| Summary of Key Financial Performance Measures of Segment |
Key financial performance measures of the segment are as follows.
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For the three months ended September 30, |
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For the nine months ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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Hardware |
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$ |
18,492 |
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$ |
11,506 |
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$ |
47,497 |
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$ |
45,479 |
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Professional Services |
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6,469 |
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7,035 |
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21,138 |
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15,255 |
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Deferred hub amortization |
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877 |
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3,424 |
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4,383 |
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12,701 |
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SaaS - Smart Apartments |
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11,918 |
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10,175 |
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35,002 |
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29,922 |
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SaaS - Smart Operations |
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2,170 |
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2,632 |
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6,866 |
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8,056 |
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SaaS - All Other |
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1,640 |
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1,430 |
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5,207 |
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4,441 |
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SaaS |
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15,728 |
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14,237 |
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47,075 |
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42,419 |
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Total revenue |
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41,566 |
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36,202 |
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120,093 |
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115,854 |
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Cost of revenue |
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Hardware |
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13,642 |
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13,836 |
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38,132 |
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40,664 |
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Professional Services |
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6,284 |
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6,800 |
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19,042 |
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20,330 |
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Deferred hub amortization |
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532 |
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1,819 |
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2,594 |
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6,559 |
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SaaS |
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3,999 |
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4,178 |
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11,875 |
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12,502 |
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Total cost of revenue |
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24,457 |
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26,633 |
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71,643 |
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80,055 |
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Gross profit |
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17,109 |
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9,569 |
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48,450 |
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35,799 |
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Operating expenses |
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Research and development |
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4,905 |
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5,419 |
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15,385 |
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18,200 |
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Sales and marketing |
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5,270 |
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4,220 |
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14,401 |
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14,956 |
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General and administrative |
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7,258 |
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3,647 |
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21,880 |
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27,483 |
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Stock compensation |
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3,056 |
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2,019 |
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9,166 |
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6,597 |
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Depreciation and amortization |
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1,428 |
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1,291 |
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3,981 |
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3,635 |
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Total operating expenses |
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21,917 |
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16,596 |
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64,813 |
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70,871 |
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Impairment charge |
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- |
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- |
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- |
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24,929 |
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Loss from operations |
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(4,808 |
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(7,027 |
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(16,363 |
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(60,001 |
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Other segment items(1) |
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896 |
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757 |
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2,362 |
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2,687 |
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Net loss |
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$ |
(3,912 |
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$ |
(6,270 |
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$ |
(14,001 |
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$ |
(57,314 |
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(1) Other segment items include interest income, net, other income (expense), net, and income tax expense (benefit).
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