| SEGMENTS |
SEGMENTS Information about our Company’s operations by operating segment is shown in the following tables (in thousands):
| | | | | | | | | | | | | | | | | | | For the three months ended
June 30, 2026 | | Americas | EMEA | Rest of World | Eliminations and Adjustments | Total | | | | | | | | Revenues, net | $ | 13,288 | | $ | 12,982 | | $ | 363 | | $ | (715) | | $ | 25,918 | | less (2) | | | | | | | Cost of sales | 5,148 | | 8,251 | | 179 | | (574) | | 13,004 | | | Segment gross profit | 8,140 | | 4,731 | | 184 | | (141) | | 12,914 | | | | | | | | less (2) | | | | | | | General and administrative expenses | 3,852 | | 4,385 | | 121 | | — | | 8,358 | | | Depreciation and amortization | 640 | | 1,937 | | — | | — | | 2,577 | | | Research and development expenses | 882 | | 208 | | — | | (148) | | 942 | | | Interest expense | 1,060 | | — | | — | | — | | 1,060 | | | Income tax benefit (expense) | (417) | | 154 | | — | | — | | (263) | | Other segment items (3) | (36) | | (5) | | (10) | | (218) | | (269) | | | Net Income (Loss) | $ | 2,159 | | $ | (1,948) | | $ | 73 | | $ | 225 | | $ | 509 | |
| | | | | | | | | | | | | | | | | | | For the six months ended
June 30, 2026 | | Americas | EMEA | Rest of World | Eliminations and Adjustments | Total | | | | | | | | Revenues, net | $ | 20,812 | | $ | 28,143 | | $ | 605 | | $ | (1,200) | | $ | 48,360 | | less (2) | | | | | | | Cost of sales | 11,078 | | 18,058 | | 292 | | (921) | | 28,507 | | | Segment gross profit | 9,734 | | 10,085 | | 313 | | (279) | | 19,853 | | | | | | | | less (2) | | | | | | | General and administrative expenses | 7,734 | | 8,764 | | 211 | | — | | 16,709 | | | Depreciation and amortization | 1,275 | | 3,858 | | — | | — | | 5,133 | | | Research and development expenses | 1,766 | | 417 | | — | | (305) | | 1,878 | | | Interest expense | 2,334 | | — | | — | | — | | 2,334 | | | Income tax benefit (expense) | (1,065) | | 417 | | — | | — | | (648) | | Other segment items (3) | (14) | | 593 | | (10) | | (106) | | 463 | | | Net Income (Loss) | $ | (2,296) | | $ | (3,964) | | $ | 112 | | $ | 132 | | $ | (6,016) | |
(1) Eliminations and adjustments represent net sales between the Americas, EMEA and Rest of World segments. Sales between these segments are generally valued at market. (2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker. (3) Other Segment items for each reportable segment includes: Research and development - consists primarily of personnel related costs, prototype and sample costs, design costs, and global product certifications mostly for wireless certifications. Other Expense - consists of interest expense associated with our debt financing arrangements, the effects of changes in the fair value of derivative liabilities and warrants. | | | | | | | | | | | | | | | | | | | For the three months ended
June 30, 2025 | | Americas | EMEA | Rest of World | Eliminations and Adjustments | Total | | | | | | | | Revenues, net | $ | 15,785 | | $ | 15,378 | | $ | 275 | | $ | (586) | | $ | 30,852 | | less (2) | | | | | | | Cost of sales | 10,008 | | 10,406 | | 114 | | (466) | | 20,062 | | | Segment gross profit | 5,777 | | 4,972 | | 161 | | (120) | | 10,790 | | | | | | | | less (2) | | | | | | | General and administrative expenses | 7,083 | | 3,798 | | 102 | | — | | 10,983 | | | Depreciation and amortization | 658 | | 1,933 | | — | | — | | 2,591 | | | Research and development expenses | 1,100 | | 202 | | — | | (174) | | 1,128 | | | Interest expense | 2,473 | | 98 | | — | | — | | 2,571 | | | Income tax expense | 577 | | (303) | | — | | — | | 274 | | Other segment items (3) | 301 | | (1,930) | | 3 | | (412) | | (2,038) | | | Net Income (Loss) | $ | (6,415) | | $ | 1,174 | | $ | 56 | | $ | 466 | | $ | (4,719) | |
| | | | | | | | | | | | | | | | | | | For the six months ended
June 30, 2025 | | Americas | EMEA | Rest of World | Eliminations and Adjustments | Total | | | | | | | | Revenues, net | $ | 25,673 | | $ | 28,081 | | $ | 592 | | $ | (1,071) | | $ | 53,275 | | less (2) | | | | | | | Cost of sales | 15,073 | | 19,867 | | 239 | | (737) | | 34,442 | | | Segment gross profit | 10,600 | | 8,214 | | 353 | | (334) | | 18,833 | | | | | | | | less (2) | | | | | | | General and administrative expenses | 11,328 | | 7,034 | | 197 | | — | | 18,559 | | | Depreciation and amortization | 1,319 | | 3,735 | | — | | — | | 5,054 | | | Research and development expenses | 2,040 | | 390 | | — | | (390) | | 2,040 | | | Interest expense | 4,840 | | 218 | | — | | — | | 5,058 | | | Income tax expense | 564 | | (440) | | — | | — | | 124 | | Other segment items (3) | (1,045) | | (2,623) | | 3 | | (375) | | (4,040) | | | Net Income (Loss) | $ | (8,446) | | $ | (100) | | $ | 153 | | $ | 431 | | $ | (7,962) | |
(1) Eliminations and adjustments represent net sales between the Americas, EMEA and Rest of World segments. Sales between these segments are generally valued at market. (2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker. (3) Other Segment items for each reportable segment includes: Research and development - consists primarily of personnel related costs, prototype and sample costs, design costs, and global product certifications mostly for wireless certifications. Other Expense - consists of interest expense associated with our debt financing arrangements, (gains) or losses on settlements of debt, and the effects of changes in the fair value of derivative liabilities. | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | | Identifiable Assets | | | | | Americas | $ | 40,301 | | | $ | 40,329 | | | EMEA | 42,620 | | | 55,833 | | | Rest of World | 1,429 | | | 1,381 | | | Total Identifiable Assets | $ | 84,350 | | | $ | 97,543 | |
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