v3.25.1
Segment Information and Geographic Data
 3 Months Ended
Mar. 31, 2025
Segments, Geographical Areas [Abstract]  
Segment Information and Geographic Data Segment Information and Geographic Data
Segment Information
The Company operates and manages its business activities on a consolidated basis and has one operating and reportable segment, as defined under ASC 280, Segment Reporting. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the Chief Operating Decision Maker (“CODM”), who decides how to allocate resources and assess performance. The Company’s Chief Executive Officer serves as the CODM and is responsible for evaluating the Company’s financial performance and allocating resources. The CODM uses net income as the measure of profit or loss to allocate resources, assess performance, and monitor budgets against actual results.
Further, the CODM reviews the significant segment expenses in the table below on net loss when assessing performance and allocating resources, as well as those used for strategic decisions related to headcount and capital
expenditures. The measure of segment assets is reported on the balance sheet as total assets. The CODM does not review segment assets at a level other than that presented in the Company’s consolidated balance sheets.
The following table reflect the Company’s significant segment expenses:
Three months ended March 31,
(In thousands)20252024
Revenue, net:
Product$28,110 34,122 
Service13,347 10,738 
Total revenue, net41,457 44,860 
Cost of sales (excluding stock-based compensation)19,721$20,399 
Amortization - license & IP expense493$503 
Sales (excluding stock-based compensation)8,606$5,892 
Marketing (excluding stock-based compensation)2,699$5,644 
Research and development (excluding stock-based compensation)8,148$8,474 
General and administrative (excluding stock-based compensation)10,135$9,042 
Stock-based compensation expense6,630$5,640 
Other segment items(3,573)$(4,564)
Net loss$(11,402)$(6,170)
Other segment items include other income (expenses) and interest income (expenses).
The Company sells its products worldwide and attributes revenue to the geography where the product is delivered. The geographical distribution of revenue for the three months ended March 31, 2025 and 2024 was as follows (in thousands):
Three months ended March 31,
20252024
United States$18,535 $21,358 
EMEA11,566 15,126 
APAC8,891 6,351 
Other2,465 2,025 
Total revenue, net$41,457 $44,860 
EMEA includes Europe, the Middle East and Africa; APAC includes Asia and the Pacific countries; Other includes Canada and Latin America.
For revenue, a major country is defined as a group of customers in a country with combined revenue of greater than 10% of consolidated revenue or as otherwise deemed significant. Revenue in the United States were approximately $18.5 million and $21.4 million as of March 31, 2025 and 2024, respectively. Revenue in China were approximately $5.3 million and $3.2 million as of March 31, 2025 and 2024, respectively. No other country represented greater than 10% of the Company’s consolidated net sales or was otherwise deemed significant. For the three months ended March 31, 2025 and 2024, the Company had no major customers that represented more than 10% of the Company’s total revenue.
As of March 31, 2025 and December 31, 2024, the Company’s long-lived assets by geographic area were as follows (in thousands):
March 31, 2025December 31, 2024
United States$8,130 $8,228 
EMEA422 435 
APAC9,282 9,299 
Total$17,834 $17,962 
As of March 31, 2025 and December 31, 2024, most of the Company’s long-lived assets were located in the United States and in Wuxi, China.