v3.26.1
Segment Information and Geographic Data
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area [Abstract]  
Segment Information and Geographic Data Segment Information and Geographic Data
Segment Information
The Company operates and manages its business activities on a consolidated basis and has one operating and reportable segment, as defined under ASC 280, Segment Reporting. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the Chief Operating Decision Maker (“CODM”), who decides how to allocate resources and assess performance. The Company’s Chief Executive Officer serves as the CODM and is responsible for evaluating the Company’s financial performance and allocating resources. The CODM uses net income as the measure of profit or loss to allocate resources, assess performance, and monitor budgets against actual results.
Further, the CODM reviews the significant segment expenses in the table below on net loss when assessing performance and allocating resources, as well as those used for strategic decisions related to headcount and capital expenditures. The measure of segment assets is reported on the balance sheet as total assets. The CODM does not review segment assets at a level other than that presented in the Company’s unaudited interim consolidated balance sheets.
The following table reflects the Company’s significant segment expenses:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2026202520262025
Revenue, net:
Product$32,556 $31,415 $61,335 $59,525 
Service15,584 14,187 30,940 27,534 
Total revenue, net$48,140 $45,602 $92,275 $87,059 
Cost of sales (excluding stock-based compensation)18,58420,144 40,255 39,865 
Amortization - license & IP expense481481 962 974 
Sales (excluding stock-based compensation)9,0427,832 17,855 16,438 
Marketing (excluding stock-based compensation)3,3573,066 5,411 5,765 
Research and development (excluding stock-based compensation)
8,6497,403 17,290 15,551 
General and administrative (excluding stock-based compensation)14,08810,509 30,166 20,644 
Stock-based compensation expense5,3396,791 10,200 13,421 
Other segment items758(5,041)1,160 (8,614)
Net loss$(12,158)$(5,583)$(31,024)$(16,985)
Other segment items include other income (expenses) and interest income (expenses).
The Company sells its products worldwide and attributes revenue to the geography where the product is delivered. The geographical distribution of revenue for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
United States$28,220 $23,894 $52,607 $42,429 
EMEA11,304 12,309 22,069 23,875 
APAC7,915 7,867 15,666 16,758 
Other701 1,532 1,933 3,997 
Total revenue, net$48,140 $45,602 $92,275 $87,059 
EMEA includes Europe, the Middle East and Africa; APAC includes Asia and the Pacific countries; Other includes Canada and Latin America.
For revenue, a major country is defined as a group of customers in a country with combined revenue of greater than 10% of consolidated revenue or as otherwise deemed significant. Revenue in the United States was approximately $28.2 million and $52.6 million for the three and six months ended June 30, 2026, respectively, and $23.9 million and
$42.4 million for the three and six months ended June 30, 2025, respectively. Revenue in China was approximately $4.8 million and $8.4 million for the three and six months ended June 30, 2026, respectively. No other country represented greater than 10% of the Company’s consolidated net sales or was otherwise deemed significant. For the three and six months ended June 30, 2026 and 2025, the Company had no major customers that represented more than 10% of the Company’s total revenue. No customer represented more than 10% of net accounts receivable as of June 30, 2026 and 2025.
As of June 30, 2026 and December 31, 2025, the Company’s long-lived assets by geographic area were as follows (in thousands):
June 30, 2026December 31, 2025
United States$10,808 $7,978 
EMEA412 425 
APAC9,581 9,606 
Total$20,801 $18,009 
As of June 30, 2026 and December 31, 2025, most of the Company’s long-lived assets were located in the United States and in Wuxi, China.