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Segment, Geographic, and Concentrations of Risk Information | 6 Months Ended
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Jun. 30, 2025
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 June 30, 2025, the Company’s CODM was its CEO. The Company’s CODM does not 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 single 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:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues | $ | 40,223 |  |  | $ | 51,620 |  |  | $ | 71,896 |  |  | $ | 89,125 |
Less: |  |  |  |  |  |  |
Adjusted cost of revenues (1) | 23,653 |  |  | 32,784 |  |  | 40,291 |  |  | 57,020 |
Adjusted research and development (2) | 4,554 |  |  | 5,092 |  |  | 8,821 |  |  | 9,615 |
Adjusted sales and marketing (2) | 3,808 |  |  | 4,166 |  |  | 7,596 |  |  | 7,840 |
Adjusted general and administrative (3) | 3,513 |  |  | 2,786 |  |  | 6,868 |  |  | 6,404 |
Adjusted depreciation and amortization (4) | 1,761 |  |  | 3,322 |  |  | 3,509 |  |  | 6,284 |
Capitalizable software development expenditures | 1,985 |  |  | 980 |  |  | 4,361 |  |  | 1,563 |
Capitalized software development expenditures | (1,985) |  |  | (980) |  |  | (4,361) |  |  | (1,563) |
Share-based compensation | 1,654 |  |  | 834 |  |  | 3,255 |  |  | 1,521 |
Amortization of purchased intangible assets related to business combinations | — |  |  | 330 |  |  | 316 |  |  | 660 |
Impairment of capitalized software | — |  |  | — |  |  | 384 |  |  | 420 |
Debt restructuring costs | — |  |  | 452 |  |  | — |  |  | 452 |
Gain on debt restructurings, net | — |  |  | (1,324) |  |  | — |  |  | (1,324) |
Loss on extinguishment of revolving credit facility | — |  |  | 788 |  |  | — |  |  | 788 |
Interest expense | 933 |  |  | 1,776 |  |  | 1,959 |  |  | 3,955 |
Other (income) expense, net | (182) |  |  | 417 |  |  | (485) |  |  | 792 |
Income tax provision | 22 |  |  | 118 |  |  | 45 |  |  | 135 |
Segment net income (loss) | $ | 507 |  |  | $ | 79 |  |  | $ | (663) |  |  | $ | (5,437) |
Reconciliation of profit or loss |  |  |  |  |  |  |
Income from discontinued operations, net of tax | — |  |  | 545 |  |  | (400) |  |  | 1,606 |
Consolidated net income (loss) | $ | 507 |  |  | $ | 624 |  |  | $ | (1,063) |  |  | $ | (3,831) |
(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):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
United States and Canada | $ | 40,130 |  |  | $ | 50,808 |  |  | $ | 71,750 |  |  | $ | 86,284 |
Europe (including United Kingdom) | $ | 19 |  |  | $ | 676 |  |  | 19 |  |  | 1,377 |
Australia | $ | 74 |  |  | $ | 124 |  |  | 127 |  |  | 1,451 |
Other | $ | — |  |  | $ | 12 |  |  | — |  |  | 13 |
Total | $ | 40,223 |  |  | $ | 51,620 |  |  | $ | 71,896 |  |  | $ | 89,125 |
Substantially all of the Company’s long-term assets are located within the United States. Concentrations of Credit Risk Customer Concentrations For the three months ended June 30, 2025, two customers accounted for 62.2% and 24.2% of revenues, respectively. For the three months ended June 30, 2024, two customers accounted for 45.3% and 34.3% of revenues, respectively. For the six months ended June 30, 2025, two customers accounted for 58.9% and 29.0% of revenues, respectively. For the six months ended June 30, 2024, two customers accounted for 46.1% and 29.1% of revenues, respectively. As of June 30, 2025, three customers accounted for 58.1%, 18.0%, and 13.2% of accounts receivable, net, respectively. As of December 31, 2024, three customers accounted for 33.6%, 22.8%, and 18.8% of 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 sole-source 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. In addition, many of our suppliers are located outside of the United States and therefore can be impacted by additional government regulations, such as import tariffs.

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- Definition The entire disclosure for reporting segments including data and tables. 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