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SEGMENT INFORMATION, GEOGRAPHIC INFORMATION AND CUSTOMER CONCENTRATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION, GEOGRAPHIC INFORMATION AND CUSTOMER CONCENTRATION

NOTE 13: SEGMENT INFORMATION, GEOGRAPHIC INFORMATION AND CUSTOMER CONCENTRATION

Segment Information

Historically, the Company had been managed and operated under two reportable segments: Broadband and Video. As a result of the separation and disposition (as defined in Note 3, Discontinued Operations) of the Video segment, the Company’s continuing operations now consist of a single reportable segment, Broadband. The Chief Executive Officer, who is the Company’s Chief Operating Decision Maker (“CODM”), now evaluates the performance of the Company and makes decisions regarding the allocation of resources based on the Company’s consolidated results. Our CODM does not evaluate operating results using asset or liability information.

 

The following table is a reconciliation of the Company's measure of segment profit or loss, significant segment expenses and other segment items:

Year Ended December 31,

(in thousands)

2025

 

2024

 

2023

Total net revenue

$

360,523

 

$

488,200

 

$

388,482

Less significant expenses and other segment items:

 

 

 

 

 

 

 

 

Cost of revenue

 

184,817

 

 

247,588

 

 

209,384

Research and development expense

 

71,575

 

 

68,115

 

 

66,092

Selling, general and administrative

 

65,458

 

 

64,808

 

 

66,435

Segment operating income

 

38,673

 

 

107,689

 

 

46,571

Stock-based compensation

 

(21,641)

 

 

(19,325)

 

 

(16,419)

Restructuring and related charges

 

(1,315)

 

 

(2,741)

 

 

(123)

Asset impairment and related charges

 

(1,637)

 

 

(10,889)

 

 

—

Segment income from operations

 

14,080

 

 

74,734

 

 

30,029

Non-operating expense, net

 

(5,219)

 

 

(3,198)

 

 

(2,184)

Income from continuing operations before income taxes

$

8,861

 

$

71,536

 

$

27,845

 

Together with stock-based compensation, the Company does not allocate restructuring and related charges, lease-related and other charges, asset impairment charges and other non-recurring expenses to the operating income of its reportable segment because management does not include this information in the measurement of the performance of the operating segment.

Disaggregation of Revenue

The following table provides a summary of total revenues disaggregated by type:

 

Year Ended December 31,

(in thousands)

2025

 

2024

 

2023

Product sales

$

267,048

 

$

410,939

 

$

298,559

Professional services

 

35,739

 

 

22,856

 

 

35,470

Total Appliance and integration

 

302,787

 

 

433,795

 

 

334,029

Total SaaS and service

 

57,736

 

 

54,405

 

 

54,453

Total revenue

$

360,523

 

$

488,200

 

$

388,482

 

The following table provides a summary of total net revenues by geographic region:

 

Net revenue:

Year Ended December 31,

(in thousands)

2025

 

2024

 

2023

United States (1)

$

277,049

 

$

421,679

 

$

307,614

Other countries (1)

 

83,474

 

 

66,521

 

 

80,868

Total

$

360,523

 

$

488,200

 

$

388,482

 

 

 

 

 

 

 

 

 

Americas

$

320,570

 

$

449,346

 

$

335,154

EMEA

 

33,894

 

 

36,420

 

 

50,994

APAC

 

6,059

 

 

2,434

 

 

2,334

Total

$

360,523

 

$

488,200

 

$

388,482

(1) Revenue is attributed to countries based on the location of the customer.

No single country other than the United States, accounted for 10% or more of the Company’s net revenues for the years ended December 31, 2025, 2024 and 2023.

 

Property and equipment, net:

 

 

 

As of December 31,

(in thousands)

 

 

 

2025

 

2024

United States

 

 

 

$

14,817

 

$

15,476

Israel

 

 

 

 

5,926

 

 

7,257

France

 

 

 

 

4,656

 

 

2,182

Other countries

 

 

 

 

249

 

 

247

Total

 

 

 

$

25,648

 

$

25,162

Customer Concentration

Net revenue:

Year Ended December 31,

(in thousands)

2025

 

2024

 

2023

Top 2 customers (2)

$

221,787

 

$

393,234

 

$

284,178

Rest-of-world

 

138,736

 

 

94,966

 

 

104,304

Total

$

360,523

 

$

488,200

 

$

388,482

(2) Based on largest subscriber footprint

One customer accounted for 54% of the Company’s total net revenues during the years ended December 31, 2025. Two customers accounted for 57% and 24% of the Company’s total net revenues during the year ended December 31, 2024, respectively. One customer accounted for 64% of the Company’s total net revenues during the years ended December 31, 2023.