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Segment, Geographic, and Concentrations of Risk Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment, Geographic, and Concentrations of Risk Information Segment, Geographic, and Concentrations of Risk Information
Segment Information
As previously detailed in Note 1 – Nature of Business and Significant Accounting Policies, the Company operates as one reportable segment. As of December 31, 2024, the Company’s Chief Operating Decision Maker (“CODM”) was its Executive Chairman. The Company’s Executive Chairman left the Company in February 2025, at which point, the Company’s CODM became its Chief Executive Officer. Neither of these CODMs manage any part of the Company separately, and the allocation of resources and assessment of performance is based solely on the Company’s consolidated operations and financial results. The accounting policies of our one reportable segment are the same as those described in Note 1 – Nature of Business and Significant Accounting Policies.
The CODM uses net income (loss) in evaluating the performance of our single reportable segment and determining how to allocate resources of the Company as a whole, including investing in our products, services and customers. As the Company only has one reportable segment, the measure of segment assets is reported on the balance sheet as total consolidated assets.
The following table details the revenues, significant expenses and other segment items regularly provided to the CODM:
Year Ended December 31,
20242023
Revenues$191,244 $167,286 
Less:
Adjusted cost of revenues (1)
122,321 130,847 
Adjusted research and development (2)
19,905 18,199 
Adjusted sales and marketing (2)
15,522 15,495 
Adjusted general and administrative (3)
13,203 11,738 
Adjusted depreciation and amortization (4)
11,048 17,088 
Capitalizable software development expenditures4,248 7,350 
Capitalized software development expenditures(4,248)(7,350)
Share-based compensation3,823 6,972 
Amortization of purchased intangible assets related to business combinations1,320 1,320 
Impairment of capitalized software927 1,115 
Right-of-use asset impairment138 469 
Debt restructuring costs1,322 — 
Loss on debt restructurings, net2,851 — 
Loss on extinguishment of revolving credit facility788 — 
Interest expense, net10,906 9,086 
Other income (expense), net850 (70)
Income tax provision689 43 
Segment net income (loss)$(14,369)$(45,016)
Reconciliation of profit or loss
Income (Loss) from discontinued operations, net of tax18,941 (1,169)
Consolidated net income (loss)$4,572 $(46,185)
(1) Excludes any share-based compensation expense.
(2) Excludes any depreciation and amortization or share-based compensation expense.
(3) Excludes any depreciation and amortization, share-based compensation expense, right-of-use asset impairments, or debt restructuring costs.
(4) Excludes amortization of purchased intangible assets.
Geographic Information
The following table details the Company’s revenues by geographic region based on shipping destination (in thousands):
Year Ended December 31,
20242023
United States and Canada$184,324 $163,490 
Europe (including United Kingdom)5,298 2,586 
Other1,622 1,210 
Total$191,244 $167,286 
Substantially all of the Company’s long-term assets are located within the United States.
Concentrations of Risk
Customer Concentrations
For the year ended December 31, 2024, two customers accounted for 41.9% and 33.6% of revenues, respectively. For the year ended December 31, 2023, three customers accounted for 37.0%, 31.8%, and 17.6% of revenues, respectively.
At December 31, 2024, three customers accounted for 33.6%, 22.8%, and 18.8% of total accounts receivable, net, respectively. At December 31, 2023, three customers accounted for 51.9%, 12.7% and 10.6% of total accounts receivable, net, respectively.
Concentrations in the Available Sources of Supply of Materials and Product
Our services use hardware and software from various third parties, some of which are procured from single suppliers. For example, our MiFi mobile hotspots and fixed wireless access devices rely substantially on chipsets from Qualcomm. From time to time, certain components used in our products or solutions have been in short supply or their anticipated commercial introduction has been delayed or their availability has been interrupted for reasons outside our control.