6. Equity Method Investment

As of March 31, 2025, the Company’s total ownership of MetCom Inc., a privately-owned Japanese joint stock company (kabushiki kaisha) (“MetCom”), consisted of 702,334 shares representing ownership of 14.8%. The Company provides licenses to its technology, infrastructure and subscriber equipment to MetCom to support MetCom’s efforts in commercializing terrestrial positioning technology (both TerraPoiNT and Pinnacle) in Japan. Due to the technological dependencies, the Company’s equity ownership and representation on MetCom’s board of directors, the Company has significant influence, but not controlling interest, over MetCom. The Company’s investment in MetCom is accounted for under the equity method. The basis difference in the Company’s cost basis and the basis reflected at the investee entity level is allocated to equity method goodwill and is not amortized. The Company recognized a loss of $39 thousand and $40 thousand in the three months ended March 31, 2025 and 2024, respectively, that is recorded in other loss, net. The carrying value of the Company’s investment in MetCom was $491 thousand and $530 thousand as of March 31, 2025 and December 31, 2024, respectively, and is classified in other long-term assets. The Company had $13 thousand in accounts receivable from MetCom as of both March 31, 2025 and December 31, 2024.

The Company holds a warrant (the “MetCom Warrant”) issued by MetCom which entitles the Company to purchase additional shares at an exercise price of JPY10 per share, such that the Company may obtain an aggregate total of 33% of MetCom common stock on an “as-converted” basis. The MetCom Warrant is subject to certain vesting conditions which were not met as of March 31, 2025; therefore, the MetCom Warrant was not exercisable.