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GEOGRAPHIC LOCATION OF LONG-LIVED ASSETS
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
GEOGRAPHIC LOCATION OF LONG-LIVED ASSETS SEGMENT DISCLOSURES
The Company has one reportable operating segment, IoT services. This segment sells IoT services that are grouped into two primary categories: IoT Connectivity services and IoT Solutions services (collectively, the “Services”) as well as products including IoT Connectivity (consisting of SIM cards) and IoT devices (within a comprehensive IoT solution) together referred to as “Products”.

The Company’s CODM is its President and Chief Executive Officer. The CODM uses Net Income, as reported on the Consolidated Statements of Operations and Comprehensive Loss, for the purposes of making operating decisions, allocating resources, and evaluating financial performance. The Company derives approximately 85% of its revenues from the United States, and no other country comprises more than 10% of the remainder of the Company’s revenues. No single customer of the Company generated 10% or more of the Company’s total net sales during the years ended December 31, 2024 and 2023, respectively. See Note 22 — Geographic Location of Long-Lived Assets for information regarding the geographic location of the Company’s assets. The measure of segment assets is reported on the Company’s balance sheet as total consolidated assets. The segment’s accounting policies are the same as the accounting policies for the Company, as described in Note 2 — Summary of Significant Accounting Policies.

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 years ended December 31, 2024 and 2023:

For the Year Ended December 31,
(in thousands)20242023
Services revenue$234,247 $212,645 
Products revenue51,840 63,965 
Total revenue$286,087 $276,610 
Less: expenses
Cost of revenue, Services, excluding depreciation and amortization$93,663 $82,547 
Cost of revenue, Products, excluding depreciation and amortization32,498 46,016 
Salaries and benefits91,576 83,249 
Goodwill impairment65,861 78,257 
Depreciation and amortization56,218 58,363 
Interest expense52,516 43,232 
Professional services10,164 16,772 
Facilities and office8,588 11,449 
License, memberships and subscriptions8,164 7,188 
Channel partner commissions7,003 3,511 
Foreign exchange5,207 (615)
Network services2,464 1,823 
Other2,431 1,283 
Travel and entertainment2,362 2,588 
Sales and use taxes2,077 1,806 
Marketing, advertising and promotions1,439 1,690 
Bad debt1,029 183 
Interest income(1,120)(552)
Change in fair value of warrant liabilities to affiliates(4,040)6,436 
Income tax benefit(5,937)(4,158)
Loss on extinguishment of debt— 2,584 
Segment net loss$(146,076)$(167,042)
Reconciliation of profit or loss:
Adjustments and reconciling items— — 
Consolidated net loss$(146,076)$(167,042)
GEOGRAPHIC LOCATION OF LONG-LIVED ASSETS
The following table sets forth the geographic location of the Company’s long-lived assets, by major asset category, as of December 31, 2024, and 2023:

December 31,
($ in thousands)20242023
Goodwill:
United States$116,642 51 %$173,916 59 %
Switzerland112,202 49 %112,203 38 %
All other countries— — %8,855 3 %
Total goodwill$228,844 100 %$294,974 100 %
Intangible assets, net:
United States$91,498 73 %$118,833 71 %
Switzerland14,247 11 %25,277 15 %
All other countries (1)
19,312 16 %23,477 14 %
Total intangible assets, net$125,057 100 %$167,587 100 %
Property and equipment, net:
United States$6,127 68 %$7,070 65 %
Netherlands1,807 20 %2,387 22 %
All other countries (1)
1,118 12 %1,499 13 %
Total property and equipment, net$9,052 100 %$10,956 100 %
Operating lease right-of-use assets:
United States$6,850 81 %$7,612 81 %
Netherlands1,056 13 %— — %
All other countries506 6 %1,755 19 %
Total operating lease right-of-use assets$8,412 100 %$9,367 100 %

(1) No single country in “all other countries” exceeded 10% of the total balance where “all other countries” comprised more than a 10% concentration of the geographic location of long-lived assets as of December 31, 2024, and 2023.