Quarterly report pursuant to Section 13 or 15(d)

REVENUE RECOGNITION

v3.22.2
REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition REVENUE RECOGNITION
Contract Balances
Deferred revenue as of June 30, 2022 and December 31, 2021, was $7.7 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 31, 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:
For the three months ended For the six months ended
(in ‘000 USD) June 30, June 30,
2022 2021 2022 2021
Connectivity*
 $ 43,787  $ 41,114  $ 86,803  $ 81,705 
Hardware Sales 20,928  13,584  39,940  21,381 
Hardware Sales—bill-and-hold 1,646  784  4,070  3,222 
Deployment services, professional services, and other 3,992  5,261  8,481  9,732 
Total $ 70,353  $ 60,743  $ 139,294  $ 116,040 
*Includes connectivity-related revenues from Connectivity services and IoT Solutions services
Significant Customer
The Company has one customer representing 11.5% and 19.0% of the Company’s total revenue for the three months ended June 30, 2022 and June 30, 2021, respectively. The Company has one customer representing 14.6% and 16.8% of the Company’s total revenue for the six months ended June 30, 2022 and June 30, 2021, respectively.