v3.25.1
Revenue from Contracts with Customers
3 Months Ended
Mar. 31, 2025
Revenue from Contracts with Customers  
Revenue from Contracts with Customers

14. Revenue from Contracts with Customers

 

The following table was prepared to provide additional information about the composition of revenues from contracts with customers for the periods presented:

 

 

 

THREE MONTHS ENDED

 

 

 

MARCH 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

Carrier Services

 

$22,401,304

 

 

$19,342,789

 

Managed Services

 

 

11,816,435

 

 

 

14,864,490

 

 

 

 

 

 

 

 

 

 

 

 

$34,217,739

 

 

$34,207,279

 

The Company recognized revenues from contracts with customers for the following customer types as set forth below:

 

 

 

THREE MONTHS ENDED

 

 

 

MARCH 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

U.S. Federal Government

 

$29,093,879

 

 

$28,067,572

 

U.S. State and Local Governments

 

 

96,822

 

 

 

96,679

 

Foreign Governments

 

 

15,408

 

 

 

10,392

 

Commercial Enterprises

 

 

5,011,630

 

 

 

6,032,636

 

 

 

 

 

 

 

 

 

 

 

 

$34,217,739

 

 

$34,207,279

 

 

The Company recognized revenues from contracts with customers in the following geographic regions:

 

 

 

THREE MONTHS ENDED

 

 

 

MARCH 31,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

United States

 

$33,216,571

 

 

$33,250,246

 

Europe

 

 

1,001,168

 

 

 

957,033

 

 

 

 

 

 

 

 

 

 

 

 

$34,217,739

 

 

$34,207,279

 

 

During the three months ended March 31, 2025 and 2024, the Company recognized approximately $3.2 million and $908,900, respectively, of revenue related to amounts that were included in deferred revenue as of December 31, 2024 and 2023, respectively.