v3.26.1
Revenue from contracts with customers
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from contracts with customers

Note 15. Revenue from contracts with customers

Disaggregation of revenues

Revenues by product category were as follows (in thousands, except percentages):

 

 

Year Ended December 31,

 

 

 

2023

 

 

2024

 

 

 

(Restated)

 

 

 

 

 

 

 

Point-to-Multi-Point

 

$

95,816

 

 

 

42

%

 

$

73,469

 

 

 

42

%

Point-to-Point

 

 

81,470

 

 

 

36

%

 

 

48,195

 

 

 

27

%

Enterprise

 

 

44,377

 

 

 

20

%

 

 

50,282

 

 

 

28

%

Other

 

 

5,104

 

 

 

2

%

 

 

5,340

 

 

 

3

%

Total Revenues

 

$

226,767

 

 

 

100

%

 

$

177,286

 

 

 

100

%

The Company’s products are predominately distributed through a third-party logistics provider in the United States, Netherlands and Vietnam. The Company has determined the geographical distribution of product revenues based upon the ship-to destinations.

Revenue by geography were as follows (in thousands, except percentages):

 

 

Year Ended December 31,

 

 

 

2023

 

 

2024

 

 

 

(Restated)

 

 

 

 

 

 

 

North America

 

$

138,927

 

 

 

62

%

 

$

86,914

 

 

 

49

%

Europe, Middle East and Africa

 

 

43,647

 

 

 

19

%

 

 

50,956

 

 

 

29

%

Caribbean and Latin America

 

 

20,667

 

 

 

9

%

 

 

20,527

 

 

 

11

%

Asia Pacific

 

 

23,526

 

 

 

10

%

 

 

18,889

 

 

 

11

%

Total Revenues

 

$

226,767

 

 

 

100

%

 

$

177,286

 

 

 

100

%

The following country had revenues greater than 10% of total revenues:

•
United States - $136.7 million for 2023 (Restated) and $88.6 million for 2024

Customers with an accounts receivable balance of 10% or greater of total accounts receivable and customers with net revenues of 10% or greater of total revenues are presented below for the periods indicated:

 

Percentage of Revenues

 

 

Percentage of Accounts Receivable

 

 

Years Ended December 31,

 

 

As of December 31,

 

 

 

2023

 

 

2024

 

 

 

2023

 

 

2024

 

 

 

(Restated)

 

 

 

 

 

 

(Restated)

 

 

 

 

Customer A

 

 

15

%

 

 

17

%

 

 

 

15

%

 

 

26

%

Customer B

 

 

12

%

 

 

12

%

 

 

*

 

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* denotes percentage is less than 10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract Balances

The following table summarizes contract balances as of December 31, 2023 and 2024:

 

 

December 31,
2022

 

 

December 31,
2023

 

 

December 31,
2024

 

 

 

(Restated)

 

 

(Restated)

 

 

 

 

Trade accounts receivable, net of allowance for estimated credit losses

 

$

87,740

 

 

$

55,806

 

 

$

40,404

 

Deferred revenue - current

 

 

8,913

 

 

 

8,765

 

 

 

8,616

 

Deferred revenue - noncurrent

 

 

8,617

 

 

 

10,473

 

 

 

12,182

 

Accrued sales returns

 

 

20,350

 

 

 

15,443

 

 

 

5,687

 

Trade accounts receivable include amounts currently due from customers. Amounts are in accordance with contractual terms and are recorded at face amount less an allowance for estimated credit losses.

Deferred revenue consists of amounts due or received from customers in advance of the Company satisfying performance obligations under contractual arrangements, such as software subscriptions and extended warranty. Deferred revenue is classified as current or noncurrent based on the timing of when revenue will be recognized.

Accrued sales returns is the estimated amount expected to be returned by customer in relation to product exchanges made as part of the Company’s stock rotation program. This amount is included within Other current liabilities in the consolidated balance sheets.

Remaining performance obligations

Remaining performance obligations represent the revenue that is expected to be recognized in future periods related to performance obligations included in a contract that are unsatisfied, or partially satisfied, as of the end of a period. As of December 31, 2024, the Company’s remaining performance obligations of $22.6 million, of which $9.8 million is expected to be recognized in 2025, $11.0 million to be recognized between 2026 and 2028, $1.4 million to be recognized between 2029 and 2031, with the remaining $0.5 million to be recognized by 2034.

Revenue recognized during the year ended December 31, 2024 which was previously included in deferred revenues as of December 31, 2023 was $8.6 million. Revenue recognized during the year ended December 31, 2023 which was previously included in deferred revenues as of December 31, 2022 was $8.7 million.

Cost to obtain a contract

Sales commissions are incremental costs of obtaining a contract. The Company has elected to recognize these expenses as incurred due to the amortization period of these costs being one year or less.