General form of registration statement for all companies including face-amount certificate companies

REVENUE

v3.23.1
REVENUE
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
REVENUE
NOTE 2 – REVENUE
Contract Balances
Deferred revenue primarily relates to revenue that is recognized over time for IoT Connectivity monthly recurring charges, the changes in the 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 the period end for which control transfers to the customer upon delivery. The deferred revenue balance as of December 31, 2022, was recognized as revenue during the three months ended March 31, 2023.
Disaggregated Revenue Information
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:
Three Months Ended
(In thousands, USD) March 31,
2023 2022
IoT Connectivity* $ 43,244  $ 43,053 
Hardware Sales 16,444  19,012 
Hardware Sales—bill-and-hold 2,197  2,422 
Deployment services, professional services, referral services and other 4,090  4,491 
Total $ 65,975  $ 68,978 
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*Includes connectivity-related revenues from IoT Connectivity services and IoT Solutions services
Significant Customer
The Company has one customer representing 13.3% and 17.8% of the Company’s total revenue for the three months ended March 31, 2023, and March 31, 2022, respectively. 		REVENUE RECOGNITION
Contract Balances
Deferred revenue as of December 31, 2022, and 2021, was $7.8 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 the period end for which control transfers to the customer upon delivery. All of the December 31, 2021, balance was recognized as revenue during the year ended December 31, 2022.
Disaggregated Revenue Information
The Company views the following disaggregated disclosures as useful to understand the composition of revenue recognized during the respective reporting periods:
Years Ended
(In thousands, USD) December 31, 2022 December 31, 2021
IoT Connectivity* $ 173,162  $ 164,610 
Hardware Sales 69,091  54,898 
Hardware Sales - bill-and-hold 10,736  5,357 
Deployment services, professional services, referral services, and other 15,458  23,570 
Total $ 268,447  $ 248,435 
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*Includes connectivity-related revenues from IoT Connectivity and IoT Solutions
Significant Customer
The Company has one customer, a large multinational medical device and health care company representing 11% and 21% of the Company’s total revenue for the years ending December 31, 2022, and 2021, respectively.
This same customer represented 16% and 30% of the Company’s total accounts receivable as of December 31, 2022, and 2021, respectively. The Company believes it is not exposed to significant risk due to the financial strength of this customer and their historical trend of on-time payment.