2021, respectively.