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Segment Information and Major Customers | 12 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION AND MAJOR CUSTOMERS | SEGMENT INFORMATION AND MAJOR CUSTOMERS 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 as follows (in thousands):
|  |  |  | Year ended September 30,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |  |  |  |
IoT Products & Services |  |  |  |  |  | $ | 317,883 |  |  | $ | 324,444 |  |  | $ | 345,680 |
IoT Solutions |  |  |  |  |  | 112,338 |  |  | 99,602 |  |  | 99,169 |
Total revenue |  |  |  |  |  | $ | 430,221 |  |  | $ | 424,046 |  |  | $ | 444,849 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |
IoT Products & Services |  |  |  |  |  | $ | 12,162 |  |  | $ | 12,446 |  |  | $ | 12,544 |
IoT Solutions |  |  |  |  |  | 21,813 |  |  | 20,615 |  |  | 19,432 |
Total depreciation and amortization |  |  |  |  |  | $ | 33,975 |  |  | $ | 33,061 |  |  | $ | 31,976 |
Other segment items* |  |  |  |  |  |  |  |  |  |
IoT Products & Services |  |  |  |  |  | $ | 258,803 |  |  | $ | 265,516 |  |  | $ | 281,979 |
IoT Solutions |  |  |  |  |  | 81,153 |  |  | 77,380 |  |  | 80,799 |
Total other segment items |  |  |  |  |  | $ | 339,956 |  |  | $ | 342,896 |  |  | $ | 362,778 |
Operating income (loss) |  |  |  |  |  |  |  |  |  |
IoT Products & Services |  |  |  |  |  | $ | 46,918 |  |  | $ | 46,482 |  |  | $ | 51,157 |
IoT Solutions |  |  |  |  |  | 9,372 |  |  | 1,607 |  |  | (1,062) |
Total operating income |  |  |  |  |  | $ | 56,290 |  |  | $ | 48,089 |  |  | $ | 50,095 |
*IoT Products & Services other segment items include cost of sales and operating expenses. IoT Solutions other segment items include cost of sales and operating expenses. The following table provides a reconciliation of segment operating income to consolidated income before taxes:
| Year ended September 30,
| 2025 |  | 2024 |  | 2023
Total segment operating income | $ | 56,290 |  |  | $ | 48,089 |  |  | $ | 50,095 |
Total other expense, net | (6,373) |  |  | (25,231) |  |  | (25,177) |
Income before income taxes | $ | 49,917 |  |  | $ | 22,858 |  |  | $ | 24,918 |
*Total other expense, net primarily includes interest expense, net in the fiscal years ended September 30, 2025 and 2023 and interest expense, net and debt issuance cost write off in the fiscal year ended September 30, 2024. 4. SEGMENT INFORMATION AND MAJOR CUSTOMERS (CONTINUED) Total expended for property, plant and equipment was as follows (in thousands):
| Year ended September 30,
| 2025 |  | 2024 |  | 2023
IoT Products & Services | $ | 1,485 |  |  | $ | 1,005 |  |  | $ | 588 |
IoT Solutions* | 733 |  |  | 845 |  |  | 3,510 |
Total expended for property, plant and equipment | $ | 2,218 |  |  | $ | 1,850 |  |  | $ | 4,098 |
* Excluded from this amount is $7.8 million, $12.3 million and $3.9 million of transfers of inventory to property plant and equipment for subscriber assets for the year ended September 30, 2025, 2024 and 2023, respectively. Total assets for each of our segments were as follows (in thousands):
|  | As of September 30,
|  | 2025 |  | 2024
IoT Products & Services |  | $ | 338,454 |  |  | $ | 376,998 |
IoT Solutions |  | 562,290 |  |  | 410,567 |
Segment assets |  | $ | 900,744 |  |  | $ | 787,565 |
Unallocated* |  | 21,902 |  |  | 27,510 |
Total assets |  | $ | 922,646 |  |  | $ | 815,075 |
*Unallocated consists of cash and cash equivalents. Net property, equipment and improvements by geographic location were as follows (in thousands):
|  | As of September 30,
|  | 2025 |  | 2024
United States |  | $ | 33,563 |  |  | $ | 34,416 |
International |  | 459 |  |  | 499 |
Total net property, equipment and improvements |  | $ | 34,022 |  |  | $ | 34,915 |
Our U.S. export sales represented 20.5%, 28.7% and 27.2% of revenue for the fiscal years ended September 30, 2025, 2024 and 2023, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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