v3.26.1
Concentrations of risk and geographic information
 3 Months Ended
Mar. 31, 2026
Risks and Uncertainties [Abstract]  
Concentrations of risk and segment information Concentrations of risk and geographic information
Concentration of risk. Financial instruments that potentially subject the Company to concentration of credit risk include cash, cash equivalents, accounts receivable, and derivative instruments. The Company places cash and cash equivalents with high-credit-quality financial institutions; however, the Company maintains cash balances in excess of the FDIC insurance limits. The Company believes that credit risk for accounts receivable is mitigated by the Company’s credit evaluation process, relatively short collection terms and dispersion of its customer base. The Company generally does not require collateral and losses on trade receivables have historically been within the Company’s expectations.
Customers who represented 10% or more of the Company’s net accounts receivable balance were as follows:
March 31, 2026December 31, 2025
Customer A14%*
Customer B13%14%
Customer C11%10%
Customer D*10%
* Less than 10% of net accounts receivable for the periods indicated.
The following table summarizes the Company’s accounts receivables sold, without recourse, and factoring fees paid:
Three months ended March 31,
(in thousands)
20262025
Accounts receivable sold$4,321 $6,957 
Factoring fees83 123 
Third-party customers who represented 10% or more of the Company’s total revenue were as follows:
Three months ended March 31,
20262025
Customer A*17%
* Less than 10% of total revenue for the periods indicated.
Supplier concentration. The Company relies on third parties for the supply and manufacture of its hardware products, some of which are sole-source suppliers. The Company believes that outsourcing manufacturing enables greater scale and flexibility. As demand and product lines change, the Company periodically evaluates the need and advisability of adding manufacturers to support its operations. In instances where a supply and manufacture agreement does not exist or suppliers fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its hardware products to its customers on time, if at all. The Company also relies on third parties with whom it outsources supply chain activities related to inventory
warehousing, order fulfillment, distribution and other direct sales logistics. In instances where an outsourcing agreement does not exist or these third parties fail to perform their obligations, the Company may be unable to find alternative partners or satisfactorily deliver its hardware products to its customers on time.
Geographic information
Revenue by geographic region, based on ship-to locations, was as follows:
Three months ended March 31,
(in thousands)
20262025
Americas$67,448 $81,855 
Europe, Middle East and Africa (EMEA)20,749 40,076 
Asia and Pacific (APAC)10,868 12,377 
Total revenue$99,065 $134,308 
Revenue from the United States, which is included in the Americas geographic region, was $55.3 million and $62.8 million for the three months ended March 31, 2026 and 2025, respectively. No other individual country exceeded 10% of total revenue for any period presented.
As of March 31, 2026 and December 31, 2025, long-lived assets, which represent net property and equipment, located outside the United States, primarily in Hong Kong and mainland China, were $5.5 million and $3.1 million, respectively.