v3.26.1
Segment, Geographic, and Concentrations of Risk Information
 6 Months Ended
Jun. 30, 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 June 30, 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
June 30,		Six Months Ended
June 30,
2026202520262025
Revenues$43,984 $40,223 $78,322 $71,896 
Less:
Adjusted cost of revenues (1)
28,843 23,653 46,403 40,291 
Adjusted research and development (2)
5,022 4,554 10,617 8,821 
Adjusted sales and marketing (2)
5,704 3,808 10,809 7,596 
Adjusted general and administrative (3)
3,916 3,513 8,262 6,868 
Adjusted depreciation and amortization (4)
2,243 1,761 4,037 3,509 
Capitalizable software development expenditures3,009 1,985 5,929 4,361 
Capitalized software development expenditures(3,009)(1,985)(5,929)(4,361)
Share-based compensation3,049 1,654 5,353 3,255 
Amortization of purchased intangible assets related to business combinations— — — 316 
Impairment of capitalized software341 — 341 384 
Non‑recurring transaction‑related costs(5)
2,102 — 3,302 — 
Interest expense1,210 933 2,271 1,959 
Other (income) expense, net(43)(182)(168)(485)
Income tax provision (benefit)35 22 69 45 
Segment net income (loss)$(8,438)$507 $(12,974)$(663)
Reconciliation of profit or loss
Income (loss) from discontinued operations, net of tax— — — (400)
Consolidated net income (loss)$(8,438)$507 $(12,974)$(1,063)
(1) Excludes any share-based compensation expense and non-recurring transaction-related costs.
(2) Excludes any depreciation and amortization, share-based compensation expense, and non-recurring transaction-related costs.
(3) Excludes any depreciation and amortization, share-based compensation expense, right-of-use asset impairments, gain on early lease terminations, debt restructuring costs, and non-recurring transaction-related costs.
(4) Excludes amortization of purchased intangible assets.
(5) Non-recurring transaction costs related to the Preferred Stock Exchange Agreement and Purchase Agreement for Nokia’s FWA business
Geographic Information
The following table details the Company’s revenues by geographic region based on shipping destination (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
United States and Canada$43,675 $40,130 $77,904 $71,750 
Europe (including United Kingdom)206 19 245 19 
Australia103 74 173 127 
Total$43,984 $40,223 $78,322 $71,896 
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 June 30, 2026, two customers accounted for 42.6% and 37.8% of revenues, respectively. For the three months ended June 30, 2025, two customers accounted for 62.2% and 24.2% of revenues, respectively.
For the six months ended June 30, 2026, three customers accounted for 47.2%, 24.5%, and 18.7% of revenues, respectively. For the six months ended June 30, 2025, two customers accounted for 58.9% and 29.0% of revenues, respectively.
As of June 30, 2026, two customers accounted for 41.8% and 42.2% of accounts receivable, net, respectively. As of December 31, 2025, two customers accounted for 52.9% and 16.0% 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.