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Segment Information and Major Customers
 12 Months Ended
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,
202520242023
Revenue
IoT Products & Services$317,883 $324,444 $345,680 
IoT Solutions112,338 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 Solutions21,813 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 Solutions81,153 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 Solutions9,372 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,
202520242023
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,
202520242023
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,
20252024
IoT Products & Services$338,454 $376,998 
IoT Solutions562,290 410,567 
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,
20252024
United States$33,563 $34,416 
International459 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.