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Entity Level Information
 6 Months Ended
Jun. 30, 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   2025   2024 
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2025   2024   2025   2024 
Revenues  $11,190   $11,516   $27,911   $28,292 
Less:                    
Cost of sales   7,845    6,812    14,484    19,301 
Amortization of contract fulfillment assets   751    830    1,684    1,699 
Other cost of sales   1,749    905    2,542    1,421 
Research and development   909    557    2,542    1,013 
Sales and marketing   3,445    3,219    6,684    5,711 
General and administrative, excluding legal fees   2,512    1,994    4,937    4,384 
Legal fees   711    452    1,125    705 
Impairment of contract fulfillment assets   —    3,217    —    3,217 
Interest expense, net   389    17    480    17 
Other (income) expense, net   215    92    179    184 
Income tax expense   139    37    271    162 
Consolidated segment net income (loss)  $(7,475)  $(6,616)  $(7,017)  $(9,522)

  

 

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

 

   2025   2024   2025   2024 
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2025   2024   2025   2024 
United States  $9,685   $9,066   $22,453   $16,332 
Asia Pacific   42    70    571    7,733 
Canada   453    2,378    2,835    4,184 
Europe and Middle East   1,010    2    2,052    43 
Total net revenues  $11,190   $11,516   $27,911   $28,292 

 

Long-lived assets, substantially comprised of contract fulfillment assets, located in the United States and Asia Pacific region were $8,780 and $175 as of June 30, 2025, respectively, and $7,384 and $187 as of December 31, 2024, respectively.

 

Inventory located in the United States and Asia Pacific region was $2,742 and $7,147 as of June 30, 2025, respectively, and $3,383 and $7,238 as of December 31, 2024, respectively.

 

Concentrations of Revenue Risk

 

Revenue from customers with concentration greater than 10% accounted for approximately the following percentage of net revenues:

   Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2025   2024   2025   2024 
Customer A   44%   55%   53%   41%
Customer B   26%   13%   14%   10%
Customer C (related party)   -*    -*    *-    27%

 

* Customer revenue did not exceed 10% in the respective period.