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Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

10. Segment information

The Company currently has one single operating and reporting segment, identity and information solutions, as defined by ASC 280, “Segment Reporting.” The Company adopted ASU 2023-07 as of December 31, 2024. There have been no significant changes in the basis of segmentation or in the basis of measurement of segment profit since the last annual report.

The Company’s chief operating decision maker (the “CODM”) assesses performance for the identity and information solutions segment and decides how to allocate resources based on net income that also is reported on the condensed consolidated statements of operations as net income. The measure of segment assets is reported on the condensed consolidated balance sheet as total assets.

Information about reported segment revenue, segment net income, and significant segment expenses is shown as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

21,774

 

 

$

19,056

 

 

$

43,777

 

 

$

36,567

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue (exclusive of depreciation and
  amortization)

 

 

3,501

 

 

 

3,455

 

 

 

7,162

 

 

 

7,211

 

Personnel-related expenses

 

 

8,024

 

 

 

6,461

 

 

 

15,717

 

 

 

12,250

 

Advertising, marketing and agency expenses

 

 

287

 

 

 

204

 

 

 

511

 

 

 

363

 

Provision for bad debts

 

 

212

 

 

 

154

 

 

 

274

 

 

 

224

 

Share-based compensation expense

 

 

1,827

 

 

 

1,393

 

 

 

3,423

 

 

 

2,795

 

Occupancy expenses

 

 

265

 

 

 

324

 

 

 

571

 

 

 

630

 

Professional fees(1)

 

 

1,560

 

 

 

961

 

 

 

2,611

 

 

 

2,166

 

Other segment items(2)

 

 

700

 

 

 

659

 

 

 

1,349

 

 

 

1,230

 

Depreciation and amortization

 

 

2,647

 

 

 

2,377

 

 

 

5,197

 

 

 

4,647

 

Interest income

 

 

(339

)

 

 

(314

)

 

 

(647

)

 

 

(679

)

Income tax expense

 

 

404

 

 

 

745

 

 

 

1,483

 

 

 

1,309

 

Segment net income

 

$

2,686

 

 

$

2,637

 

 

$

6,126

 

 

$

4,421

 

Consolidated net income

 

$

2,686

 

 

$

2,637

 

 

$

6,126

 

 

$

4,421

 

 

(1) Professional fees for the three and six months ended June 30, 2025, include $370 of acquisition-related costs incurred in connection with the due diligence of potential strategic targets. Comparable acquisition-related costs were $0 and $7 for the three and six months ended June 30, 2024, respectively.

 

(2) Other segment items include primarily travel and entertainment, write-off of long-lived assets, and other selling, general and administrative expenses.