Revenue and Deferred Revenue (As Restated) (Tables)

9 Months Ended

Sep. 30, 2025

Revenue and Deferred Revenue (As Restated)

Schedule of revenue disaggregated by revenue stream

The following table provides the Company’s revenues disaggregated by revenue stream (in thousands):


		Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
		(As Restated)						(As Restated)
Revenues:
Network design and installation		$	3,983		$	1,583		$	13,599		$	4,494
Internet network services and hardware and internet service			794			302			1,949			689
Total		$	4,777		$	1,885		$	15,548		$	5,183

Schedule of changes in current deferred revenue balance and network financing receivable balance

Changes in the Company’s current deferred revenue balance for the nine months ended September 30, 2025 and 2024, respectively, were as follows (in thousands):


Balance as of January 1, 2024		$	1,880
Additions included in deferred revenue as of end of period			2,945
Revenue recognized from opening balance			(766)
Balance as of September 30, 2024		$	4,059

Balance as of January 1, 2025		$	6,215
Additions included in deferred revenue as of end of period			4,135
Revenue recognized from opening balance			(4,791)
Balance as of September 30, 2025		$	5,559

Changes in the Company’s network financing receivable balance for the nine months ended September 30, 2025 and 2024, were as follows (in thousands):


Balance as of January 1, 2024		$	—
Additional unbilled revenue recognized			391
Amounts billed during the period			(20)
Balance as of September 30, 2024		$	371

Balance as of January 1, 2025		$	513
Additional unbilled revenue recognized			550
Amounts billed during the period			(56)
Balance as of September 30, 2025		$	1,007