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Entity Level Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Entity Level Information

NOTE 10 — 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:

 

   2025   2024 
   Three Months Ended 
   March 31, 
   2025   2024 
Revenues  $16,721   $16,776 
Less:          
Cost of sales   6,639    12,489 
Amortization of contract fulfillment assets   933    869 
Other cost of sales   793    516 
Research and development   1,633    456 
Sales and marketing   3,239    2,492 
General and administrative, excluding legal fees   2,425    2,390 
Legal fees   414    253 
Interest expense, net   91    — 
Other (income) expense, net   (36)   92 
Income tax expense   132    125 
Consolidated segment net income (loss)  $458   $(2,906)
Reconciliation of profit or loss          
Adjustments and reconciling items   —    — 
Consolidated net income (loss)  $458   $(2,906)

 

 

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

 

   2025   2024 
   Three Months Ended 
   March 31, 
   2025   2024 
United States  $12,768   $7,266 
Asia Pacific   529    7,663 
Canada   2,382    1,806 
Europe and Middle East   1,042    41 
Total net revenues  $16,721   $16,776 

 

Long-lived assets, substantially comprised of contract fulfillment assets, located in the United States and Asia Pacific region were $8,843 and $180 as of March 31, 2025, respectively, and $7,384 and $187 as of December 31, 2024, respectively.

 

Inventory located in the United States and Asia Pacific region was $3,467 and $5,153 as of March 31, 2025, respectively, and $3,383 and $7,238 as of December 31, 2024, respectively.

 

Concentrations of Revenue Risk— One customer accounted for 60% and 31% of total net revenues for the three months ended March 31, 2025 and 2024, respectively. One additional related party customer accounted for 46% of total net revenues for the three months ended March 31, 2024.

Operating Segments  Maximum Customer Concentration Risk   Accounts Receivable Revenue Benchmark