v3.26.1
Segment Information
 9 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We have two reportable segments that also serve as our operating segments: (i) IoT Products & Services and (ii) IoT Solutions. This determination was made by considering both qualitative and quantitative information. The qualitative information included, but was not limited to, the following: each segment is led by a single segment manager that reports to the Chief Operating Decision Maker (CODM), the nature of the products and services and customers differ between the two segments, discrete financial information is available including revenue and operating income for both segments and the CODM is reviewing both segments’ financial information separately to make decisions about the allocation of resources. IoT Products & Services derives revenue from the sale of products and services that help original equipment manufacturers ("OEMs"), enterprise and government customers create and deploy, secure IoT connectivity solutions. IoT Solutions derives revenue from the sale of software-based services that are enabled through the use of connected devices that utilize cellular communications. Our CEO is our CODM. In the fourth quarter of fiscal 2025, the metric he uses to measure profitability within each of our reportable segments was changed from segment gross profit to operating income.
Summary operating results for each of our segments were (in thousands):
Three months ended June 30,Nine months ended June 30,
2026202520262025
Revenue
IoT Products & Services$99,793 $80,032 $279,778 $235,638 
IoT Solutions38,877 27,482 112,097 80,245 
Total revenue$138,670 $107,514 $391,875 $315,883 
Depreciation and amortization
IoT Products & Services$3,923 $2,916 $10,431 $9,262 
IoT Solutions7,546 5,385 22,562 15,701 
Total depreciation and amortization$11,469 $8,301 $32,993 $24,963 
Other segment items*
IoT Products & Services$79,086 $64,935 $226,897 $191,940 
IoT Solutions25,220 19,355 75,691 56,971 
Total other segment items$104,306 $84,290 $302,588 $248,911 
Operating income
IoT Products & Services$16,784 $12,181 $42,450 $34,436 
IoT Solutions6,111 2,742 13,844 7,573 
Total operating income$22,895 $14,923 $56,294 $42,009 
*Other segment items for both IoT Products & Services and IoT Solutions include cost of sales and operating expenses.
7. SEGMENT INFORMATION (CONTINUED)
The following table provides a reconciliation of segment operating income to consolidated income before taxes:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Total segment operating income$22,895 $14,923 $56,294 $42,009 
Total other expense, net(1,637)(963)(6,208)(4,605)
Income before income taxes$21,258 $13,960 $50,086 $37,404 
*Total other expense, net primarily includes interest expense, net in the three and nine months ended June 30, 2026 and 2025, respectively.
Total expended for property, plant and equipment was (in thousands):
Nine months ended June 30,
20262025
IoT Products & Services$1,055 $1,295 
IoT Solutions*562 539 
Total expended for property, plant and equipment$1,617 $1,834 
* Excluded from these amounts are $5,916 and $6,859 of transfers of inventory to property plant and equipment for subscriber assets for the nine months ended June 30, 2026 and 2025, respectively.
Total assets for each of our segments were (in thousands):
June 30,
2026		September 30,
2025
IoT Products & Services$382,587 $338,454 
IoT Solutions553,792 562,290 
Segment assets936,379 900,744 
Unallocated*27,972 21,902 
Total assets$964,351 $922,646 
*Unallocated consists of cash and cash equivalents.