v3.26.1
Segment, Geographic, and Concentrations of Risk Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment, Geographic, and Concentrations of Risk Information Segment, Geographic, and Concentrations of Risk Information
Segment Information
As previously detailed in Note 1 – Nature of Business and Significant Accounting Policies, the Company operates as one reportable segment. As of March 31, 2026, the Company’s CODM was its CEO. The Company’s CODM does not manage any part of the Company separately, and the allocation of resources and assessment of performance is based solely on the Company’s consolidated operations and financial results. The accounting policies of our single reportable segment are the same as those described in Note 1 – Nature of Business and Significant Accounting Policies.
The CODM uses net income (loss) in evaluating the performance of our single reportable segment and determining how to allocate resources of the Company as a whole, including investing in our products, services and customers. As the Company only has one reportable segment, the measure of segment assets is reported on the balance sheet as total consolidated assets.
The following table details the revenues, significant expenses and other segment items regularly provided to the CODM:
Three Months Ended
March 31,
20262025
Revenues$34,338 $31,673 
Less:
Adjusted cost of revenues (1)
17,560 16,638 
Adjusted research and development (2)
5,595 4,267 
Adjusted sales and marketing (2)
5,105 3,788 
Adjusted general and administrative (3)
4,346 3,355 
Adjusted depreciation and amortization (4)
1,794 1,748 
Capitalizable software development expenditures2,920 2,376 
Capitalized software development expenditures(2,920)(2,376)
Share-based compensation2,304 1,601 
Amortization of purchased intangible assets related to business combinations— 316 
Impairment of capitalized software— 384 
Non‑recurring transaction‑related costs1,200 — 
Interest expense1,061 1,026 
Other (income) expense, net(125)(303)
Income tax provision (benefit)34 23 
Segment net income (loss)$(4,536)$(1,170)
Reconciliation of profit or loss
Income (loss) from discontinued operations, net of tax— (400)
Consolidated net income (loss)$(4,536)$(1,570)
(1) Excludes any share-based compensation expense.
(2) Excludes any depreciation and amortization or share-based compensation expense.
(3) Excludes any depreciation and amortization, share-based compensation expense, right-of-use asset impairments, gain on early lease terminations, or debt restructuring costs.
(4) Excludes amortization of purchased intangible assets.
Geographic Information
The following table details the Company’s revenues by geographic region based on shipping destination (in thousands):
Three Months Ended
March 31,
20262025
United States and Canada$34,229 $31,620 
Europe (including United Kingdom)$39 $— 
Australia$70 $53 
Total$34,338 $31,673 
Substantially all of the Company’s long-term assets are located within the United States.
Concentrations of Credit Risk
Customer Concentrations
For the three months ended March 31, 2026, two customers accounted for 53.2% and 33.5% of revenues, respectively. For the three months ended March 31, 2025, two customers accounted for 54.6% and 35.1% of revenues, respectively.
As of March 31, 2026, three customers accounted for 49.1%, 23.4%, and 16.7% of accounts receivable, net, respectively. As of December 31, 2025, two customers accounted for 45.6% and 31.4% of accounts receivable, net, respectively.
Concentrations in the Available Sources of Supply of Materials and Product
Our services use hardware and software from various third parties, some of which are procured from single suppliers. For example, our MiFi mobile hotspots and fixed wireless access devices rely substantially on chipsets from Qualcomm. From time to time, certain components used in our products or solutions have been in short supply or their anticipated commercial introduction has been delayed or their availability has been interrupted for reasons outside our control.