v3.25.1
REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregated Revenue

The table below sets forth a summary of revenue by major service line:

For the Year Ended December 31,
(in thousands)20242023
Services:
IoT Connectivity (1)
$223,391 $200,066 
IoT Solutions10,856 12,579 
$234,247 $212,645 
Products:
Hardware (2)(3)
$51,840 $63,965 
Total$286,087 $276,610 

(1) Includes connectivity-related revenue from IoT Connectivity and IoT Solutions.
(2) Includes hardware-related revenue from IoT Connectivity and IoT Solutions.
(3) Includes $4.6 million and $6.4 million of bill-and-hold arrangements for the years ended December 31, 2024 and 2023, respectively.

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

For the Year Ended December 31,
(in thousands)20242023
United States$241,718 $223,172 
Other countries (1)
44,369 53,438 
Total$286,087 $276,610 

(1) No single country in “all other countries” exceeded 10% of revenue by geographic area for the years ended December 31, 2024 and 2023.
Contract Assets

The following table sets forth the change in contract assets, or unbilled receivables:

December 31,
(in thousands)20242023
Beginning balance$2,173 $— 
Revenue recognized during the period but not billed (1)
3,271 2,173 
Amounts reclassified to accounts receivable(1,931)— 
Ending balance$3,513 $2,173 

(1) Net of financing component of $0.3 million as of December 31, 2024 and 2023, respectively.

Contract Liabilities

The table below sets forth the change in contract liabilities, or deferred revenue:

December 31,
(in thousands)20242023
Beginning balance$9,044 $7,817 
Amounts billed but not recognized as revenue8,492 9,041 
Revenue recognized from balances held at the beginning of the period(9,044)(7,817)
Foreign exchange17 3 
Ending balance$8,509 $9,044 

Remaining Performance Obligations

Remaining performance obligations represent the aggregate amount of the transaction price in contracts allocated to performance obligations that are unsatisfied, or partially unsatisfied, at the end of the reporting period. Remaining performance obligations estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustments for revenue that has not materialized, and adjustments for currency. As of December 31, 2024 the Company had approximately $21.8 million of remaining performance obligations on contracts with an original duration of one year or more. The Company expects to recognize approximately 86% of these remaining performance obligations in 2025, with the remaining balance recognized thereafter.

The Company has variable consideration of approximately $3.1 million and $1.4 million that was constrained revenue and excluded from the transaction price as of December 31, 2024 and December 31, 2023, respectively.

Costs to Obtain and Fulfill a Contract

The Company did not have material costs related to obtaining a contract, or fulfilling a contract that are not addressed by other accounting standards, with amortization periods greater than one year as of December 31, 2024 and 2023.

Customer Concentrations

The Company did not have concentrations in revenue from customers or related accounts receivable as of and for the year ended December 31, 2024 and 2023.