| Summary of Key Financial Performance Measures of Segment |
Key financial performance measures of the segment are as follows.
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
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Revenue |
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Hardware |
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$ |
57,973 |
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$ |
82,844 |
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137,201 |
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Professional Services |
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21,133 |
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18,803 |
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35,473 |
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Deferred hub amortization |
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15,396 |
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21,600 |
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23,096 |
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SaaS |
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57,824 |
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51,638 |
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41,068 |
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Total revenue |
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152,326 |
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174,885 |
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236,838 |
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Cost of revenue |
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Hardware |
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52,829 |
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58,833 |
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108,780 |
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Professional Services |
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26,167 |
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31,160 |
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55,495 |
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Deferred hub amortization |
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8,146 |
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11,168 |
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12,602 |
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SaaS |
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15,315 |
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13,386 |
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10,432 |
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Total cost of revenue |
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102,457 |
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114,547 |
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187,309 |
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Gross profit |
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49,869 |
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60,338 |
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49,529 |
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Operating expenses |
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Operating expenses excluding stock compensation and depreciation and amortization |
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75,783 |
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87,666 |
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75,179 |
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Stock compensation |
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8,208 |
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9,654 |
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12,245 |
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Depreciation and amortization |
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4,925 |
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4,790 |
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5,264 |
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Total operating expenses |
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88,916 |
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102,110 |
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92,688 |
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Impairment charge |
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24,929 |
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- |
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- |
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Loss from operations |
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(63,976 |
) |
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(41,772 |
) |
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(43,159 |
) |
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Other segment items(1) |
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3,418 |
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8,129 |
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8,572 |
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Net loss |
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$ |
(60,558 |
) |
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$ |
(33,643 |
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$ |
(34,587 |
) |
(1) Other segment items include interest income, net, other income (expense), net, and income tax expense (benefit).
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