v3.25.2
Revenue from Contracts with Customers
6 Months Ended
Jun. 30, 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

 

 

SIX MONTHS ENDED

 

 

 

JUNE 30,

 

 

JUNE 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

Carrier Services

 

$22,223,060

 

 

$20,403,280

 

 

$44,624,364

 

 

$39,785,951

 

Managed Services

 

 

15,657,142

 

 

 

15,637,491

 

 

 

27,473,577

 

 

 

30,462,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$37,880,202

 

 

$36,040,771

 

 

$72,097,941

 

 

$70,248,050

 

 

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

 

 

 

THREE MONTHS ENDED

 

 

SIX MONTHS ENDED

 

 

 

JUNE 30,

 

 

JUNE 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

U.S. Federal Government

 

$30,639,511

 

 

$29,884,981

 

 

$59,733,390

 

 

$57,952,553

 

U.S. State and Local Governments

 

 

119,580

 

 

 

112,707

 

 

 

216,402

 

 

 

209,386

 

Foreign Governments

 

 

21,337

 

 

 

21,663

 

 

 

36,745

 

 

 

32,055

 

Commercial Enterprises

 

 

7,099,774

 

 

 

6,021,420

 

 

 

12,111,404

 

 

 

12,054,056

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$37,880,202

 

 

$36,040,771

 

 

$72,097,941

 

 

$70,248,050

 

 

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

 

 

 

THREE MONTHS ENDED

 

 

SIX MONTHS ENDED

 

 

 

JUNE 30,

 

 

JUNE 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

United States

 

$36,800,916

 

 

$34,987,680

 

 

$70,017,487

 

 

$68,237,926

 

Europe

 

 

1,079,286

 

 

 

1,053,091

 

 

 

2,080,454

 

 

 

2,010,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$37,880,202

 

 

$36,040,771

 

 

$72,097,941

 

 

$70,248,050

 

  

During the three month periods ended June 30, 2025 and 2024, the Company recognized approximately $1.9 million and $527,900, respectively, of revenue related to amounts that were included in deferred revenue as of December 31, 2024 and 2023, respectively.

 

During the six month periods ended June 30, 2025 and 2024, the Company recognized approximately $5.2 million and $1.4 million, respectively, of revenue related to amounts that were included in deferred revenue as of December 31, 2024 and 2023, respectively.