Discontinued Operations and Held for Sale

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Held for Sale

As noted in Note 1 – Nature of Business and Significant Accounting Policies, on September 16, 2024, the Company entered into the Purchase Agreement to sell its Telematics Business. On November 27, 2024, the Company completed the sale of its Telematics Business.

The operating results of the discontinued operations only reflect revenues and expenses that are directly attributable to the Telematics Business. The following table summarizes Income from discontinued operations, net of tax included in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
		2025		2024
Services and other revenues		$	—	$	7,504
Services and other cost of revenues		—		3,356
Gross profit from discontinued operations		—		4,148
Operating costs and expenses:
Research and development		—		361
Sales and marketing		—		1,155
General and administrative		—		1,028
Depreciation and amortization		—		343

Total operating costs and expenses		—		2,887
Operating income from discontinued operations		—		1,261
Other (expense) income:
Interest income, net		—		5
Other income (expense), net		—		15

Income from discontinued operations before income taxes		—		1,281
Income tax provision		400		220
Income (loss) from discontinued operations, net of tax		$	(400)	$	1,061

Income taxes related to discontinued operations in the three months ended March 31, 2025 relate to the deregistration process for the Company’s remaining subsidiaries in South Africa, which do not have operations. As the sale of the Telematics Business was completed on November 27, 2024, there were no assets or liabilities held for sale as of either March 31, 2025 or December 31, 2024.