v3.26.1
Segment Reporting, Geographic Information, and Concentration of Credit Risk
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Geographic Information, and Concentration of Credit Risk [Abstract]  
Segment Reporting, Geographic Information, and Concentration of Credit Risk

Note 10. Segment Reporting, Geographic Information, and Concentration of Credit Risk

Segment Reporting

The Company has one reportable and operating segment: the IoT Business segment. The Company identified its operating segment based on how the Company's chief operating decision maker ("CODM") manages the business, makes operating decisions and evaluates the Company's operating performance. The Company derives revenue primarily in the Americas, Europe and the Middle East, and Asia-Pacific regions. The Company's chief executive officer acts as the CODM and reviews financial and operational information on a consolidated, or entity-wide, basis.

As the Company's CODM manages operations on a consolidated basis, consolidated net loss from operations as reported in the Company's condensed consolidated statements of comprehensive loss is the U.S. GAAP measure that is used to make operating decisions and evaluate operating performance. The significant expense categories which are used to manage operations are those reflected in the Company's condensed consolidated statements of comprehensive loss.

Geographical Information

Geographic net revenue is based on the customer’s ship-to location. Information regarding net revenue by geographic region for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Americas

 

$

2,820

 

 

$

1,833

 

 

$

8,234

 

 

$

4,071

 

Europe and the Middle East

 

 

2,154

 

 

 

1,964

 

 

 

3,592

 

 

 

3,751

 

Asia-Pacific

 

 

707

 

 

 

1,243

 

 

 

1,268

 

 

 

2,487

 

Total

 

$

5,681

 

 

$

5,040

 

 

$

13,094

 

 

$

10,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As percentage of net revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

 

50

%

 

 

36

%

 

 

63

%

 

 

39

%

Europe and the Middle East

 

 

38

%

 

 

39

%

 

 

27

%

 

 

36

%

Asia-Pacific

 

 

12

%

 

 

25

%

 

 

10

%

 

 

25

%

Total

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

Long-lived assets by geographic location as of June 30, 2026 and December 31, 2025 are as follows (in thousands):

 

 

 

June 30,
2026

 

 

December 31,
2025

 

Property and equipment, net:

 

 

 

 

 

 

Americas

 

$

192

 

 

$

200

 

Europe and the Middle East

 

 

1,448

 

 

 

680

 

Asia-Pacific

 

 

5,724

 

 

 

6,436

 

Total property and equipment, net

 

$

7,364

 

 

$

7,316

 

 

 

 

 

 

 

 

Operating lease right-of-use assets:

 

 

 

 

 

 

Americas

 

$

—

 

 

$

—

 

Europe and the Middle East

 

 

276

 

 

 

282

 

Asia-Pacific

 

 

420

 

 

 

559

 

Total operating lease right-of-use assets

 

$

696

 

 

$

841

 

Concentration of Credit Risk

Two customers accounted for 21% and 16% of net revenue for the three months ended June 30, 2026. Three customers accounted for 21%, 17%, and 13% of net revenue for the six months ended June 30, 2026. One customer accounted for 19% of net revenue for the three months ended June 30, 2025. One customer accounted for 18% of net revenue for the six months ended June 30, 2025. One customer accounted for 13% of net accounts receivable as of June 30, 2026. Two customers accounted for 15% and 10%, respectively, of net accounts receivable as of June 30, 2025.