| Summary of Key Financial Performance Measures of Segment |
Key financial performance measures of the segment are as follows.
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For the three months ended June 30, |
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For the six months ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Revenue |
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Hardware |
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$ |
15,143 |
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$ |
24,676 |
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$ |
33,973 |
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$ |
53,753 |
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Professional Services |
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4,327 |
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5,816 |
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8,220 |
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9,274 |
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Deferred hub amortization |
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4,619 |
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5,215 |
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9,277 |
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11,257 |
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SaaS |
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14,219 |
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12,811 |
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28,182 |
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24,723 |
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Total revenue |
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38,308 |
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48,518 |
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79,652 |
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99,007 |
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Cost of revenue |
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Hardware |
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12,868 |
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16,318 |
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26,828 |
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35,002 |
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Professional Services |
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6,237 |
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8,869 |
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13,530 |
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15,317 |
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Deferred hub amortization |
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2,300 |
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2,841 |
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4,740 |
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5,726 |
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SaaS |
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4,235 |
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3,185 |
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8,324 |
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6,234 |
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Total cost of revenue |
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25,640 |
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31,213 |
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53,422 |
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62,279 |
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Gross profit |
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12,668 |
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17,305 |
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26,230 |
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36,728 |
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Operating expenses |
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Operating expenses excluding stock compensation and depreciation and amortization |
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21,118 |
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20,101 |
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47,353 |
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45,266 |
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Stock compensation |
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2,035 |
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2,992 |
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4,578 |
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5,975 |
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Depreciation and amortization |
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1,200 |
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1,130 |
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2,344 |
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2,564 |
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Total operating expenses |
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24,353 |
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24,223 |
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54,275 |
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53,805 |
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Impairment charge |
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- |
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- |
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24,929 |
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- |
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Loss from operations |
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(11,685 |
) |
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(6,918 |
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(52,974 |
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(17,077 |
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Other segment items(1) |
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825 |
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2,313 |
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1,930 |
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4,780 |
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Net loss |
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$ |
(10,860 |
) |
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$ |
(4,605 |
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$ |
(51,044 |
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$ |
(12,297 |
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(1) Other segment items include interest income, net, other income (expense), net, and income tax expense (benefit).
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