Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 12. Segment Reporting

Segment Reporting

Historically, the Company organized its operations into two reportable business segments: Identity and Premises. The Identity segment included products and solutions that enabled secure access to information serving the logical access and cyber-security market, and protected connected objects and information using RFID embedded security. The Premises segment included the Company's solutions to address the premises security market for government and enterprise, including access control, video surveillance, analytics, audio, access readers and identities.

As disclosed in Note 1, Description of Business and Note 3, Discontinued Operations, in the third quarter of 2024, the Company completed the sale of its Physical Security Business, which historically represented primarily the Company's Premises segment. As a result, the Company has one reportable segment: the IoT Business segment.

The chief operating decision maker assesses performance for the segment and decides how to allocate resources based on consolidated income (loss) from continuing operations that also is reported on the consolidated statements of comprehensive income (loss). The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. Income (loss) from continuing operations is used to monitor budget versus actual results. Monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The Company derives revenue primarily in the Americas, Europe and the Middle East, and Asia-Pacific regions and manages the business activities on a consolidated basis. The Company’s chief operating decision maker is the chief executive officer ("CODM").

Geographic Information

Geographic net revenue is based on the customer’s ship-to location. Information regarding net revenue by geographic region for the years ended December 31, 2024 and 2023 is as follows (in thousands):

	Year Ended December 31,
	2024			2023
Americas	$	12,022		$	22,266
Europe and the Middle East		7,591			12,281
Asia-Pacific		7,015			8,898
Total	$	26,628		$	43,445
As percentage of net revenue:
Americas		45	%		52	%
Europe and the Middle East		29	%		28	%
Asia-Pacific		26	%		20	%
Total		100	%		100	%

Long-lived assets by geographic location as of December 31, 2024 and 2023 are as follows (in thousands):

	December 31,
	2024		2023
Property and equipment, net:
Americas	$	68	$	65
Europe and the Middle East		475		355
Asia-Pacific		7,151		8,052
Total property and equipment, net	$	7,694	$	8,472
Operating lease ROU assets:
Americas	$	—	$	—
Europe and the Middle East		335		371
Asia-Pacific		1,665		1,918
Total operating lease ROU assets	$	2,000	$	2,289

Significant Segment Expenses

The Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures on December 31, 2024. As the Company's CODM manages operations on a consolidated basis, consolidated income (loss) from continuing operations as reported in the Company's consolidated statements of comprehensive income (loss) is the U.S. GAAP measure that is used to make operating decisions and evaluate operating performance. The significant expense categories which are used to manage operations are those reflected in the Company's consolidated statements of comprehensive income (loss).