| Deferred Revenue |
12. Deferred Revenue | | | | | | | As of December 31, | | | 2024 | | 2025 | | | US$ | | US$ | Deferred Revenue | | | | | -Cloud-based connectivity and basic IoT services (1) | | 1,277 | | 1,306 | -Membership (2) | | — | | — | -SaaS (3) | | 6,625 | | 8,778 | Total deferred revenue | | 7,902 | | 10,084 |
| (1) | Deferred cloud-based connectivity and basic IoT services related revenue |
Deferred cloud-based connectivity and basic IoT services related revenue represents the Group’s provision of cloud-based connectivity obligation and basic IoT services to customers. | | | | | | | | | Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | US$ | | US$ | | US$ | Beginning balances | | 1,375 | | 1,122 | | 1,277 | Deferral of revenue | | 984 | | 1,123 | | 1,148 | Recognition of deferred revenue | | (1,237) | | (968) | | (1,119) | Ending balances | | 1,122 | | 1,277 | | 1,306 |
(2)Deferred Revenue-Membership Deferred Revenue-Membership represents the Group’s remaining performance obligation performed over the period of time under its 2020 Membership Program (Note 2(r)). | | | | | | | | | Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | US$ | | US$ | | US$ | Beginning balances | | 672 | | — | | — | Deferral of revenue | | 179 | | — | | — | Recognition of deferred revenue | | (851) | | — | | — | Ending balances | | — | | — | | — |
Deferred Revenue-SaaS mainly represents the Group’s remaining performance obligation in providing industry SaaS and cloud-based value-added services with AI application functions over the period of time (Note 2(r)). | | | | | | | | | Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | US$ | | US$ | | US$ | Beginning balances | | 5,168 | | 6,186 | | 6,625 | Deferral of revenue | | 19,402 | | 24,498 | | 33,616 | Recognition of deferred revenue | | (18,384) | | (24,059) | | (31,463) | Ending balances | | 6,186 | | 6,625 | | 8,778 |
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