XML 39 R24.htm IDEA: XBRL DOCUMENT v3.25.1
Entity Level Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Entity Level Information

NOTE 12 —Entity Level Information

 

Segment Information—The Company operates in one reporting segment.

 

The Company’s Chief Executive Officer is the Company’s chief operating decision maker (“CODM”). The Company’s CODM primarily uses consolidated net income (loss) to allocate resources and assess Company performance, primarily through periodic budgeting and Company performance reviews. The CODM utilizes discrete financial information at the consolidated level, including profit and loss statements, cash flow and revenue forecasts, inventory reports, and vendor payment plans.

 

The following table details the revenues, significant expenses and other segment items regularly provided to and reviewed by the CODM for the years ended December, 31:

 

   2024   2023 
Revenues  $58,298   $93,632 
Less:          
Cost of sales   38,364    69,121 
Amortization of contract fulfillment assets   3,486    2,159 
Other cost of sales   6,528    3,028 
Research and development   14,235    1,772 
Sales and marketing   12,962    8,768 
General and administrative, excluding legal fees   10,916    7,271 
Legal fees   1,468    1,000 
Impairment of contract fulfillment assets   3,464    — 
Restructuring charges   514    — 
Interest expense, net   29    15 
Other (income) expense, net   (246)   214 
Income tax expense   226    374 
Consolidated segment net loss  $(33,648)  $(90)
Reconciliation of profit or loss          
Adjustments and reconciling items   —    — 
Consolidated net loss  $(33,648)  $(90)

 

The following table summarizes total net revenues by region based on ship-to destinations:

 

   2024   2023 
   For the Years Ended 
   December 31, 
   2024   2023 
United States  $39,726   $33,180 
Canada   9,101    10,572 
Europe and Middle East   642    4,299 
Asia Pacific   8,829    45,581 
Total net revenues  $58,298   $93,632 

 

Long-lived assets, substantially comprised of contract fulfillment assets, located in the United States and Asia Pacific region were $7,384 and $187 as of December 31, 2024, respectively, and $9,365 and $48 as of December 31, 2023, respectively.

 

Inventory located in the United States and Asia Pacific region was $3,383 and $7,238 as of December 31, 2024, respectively, and $4,167 and $2,350 as of December 31, 2023, respectively.

 

The following table summarizes the composition of total net revenues:

 

   2024   2023 
   For the Years Ended 
   December 31, 
   2024   2023 
Product Sales  $58,290   $93,628 
Services   8    4 
Total net revenues  $58,298   $93,632 

 

Concentrations of Revenue Risk—The Company’s white label tablet customer accounted for 42% of net revenues for 2023. In the fourth quarter of 2023, tablet sales to this customer stopped as the product reached the end of its life cycle. After 2023, there is no longer a significant risk due to the concentration of revenue with this customer. One customer accounted for 41% and 29% of total net revenues for 2024 and 2023, respectively. Two additional customers accounted for 15% and 13% of total net revenues for 2024, respectively.